Vermilion loses $71.3M in second quarter on 55% drop in revenues
The decrease in sales is mainly due to the impact of the COVID-19 pandemic
CALGARY — Vermilion Energy Inc. is reporting a net loss of $71.3 million in its second quarter on a 55% decrease in sales from a year earlier due mainly to the impact of the COVID-19 pandemic.
The Calgary-based company said the loss amounted to 45 cents per share for the three month period that ended June 30, compared with a one cent per share or $2 million increase in the second quarter of 2019.
The decrease in earnings and a 52% drop in fund flows from operations was primarily due to significantly lower commodity prices as a result of the pandemic and OPEC plus Russia price war that started in early March.
Revenues fell to $193 million from $428 million a year ago.
Vermilion was expected to report 64 cents per share in earnings or a 57 cents per share adjusted loss on $190.9 million of sales, according to markets data firm Refinitiv.
Vermilion reported production of about 100,366 barrels of oil equivalent in the quarter, down from 103,003 boe/d in the year-earlier period.