Vermilion Energy Inc. states that it surpassed its own production target in the first quarter, with a net income of $500 million, up from a $1.3 billion loss in the same timeframe of 2020.

This Calgary-based international energy-producing company states that it had produced 86,300 barrels of oil equivalent per day in the three months ended March 31 thanks to a revitalized drilling program, ahead of its annual guidance range of 83,000 to 85,000 boe/d but well short of its first-quarter 2020 output of 97,200 boe/d.

The producer of oil and gas in North America, Europe, and Australia says its financial results were buoyed by higher global oil prices and strong natural gas prices in Europe. A year ago, it recorded a $1.2-billion write-down on its oil and gas assets due to low commodity prices.

Vermilion says its North American operations averaged 56,780 boe/d in the first quarter, down three percent from the fourth quarter mainly due to natural well declines and cold weather downtime during February. 

Production in its international assets averaged 29,500 boe/d, up to one percent from the prior quarter thanks to higher production in Australia and Germany.

It says it realized average prices for oil and condensate of C$71.09 per barrel, up from $58.66 a year ago, while its natural gas price averaged C$5.51 per thousand cubic feet, up from $2.94.

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