Vermilion Energy Inc. reported a loss of $10.2 million in its latest quarter as it trimmed its capital spending plans for the year and reduced its production expectations.
The Calgary-based company says the loss amounted to seven cents per share for the quarter ended Sept. 30 compared with a loss of $15.1 million or 10 cents per share a year ago.
Petroleum and natural gas sales fell to $391.9 million compared with $508.4 million in the same quarter last year, while fund flows from operations amounted to $1.39 per share, down from $1.71 a year ago.
The company says it cut its capital investment plan by $10 million to $520 million for 2019, while its reduced its 2019 production guidance to 100,000 to 101,000 barrels of oil equivalent per day from between 101,000 and 106,000 barrels of oil equivalent per day.
For 2020, Vermilion says its board has approved a $450 million capital budget.
Production for 2020 is expected to be between 100,000 and 103,000 barrels of oil equivalent per day.