By Canadian Press

MORE OILPATCH WOES

Vermilion loses $71.3 million in Q2 on 55% drop in revenues

Jul 27, 2020 | 7:40 AM

CALGARY- There’s more bleak news out of the oilpatch this morning.

Vermilion Energy 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 says 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 per cent 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.

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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.