Calgary-based Vermilion Energy, which operates in both Western Canada and Europe, saw its European assets yield outsized returns,Vermilion, which has been expanding in Europe, saw an average realized natural gas price in the second quarter of $16.50 per thousand cubic feet — a more-than-three-fold increase from the same period last year, and significantly higher than its Canadian peers, who are reliant on North American benchmark prices.
“The tragic events in Ukraine are undoubtedly contributing to the price increase,” CEO Dion Hatcher acknowledged during a call with investors on Aug. 12. “However, the underlying fundamental drivers for high European gas prices were in place prior to the invasion.
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