Vermilion Energy Inc. (NYSE:VET) Q3 2024 Earnings Conference Call November 7, 2024 11:00 AM ET
Company Participants
Dion Hatcher - President and Chief Executive Officer
Lars Glemser - Vice President and CFO
Darcy Kerwin - Vice President, International & HSE
Randy McQuaig - Vice President North America,
Kyle Preston - Vice President Investor Relations
Conference Call Participants
Dennis Fong - CIBC
Menno Hulshof - TD Securities
Amir Arif - ATB Capital
Travis Wood - National Bank Financial
Operator
Good morning. My name is Cindy and I'll be your conference operator today. At this time, I would like to welcome everyone to The Vermilion Energy Q3 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. [Operator Instructions].
Thank you. Mr. Dion Hatcher, you may begin your conference.
Dion Hatcher
Thank you, Cindy. Well, good morning, ladies and gentlemen. Thank you for joining us. I'm Dion Hatcher, President and CEO of Vermilion Energy. With me today are Lars Glemser, Vice President and CFO, Darcy Kerwin, Vice President International and HSE, Randy McQuaig, Vice President North America, Kyle Preston, Vice President Investor Relations.
We'll be referencing a PowerPoint presentation to discuss our Q3 2024 results. Presentation can be found on our website under invest with us and events and presentations. Please refer to our advisory and forward-looking statements at the end of the presentation, describes forward-looking information, non-GAAP measures and oil and gas terms used today, and outlines the risk factors and assumptions relevant to this discussion.
The third quarter of 2024 highlighted the strength of our diversified portfolio and the compounding impact of our share buyback program. Production during the third quarter averaged 84,173 BOEs per day, including the impact from a planned turnaround in Australia and a partial shut-in of some of our Canadian gas as a result of very weak AECO pricing.
Production is up 7% on a per share basis year-over-year, reflecting the positive impact of modest production growth coupled with consistent share buybacks. We generated $275 million of fund flows from operations during the third quarter, or $1.76 per share.
This represents a 19% increase over the prior quarter, mainly due to stronger European gas prices. The Dutch benchmark, TTF, increased 14% over the prior quarter, averaging $15.52 per MCF for Q3. This compares to AECO of $0.69 per MCF.
Our corporate realized gas price for the quarter was $6.57 per MCF. That is nearly 10 times higher than the AECO price. Pure [ph] gas was the only commodity in our portfolio that increased quarter-by-quarter and year-over-year.