Vermilion falls on higher costs

Tough quarter: for Canada's Vermilion

related stories

By News Wires

 28 February 2011 13:47 GMT

Calgary-based Vermilion Energy's fourth-quarter profit fell 87% hurt in part by higher expenses.



For the months October to December, Vermillion earned C$15.8 million, or 18 Canadian cents per share, down from earnings of C$122.9 million, or C$1.59 per share, a year ago.

Petroleum and natural gas revenue for the quarter rose 20% to C$216.4 million. While production averaged 35,302 barrels of oil equivalent, up from 30,016 boed, last year.

Analysts on average were expecting earnings of 32 Canadian cents on revenue of C$180.9 million, according to Thomson Reuters.

Expenses for the quarter grew 7% to C$39.6 million.

The company's shares closed at C$51.13 on Friday on…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index