Vermilion Energy Adjusts 2025 Capital Budget To $630M-$660M, Reflecting A Reduction Of Approximately $100M From The Mid-point Of Previous Capital Budget Of $730M-$760M

Updated 2025 Guidance

Vermilion is adjusting its 2025 capital budget to a range of $630 to $660 million, reflecting a reduction of approximately $100 million from the mid-point of our previous capital budget range of $730 to $760 million. This reduction reflects the removal of all remaining E&D capital associated with the Saskatchewan and United States divested assets post-closing. Vermilion expects full year and second half 2025 production to range between 117,000 to 122,000 boe/d, 68% natural gas-weighted in the second half of 2025. On a go-forward basis, it is estimated that over 90% of production will come from our global gas portfolio and over 80% of capital is expected be allocated to these assets. Vermilion will continue to evaluate capital investment levels during this period of increased volatility and will adjust capital if necessary to prioritize free cash flow over production growth during 2025 and 2026.

Category	Original 2025 Guidance*	Post-Westbrick 2025 Guidance*	Updated  2025 Guidance*
Production (boe/d)	84,000 – 88,000	125,000 – 130,000	117,000 – 122,000
% Natural Gas	56 %	62 %	65 %
E&D capital expenditures ($MM)	$600 – 625	$730 – 760	$630 – 660
Royalty rate (% of sales)	8 – 10%	9 – 11%	8 – 10%
Operating ($/boe)	$17.00 – 18.00	$13.50 – 14.50	$13.00 – 14.00
Transportation ($/boe)	$3.50 – 4.00	$3.00 – 3.50	$3.00 – 3.50
General and administration ($/boe)**	$2.75 – 3.25	$2.25 – 2.75	$2.25 – 2.75
Cash taxes (% of pre-tax FFO)	7 – 9%	6 – 10%	4 – 8%
Asset retirement obligations settled ($MM)	$60	$60	$60
Payments on lease obligations ($MM)	$20	$20	$15