Vermilion Energy is a Calgary-based oil and gas producer focused primarily on natural gas, with operations across Canada and several European countries. Canada is the largest business unit, producing liquids-rich gas in the Deep Basin trend of West Central Alberta and tight oil and liquids-rich gas in the Montney formation along the Alberta/BC border. In February 2025, Vermilion closed the ~$1.1B acquisition of Westbrick Energy, adding ~50,000 boe/d and 700+ net drilling locations in the Deep Basin. In Europe, Vermilion produces conventional natural gas in Ireland (through a 56.5% operated interest in the Corrib field, Ireland's sole domestic gas source), the Netherlands, and Germany, selling directly into spot markets at TTF-linked prices. Vermilion also holds mature, cash-generative oil assets in France (where it is the largest domestic oil producer), Australia, and Germany, which it manages for free cash flow rather than growth. The key differentiator in Vermilion's model is European gas pricing: European gas commands prices roughly 5–10x higher than Canadian AECO benchmarks, materially lifting blended corporate realizations despite European volumes being a minority of total production. In Germany, Vermilion is actively drilling a deep gas exploration program targeting the Rotliegend formation, with early well successes that management believes could double European reserves. Vermilion allocates excess free cash flow using a formal framework, directing 60% to debt reduction and 40% to shareholder returns (dividends and buybacks), with a stated goal of shifting toward 50% returns as leverage declines.