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Vermilion Cut Q2 Production Forecast Due to Canada Wildfires

ENERGY

Vermilion Energy cut its 2Q production guidance to 80k-83k boe/d from 84k-86k boe/d due to the Alberta wildfires according to Bloomberg.

  • The company has restored 60% of the production that was shut in but sees no major damage to facilities or well sites. The full year guidance remains unchanged.
  • Oil and gas producers had shut in at least 319k boe/d, or 3.7% of national production due to the fires. Vermilion had temporarily shut-In about 30k boe/d of production.
  • Further Canadian wildfires are still a risk to Canadian oil sands output after a heat wave resulted in an increase in fires over the weekend.

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