Vermilion Energy Inc. (NYSE:VET) Q1 2024 Earnings Call Transcript

Vermilion Energy Inc. (NYSE:VET) Q1 2024 Earnings Call Transcript May 6, 2024

Vermilion Energy Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Robert Michaleski: Good afternoon, ladies and gentlemen. I'd like to begin by welcoming you to Vermilion's Annual Meeting of Shareholders. We will complete the formal part of this meeting first, and afterwards, Dion Hatcher, the President and Chief Executive Officer of the company, will provide you an overview of the business and the strategy moving forward. So ladies and gentlemen, the meeting will now come to order. My name is Robert Michaleski, and as Chair of the Board of Directors of Vermilion Energy, it is my responsibility and privilege to chair this Annual General Meeting of the Shareholders of Vermilion. Jamie Gagner of Lawson Lundell LLP will act as secretary of the meeting, and Nazim Nathoo of Odyssey Trust Company will act as scrutineer.

In addition to the registered shareholders, I would like to welcome to the meeting all others present here today. At this point, I would like to introduce the other independent directors of Vermilion who are present at the meeting today. James Kleckner, Jr.; Carin Knickel; Stephen Larke; Timothy Marchant; Manjit Sharma; Myron Stadnyk and Judy Steele. William Roby is on the Board, but he is traveling to another meeting today, so unable to be here for this meeting. I would also like to introduce the pencil members of our Executive Committee here today, Dion Hatcher, President and Chief Executive Officer; Lars Glemser, Vice President and Chief Financial Officer; Randy McQuaig, Vice President, North America; and Darcy Kerwin, Vice President, International, Health and Safety and Environment.

An oil rig in the middle of the ocean, its towering structure standing stout in the horizon.

The notice calling this Annual Meeting of Shareholders, along with the information circular and form of proxy were mailed on March 28, 2024, to all shareholders as of the record date for this meeting, being the close of business on March 13, 2024. As part of an ongoing stewardship of the environment, as a cost-saving measure, for the sixth consecutive year, beneficial shareholders received a voting instruction form and a notice and access notification, which includes a link to the meeting materials consisting of the proxy statement, information circular and the 2023 annual report. This procedure for the electronic delivery of meeting materials is known as notice and access and, as mentioned, is an environmentally friendly alternative that is now used by a number of companies.

As in past years, registered shareholders and those beneficial shareholders have previously requested to receive paper copies continue to receive a printed copy of the meeting materials and a form of proxy. I would ask that copies of all such documents to be filed with the minutes of this meeting. A quorum for the transaction of business at today's meeting is at least two people present to hold or represent by proxy at least 25% of our outstanding common shares. I am advised by the scrutineer that there is a quorum present. The scrutineers' report is available for inspection, and I ask that it be filed with the minutes of this meeting. I hereby declare that this Annual General Meeting of Shareholders of Vermilion Energy Inc. be properly convened and regularly constituted to conduct business.

Now there are very matters to be dealt with today. A description of each matter is provided in the information circular, a copy of which is available on our website under the heading Invest With Us and subheading Annual General Meeting. In the interest of time, I do not propose to make a detailed presentation on each item. For the purpose of moving the meeting along, shareholders who are representatives of Vermilion have been asked to move and second the motions to be brought before the meeting. All of the matters of business to be covered today will be voted on by ballot. Registered shareholders, meaning their shareholders who do not hold their shares through a broker, who have not previously submitted a form of proxy, and duly appointed proxyholders should have received ballots upon registering for the meeting.

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To continue reading the Q&A session, please click here.