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Parkmead noted the deal will allow the firm to double its stake in the three fields. “This innovative deal enhances our gas interests in the Netherlands and adds significant value to Parkmead,” said Mr Cross. He added: “The Group is also benefitting from the very strong recovery in gas prices.” The comment highlights the scale of the recovery that has been seen in the gas market in recent months. While prices tanked in spring last year amid the fallout from the coronavirus crisis they rallied after the cold winter and the strong recovery in China boosted demand. The rally has accelerated alongside the roll out of coronavirus vaccines around the world.
Canada’s Vermilion Energy surges in Q1
Apr 28, 2021 9:29:pm
Summary
by: Dale Lunan
Canada’s Vermilion Energy surges in Q1
Canadian producer Vermilion Energy, with assets in North America, Europe and Australia, said April 28 it had Q1 2021 net earnings of C$499.96mn (US$406.1mn), rebounding from a C$1.3bn loss in the same period a year ago.
The company realised free cash flow of C$78.7mn in Q1 on exploration and development expenditures of C$83.4mn, resulting in a payout ratio of 56%, including reclamation and abandonment expenditures.
“The economic outlook has significantly improved compared to what we were facing at this time last year,” Vermilion said. “As the global economy continues to recover from the devastating impacts of the Covid-19 pandemic, we are starting to see increased demand for oil and natural gas, which is being reflected in higher benchmark prices for these commodities.”