Vermilion reports small earnings gain in Q3 after huge losses in Q2

FORT ST. JOHN, B.C. — A Calgary-based energy company with assets in the Montney basin is reporting a bounce back to profitability in the third quarter of 2025 following significant losses earlier in the year.

Vermilion Energy has released its third-quarter financial results for 2025. 

According to the report, the company accrued $2,557,000 in net earnings for the three-month period ending September 30th, 2025. Those primarily came from “discontinued operations,” parts of the company that have been shut down, sold or held for sale.

That’s significantly better than the second quarter, which saw the company incur $233 million in losses. At the time, the company attributed those losses to adjustments to the value of assets being held for sale in Saskatchewan and the United States that have since been divested.

Third-quarter production is also down compared to the previous three months. Vermilion reportedly produced 119,062 barrels of oil equivalent per day (boe/d) in the third quarter of this year, compared to 136,002 boe/d in the second quarter.

Year-to-date the company is doing worse than in 2024 so far, with $215 million in losses incurred by September 30th, 2025 compared to $28 million by the same time last year. Production, however, is up year-to-date, now sitting at 119,451 boe/d compared to 84,881 boe/d last year.

Much of Vermilion’s Canadian production efforts in the third quarter were focused outside of the Montney region, according to the report, although one new well was brought into production in the area.

However, it says the company is planning to invest significantly in its Canadian operations in 2026. In the Montney basin, Vermilion plans to drill six new wells and complete 10 more and bring them into production.

“Third-party infrastructure is expected to increase total Montney throughput capacity to 28,000 boe/d within the next few years, after which the ongoing capital commitment will decrease to approximately eight wells per year to maintain production, with no further infrastructure expansion anticipated,” the report reads.