Soaring European natural gas prices swelled 2021 earnings by Vermilion Energy Inc., a Calgary firm that has Dutch, Irish and Western Canadian production.

Vermilion gas fetched an average $17.89/MMBtu for its natural gas in 4Q2021, nearly double the $9.20 from a year earlier. The company reports in Canadian dollars (C$1.00/U.S. 79 cents).

“European prices were exceptionally strong, increasing approximately 88% compared to the previous third quarter,” management said.

In Europe, the Title Transfer Facility benchmark averaged $39/MMBtu in the fourth quarter and “reached close to $80 toward the end of December 2021 due to cold weather, supply constraints and geopolitical tension.”

Realized oil prices averaged $83.78/bbl in 2021, from $50.55 in 2020. Natural gas liquids...