Calgary-based Vermilion Energy Inc., which operates in eight countries on three continents, said it was lifted by sharp commodity price increases in the first six months of the year as the world began to recover from the Covid-19 pandemic.

Vermillion portfolio

Vermilion operates in Canada as well as the Powder River Basin (PRB) of Wyoming. It also works in France, the Netherlands, Germany, Ireland, Croatia and Australia. About one-third of production is outside of North America.

Management reported encouraging progress in the Lower 48, particularly in the PRB’s Wyoming oil patch, by combining cost control and growth using a field efficiency strategy to add production.

“We realized a 20% reduction in our U.S. drilling costs,” said the management team. The gains included executing the...