UPDATE: Vermilion Shares off 2% Despite Rising Profits

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Shares in Vermilion Energy Inc. (VET) were off about 2% in afternoon trading, despite the company more than doubling its first-quarter profits on strength in its international operations.

The Calgary-based oil and gas producer said it earned $65 million or 67 cents per share in the three months ended March 31, compared with $27 million or 30 cents in the same quarter last year. Analysts had expected earnings of 87 cents a share.

Revenue was $310 million, up from $229 million as the company achieved record production volumes of 10,850 barrels of oil equivalent per day.

VET shares were down $1.00 to $45.98 on volume of 164 thousand.

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This article appears in: Investing , Commodities

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