Vermilion Energy's profit rises on higher production

Vermilion Energy Inc.'s (VET-T) quarterly profit rose as it produced more oil and gas and benefited from higher oil prices.

The company produced 39,265 barrels of oil equivalent per day (boe/d), up 15 percent, due to higher production from its Cardium light oil project and the closing of asset acquisitions in France.

Vermilion also increased its capital budget for the year to $450 million from $373 million.

Fund flow from operations for the first quarter rose to $151.1 million, from $101.8 million a year ago.

Vermilion earned $65.1 million, or 67 cents per share, compared with $27.2 million, or 30 cents per share, a year earlier.

First quarter petroleum and natural gas revenue rose 37 percent to $310.5 million.

Analysts on average were expecting earnings of 87 cents per share on revenue of $252.7 million, according to Thomson Reuters I/B/E/S.

In the January-March quarter, U.S. crude oil prices rose 9 percent from last year to average $103 per barrel.