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Oil barrels are pictured at the site of Canadian group Vermilion Energy in Parentis-en-Born, France, on Oct. 13, 2017. Article content If those backing a windfall tax on the oilpatch want a peek at what it creates — aside from more revenues for governments — Calgary-based Vermilion Energy offers a glimpse: uncertainty. Article content With a global energy crisis unfolding today, the reverberations have reached Vermilion, a mid-sized petroleum producer that is active in Canada, the United States, Australia and several European countries. Article content On Thursday, Vermilion reported third-quarter net earnings of $271 million in a period of high energy prices, up from a loss of $147 million a year earlier. The company also announced it could pay an estimated $250 million to $350 million for 2022 because of the new temporary “windfall tax” being imposed by European Union (EU) countries on oil and gas producers. In a news release, Vermilion said it doesn’t “believe a windfall tax is an appropriate solution as it will not incentivize new domestic supply, nor reduce consumption, and it may ultimately result in higher natural gas prices in Europe.” Article content Uncertainty surrounding the new tax led the Canadian company to pause […]
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