Vermilion Energy Inc. raised its dividend by 25 per cent as it announced a $570 million capital budget for 2023.

The company says it will now pay a quarterly dividend of 10 cents per share, up from eight cents per share, and resume share buybacks.

Vermilion says its capital spending plan includes $340 million in North America, a level similar to 2022, and $230 million for its international assets, an increase of seven per cent compared with last year.

The company also offered production guidance for the year of 87,000 to 91,000 barrels of oil equivalent per day.

The forecast represents a year-over-year increase of about three per cent at the midpoint.

The company says the production guidance assumes a March 31 closing of its Corrib acquisition, as well as the optimization of its Montney development.

This report by The Canadian Press was first published Jan. 6, 2023.