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Vermilion Energy Inc. VET-T 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 7 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 3 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.