During 2019, Vermilion generated record cash flow, production and reserves despite a continued environment of challenging commodity prices. Fund flows from operations ($/basic share) (1), Fund flows from operations ($/diluted share) (1), Net debt to four quarter trailing fund flows from operations, Weighted average shares outstanding - basic, Weighted average shares outstanding - diluted (1). Their forecasts range from $5.00 to $24.00. Vermilion trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol VET. The following table provides a summary of company interest reserves by reserve category and country on an oil equivalent basis. However, we do think the recovery in oil prices that we began to experience at the outset of 2020 will be pushed back for an unknown period.
During the quarter, we drilled one of our best ever condensate-rich Lower Mannville wells in Drayton Valley, Alberta, achieving an IP30 rate of approximately 1,900 boe/d (60% liquids). We recently began the installation of electric submersible pumps on two wells and will continue to advance process optimization projects throughout 2020. We observe that COVID-19 has dramatically altered individual, business and government behavior, and that these impacts are decidedly negative for the outlook for global economic growth, commodity prices in general, and oil demand and prices in particular. Such forward-looking statements or information are based on a number of assumptions, all or any of which may prove to be incorrect. Accordingly, our board of directors has approved a 50% reduction in our monthly dividend to $0.115 per share, or $1.38 on an annualized basis. Our contingent and prospective resource bases remain a source of reserve additions, with 31.8 mmboe of contingent and 5.0 mmboe of prospective resources converted to 2P reserves during 2019. Actual 2019 capital spending of $523 million was within 1% of our guidance and 2019 average production of 100,357 boe/d was approximately at the mid-point of our revised guidance range.
This suggests a possible upside of 241.7% from the stock's current price. Nonetheless, we will continue to be vigilant regarding commodity prices and resulting cash flows. Vermilion's priorities are health and safety, the environment, and profitability, in that order. Announces Results for the Year Ended December 31, 2019 and 2019 Reserves and Resources Information Vermilion Energy Inc. Both our debt-to-cash flow ratio and weighted-average interest rate decreased in 2019, and our debt exposures are fully termed-out via our covenant-based bank facility and long-term notes. The revised dividend will be effective for the March dividend payable on April 15, 2020. In addition to an improving leverage profile, we also enhanced the quality of our balance sheet over the past year. Anthony MarinoPresident & Chief Executive OfficerMarch 5, 2020. In the Netherlands, Q4 2019 production averaged 8,088 boe/d, an increase of 9% from the prior quarter, primarily due to the restoration of production following planned and unplanned facility downtime in Q3 2019. During the fourth quarter, we successfully drilled and completed the Weststellingwerf well (0.5 net), representing our first drilling activity in the Netherlands since 2017. Certain statements included or incorporated by reference in this document may constitute forward-looking statements or financial outlooks under applicable securities legislation. We are currently in the midst of a very active Q1 2020 drilling campaign in Canada, with rig activity in the quarter peaking at six rigs in Saskatchewan and four rigs in Alberta. Please refer to Vermilion's 2019 Annual Information Form for further information on Vermilion's contingent resources and prospective resources. Vermilion Energy is fairly valued at its current price/share of ~$32.30. A boe conversion ratio of six thousand cubic feet to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. The forward-looking statements or information contained in this document are made as of the date hereof and Vermilion undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws. Vermilion is an international energy producer that seeks to create value through the acquisition, exploration, development and optimization of producing properties in North America, Europe and Australia. Employees and directors hold approximately 5% of our fully diluted shares, are committed to consistently delivering superior rewards for all stakeholders, and have delivered over 20 years of market outperformance. Driving down the Canadian energy company's stock was its … Over 86% of our best estimate risked contingent resources reside in the Development Pending category.
The following table provides a reconciliation of changes in company interest reserves by reserve category and country. In Canada, production averaged 58,593 boe/d in Q4 2019, up slightly from the prior quarter. We achieved these results despite several unexpected operational challenges throughout the year, including a third-party refinery outage in France and uncharacteristic weather-driven delays in Canada. At the current forward commodity strip, we estimate a 2020 payout ratio of 99%, including previously declared dividends. Own it. We delivered record production of 100,357 boe/d in 2019, representing year-over-year growth of 15%, or 5% on a per share basis. High-yielding dividend stocks like Vermilion Energy can grow your money quickly, but beware of the potential for a cut.
As we consider today's economic and commodity outlook, we believe it is unlikely that we would achieve fully-funded status for our present dividend at a reasonable level of capital expenditures.
Such forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", or similar words suggesting future outcomes or statements regarding an outlook. Vermilion Energy has a reasonably stable dividend payout, as FCF is enough to cover it and with plenty of capacity in the company's committed LOC to make up the shortfall. Initial flow rates are not necessarily indicative of long-term performance or ultimate recovery. Vermilion retained GLJ to conduct an independent resource evaluation dated February 10, 2020 to assess contingent and prospective resources across all of the Company's key operating regions with an effective date of December 31, 2019 (the "GLJ 2019 Resources Report"). As previously announced, we are phasing out the Dividend Reinvestment Plan ("DRIP") in 2020 by prorating the available DRIP shares by 25% each quarter starting in Q1 2020. Läs mer om hur vi använder dina uppgifter i vår Integritetspolicy och Cookiepolicy.
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