We've eliminated that 6% that we had prior to drilling the well. This concludes the Q&A period. Even today with, you know, the most recent downdrift in commodity prices, it is still covered along with the full capital program even including all of the growth capex, it's covered. Slide 6, dividend funding analysis. So what we offer currently is an undiscounted DRIP. That creates a greater risk. The bars represent the evolution of our 2020 FFO estimates, including the major commodity price drivers of changes in forecasted FFO. I'll turn it back. With me today are Mike Kaluza, Executive Vice President and COO; Lars Glemser, Vice President and CFO; Kyle Preston, Vice President of Investor Relations; and other members of our management team who may be called on during the Q&A session. Just to clarify on France, the production now is back up to the 11,000 plus range in the trucking and all of that required during the interim unplanned outage is now behind you? Please go ahead.
So all those shutdowns we referred to there, they've all been resolved and no future impacts from that. Let me just spend a couple of minutes kind of going through the history of the DRIP and why we have a DRIP. Nobody knows for sure. The company has a 50-day moving average of $3.60 and a 200 day moving average of $4.16. The Grandpuits refinery, where all of our Paris Basin production is normally processed was shut down in Q2 due to a failure on the refineries main feedstock line. We expect to commence drilling this well in Q4. Despite the energy downturn, we put more production reserves and free cash flow behind each share, while employing dramatically lower capital budgets.
Anthony Marino -- President and Chief Executive Officer.
Thanks. Germany would sort of, it would have had more investment say then Croatia and a lot more investment than say Ukraine. The company traded as high as $2.58 and last traded at $2.54. Your next question is from Asit Sen with Bank of America Merrill Lynch.
Okay. And as we're going to get to in a second, we'll show you the projections that we had for 2020, but to create white space on that plot versus our uses and use it to first and foremost bring down debt levels.
So the first, the first implication to talk about here is it means that we're not going to be completely shut out in this program. In Q4 2019, we generated $216 million of FFO, which was in line with the previous quarter despite an inventory build in Australia due to the timing of crude liftings. We haven't made any decisions on a reduction in the capital program.
If you look at the first half of the decade, the payout ratios were in excess of 100%. In general, a slightly different set of reasons perhaps, the same thing applies in Wyoming. Yes, so, you're asking about a kind of a forward capital profile. And that was even after you had the negative impacts from the trade war.
Vermilion Energy (NYSE: VET) Q4 2018 Earnings Conference Call Feb. 28, 2019 11:00 a.m. We will be seeking to reduce cost where we can in the operating side of our business.
I mean, I feel we do have quite an efficient capital budget as it stands. Tony, that's very helpful. And what we had said throughout this period and really going back a number of years was that we would continue to pay the dividend as long as we assessed it to be economically sustainable. We have always predicated its level on fundamental economic sustainability and maintaining our financial strength. That's all for me. Your line is open. Our Board of Directors authorized an application to the TSX to implement a normal course issuer bid for a maximum amount of 5% of the issued an outstanding shares of Vermillion. Hey, Tony, on the capital flexibility, just wanted to make sure I got the two numbers right. There is a good investment stream available and that's why if you turn to the investor deck, I'm sure you've seen this previously, we can have quite a record of outperformance upon taking over assets like that just because -- they get more emphasis -- investment emphasis then they could get as kind of just total cash cows under their previous ownership. Last year we released was Q3 that was relatively actually I think the earliest of any of the intermediates in the budget cycle that might be the case again or perhaps this year we'll wait until even later in the year to release a budget, just to look at the pricing conditions that are unfolding in front of us. Based on our 2019 capital budget and production guidance and applying the forward commodity strip and current hedge position, we expect to cover our full capital program and dividend with internally generated cash flow.
I think the thing to highlight as well and this is a unique characteristic that were afforded by our European presence ,is the ability to control the cost of the debt that we have on the balance sheet as well.
Vermilion Energy Inc. is an international oil and gas producer with properties in Western Canada, Australia, France and the Netherlands.
I will turn the call back over to Anthony for any -- for closing remarks. Q2 FFO was CAD223 million or CAD1.44 per basic share, which was down 12% from the prior quarter. And from here, we're going -- yeah, just one more sentence on. Obviously, believing that the dividend is going to be in jeopardy here and I guess try to get some flexibility around that would be helpful? The increase was primarily due to a full quarter of contribution from the four wells we brought on production during the third quarter of 2019. We did that in part to get some cost advantages on a bigger program. So at the time we release that budget, we're about balanced at the commodity prices that existed. Slide 17, hedging. These advisories describe the forward looking information, non-GAAP measures and oil and gas terms referred to today and outline the risk factors and assumptions relevant to this discussion.
Cumulative Growth of a $10,000 Investment in Stock Advisor, Vermilion Energy Inc (VET) Q2 2019 Earnings Call Transcript @themotleyfool #stocks $VET, Why Occidental Petroleum, SM Energy, and Vermilion Energy Jumped 10% or More on July 21, Why Oil Stocks Like ExxonMobil, Chevron, and Vermilion Jumped Today, Why Vermilion Energy Stock Soared as Much as 15% Today, Shale Oil Stocks Get Smashed Today by This Bad News, Why These 3 Oil Producers' Stocks Crashed More Than 65% in March, Copyright, Trademark and Patent Information. Vermilion Energy Inc (NYSE:VET) (TSE:VET)’s stock price traded up 6.7% during trading on Monday . We have been unique among our traditional competitor group and maintaining our dividend while still providing a moderate level of growth.
We'd be a little bit over 50% employment of the annual capex in Q1. Through doing all those things and trying to enhance as well the cash flow profile of the company over the second half of the decade, we were able to get the payout ratio down very close to 100%. Yes, yeah, so there is a small impact from France. [Operator Instructions]. But, I think it's very very possible that we will see a -- even greater emphasis on restraining capital and therefore, perhaps less of an emphasis on growth than we've had in the past.
Should we experience an even more pronounced and protracted commodity downturn due to COVID-19 or any other cause, we'll be attentive to all forms of cash outlays, focusing first on capital investment levels to protect the financial position of the company. Oil prices have declined by more than CAD20 per barrel from the peak we saw earlier in the year, and natural gas prices have also further weakened since that time.