Vital Energy, Inc. (NYSE: VTLE) ("Vital Energy" or the "Company")
today provided select preliminary results for third-quarter 2023,
including average daily total and oil production and incurred
capital investments. Details for the Company’s third-quarter 2023
earnings release and conference call are provided within this
release.
Third-Quarter 2023 Preliminary Production and Capital
Expenditures
Production. The Company’s third-quarter 2023 total production
averaged approximately 101.3 thousand barrels of oil equivalent per
day ("MBOE/d"), above guidance of 94.0 - 98.0 MBOE/d. Oil
production for the quarter averaged approximately 48.7 thousand
barrels of oil per day ("MBO/d"), above guidance of 45.5 - 48.5
MBO/d. Production results were primarily driven by outperformance
of recently turned-in-line wells on the Driftwood and Forge
acquisitions and in Howard County.
Capital Investments. Total incurred capital expenditures during
third-quarter 2023 were approximately $162 million, excluding
non-budgeted acquisitions and leasehold expenditures, below the low
end of guidance of $165 - $180 million.
Third-Quarter 2023 Average Shares
Outstanding
For the three months ended September 30, 2023, diluted
weighted-average shares outstanding was approximately 18.6 million.
Total shares of common stock outstanding on September 30, 2023 was
21.8 million.
Share counts include the issuance of 2.75 million shares of
common stock in a public offering on September 19, 2023 and
subsequent issuance of 412,500 shares of common stock upon the
exercise of the underwriters’ 30-day purchase option. Share counts
exclude 0.9 million shares of common stock and 0.9 million shares
of preferred stock issued into escrow accounts pursuant to the
purchase and sale agreements entered into on September 13,
2023.
Third-Quarter 2023 Earnings Release and Conference Call
Details
Vital Energy plans to report complete third-quarter 2023
financial and operating results after market close on Thursday,
November 2, 2023, and host a conference call and webcast at 7:30
a.m. CT on Friday, November 3, 2023.
To participate in the call, dial 800.715.9871, using conference
code 9523356 or listen to the call via the Company's website at
www.vitalenergy.com, "Investor Relations | News & Presentations
| Upcoming Events." A replay will be available following the call
via the Company’s website.
About Vital Energy
Vital Energy, Inc. is an independent energy company with
headquarters in Tulsa, Oklahoma. Vital's business strategy is
focused on the acquisition, exploration and development of oil and
natural gas properties in the Permian Basin of West Texas.
Additional information about Vital may be found on its website
at www.vitalenergy.com.
Forward-Looking StatementsThis press release
and any oral statements made regarding the subject of this release
contain forward-looking statements as defined under Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical facts, that address activities that
Vital Energy assumes, plans, expects, believes, intends, projects,
indicates, enables, transforms, estimates or anticipates (and other
similar expressions) will, should or may occur in the future are
forward-looking statements. The forward-looking statements are
based on management’s current belief, based on currently available
information, as to the outcome and timing of future events. The
forward-looking statements involve risks and uncertainties,
including, among others, that our business plans may change as
circumstances warrant.
General risks relating to Vital Energy include, but are not
limited to, moderating but continuing inflationary pressures and
associated changes in monetary policy that may cause costs to rise;
changes in domestic and global production, supply and demand for
commodities, actions by the Organization of Petroleum Exporting
Countries and other producing countries and the Russian-Ukrainian
military conflict or other military conflicts, the decline in
prices of oil, natural gas liquids and natural gas and the related
impact to financial statements as a result of asset impairments and
revisions to reserve estimates, the volatility of oil, natural gas
liquids and natural gas prices, including our area of operation in
the Permian Basin, reduced demand due to shifting market perception
towards the oil and gas industry; competition in the oil and gas
industry; the ability of the Company to execute its strategies,
including its ability to successfully identify and consummate
strategic acquisitions at purchase prices that are accretive to its
financial results and to successfully integrate acquired
businesses, assets and properties, pipeline transportation and
storage constraints in the Permian Basin, the effects and duration
of the outbreak of disease, and any related government policies and
actions, long-term performance of wells, drilling and operating
risks, the possibility of production curtailment, the impact of new
laws and regulations, including those regarding the use of
hydraulic fracturing, the impact of legislation or regulatory
initiatives intended to address induced seismicity on the Company’s
ability to conduct its operations; hedging activities, tariffs on
steel, the impacts of severe weather, including the freezing of
wells and pipelines in the Permian Basin due to cold weather,
possible impacts of litigation and regulations, the impact of the
Company’s transactions, if any, with its securities from time to
time, the impact of new environmental, health and safety
requirements applicable to the Company’s business activities, the
possibility of the elimination of federal income tax deductions for
oil and gas exploration and development and other factors,
including those and other risks described in its Annual Report on
Form 10-K for the year ended December 31, 2022, and those set forth
from time to time in other filings with the Securities and Exchange
Commission ("SEC"). These documents are available through Vital
Energy’s website at www.vitalenergy.com under the tab “Investor
Relations” or through the SEC’s Electronic Data Gathering and
Analysis Retrieval System at www.sec.gov. Any of these factors
could cause Vital Energy’s actual results and plans to differ
materially from those in the forward-looking statements. Therefore,
Vital Energy can give no assurance that its future results will be
as estimated. Any forward-looking statement speaks only as of the
date on which such statement is made. Vital Energy does not intend
to, and disclaims any obligation to, correct, update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise, except as required by applicable
law.
All amounts, dollars and percentages presented in this press
release are rounded and therefore approximate.
Investor Contact:Ron
Hagood918.858.5504ir@vitalenergy.com
Vital Energy (NYSE:VTLE)
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