Vital Energy, Inc. (NYSE: VTLE) ("Vital Energy" or the "Company")
today provided select preliminary results for second-quarter 2023,
including average production and incurred capital investments. The
Company has increased its expectations for full-year 2023
production, driven by the strong production performance in the
second quarter. The Company also provided expectations for
production and capital investments associated with the closing of
the Forge Energy II Delaware, LLC ("Forge") acquisition. Details
for the Company’s second-quarter 2023 earnings release and
conference call are provided within this release.
Second-Quarter 2023 Preliminary Production
and Capital Expenditure Results
Production. The Company’s second-quarter 2023
total production averaged approximately 89.5 thousand barrels of
oil equivalent per day ("MBOE/d"), above guidance of 85.5 - 88.5
MBOE/d. Oil production for the quarter averaged approximately 44.0
thousand barrels of oil per day ("MBO/d"), above guidance of 40.0 -
43.0 MBO/d.
Capital Investments. Total incurred capital
expenditures during second-quarter 2023 were approximately $150
million, excluding non-budgeted acquisitions and leasehold
expenditures, below guidance of $155 - $175 million.
Forge Acquisition Closed
On June 30, 2023, Vital Energy closed its
previously announced transaction to acquire the assets of Forge for
aggregate consideration, after closing price adjustments, of $391.6
million in cash.
Full-Year 2023 Production and Capital
Investments Outlook
Production. Throughout 2023, Vital Energy has
outperformed production expectations as process improvements and
the implementation of digital solutions has improved the initial
productivity of new wells and enhanced base production. Excluding
production acquired with the Driftwood and Forge acquisitions, the
Company has increased its original full-year 2023 oil production
expectation of 34.0 - 37.0 MBO/d by approximately 5% with no
increase in capital investment guidance.
The table below reflects the Company’s updated
production expectations for full-year 2023. Forge volume estimates
represent six months of production.
|
|
Current Guidance |
|
Production Outperformance |
|
Forge Production |
|
New Guidance |
Total
production
(MBOE/d) |
|
76.0 - 80.0 |
|
1.0 |
|
5.0 |
|
82.0 - 86.0 |
Oil
production
(MBO/d) |
|
36.3 -
39.3 |
|
0.7 |
|
3.0 |
|
40.0 -
43.0 |
|
|
|
|
|
|
|
|
|
Capital Investments. Vital Energy plans to operate
one drilling rig and turn-in-line approximately five wells on the
acquired Forge acreage during the second half of 2023, investing
approximately $50 million. Pro forma for the acquisition, the
Company expects full-year 2023 capital investments of $675 - $725
million.
|
|
Current Guidance |
|
Forge |
|
New Guidance |
Incurred
capital expenditures, excluding non-budgeted acquisitions ($
MM) |
|
$625 - $675 |
|
$50 |
|
$675 - $725 |
|
|
|
|
|
|
|
Second-Quarter 2023 Earnings Release and
Conference Call Details
Vital Energy plans to report complete
second-quarter 2023 financial and operating results after market
close on Tuesday, August 8, 2023, and host a conference call and
webcast at 7:30 a.m. CT on Wednesday, August 9, 2023.
To participate in the call, dial 800.715.9871,
using conference code 2893062 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 Statements This
press release and any oral statements made regarding the contents
of this release, including in the conference call referenced
herein, 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. Such statements are not guarantees of future
performance and involve risks, assumptions and uncertainties.
General risks relating to Vital Energy include, but are not limited
to, continuing and worsening 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 ("OPEC+") and the Russian-Ukrainian
military conflict, 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, 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, such as the COVID-19 pandemic, 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 our ability to conduct our 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.
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