Vital Energy Q1 2023 Earnings Report
Key Takeaways
Vital Energy reported strong first-quarter 2023 results, exceeding production guidance, investing below capital expenditure guidance, achieving emissions targets, and closing an accretive acquisition. Net income was $113.9 million, and cash flows from operating activities were $116.1 million.
Reported 1Q-23 oil and total production exceeded the high-end of Company guidance, producing 38.5 MBO/d and 80.4 MBOE/d.
Reported 1Q-23 incurred capital expenditures below the low-end of guidance, investing $188 million, excluding non-budgeted acquisitions and leasehold expenditures.
Reported 1Q-23 net income of $113.9 million and cash flows from operating activities of $116.1 million.
Generated 1Q-23 Consolidated EBITDAX of $214.2 million and Free Cash Flow of $(3.9) million.
Vital Energy
Vital Energy
Vital Energy Revenue by Segment
Forward Guidance
Vital Energy increased full-year 2023 production guidance and reiterated its full-year 2023 capital investment guidance of $625 - $675 million.
Positive Outlook
- Total production (MBOE/d) is expected to be 85.5 - 88.5 for 2Q-23 and 76.0 - 80.0 for FY-23.
- Oil production (MBO/d) is expected to be 40.0 - 43.0 for 2Q-23 and 36.3 - 39.3 for FY-23.
- Incurred capital expenditures, excluding non-budgeted acquisitions ($ MM) are expected to be $155 - $175 for 2Q-23 and $625 - $675 for FY-23.
- Oil (% of WTI) average sales price realizations (excluding derivatives) is expected to be 101% for 2Q-23.
- NGL (% of WTI) average sales price realizations (excluding derivatives) is expected to be 18% for 2Q-23.
Revenue & Expenses
Visualization of income flow from segment revenue to net income