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Jun 30, 2023
Vital Energy Q2 2023 Earnings Report
Reported second-quarter 2023 financial and operating results, raised estimates for full-year 2023 oil and total production, and reduced expectations for 2023 capital investments.
Key Takeaways
Vital Energy reported strong second-quarter 2023 results, exceeding production expectations while controlling capital investments and operational expenses. The company generated over $60 million in Free Cash Flow and closed two accretive, high-value oil acquisitions. Increased expectations for full-year 2023 production and reduced capital investment guidance.
Reported 2Q-23 net income of $294.8 million, Adjusted Net Income of $78.6 million and cash flows from operating activities of $248.9 million.
Generated 2Q-23 Consolidated EBITDAX of $239.5 million and Free Cash Flow of $60.7 million.
Reported 2Q-23 oil and total production that exceeded the high-end of Company guidance, producing 44.4 thousand barrels of oil per day, a Company record, and 90.0 thousand barrels of oil equivalent per day.
Reported 2Q-23 incurred capital expenditures below the low-end of guidance, investing $149 million, excluding non-budgeted acquisitions and leasehold expenditures.
Vital Energy
Vital Energy
Vital Energy Revenue by Segment
Revenue by Segment
Oil Sales Revenue
CapyFin.comNGL Sales Revenue
CapyFin.comNatural Gas Sales Revenue
CapyFin.com Forward Guidance
Vital Energy expects to maintain 2023 production levels in 2024 while holding investment levels relatively flat and growing full-year 2024 Free Cash Flow to approximately $175 million, at current strip commodity prices.
Positive Outlook
- Maintain full-year 2023 production levels.
- Hold investment levels relatively flat.
- Grow full-year 2024 Free Cash Flow to approximately $175 million.
- Operate three drilling rigs across the Midland and Delaware basin assets.
- Complete and TIL 70 - 75 gross (58 - 62 net) wells in 2024, a slight increase versus 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income