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Sep 30, 2022
Vital Energy Q3 2022 Earnings Report
Announced third-quarter 2022 financial and operating results.
Key Takeaways
Laredo Petroleum reported a net income of $337.5 million and free cash flow of $51.4 million for Q3 2022. The company repurchased $170 million of debt and equity, reduced its leverage ratio, and maintained liquidity of more than $1 billion.
Reported net income of $337.5 million and cash flows from operating activities of $182.6 million, generating Adjusted EBITDA of $222.8 million and Free Cash Flow of $51.4 million.
Reduced Net Debt/Consolidated EBITDAX ratio to 1.25x from 1.39x in second-quarter 2022
Repurchased $152.5 million face value of term-debt at 98% of par value
Repurchased $17.5 million of common stock at an average price of $71.56 per share
Revenue by Segment
Forward Guidance
Laredo Petroleum provided guidance for Q4 2022, including total production between 72.5 - 75.5 MBOE per day, oil production between 32.0 - 34.0 MBOPD, and incurred capital expenditures between $135 - $145 million.
Positive Outlook
- Oil (% of WTI): 103%
- NGL (% of WTI): 25%
- Natural gas (% of Henry Hub): 47%
- Lease operating expenses ($/BOE): $6.50
- Production and ad valorem taxes (% of oil, NGL and natural gas sales revenues): 7.30%
Challenges Ahead
- Net settlements received (paid) for matured commodity derivatives ($ MM) Oil: ($68)
- Net settlements received (paid) for matured commodity derivatives ($ MM) NGL: ($3)
- Net settlements received (paid) for matured commodity derivatives ($ MM) Natural gas: ($5)
- Transportation and marketing expenses ($/BOE): $1.80
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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