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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
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
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
- General and administrative expenses (excluding LTIP, $/BOE): $2.15
Revenue & Expenses
Visualization of income flow from segment revenue to net income