Ahead of its planned first quarter financial report to be released in May, Tulsa-based Vital Energy issued an update this week on its anticipated first-quarter expected average production and incurred capital investments.
The company stated its first quarter total production averaged 80.2 thousand barrels of oil equivalent a day which was above the guidance of 72.5 to 76.5 MBOE/d. However, oil production for the quarter averaged 38.3 thousand barrels of oil a day which was also better than the guidance of 33.0 to 36.0 MBO/d.
Production outperformance was primarily related to earlier than expected production from new completions, less than expected production downtime related to offset completions activity and improved uptime of wells and production facilities from field-level process improvements.
Vital also reported its capital expenditures during the quarter were $200 million, below guidance of $210 to $230 million. The lower than expected investment levels were related to moderating inflationary pressures as well as a one-week deferral of completions in February as a result of severe weather.
The first quarter also saw Vitals completion of its acquisition of Driftwood in Texas.
The company intends to release its first-quarter financial results after the close of markets on Tuesday, May 9 followed by a conference call at 7:30 a.m. the next day, May 10.
