Ahead of releasing its third quarter financial results in early November, Vital Energy, Inc. provided select preliminary results for third-quarter 2023, including average daily total and oil production and incurred capital investments.
The Tulsa company’s third-quarter 2023 total production averaged approximately 101.3 thousand barrels of oil equivalent per day (“MBOE/d”), above guidance of 94.0 – 98.0 MBOE/d. Oil production for the quarter averaged approximately 48.7 thousand barrels of oil per day (“MBO/d”), above guidance of 45.5 – 48.5 MBO/d. Production results were primarily driven by outperformance of recently turned-in-line wells on the Driftwood and Forge acquisitions and in Howard County.
Total incurred capital expenditures during third-quarter 2023 were approximately $162 million, excluding non-budgeted acquisitions and leasehold expenditures, below the low end of guidance of $165 – $180 million.
For the three months ended September 30, 2023, diluted weighted-average shares outstanding was approximately 18.6 million. Total shares of common stock outstanding on September 30, 2023 was 21.8 million.
Share counts include the issuance of 2.75 million shares of common stock in a public offering on September 19, 2023 and subsequent issuance of 412,500 shares of common stock upon the exercise of the underwriters’ 30-day purchase option. Share counts exclude 0.9 million shares of common stock and 0.9 million shares of preferred stock issued into escrow accounts pursuant to the purchase and sale agreements entered into on September 13, 2023.
Vital Energy plans to report complete third-quarter 2023 financial and operating results after market close on Thursday, November 2, 2023, and host a conference call and webcast at 7:30 a.m. CT on Friday, November 3, 2023.
Vital reported second quarter income of $294.8 million and adjusted net income of $78.6 million. Its cash flows from operating activities were $248.9 million.
“Vital Energy continued to deliver exceptional results in the second quarter, exceeding production expectations while controlling capital investments and operational expenses and delivering more than $60 million of Free Cash Flow,” stated Jason Pigott, President and Chief Executive Officer at the time the second quarter earnings were released.
