The fourth quarter earnings report by Vital Energy will be released next month, according to an announcement by the Tulsa company.
It intends to release the fourth-quarter and full-year 2023 financial and operating results after the close of markets on Wednesday, February 21, 2024. The firm will hold a conference call the next day at 7:30 a.m. Central Time.
Vital Energy, Inc. provided select preliminary results for fourth-quarter 2023, including average daily total and oil production and incurred capital investments.
The company’s fourth-quarter 2023 total production averaged approximately 113.4 thousand barrels of oil equivalent per day (“MBOE/d”), above guidance of 101.8 – 105.8 MBOE/d. Oil production for the quarter averaged approximately 52.8 thousand barrels of oil per day (“MBO/d”), above guidance of 47.9 – 50.9 MBO/d.
Production results were primarily driven by outperformance of recently turned-in-line wells in Howard and Upton counties located in the Permian Basin of West Texas. Earlier-than-expected closing dates for previously announced transactions and the acquisition of additional working interests during the quarter contributed approximately 1,250 BOE/d (60% oil) to quarterly production.
Total incurred capital expenditures during fourth-quarter 2023 were approximately $190 million, excluding non-budgeted acquisitions and leasehold expenditures, in-line with guidance of $175 – $190 million.
For the three months ended December 31, 2023, diluted weighted-average shares outstanding was approximately 29.8 million. The outstanding 2.0% Cumulative Mandatorily Convertible Series A Preferred Stock (the “Series A Preferred Stock”) is included in diluted weighted-average shares outstanding.
As of December 31, 2023, total shares of common stock outstanding was approximately 35.4 million and total shares of Series A Preferred Stock outstanding was 595,104. Share count includes common shares held in escrow related to the Maple and Tall City acquisitions.