Vital Energy to release 4Q earnings report in February

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.