In a recent SEC filing, Tulsa’s Vital Energy indicated it plans to continue operating with four drilling rigs and two completions crews for the remainder of the second quarter.
Vital said it also plans between $750 million and $850 million in capital expenditures for the entire year.
“However, we will contnue to monitor commodity prices and service costs and adjust actvity levels in order to proactvely manage our cash fows and preserve liquidity,” stated the firm in the filing.
Vital finished the first quarter with increased oil sales volumes, moving from 3,467 MBbl for the first quarter of 2023 to 5,327 MBbl for the just-concluded first quarter of 2024. The firm also saw an increase to 11,349 MBOE of oil equivalent sales volumes in the first quarter that ended March 31 of this year.
Its oill, NGL and natural gas sales grew from $317.8 million a year ago to $481.1 million in the first quarter of this year. Vital explained it was primarily driven by a 57% increase in oil equivalent sales volumes.
It still recorded a net loss of $66.1 million in the first quarter of 2024 compared to net income of $113.9 million a year earlier. Vital’s lenders recently agreed to reafirm the company’s borrowing base at $1.5 billion.