Vital Energy, Inc. (NYSE: VTLE) ("Vital Energy" or the "Company")
today reported its third-quarter 2023 financial and operating
results. Supplemental slides have been posted to the Company's
website and can be found at www.vitalenergy.com. A conference call
and webcast is planned for 7:30 a.m. CT, Friday, November 3, 2023.
Participation details can be found within this release.
Highlights
- Announced three Permian Basin
acquisitions adding a combined 53,000 net acres and 150 gross
high-value locations (Maple closed October 31; Henry and Tall City
are expected to close in early November)
- Reported 3Q-23 net income of $4.9
million, Adjusted Net Income1 of $95.8 million and cash flows from
operating activities of $214.2 million
- Generated 3Q-23 Consolidated EBITDAX1 of $286.5 million and
Free Cash Flow1 of $91.3 million
- Reported 3Q-23 oil and total production that exceeded the
high-end of Company guidance by 1% and 4%, respectively, producing
49.0 thousand barrels of oil per day ("MBO/d") and 101.7 thousand
barrels of oil equivalent per day ("MBOE/d"), both Company
records
- Reported 3Q-23 capital expenditures below the low-end of
guidance, investing $158.2 million, excluding non-budgeted
acquisitions and leasehold expenditures
- Fortified balance sheet through issuance of $900 million par
value of senior unsecured notes and 3,162,500 shares of common
stock for combined total net proceeds of $1.04 billion
"Vital Energy delivered across the board in the third quarter,"
stated Jason Pigott, President and Chief Executive Officer. "We had
the powerful combination of higher-than-expected production and
lower-than-planned capital investments. These exceptional results
translated directly to strong financial performance, driving $91
million of Free Cash Flow."
"Our success has been fueled by our proven strategy of acquiring
and efficiently integrating high-value acquisitions," continued
Pigott. "This year we have captured five opportunities that
increase our scale in the Permian Basin, reduce leverage and
generate a highly-competitive Free Cash Flow yield."
1Non-GAAP financial measure; please see supplemental
reconciliations of GAAP to non-GAAP financial measures at the end
of this release.
Third-Quarter 2023 Financial and Operations
Summary
Financial Results. The Company reported net income attributable
to common stockholders of $4.9 million, or $0.26 per diluted share,
and Adjusted Net Income of $95.8 million, or $5.16 per adjusted
diluted share. Cash flows from operating activities were $214.2
million and Consolidated EBITDAX was $286.5 million.
Production. Consistent with preliminary volumes disclosed in
October, Vital Energy's third quarter oil and total production set
Company records, averaging 48,996 BO/d and 101,746 BOE/d,
respectively. Quarterly outperformance was driven by strong
productivity from recently completed wells across the Company's
assets. Wells completed by Vital Energy on the recently integrated
Driftwood and Forge assets are currently outperforming historical
oil production results by 7% and 29%, respectively.
Capital Investments. Total capital expenditures, excluding
non-budgeted acquisitions and leasehold expenditures, were lower
than anticipated at $158 million, consistent with preliminary
amounts disclosed in October. Capital efficiencies were primarily
related to savings on facilities investments on recently acquired
assets. Vital Energy turned-in-line ("TIL") 10 wells during
third-quarter 2023. Investments included $133 million for drilling
and completions, $12 million in infrastructure investments
(including Vital Midstream Services), $4 million in land,
exploration and data related costs and $9 million in other
capitalized costs.
Operating Expenses. Lease operating expenses ("LOE") during the
period were $7.05 per BOE, slightly higher than expectations, due
to the acceleration of high-return workover activity.
General and Administrative Expenses. General and administrative
("G&A") expenses, excluding long-term incentive plan ("LTIP")
and transaction expenses, for third-quarter 2023 were $2.16 per
BOE, higher than guidance, primarily related to higher compensation
related expenses. Cash LTIP expenses, reflecting price appreciation
of Vital Energy's common stock, were $0.29 per BOE. Non-cash LTIP
expenses were slightly lower than expectations at $0.28 per
BOE.
Liquidity. At September 30, 2023, the Company had no balance on
its $1.0 billion senior secured credit facility (with the full $1.0
billion available for future borrowings) and cash and cash
equivalents of $590 million.
At November 1, 2023, the Company's senior secured credit
facility remained undrawn and cash and cash equivalents were $611
million.
Senior secured credit facility and cash balances reflect the
application of the Company's net proceeds of $1.04 billion from its
issuance of common stock and senior unsecured notes in September
2023. The Company expects to utilize borrowings under the senior
secured credit facility and all of its available cash, in the
aggregate amount of approximately $765 million, to close previously
announced acquisitions and discharge all outstanding 2025 senior
notes. Upon the expected closing of all previously announced
acquisitions, the elected commitment on the senior secured credit
facility will increase to $1.25 billion.
Sustainability
Vital Energy recently published its 2023 Sustainability Report
and an inaugural Climate Risk and Resilience Report. Both reports
detail the Company’s performance against its sustainability
targets. Two Company targets (Scope 1 GHG emissions intensity and
methane emissions reductions) were achieved as of year-end 2022,
three years ahead of schedule.
Vital Energy was the first Permian operator to receive the
third-party TrustWell certification for responsible operations,
placing the Company in the top-quartile of U.S. onshore operators.
In 2023, Vital Energy expanded this certification to approximately
60% of its gross operated oil production and became the first
company to receive the TrustWell Low Methane Rating.
Fourth-Quarter 2023 Guidance
Production. The Company increased its fourth-quarter 2023
guidance for both total and oil production from those initially
provided with the acquisition announcements in September. Total
production guidance was increased by 3.8 MBOE/d (previously 98.0 -
102.0 MBOE/d), comprised of 0.9 MBOE/d for increased productivity
assumptions and 2.9 MBOE/d for earlier transaction closing dates.
Oil production guidance was increased by 1.4 MBO/d (previously 46.5
- 49.5 MBO/d), comprised of 0.3 MBO/d for increased productivity
and 1.1 MBO/d for earlier transaction closing dates.
Capital Investments. Vital Energy updated its fourth-quarter
2023 capital investment guidance to $175 - $190 million (previously
$195 - $210 million, provided with acquisition announcements in
September). Lower than expected investments are related to the
earlier completion of acquired wells and the impact of including
their capital in purchase price adjustments.
The table below reflects the Company's guidance for production
and capital investments for fourth-quarter 2023.
|
|
4Q-23E |
Total production (MBOE/d) |
|
101.8 - 105.8 |
Oil production (MBO/d) |
|
47.9 - 50.9 |
Incurred capital expenditures,
excluding non-budgeted acquisitions ($ MM) |
|
$175 - $190 |
|
|
|
The table below reflects the Company's guidance for select
revenue and expense items for fourth-quarter 2023.
|
|
4Q-23E |
Average sales price
realizations (excluding derivatives): |
|
|
Oil (% of WTI) |
|
101% |
NGL (% of WTI) |
|
16% |
Natural gas (% of Henry Hub) |
|
44% |
|
|
|
Net settlements received
(paid) for matured commodity derivatives ($ MM): |
|
|
Oil |
|
$(29) |
NGL |
|
$0 |
Natural gas |
|
$3 |
|
|
|
Selected average costs &
expenses: |
|
|
Lease operating expenses ($/BOE) |
|
$8.35 |
Production and ad valorem taxes (% of oil, NGL and natural gas
sales revenues) |
|
6.50% |
Oil transportation and marketing expenses ($/BOE) |
|
$1.05 |
Gas gathering, processing and transportation expenses ($/BOE) |
|
$0.25 |
General and administrative expenses (excluding LTIP and transaction
expenses, $/BOE) |
|
$2.05 |
General and administrative expenses (LTIP cash, $/BOE) |
|
$0.15 |
General and administrative expenses (LTIP non-cash, $/BOE) |
|
$0.30 |
Depletion, depreciation and amortization ($/BOE) |
|
$14.15 |
|
|
|
2023 Outlook
Production. The Company increased its outlook for full-year 2023
production to incorporate higher third-quarter volumes, increased
expectations for fourth-quarter 2023 well productivity, and
production associated with revised closing date assumptions for
recently announced acquisitions.
The table below reflects the Company’s revised outlook for
full-year 2023. Volumes associated with recent acquisitions reflect
an October 31, 2023 closing date for the Maple acquisition and a
projected early November closing dates for the Henry and Tall City
acquisitions.
|
|
Previous Guidance1 |
|
Production Outperformance |
|
Acquisitions Production |
|
Updated Guidance |
Total production (MBOE/d) |
|
87.0 - 89.0 |
|
1.7 |
|
4.4 |
|
93.6 - 94.6 |
Oil production (MBO/d) |
|
41.9 - 43.4 |
|
0.6 |
|
2.1 |
|
45.0 - 45.7 |
|
|
|
|
|
|
|
|
|
Capital Investments. Vital Energy lowered its full-year 2023
capital investment guidance to $670 - $685 million (previously $665
- 695 million). The improved outlook is related to lower than
expected third-quarter 2023 investments, sustainable savings on
facilities investments and timing of activity associated with
acquisitions, adjusted for projected closing dates.
The table below reflects the Company’s revised outlook for
full-year 2023 for capital investments.
|
|
Previous Guidance1 |
|
Reduced Capital |
|
Acquisitions Capital |
|
Updated Guidance |
Capital expenditures,
excluding non-budgeted acquisitions ($ MM) |
|
$665 - 695 |
|
$(5) |
|
$10 |
|
$670 - $685 |
¹As of August 8, 2023
Conference Call Details
Vital Energy plans to host a conference call at 7:30 a.m. CT on
Friday, November 3, 2023, to discuss its third-quarter financial
and operating results and management's outlook, the content of
which is not part of this earnings release. A slide presentation
providing summary financial and statistical information will be
posted to the Company's website. The Company invites interested
parties to listen to the call via the Company's website at
www.vitalenergy.com, under the tab for "Investor Relations | News
& Presentations." Portfolio managers and analysts who would
like to participate on the call should dial 800.715.9871, using
conference code 9523356. A replay will be available following the
call via the Company's website.
About Vital Energy
Vital Energy, Inc. is an independent energy company with
headquarters in Tulsa, Oklahoma. Vital Energy's business strategy
is focused on the acquisition, exploration and development of oil
and natural gas properties in the Permian Basin of West Texas.
Additional information about Vital Energy may be found on its
website at www.vitalenergy.com.
Forward-Looking StatementsThis press release
and any oral statements made regarding the contents of this
release, including in the conference call referenced herein,
contain forward-looking statements as defined under Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical facts, that address activities that
Vital Energy assumes, plans, expects, believes, intends, projects,
indicates, enables, transforms, estimates or anticipates (and other
similar expressions) will, should or may occur in the future are
forward-looking statements. The forward-looking statements are
based on management’s current belief, based on currently available
information, as to the outcome and timing of future events. Such
statements are not guarantees of future performance and involve
risks, assumptions and uncertainties.
General risks relating to Vital Energy include, but are not
limited to, continuing and worsening inflationary pressures and
associated changes in monetary policy that may cause costs to rise;
changes in domestic and global production, supply and demand for
commodities, including as a result of actions by the Organization
of Petroleum Exporting Countries and other producing countries
("OPEC+") and the Russian-Ukrainian or Israeli-Hamas military
conflicts, the decline in prices of oil, natural gas liquids and
natural gas and the related impact to financial statements as a
result of asset impairments and revisions to reserve estimates,
reduced demand due to shifting market perception towards the oil
and gas industry; competition in the oil and gas industry; the
ability of the Company to execute its strategies, including its
ability to successfully identify and consummate strategic
acquisitions at purchase prices that are accretive to its financial
results and to successfully integrate acquired businesses, assets
and properties, pipeline transportation and storage constraints in
the Permian Basin, the effects and duration of the outbreak of
disease, and any related government policies and actions, long-term
performance of wells, drilling and operating risks, the possibility
of production curtailment, the impact of new laws and regulations,
including those regarding the use of hydraulic fracturing, and
under the Inflation Reduction Act (the "IRA"), including those
related to climate change, the impact of legislation or regulatory
initiatives intended to address induced seismicity on our ability
to conduct our operations; hedging activities, tariffs on steel,
the impacts of severe weather, including the freezing of wells and
pipelines in the Permian Basin due to cold weather, possible
impacts of litigation and regulations, the impact of the Company's
transactions, if any, with its securities from time to time, the
impact of new environmental, health and safety requirements
applicable to the Company's business activities, the possibility of
the elimination of federal income tax deductions for oil and gas
exploration and development and imposition of any additional taxes
under the IRA or otherwise, and other factors, including those and
other risks described in its Annual Report on Form 10-K for the
year ended December 31, 2022 and those set forth from time to time
in other filings with the Securities and Exchange Commission
("SEC"). These documents are available through Vital Energy's
website at www.vitalenergy.com under the tab "Investor Relations"
or through the SEC's Electronic Data Gathering and Analysis
Retrieval System at www.sec.gov. Any of these factors could cause
Vital Energy's actual results and plans to differ materially from
those in the forward-looking statements. Therefore, Vital Energy
can give no assurance that its future results will be as estimated.
Any forward-looking statement speaks only as of the date on which
such statement is made. Vital Energy does not intend to, and
disclaims any obligation to, correct, update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise, except as required by applicable
law.
The SEC generally permits oil and natural gas companies, in
filings made with the SEC, to disclose proved reserves, which are
reserve estimates that geological and engineering data demonstrate
with reasonable certainty to be recoverable in future years from
known reservoirs under existing economic and operating conditions,
and certain probable and possible reserves that meet the SEC's
definitions for such terms. In this press release and the
conference call, the Company may use the terms "resource
potential," "resource play," "estimated ultimate recovery" or
"EURs," "type curve" and "standardized measure," each of which the
SEC guidelines restrict from being included in filings with the SEC
without strict compliance with SEC definitions. These terms refer
to the Company’s internal estimates of unbooked hydrocarbon
quantities that may be potentially discovered through exploratory
drilling or recovered with additional drilling or recovery
techniques. "Resource potential" is used by the Company to refer to
the estimated quantities of hydrocarbons that may be added to
proved reserves, largely from a specified resource play potentially
supporting numerous drilling locations. A "resource play" is a term
used by the Company to describe an accumulation of hydrocarbons
known to exist over a large areal expanse and/or thick vertical
section potentially supporting numerous drilling locations, which,
when compared to a conventional play, typically has a lower
geological and/or commercial development risk. "EURs" are based on
the Company’s previous operating experience in a given area and
publicly available information relating to the operations of
producers who are conducting operations in these areas. Unbooked
resource potential and "EURs" do not constitute reserves within the
meaning of the Society of Petroleum Engineer’s Petroleum Resource
Management System or SEC rules and do not include any proved
reserves. Actual quantities of reserves that may be ultimately
recovered from the Company’s interests may differ substantially
from those presented herein. Factors affecting ultimate recovery
include the scope of the Company’s ongoing drilling program, which
will be directly affected by the availability of capital, decreases
in oil, natural gas liquids and natural gas prices, well spacing,
drilling and production costs, availability and cost of drilling
services and equipment, lease expirations, transportation
constraints, regulatory approvals, negative revisions to reserve
estimates and other factors, as well as actual drilling results,
including geological and mechanical factors affecting recovery
rates. "EURs" from reserves may change significantly as development
of the Company’s core assets provides additional data. In addition,
the Company's production forecasts and expectations for future
periods are dependent upon many assumptions, including estimates of
production decline rates from existing wells and the undertaking
and outcome of future drilling activity, which may be affected by
significant commodity price declines or drilling cost increases.
"Type curve" refers to a production profile of a well, or a
particular category of wells, for a specific play and/or area. The
"standardized measure" of discounted future new cash flows is
calculated in accordance with SEC regulations and a discount rate
of 10%. Actual results may vary considerably and should not be
considered to represent the fair market value of the Company’s
proved reserves.
This press release and any accompanying disclosures include
financial measures that are not in accordance with generally
accepted accounting principles ("GAAP"), such as Free Cash Flow,
Adjusted Net Income and Consolidated EBITDAX. While management
believes that such measures are useful for investors, they should
not be used as a replacement for financial measures that are in
accordance with GAAP. For a reconciliation of such non-GAAP
financial measures to the nearest comparable measure in accordance
with GAAP, please see the supplemental financial information at the
end of this press release.
Unless otherwise specified, references to "average sales price"
refer to average sales price excluding the effects of the Company's
derivative transactions.
All amounts, dollars and percentages presented in this press
release are rounded and therefore approximate.
Vital Energy, Inc.Selected operating data |
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(unaudited) |
|
(unaudited) |
Sales volumes: |
|
|
|
|
|
|
|
|
Oil (MBbl) |
|
|
4,507 |
|
|
|
3,219 |
|
|
|
12,011 |
|
|
|
10,536 |
|
NGL (MBbl) |
|
|
2,421 |
|
|
|
2,034 |
|
|
|
6,320 |
|
|
|
6,128 |
|
Natural gas (MMcf) |
|
|
14,593 |
|
|
|
12,430 |
|
|
|
38,760 |
|
|
|
37,447 |
|
Oil equivalent (MBOE)(1)(2) |
|
|
9,361 |
|
|
|
7,324 |
|
|
|
24,791 |
|
|
|
22,905 |
|
Average daily oil equivalent sales volumes (BOE/d)(2) |
|
|
101,746 |
|
|
|
79,613 |
|
|
|
90,809 |
|
|
|
83,901 |
|
Average daily oil sales volumes (Bbl/d)(2) |
|
|
48,996 |
|
|
|
34,994 |
|
|
|
43,997 |
|
|
|
38,594 |
|
Average sales prices(2): |
|
|
|
|
|
|
|
|
Oil ($/Bbl)(3) |
|
$ |
83.23 |
|
|
$ |
96.83 |
|
|
$ |
78.34 |
|
|
$ |
101.51 |
|
NGL ($/Bbl)(3) |
|
$ |
15.82 |
|
|
$ |
29.20 |
|
|
$ |
15.38 |
|
|
$ |
32.16 |
|
Natural gas ($/Mcf)(3) |
|
$ |
1.46 |
|
|
$ |
5.94 |
|
|
$ |
1.25 |
|
|
$ |
4.78 |
|
Average sales price ($/BOE)(3) |
|
$ |
46.44 |
|
|
$ |
60.75 |
|
|
$ |
43.82 |
|
|
$ |
63.11 |
|
Oil, with commodity derivatives ($/Bbl)(4) |
|
$ |
78.62 |
|
|
$ |
71.09 |
|
|
$ |
76.69 |
|
|
$ |
71.03 |
|
NGL, with commodity derivatives ($/Bbl)(4) |
|
$ |
15.82 |
|
|
$ |
24.47 |
|
|
$ |
15.38 |
|
|
$ |
25.93 |
|
Natural gas, with commodity derivatives ($/Mcf)(4) |
|
$ |
1.32 |
|
|
$ |
3.35 |
|
|
$ |
1.40 |
|
|
$ |
3.05 |
|
Average sales price, with commodity derivatives ($/BOE)(4) |
|
$ |
44.01 |
|
|
$ |
43.74 |
|
|
$ |
43.27 |
|
|
$ |
44.60 |
|
Selected average costs and
expenses per BOE sold(2): |
|
|
|
|
|
|
|
|
Lease operating expenses |
|
$ |
7.05 |
|
|
$ |
6.04 |
|
|
$ |
7.02 |
|
|
$ |
5.55 |
|
Production and ad valorem taxes |
|
|
2.92 |
|
|
|
3.96 |
|
|
|
2.80 |
|
|
|
3.91 |
|
Oil transportation and marketing expenses |
|
|
1.15 |
|
|
|
1.81 |
|
|
|
1.31 |
|
|
|
1.70 |
|
General and administrative (excluding LTIP and transaction
expenses) |
|
|
2.16 |
|
|
|
2.02 |
|
|
|
2.32 |
|
|
|
1.82 |
|
Total selected operating expenses |
|
$ |
13.28 |
|
|
$ |
13.83 |
|
|
$ |
13.45 |
|
|
$ |
12.98 |
|
General and administrative (LTIP): |
|
|
|
|
|
|
|
|
LTIP cash |
|
$ |
0.29 |
|
|
$ |
(0.52 |
) |
|
$ |
0.20 |
|
|
$ |
0.16 |
|
LTIP non-cash |
|
$ |
0.28 |
|
|
$ |
0.11 |
|
|
$ |
0.30 |
|
|
$ |
0.24 |
|
General and administrative (transaction expenses) |
|
$ |
0.33 |
|
|
$ |
— |
|
|
$ |
0.13 |
|
|
$ |
— |
|
Depletion, depreciation and amortization |
|
$ |
12.87 |
|
|
$ |
10.23 |
|
|
$ |
12.53 |
|
|
$ |
9.89 |
|
_______________________________________________________________________________(1)
BOE is calculated using a conversion rate of six Mcf per one
Bbl.(2) The numbers presented are calculated based on actual
amounts and may not recalculate using the rounded numbers presented
in the table above.(3) Price reflects the average of actual sales
prices received when control passes to the purchaser/customer
adjusted for quality, certain transportation fees, geographical
differentials, marketing bonuses or deductions and other factors
affecting the price received at the delivery point.(4) Price
reflects the after-effects of the Company's commodity derivative
transactions on its average sales prices. The Company's calculation
of such after-effects includes settlements of matured commodity
derivatives during the respective periods.
Vital Energy, Inc.Consolidated balance sheets |
|
(in thousands, except share data) |
|
September 30, 2023 |
|
December 31, 2022 |
|
|
(unaudited) |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
589,695 |
|
|
$ |
44,435 |
|
Accounts receivable, net |
|
|
199,838 |
|
|
|
163,369 |
|
Derivatives |
|
|
3,775 |
|
|
|
24,670 |
|
Other current assets |
|
|
20,900 |
|
|
|
13,317 |
|
Total current assets |
|
|
814,208 |
|
|
|
245,791 |
|
Property and equipment: |
|
|
|
|
Oil and natural gas properties, full cost method: |
|
|
|
|
Evaluated properties |
|
|
10,512,608 |
|
|
|
9,554,706 |
|
Unevaluated properties not being depleted |
|
|
199,490 |
|
|
|
46,430 |
|
Less: accumulated depletion and impairment |
|
|
(7,616,830 |
) |
|
|
(7,318,399 |
) |
Oil and natural gas properties, net |
|
|
3,095,268 |
|
|
|
2,282,737 |
|
Midstream and other fixed assets, net |
|
|
129,115 |
|
|
|
127,803 |
|
Property and equipment, net |
|
|
3,224,383 |
|
|
|
2,410,540 |
|
Derivatives |
|
|
27,163 |
|
|
|
24,363 |
|
Operating lease right-of-use
assets |
|
|
116,634 |
|
|
|
23,047 |
|
Deferred income taxes |
|
|
220,382 |
|
|
|
— |
|
Other noncurrent assets,
net |
|
|
23,482 |
|
|
|
22,373 |
|
Total assets |
|
$ |
4,426,252 |
|
|
$ |
2,726,114 |
|
Liabilities and
stockholders' equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
106,376 |
|
|
$ |
102,516 |
|
Accrued capital expenditures |
|
|
74,149 |
|
|
|
48,378 |
|
Undistributed revenue and royalties |
|
|
165,027 |
|
|
|
160,023 |
|
Derivatives |
|
|
106,767 |
|
|
|
5,960 |
|
Operating lease liabilities |
|
|
47,399 |
|
|
|
15,449 |
|
Other current liabilities |
|
|
71,984 |
|
|
|
82,950 |
|
Total current liabilities |
|
|
571,702 |
|
|
|
415,276 |
|
Long-term debt, net |
|
|
1,926,966 |
|
|
|
1,113,023 |
|
Derivatives |
|
|
5,885 |
|
|
|
— |
|
Asset retirement
obligations |
|
|
75,416 |
|
|
|
70,366 |
|
Operating lease
liabilities |
|
|
66,366 |
|
|
|
9,435 |
|
Other noncurrent
liabilities |
|
|
6,853 |
|
|
|
7,268 |
|
Total liabilities |
|
|
2,653,188 |
|
|
|
1,615,368 |
|
Commitments and
contingencies |
|
|
|
|
Stockholders' equity: |
|
|
|
|
Preferred stock, $0.01 par value, 50,000,000 shares authorized and
zero issued as of September 30, 2023 and December 31, 2022 |
|
|
— |
|
|
|
— |
|
Common stock, $0.01 par value, 40,000,000 shares authorized, and
21,751,758 and 16,762,127 issued and outstanding as of September
30, 2023 and December 31, 2022, respectively |
|
|
218 |
|
|
|
168 |
|
Additional paid-in capital |
|
|
3,002,709 |
|
|
|
2,754,085 |
|
Accumulated deficit |
|
|
(1,229,863 |
) |
|
|
(1,643,507 |
) |
Total stockholders' equity |
|
|
1,773,064 |
|
|
|
1,110,746 |
|
Total liabilities and stockholders' equity |
|
$ |
4,426,252 |
|
|
$ |
2,726,114 |
|
Vital Energy, Inc.Consolidated statements of
operations |
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
(in thousands, except per share data) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(unaudited) |
|
(unaudited) |
Revenues: |
|
|
|
|
|
|
|
|
Oil sales |
|
$ |
375,166 |
|
|
$ |
311,740 |
|
|
$ |
940,982 |
|
|
$ |
1,069,542 |
|
NGL sales |
|
|
38,303 |
|
|
|
59,377 |
|
|
|
97,196 |
|
|
|
197,037 |
|
Natural gas sales |
|
|
21,234 |
|
|
|
73,831 |
|
|
|
48,260 |
|
|
|
179,026 |
|
Sales of purchased oil |
|
|
3 |
|
|
|
18,371 |
|
|
|
14,192 |
|
|
|
106,030 |
|
Other operating revenues |
|
|
808 |
|
|
|
795 |
|
|
|
2,453 |
|
|
|
5,030 |
|
Total revenues |
|
|
435,514 |
|
|
|
464,114 |
|
|
|
1,103,083 |
|
|
|
1,556,665 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
Lease operating expenses |
|
|
66,040 |
|
|
|
44,246 |
|
|
|
173,939 |
|
|
|
127,136 |
|
Production and ad valorem taxes |
|
|
27,360 |
|
|
|
29,024 |
|
|
|
69,498 |
|
|
|
89,512 |
|
Oil transportation and marketing expenses |
|
|
10,795 |
|
|
|
13,285 |
|
|
|
32,391 |
|
|
|
39,022 |
|
Gas gathering, processing and transportation expenses |
|
|
371 |
|
|
|
— |
|
|
|
371 |
|
|
|
— |
|
Costs of purchased oil |
|
|
101 |
|
|
|
18,772 |
|
|
|
14,856 |
|
|
|
108,516 |
|
General and administrative |
|
|
28,641 |
|
|
|
11,857 |
|
|
|
73,053 |
|
|
|
50,800 |
|
Organizational restructuring expenses |
|
|
— |
|
|
|
10,420 |
|
|
|
— |
|
|
|
10,420 |
|
Depletion, depreciation and amortization |
|
|
120,499 |
|
|
|
74,928 |
|
|
|
310,618 |
|
|
|
226,555 |
|
Other operating expenses, net |
|
|
1,703 |
|
|
|
2,616 |
|
|
|
4,538 |
|
|
|
6,973 |
|
Total costs and expenses |
|
|
255,510 |
|
|
|
205,148 |
|
|
|
679,264 |
|
|
|
658,934 |
|
Gain on disposal of assets, net |
|
|
149 |
|
|
|
4,282 |
|
|
|
540 |
|
|
|
4,952 |
|
Operating income |
|
|
180,153 |
|
|
|
263,248 |
|
|
|
424,359 |
|
|
|
902,683 |
|
Non-operating income
(expense): |
|
|
|
|
|
|
|
|
Gain (loss) on derivatives, net |
|
|
(135,321 |
) |
|
|
100,748 |
|
|
|
(132,875 |
) |
|
|
(290,995 |
) |
Interest expense |
|
|
(39,305 |
) |
|
|
(30,967 |
) |
|
|
(99,388 |
) |
|
|
(96,251 |
) |
Gain (loss) on extinguishment of debt, net |
|
|
— |
|
|
|
553 |
|
|
|
— |
|
|
|
(245 |
) |
Other income, net |
|
|
1,739 |
|
|
|
173 |
|
|
|
3,697 |
|
|
|
543 |
|
Total non-operating income (expense), net |
|
|
(172,887 |
) |
|
|
70,507 |
|
|
|
(228,566 |
) |
|
|
(386,948 |
) |
Income before income taxes |
|
|
7,266 |
|
|
|
333,755 |
|
|
|
195,793 |
|
|
|
515,735 |
|
Income tax benefit
(expense): |
|
|
|
|
|
|
|
|
Current |
|
|
(464 |
) |
|
|
960 |
|
|
|
(2,298 |
) |
|
|
(4,771 |
) |
Deferred |
|
|
(1,909 |
) |
|
|
2,808 |
|
|
|
220,149 |
|
|
|
2,324 |
|
Total income tax benefit (expense) |
|
|
(2,373 |
) |
|
|
3,768 |
|
|
|
217,851 |
|
|
|
(2,447 |
) |
Net income |
|
$ |
4,893 |
|
|
$ |
337,523 |
|
|
$ |
413,644 |
|
|
$ |
513,288 |
|
Net income per common
share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.27 |
|
|
$ |
20.27 |
|
|
$ |
23.44 |
|
|
$ |
30.64 |
|
Diluted |
|
$ |
0.26 |
|
|
$ |
20.08 |
|
|
$ |
23.32 |
|
|
$ |
30.26 |
|
Weighted-average common shares
outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
18,455 |
|
|
|
16,650 |
|
|
|
17,646 |
|
|
|
16,750 |
|
Diluted |
|
|
18,569 |
|
|
|
16,809 |
|
|
|
17,740 |
|
|
|
16,963 |
|
Vital Energy, Inc.Consolidated statements of cash
flows |
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
(in thousands) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(unaudited) |
|
(unaudited) |
Cash flows from operating
activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
4,893 |
|
|
$ |
337,523 |
|
|
$ |
413,644 |
|
|
$ |
513,288 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
Share-settled equity-based compensation, net |
|
|
2,937 |
|
|
|
1,638 |
|
|
|
8,402 |
|
|
|
6,295 |
|
Depletion, depreciation and amortization |
|
|
120,499 |
|
|
|
74,928 |
|
|
|
310,618 |
|
|
|
226,555 |
|
Gain on disposal of assets, net |
|
|
(149 |
) |
|
|
(4,282 |
) |
|
|
(540 |
) |
|
|
(4,952 |
) |
Mark-to-market on derivatives: |
|
|
|
|
|
|
|
|
(Gain) loss on derivatives, net |
|
|
135,321 |
|
|
|
(100,748 |
) |
|
|
132,875 |
|
|
|
290,995 |
|
Settlements paid for matured derivatives, net |
|
|
(22,760 |
) |
|
|
(124,289 |
) |
|
|
(14,320 |
) |
|
|
(423,668 |
) |
(Gain) loss on extinguishment of debt, net |
|
|
— |
|
|
|
(553 |
) |
|
|
— |
|
|
|
245 |
|
Deferred income tax (benefit) expense |
|
|
1,909 |
|
|
|
(2,808 |
) |
|
|
(220,149 |
) |
|
|
(2,324 |
) |
Other, net |
|
|
3,704 |
|
|
|
10,052 |
|
|
|
8,851 |
|
|
|
25,932 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
(56,167 |
) |
|
|
42,891 |
|
|
|
(38,807 |
) |
|
|
(11,069 |
) |
Other current assets |
|
|
(1,359 |
) |
|
|
730 |
|
|
|
(9,589 |
) |
|
|
7,574 |
|
Other noncurrent assets, net |
|
|
(324 |
) |
|
|
(21 |
) |
|
|
1,266 |
|
|
|
1,450 |
|
Accounts payable and accrued liabilities |
|
|
21,678 |
|
|
|
23,589 |
|
|
|
4,243 |
|
|
|
15,084 |
|
Undistributed revenue and royalties |
|
|
(1,648 |
) |
|
|
(8,104 |
) |
|
|
199 |
|
|
|
131,356 |
|
Other current liabilities |
|
|
5,801 |
|
|
|
(60,918 |
) |
|
|
(12,846 |
) |
|
|
(41,362 |
) |
Other noncurrent liabilities |
|
|
(126 |
) |
|
|
(7,013 |
) |
|
|
(4,625 |
) |
|
|
(14,697 |
) |
Net cash provided by operating activities |
|
|
214,209 |
|
|
|
182,615 |
|
|
|
579,222 |
|
|
|
720,702 |
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
Acquisitions of oil and natural gas properties, net |
|
|
(13,144 |
) |
|
|
(3,694 |
) |
|
|
(540,129 |
) |
|
|
(5,581 |
) |
Capital expenditures: |
|
|
|
|
|
|
|
|
Oil and natural gas properties |
|
|
(145,823 |
) |
|
|
(143,374 |
) |
|
|
(455,046 |
) |
|
|
(432,124 |
) |
Midstream and other fixed assets |
|
|
(3,793 |
) |
|
|
(5,312 |
) |
|
|
(10,692 |
) |
|
|
(10,264 |
) |
Proceeds from dispositions of capital assets, net of selling
costs |
|
|
91 |
|
|
|
890 |
|
|
|
2,343 |
|
|
|
2,939 |
|
Settlements received for contingent consideration |
|
|
47 |
|
|
|
— |
|
|
|
2,082 |
|
|
|
1,555 |
|
Net cash used in investing activities |
|
|
(162,622 |
) |
|
|
(151,490 |
) |
|
|
(1,001,442 |
) |
|
|
(443,475 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
Borrowings on Senior Secured Credit Facility |
|
|
35,000 |
|
|
|
200,000 |
|
|
|
630,000 |
|
|
|
335,000 |
|
Payments on Senior Secured Credit Facility |
|
|
(610,000 |
) |
|
|
(160,000 |
) |
|
|
(700,000 |
) |
|
|
(400,000 |
) |
Issuance of senior unsecured notes |
|
|
897,710 |
|
|
|
— |
|
|
|
897,710 |
|
|
|
— |
|
Extinguishment of debt |
|
|
— |
|
|
|
(149,985 |
) |
|
|
— |
|
|
|
(182,319 |
) |
Proceeds from issuance of common stock, net of offering costs |
|
|
161,003 |
|
|
|
— |
|
|
|
161,003 |
|
|
|
— |
|
Share repurchases |
|
|
— |
|
|
|
(17,515 |
) |
|
|
— |
|
|
|
(26,586 |
) |
Stock exchanged for tax withholding |
|
|
(212 |
) |
|
|
(853 |
) |
|
|
(3,056 |
) |
|
|
(7,442 |
) |
Payments for debt issuance costs |
|
|
(16,331 |
) |
|
|
(377 |
) |
|
|
(16,331 |
) |
|
|
(1,725 |
) |
Other, net |
|
|
(758 |
) |
|
|
— |
|
|
|
(1,846 |
) |
|
|
(1,012 |
) |
Net cash provided by (used in) financing activities |
|
|
466,412 |
|
|
|
(128,730 |
) |
|
|
967,480 |
|
|
|
(284,084 |
) |
Net increase (decrease) in
cash and cash equivalents |
|
|
517,999 |
|
|
|
(97,605 |
) |
|
|
545,260 |
|
|
|
(6,857 |
) |
Cash, cash equivalents and
restricted cash, beginning of period |
|
|
71,696 |
|
|
|
147,546 |
|
|
|
44,435 |
|
|
|
56,798 |
|
Cash and cash equivalents, end
of period |
|
$ |
589,695 |
|
|
$ |
49,941 |
|
|
$ |
589,695 |
|
|
$ |
49,941 |
|
Vital Energy, Inc.Supplemental reconciliations of
GAAP to non-GAAP financial measures |
Non-GAAP financial measures
The non-GAAP financial measures of Free Cash Flow, Adjusted Net
Income, Consolidated EBITDAX, as defined by the Company, may not be
comparable to similarly titled measures used by other companies.
Furthermore, these non-GAAP financial measures should not be
considered in isolation or as a substitute for GAAP measures of
liquidity or financial performance, but rather should be considered
in conjunction with GAAP measures, such as net income or loss,
operating income or loss or cash flows from operating
activities.
Free Cash Flow
Free Cash Flow is a non-GAAP financial measure that the Company
defines as net cash provided by operating activities (GAAP) before
net changes in operating assets and liabilities and non-budgeted
acquisition costs, less incurred capital expenditures, excluding
non-budgeted acquisition costs. Management believes Free Cash Flow
is useful to management and investors in evaluating operating
trends in its business that are affected by production, commodity
prices, operating costs and other related factors. There are
significant limitations to the use of Free Cash Flow as a measure
of performance, including the lack of comparability due to the
different methods of calculating Free Cash Flow reported by
different companies.
The following table presents a reconciliation of net cash
provided by operating activities (GAAP) to Free Cash Flow
(non-GAAP) for the periods presented:
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
(in thousands) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(unaudited) |
|
(unaudited) |
Net cash provided by operating
activities |
|
$ |
214,209 |
|
|
$ |
182,615 |
|
|
$ |
579,222 |
|
|
$ |
720,702 |
|
Less: |
|
|
|
|
|
|
|
|
Net changes in operating assets and liabilities |
|
|
(32,145 |
) |
|
|
(8,846 |
) |
|
|
(60,159 |
) |
|
|
88,336 |
|
General and administrative (transaction expenses) |
|
|
(3,120 |
) |
|
|
— |
|
|
|
(3,120 |
) |
|
|
— |
|
Cash flows from operating
activities before net changes in operating assets and liabilities
and non-budgeted acquisition costs |
|
|
249,474 |
|
|
|
191,461 |
|
|
|
642,501 |
|
|
|
632,366 |
|
Less incurred capital expenditures, excluding non-budgeted
acquisition costs: |
|
|
|
|
|
|
|
|
Oil and natural gas properties(1) |
|
|
154,865 |
|
|
|
135,304 |
|
|
|
483,329 |
|
|
|
439,168 |
|
Midstream and other fixed assets(1) |
|
|
3,321 |
|
|
|
4,796 |
|
|
|
11,090 |
|
|
|
9,794 |
|
Total incurred capital expenditures, excluding non-budgeted
acquisition costs |
|
|
158,186 |
|
|
|
140,100 |
|
|
|
494,419 |
|
|
|
448,962 |
|
Free Cash Flow (non-GAAP) |
|
$ |
91,288 |
|
|
$ |
51,361 |
|
|
$ |
148,082 |
|
|
$ |
183,404 |
|
_____________________________________________________________________________
(1) Includes capitalized share-settled equity-based compensation
and asset retirement costs.
Adjusted Net Income
Adjusted Net Income is a non-GAAP financial measure that the
Company defines as net income or loss (GAAP) plus adjustments for
mark-to-market on derivatives, premiums paid or received for
commodity derivatives that matured during the period, impairment
expense, gains or losses on disposal of assets, income taxes, other
non-recurring income and expenses and adjusted income tax expense.
Management believes Adjusted Net Income helps investors in the oil
and natural gas industry to measure and compare the Company's
performance to other oil and natural gas companies by excluding
from the calculation items that can vary significantly from company
to company depending upon accounting methods, the book value of
assets and other non-operational factors.
The following table presents a reconciliation of net income
(GAAP) to Adjusted Net Income (non-GAAP) for the periods
presented:
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
(in thousands, except per share data) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(unaudited) |
|
(unaudited) |
Net income |
|
$ |
4,893 |
|
|
$ |
337,523 |
|
|
$ |
413,644 |
|
|
$ |
513,288 |
|
Plus: |
|
|
|
|
|
|
|
|
Mark-to-market on derivatives: |
|
|
|
|
|
|
|
|
(Gain) loss on derivatives, net |
|
|
135,321 |
|
|
|
(100,748 |
) |
|
|
132,875 |
|
|
|
290,995 |
|
Settlements paid for matured derivatives, net |
|
|
(22,760 |
) |
|
|
(124,611 |
) |
|
|
(13,740 |
) |
|
|
(423,990 |
) |
Settlements received for contingent consideration |
|
|
47 |
|
|
|
322 |
|
|
|
1,502 |
|
|
|
1,877 |
|
Organizational restructuring expenses |
|
|
— |
|
|
|
10,420 |
|
|
|
— |
|
|
|
10,420 |
|
Gain on disposal of assets, net |
|
|
(149 |
) |
|
|
(4,282 |
) |
|
|
(540 |
) |
|
|
(4,952 |
) |
(Gain) loss on extinguishment of debt, net |
|
|
— |
|
|
|
(553 |
) |
|
|
— |
|
|
|
245 |
|
Income tax (benefit) expense |
|
|
2,373 |
|
|
|
(3,768 |
) |
|
|
(217,851 |
) |
|
|
2,447 |
|
General and administrative (transaction expenses) |
|
|
3,120 |
|
|
|
— |
|
|
|
3,120 |
|
|
|
— |
|
Adjusted income before adjusted income tax expense |
|
|
122,845 |
|
|
|
114,303 |
|
|
|
319,010 |
|
|
|
390,330 |
|
Adjusted income tax expense(1) |
|
|
(27,026 |
) |
|
|
(25,147 |
) |
|
|
(70,182 |
) |
|
|
(85,873 |
) |
Adjusted Net Income (non-GAAP) |
|
$ |
95,819 |
|
|
$ |
89,156 |
|
|
$ |
248,828 |
|
|
$ |
304,457 |
|
Net income per common
share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.27 |
|
|
$ |
20.27 |
|
|
$ |
23.44 |
|
|
$ |
30.64 |
|
Diluted |
|
$ |
0.26 |
|
|
$ |
20.08 |
|
|
$ |
23.32 |
|
|
$ |
30.26 |
|
Adjusted Net Income per common
share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
5.19 |
|
|
$ |
5.35 |
|
|
$ |
14.10 |
|
|
$ |
18.18 |
|
Diluted |
|
$ |
5.16 |
|
|
$ |
5.30 |
|
|
$ |
14.03 |
|
|
$ |
17.95 |
|
Adjusted diluted |
|
$ |
5.16 |
|
|
$ |
5.30 |
|
|
$ |
14.03 |
|
|
$ |
17.95 |
|
Weighted-average common shares
outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
18,455 |
|
|
|
16,650 |
|
|
|
17,646 |
|
|
|
16,750 |
|
Diluted |
|
|
18,569 |
|
|
|
16,809 |
|
|
|
17,740 |
|
|
|
16,963 |
|
Adjusted diluted |
|
|
18,569 |
|
|
|
16,809 |
|
|
|
17,740 |
|
|
|
16,963 |
|
_______________________________________________________________________________(1)
Adjusted income tax expense is calculated by applying a statutory
tax rate of 22% for each of the periods ended September 30,
2023 and 2022.
Consolidated EBITDAX
Consolidated EBITDAX is a non-GAAP financial measure defined in
the Company's Senior Secured Credit Facility as net income or loss
(GAAP) plus adjustments for share-settled equity-based
compensation, depletion, depreciation and amortization, impairment
expense, gains or losses on disposal of assets, mark-to-market on
derivatives, accretion expense, interest expense, income taxes and
other non-recurring income and expenses. Consolidated EBITDAX
provides no information regarding a company's capital structure,
borrowings, interest costs, capital expenditures, working capital
movement or tax position. Consolidated EBITDAX does not represent
funds available for future discretionary use because it excludes
funds required for debt service, capital expenditures, working
capital, income taxes, franchise taxes and other commitments and
obligations. However, management believes Consolidated EBITDAX is
useful to an investor because this measure:
- is used by investors
in the oil and natural gas industry to measure a company's
operating performance without regard to items that can vary
substantially from company to company depending upon accounting
methods, the book value of assets, capital structure and the method
by which assets were acquired, among other factors;
- helps investors to
more meaningfully evaluate and compare the results of the Company's
operations from period to period by removing the effect of the
Company's capital structure from the Company's operating structure;
and
- is used by
management for various purposes, including (i) as a measure of
operating performance, (ii) as a measure of compliance under the
Senior Secured Credit Facility, (iii) in presentations to the board
of directors and (iv) as a basis for strategic planning and
forecasting.
There are significant limitations to the use of Consolidated
EBITDAX as a measure of performance, including the inability to
analyze the effect of certain recurring and non-recurring items
that materially affect the Company's net income or loss and the
lack of comparability of results of operations to different
companies due to the different methods of calculating Consolidated
EBITDAX, or similarly titled measures, reported by different
companies. The Company is subject to financial covenants under the
Senior Secured Credit Facility, one of which establishes a maximum
permitted ratio of Net Debt, as defined in the Senior Secured
Credit Facility, to Consolidated EBITDAX. See Note 7 in the 2022
Annual Report for additional discussion of the financial covenants
under the Senior Secured Credit Facility. Additional information on
Consolidated EBITDAX can be found in the Company's Tenth Amendment
to the Senior Secured Credit Facility, as filed with the SEC on
November 3, 2022.
The following table presents a reconciliation of net income
(GAAP) to Consolidated EBITDAX (non-GAAP) for the periods
presented:
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
(in thousands) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(unaudited) |
(unaudited) |
Net income |
|
$ |
4,893 |
|
|
$ |
337,523 |
|
|
$ |
413,644 |
|
|
$ |
513,288 |
|
Plus: |
|
|
|
|
|
|
|
Share-settled equity-based compensation, net |
|
|
2,937 |
|
|
|
1,638 |
|
|
|
8,402 |
|
|
|
6,295 |
|
Depletion, depreciation and amortization |
|
|
120,499 |
|
|
|
74,928 |
|
|
|
310,618 |
|
|
|
226,555 |
|
Organizational restructuring expenses |
|
|
— |
|
|
|
10,420 |
|
|
|
— |
|
|
|
10,420 |
|
Gain on disposal of assets, net |
|
|
(149 |
) |
|
|
(4,282 |
) |
|
|
(540 |
) |
|
|
(4,952 |
) |
Mark-to-market on derivatives: |
|
|
|
|
|
|
|
(Gain) loss on derivatives, net |
|
|
135,321 |
|
|
|
(100,748 |
) |
|
|
132,875 |
|
|
|
290,995 |
|
Settlements paid for matured derivatives, net |
|
|
(22,760 |
) |
|
|
(124,611 |
) |
|
|
(13,740 |
) |
|
|
(423,990 |
) |
Settlements received for contingent consideration |
|
|
47 |
|
|
|
322 |
|
|
|
1,502 |
|
|
|
1,877 |
|
Accretion expense |
|
|
913 |
|
|
|
954 |
|
|
|
2,715 |
|
|
|
2,946 |
|
Interest expense |
|
|
39,305 |
|
|
|
30,967 |
|
|
|
99,388 |
|
|
|
96,251 |
|
(Gain) loss extinguishment of debt, net |
|
|
— |
|
|
|
(553 |
) |
|
|
— |
|
|
|
245 |
|
Income tax (benefit) expense |
|
|
2,373 |
|
|
|
(3,768 |
) |
|
|
(217,851 |
) |
|
|
2,447 |
|
General and administrative (transaction expenses) |
|
|
3,120 |
|
|
|
— |
|
|
|
3,120 |
|
|
|
— |
|
Consolidated EBITDAX (non-GAAP) |
|
$ |
286,499 |
|
|
$ |
222,790 |
|
|
$ |
740,133 |
|
|
$ |
722,377 |
|
|
The following table presents a reconciliation of net cash
provided by operating activities (GAAP) to Consolidated EBITDAX
(non-GAAP) for the periods presented:
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
(in thousands) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(unaudited) |
|
(unaudited) |
Net cash provided by operating
activities |
|
$ |
214,209 |
|
|
$ |
182,615 |
|
|
$ |
579,222 |
|
|
$ |
720,702 |
|
Plus: |
|
|
|
|
|
|
|
|
Interest expense |
|
|
39,305 |
|
|
|
30,967 |
|
|
|
99,388 |
|
|
|
96,251 |
|
Organizational restructuring expenses |
|
|
— |
|
|
|
10,420 |
|
|
|
— |
|
|
|
10,420 |
|
Current income tax (benefit) expense |
|
|
464 |
|
|
|
(960 |
) |
|
|
2,298 |
|
|
|
4,771 |
|
Net changes in operating assets and liabilities |
|
|
32,145 |
|
|
|
8,846 |
|
|
|
60,159 |
|
|
|
(88,336 |
) |
General and administrative (transaction expenses) |
|
|
3,120 |
|
|
|
— |
|
|
|
3,120 |
|
|
|
— |
|
Settlements received for contingent consideration |
|
|
47 |
|
|
|
322 |
|
|
|
1,502 |
|
|
|
1,877 |
|
Other, net |
|
|
(2,791 |
) |
|
|
(9,420 |
) |
|
|
(5,556 |
) |
|
|
(23,308 |
) |
Consolidated EBITDAX (non-GAAP) |
|
$ |
286,499 |
|
|
$ |
222,790 |
|
|
$ |
740,133 |
|
|
$ |
722,377 |
|
|
Investor Contact:Ron
Hagood918.858.5504ir@vitalenergy.com
Vital Energy (NYSE:VTLE)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Vital Energy (NYSE:VTLE)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024