(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||||||||
Emerging Growth Company | |||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Exhibit Number | Description | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL). |
VITAL ENERGY, INC. | ||||||||
Date: May 8, 2024 | By: | /s/ Bryan J. Lemmerman | ||||||
Bryan J. Lemmerman | ||||||||
Executive Vice President and Chief Financial Officer |
2Q-24E | ||||||||
Total production (MBOE/d) | 122.0 - 126.0 | |||||||
Oil production (MBO/d) | 56.0 - 60.0 | |||||||
Capital investments, excluding non-budgeted acquisitions ($ MM) | $225 - $250 |
2Q-24E | ||||||||
Average sales price realizations (excluding derivatives): | ||||||||
Oil (% of WTI) | 102% | |||||||
NGL (% of WTI) | 16% | |||||||
Natural gas (% of Henry Hub) | (3)% | |||||||
Net settlements received (paid) for matured commodity derivatives ($ MM): | ||||||||
Oil | $(25) | |||||||
NGL | $(1) | |||||||
Natural gas | $18 | |||||||
Selected average costs & expenses: | ||||||||
Lease operating expenses ($/BOE) | $8.90 | |||||||
Production and ad valorem taxes (% of oil, NGL and natural gas sales revenues) | 6.30% | |||||||
Oil transportation and marketing expenses ($/BOE) | $1.00 | |||||||
Gas gathering, processing and transportation expenses ($/BOE) | $0.35 | |||||||
General and administrative expenses (excluding LTIP and transaction expenses, $/BOE) | $1.95 | |||||||
General and administrative expenses (LTIP cash, $/BOE) | $0.10 | |||||||
General and administrative expenses (LTIP non-cash, $/BOE) | $0.30 | |||||||
Depletion, depreciation and amortization ($/BOE) | $14.75 |
Three months ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
(unaudited) | ||||||||||||||
Sales volumes: | ||||||||||||||
Oil (MBbl) | 5,327 | 3,467 | ||||||||||||
NGL (MBbl) | 2,934 | 1,849 | ||||||||||||
Natural gas (MMcf) | 18,534 | 11,529 | ||||||||||||
Oil equivalent (MBOE)(1)(2) | 11,349 | 7,237 | ||||||||||||
Average daily oil equivalent sales volumes (BOE/d)(2) | 124,719 | 80,416 | ||||||||||||
Average daily oil sales volumes (Bbl/d)(2) | 58,534 | 38,522 | ||||||||||||
Average sales prices(2): | ||||||||||||||
Oil ($/Bbl)(3) | $ | 78.06 | $ | 76.94 | ||||||||||
NGL ($/Bbl)(3) | $ | 16.05 | $ | 17.85 | ||||||||||
Natural gas ($/Mcf)(3) | $ | 0.98 | $ | 1.57 | ||||||||||
Average sales price ($/BOE)(3) | $ | 42.39 | $ | 43.91 | ||||||||||
Oil, with commodity derivatives ($/Bbl)(4) | $ | 74.95 | $ | 76.82 | ||||||||||
NGL, with commodity derivatives ($/Bbl)(4) | $ | 15.92 | $ | 17.85 | ||||||||||
Natural gas, with commodity derivatives ($/Mcf)(4) | $ | 1.41 | $ | 1.45 | ||||||||||
Average sales price, with commodity derivatives ($/BOE)(4) | $ | 41.60 | $ | 43.67 | ||||||||||
Selected average costs and expenses per BOE sold(2): | ||||||||||||||
Lease operating expenses | $ | 9.32 | $ | 6.93 | ||||||||||
Production and ad valorem taxes | 2.70 | 2.84 | ||||||||||||
Oil transportation and marketing expenses | 0.87 | 1.51 | ||||||||||||
Gas gathering, processing and transportation expenses | 0.21 | — | ||||||||||||
General and administrative (excluding LTIP and transaction expenses) | 2.11 | 3.02 | ||||||||||||
Total selected operating expenses | $ | 15.21 | $ | 14.30 | ||||||||||
General and administrative (LTIP): | ||||||||||||||
LTIP cash | $ | 0.17 | $ | 0.13 | ||||||||||
LTIP non-cash | $ | 0.28 | $ | 0.31 | ||||||||||
General and administrative (transaction expenses) | $ | 0.03 | $ | 0.12 | ||||||||||
Depletion, depreciation and amortization | $ | 14.64 | $ | 11.99 | ||||||||||
(in thousands, except share data) | March 31, 2024 | December 31, 2023 | ||||||||||||
(unaudited) | ||||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 423,325 | $ | 14,061 | ||||||||||
Accounts receivable, net | 290,248 | 238,773 | ||||||||||||
Derivatives | 7,929 | 99,336 | ||||||||||||
Other current assets | 24,395 | 18,749 | ||||||||||||
Total current assets | 745,897 | 370,919 | ||||||||||||
Property and equipment: | ||||||||||||||
Oil and natural gas properties, full cost method: | ||||||||||||||
Evaluated properties | 12,100,933 | 11,799,155 | ||||||||||||
Unevaluated properties not being depleted | 190,387 | 195,457 | ||||||||||||
Less: accumulated depletion and impairment | (7,925,773) | (7,764,697) | ||||||||||||
Oil and natural gas properties, net | 4,365,547 | 4,229,915 | ||||||||||||
Midstream and other fixed assets, net | 130,918 | 130,293 | ||||||||||||
Property and equipment, net | 4,496,465 | 4,360,208 | ||||||||||||
Derivatives | 34,898 | 51,071 | ||||||||||||
Operating lease right-of-use assets | 144,667 | 144,900 | ||||||||||||
Deferred income taxes | 205,760 | 188,836 | ||||||||||||
Other noncurrent assets, net | 34,214 | 33,647 | ||||||||||||
Total assets | $ | 5,661,901 | $ | 5,149,581 | ||||||||||
Liabilities and stockholders' equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable and accrued liabilities | $ | 150,756 | $ | 159,892 | ||||||||||
Accrued capital expenditures | 108,546 | 91,937 | ||||||||||||
Undistributed revenue and royalties | 181,442 | 194,307 | ||||||||||||
Derivatives | 35,567 | — | ||||||||||||
Operating lease liabilities | 75,122 | 70,651 | ||||||||||||
Other current liabilities | 57,902 | 78,802 | ||||||||||||
Total current liabilities | 609,335 | 595,589 | ||||||||||||
Long-term debt, net | 2,097,044 | 1,609,424 | ||||||||||||
Asset retirement obligations | 83,039 | 81,680 | ||||||||||||
Operating lease liabilities | 66,791 | 71,343 | ||||||||||||
Other noncurrent liabilities | 6,888 | 6,288 | ||||||||||||
Total liabilities | 2,863,097 | 2,364,324 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Stockholders' equity: | ||||||||||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, and 1,575,376 and 595,104 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 16 | 6 | ||||||||||||
Common stock, $0.01 par value, 80,000,000 shares authorized, and 36,660,995 and 35,413,551 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 367 | 354 | ||||||||||||
Additional paid-in capital | 3,813,430 | 3,733,775 | ||||||||||||
Accumulated deficit | (1,015,009) | (948,878) | ||||||||||||
Total stockholders' equity | 2,798,804 | 2,785,257 | ||||||||||||
Total liabilities and stockholders' equity | $ | 5,661,901 | $ | 5,149,581 |
Three months ended March 31, | ||||||||||||||
(in thousands, except per share data) | 2024 | 2023 | ||||||||||||
(unaudited) | ||||||||||||||
Revenues: | ||||||||||||||
Oil sales | $ | 415,784 | $ | 266,731 | ||||||||||
NGL sales | 47,075 | 33,006 | ||||||||||||
Natural gas sales | 18,245 | 18,074 | ||||||||||||
Sales of purchased oil | — | 13,851 | ||||||||||||
Other operating revenues | 1,235 | 845 | ||||||||||||
Total revenues | 482,339 | 332,507 | ||||||||||||
Costs and expenses: | ||||||||||||||
Lease operating expenses | 105,728 | 50,181 | ||||||||||||
Production and ad valorem taxes | 30,614 | 20,531 | ||||||||||||
Oil transportation and marketing expenses | 9,833 | 10,915 | ||||||||||||
Gas gathering, processing and transportation expenses | 2,376 | — | ||||||||||||
Costs of purchased oil | — | 14,167 | ||||||||||||
General and administrative | 29,356 | 25,930 | ||||||||||||
Depletion, depreciation and amortization | 166,107 | 86,779 | ||||||||||||
Other operating expenses, net | 1,018 | 1,484 | ||||||||||||
Total costs and expenses | 345,032 | 209,987 | ||||||||||||
Gain on disposal of assets, net | 130 | 237 | ||||||||||||
Operating income | 137,437 | 122,757 | ||||||||||||
Non-operating income (expense): | ||||||||||||||
Gain (loss) on derivatives, net | (152,147) | 20,490 | ||||||||||||
Interest expense | (43,421) | (28,554) | ||||||||||||
Loss on extinguishment of debt, net | (25,814) | — | ||||||||||||
Other income, net | 2,065 | 854 | ||||||||||||
Total non-operating expense, net | (219,317) | (7,210) | ||||||||||||
Income (loss) before income taxes | (81,880) | 115,547 | ||||||||||||
Income tax benefit (expense) | 15,749 | (1,607) | ||||||||||||
Net income (loss) | (66,131) | 113,940 | ||||||||||||
Preferred stock dividends | (349) | — | ||||||||||||
Net income (loss) available to common stockholders | $ | (66,480) | $ | 113,940 | ||||||||||
Net income (loss) per common share: | ||||||||||||||
Basic | $ | (1.87) | $ | 6.93 | ||||||||||
Diluted | $ | (1.87) | $ | 6.89 | ||||||||||
Weighted-average common shares outstanding: | ||||||||||||||
Basic | 35,566 | 16,431 | ||||||||||||
Diluted | 35,566 | 16,545 |
Three months ended March 31, | ||||||||||||||
(in thousands) | 2024 | 2023 | ||||||||||||
(unaudited) | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income (loss) | $ | (66,131) | $ | 113,940 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||
Share-settled equity-based compensation, net | 3,501 | 2,572 | ||||||||||||
Depletion, depreciation and amortization | 166,107 | 86,779 | ||||||||||||
Mark-to-market on derivatives: | ||||||||||||||
(Gain) loss on derivatives, net | 152,147 | (20,490) | ||||||||||||
Settlements paid for matured derivatives, net | (9,000) | (2,343) | ||||||||||||
Loss on extinguishment of debt, net | 25,814 | — | ||||||||||||
Deferred income tax (benefit) expense | (16,924) | 276 | ||||||||||||
Other, net | 5,402 | 2,147 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts receivable, net | (51,475) | 13,961 | ||||||||||||
Other current assets | (5,646) | (7,464) | ||||||||||||
Other noncurrent assets, net | (357) | 2,345 | ||||||||||||
Accounts payable and accrued liabilities | (9,064) | (10,693) | ||||||||||||
Undistributed revenue and royalties | (12,865) | (11,825) | ||||||||||||
Other current liabilities | (21,347) | (48,650) | ||||||||||||
Other noncurrent liabilities | (1,572) | (4,430) | ||||||||||||
Net cash provided by operating activities | 158,590 | 116,125 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Acquisitions of oil and natural gas properties, net | (4,380) | — | ||||||||||||
Capital expenditures: | ||||||||||||||
Oil and natural gas properties | (195,372) | (165,042) | ||||||||||||
Midstream and other fixed assets | (5,085) | (2,771) | ||||||||||||
Proceeds from dispositions of capital assets, net of selling costs | 125 | 2,175 | ||||||||||||
Other, net | (952) | 2,035 | ||||||||||||
Net cash used in investing activities | (205,664) | (163,603) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Borrowings on Senior Secured Credit Facility | 130,000 | 95,000 | ||||||||||||
Payments on Senior Secured Credit Facility | — | (45,000) | ||||||||||||
Issuance of senior unsecured notes | 800,000 | — | ||||||||||||
Extinguishment of debt | (453,518) | — | ||||||||||||
Stock exchanged for tax withholding | (3,411) | (2,459) | ||||||||||||
Payments for debt issuance costs | (15,721) | — | ||||||||||||
Other, net | (1,012) | (492) | ||||||||||||
Net cash provided by financing activities | 456,338 | 47,049 | ||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 409,264 | (429) | ||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 14,061 | 44,435 | ||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 423,325 | $ | 44,006 |
Three months ended March 31, | ||||||||||||||
(in thousands) | 2024 | 2023 | ||||||||||||
(unaudited) | ||||||||||||||
Net cash provided by operating activities | $ | 158,590 | $ | 116,125 | ||||||||||
Less: | ||||||||||||||
Net changes in operating assets and liabilities | (102,326) | (66,756) | ||||||||||||
General and administrative (transaction expenses) | (332) | (861) | ||||||||||||
Cash flows from operating activities before net changes in operating assets and liabilities and transaction expenses related to non-budgeted acquisitions | 261,248 | 183,742 | ||||||||||||
Less capital investments, excluding non-budgeted acquisition costs: | ||||||||||||||
Oil and natural gas properties(1) | 213,265 | 184,114 | ||||||||||||
Midstream and other fixed assets(1) | 4,635 | 3,530 | ||||||||||||
Total capital investments, excluding non-budgeted acquisition costs | 217,900 | 187,644 | ||||||||||||
Adjusted Free Cash Flow (non-GAAP) | $ | 43,348 | $ | (3,902) |
Three months ended March 31, | ||||||||||||||
(in thousands, except per share data) | 2024 | 2023 | ||||||||||||
(unaudited) | ||||||||||||||
Net income (loss) | $ | (66,131) | $ | 113,940 | ||||||||||
Plus: | ||||||||||||||
Mark-to-market on derivatives: | ||||||||||||||
(Gain) loss on derivatives, net | 152,147 | (20,490) | ||||||||||||
Settlements paid for matured derivatives, net | (9,000) | (1,763) | ||||||||||||
Settlements received for contingent consideration | — | 1,455 | ||||||||||||
Gain on disposal of assets, net | (130) | (237) | ||||||||||||
Loss on extinguishment of debt, net | 25,814 | — | ||||||||||||
Income tax (benefit) expense | (15,749) | 1,607 | ||||||||||||
General and administrative (transaction expenses) | 332 | 861 | ||||||||||||
Adjusted income before adjusted income tax expense | 87,283 | 95,373 | ||||||||||||
Adjusted income tax expense(1) | (19,202) | (20,982) | ||||||||||||
Adjusted Net Income (non-GAAP) | $ | 68,081 | $ | 74,391 | ||||||||||
Net income (loss) per common share: | ||||||||||||||
Basic | $ | (1.87) | $ | 6.93 | ||||||||||
Diluted | $ | (1.87) | $ | 6.89 | ||||||||||
Adjusted Net Income per common share: | ||||||||||||||
Basic | $ | 1.91 | $ | 4.53 | ||||||||||
Diluted | $ | 1.91 | $ | 4.50 | ||||||||||
Adjusted diluted | $ | 1.84 | $ | 4.50 | ||||||||||
Weighted-average common shares outstanding: | ||||||||||||||
Basic | 35,566 | 16,431 | ||||||||||||
Diluted | 35,566 | 16,545 | ||||||||||||
Adjusted diluted | 36,922 | 16,545 |
Three months ended March 31, | ||||||||||||||
(in thousands) | 2024 | 2023 | ||||||||||||
(unaudited) | ||||||||||||||
Net income (loss) | $ | (66,131) | $ | 113,940 | ||||||||||
Plus: | ||||||||||||||
Share-settled equity-based compensation, net | 3,501 | 2,572 | ||||||||||||
Depletion, depreciation and amortization | 166,107 | 86,779 | ||||||||||||
(Gain) on disposal of assets, net | (130) | (237) | ||||||||||||
Mark-to-market on derivatives: | ||||||||||||||
(Gain) loss on derivatives, net | 152,147 | (20,490) | ||||||||||||
Settlements paid for matured derivatives, net | (9,000) | (1,763) | ||||||||||||
Settlements received for contingent consideration | — | 1,455 | ||||||||||||
Accretion expense | 1,020 | 899 | ||||||||||||
Interest expense | 43,421 | 28,554 | ||||||||||||
Loss extinguishment of debt, net | 25,814 | — | ||||||||||||
Income tax (benefit) expense | (15,749) | 1,607 | ||||||||||||
General and administrative (transaction expenses) | 332 | 861 | ||||||||||||
Consolidated EBITDAX (non-GAAP) | $ | 301,332 | $ | 214,177 | ||||||||||
Three months ended March 31, | ||||||||||||||
(in thousands) | 2024 | 2023 | ||||||||||||
(unaudited) | ||||||||||||||
Net cash provided by operating activities | $ | 158,590 | $ | 116,125 | ||||||||||
Plus: | ||||||||||||||
Interest expense | 43,421 | 28,554 | ||||||||||||
Current income tax expense | 1,175 | 1,331 | ||||||||||||
Net changes in operating assets and liabilities | 102,326 | 66,756 | ||||||||||||
General and administrative (transaction expenses) | 332 | 861 | ||||||||||||
Settlements received for contingent consideration | — | 1,455 | ||||||||||||
Other, net | (4,512) | (905) | ||||||||||||
Consolidated EBITDAX (non-GAAP) | $ | 301,332 | $ | 214,177 | ||||||||||
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Cover [Abstract]
Entity Central Index Key
0001528129
Document Type
8-K
Document Period End Date
May 08, 2024
Entity Registrant Name
VITAL ENERGY, INC.
Entity Incorporation, State or Country Code
DE
Entity File Number
001-35380
Entity Tax Identification Number
45-3007926
Entity Address, Address Line One
521 E. Second Street
Entity Address, Address Line Two
Suite 1000
Entity Address, City or Town
Tulsa
Entity Address, State or Province
OK
Entity Address, Postal Zip Code
74120
City Area Code
918
Local Phone Number
513-4570
Title of 12(b) Security
Common stock, $0.01 par value
Trading Symbol
VTLE
Security Exchange Name
NYSE
Written Communications
false
Soliciting Material
false
Pre-commencement Tender Offer
false
Pre-commencement Issuer Tender Offer
false
Entity Emerging Growth Company
false
Amendment Flag
false