Vital Energy Reports Third-Quarter 2024 Financial and Operating Results
- Raises fourth-quarter and full-year 2024 total and oil production forecasts
TULSA, OK, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Vital Energy, Inc. (NYSE: VTLE) ("Vital Energy" or the "Company") today reported third-quarter 2024 financial and operating results. Strong performance year-to-date also allowed the Company to increase its fourth-quarter and full-year 2024 production outlook.
Highlights
- Closed the Point Energy acquisition for total cash consideration of $815 million, exclusive of transaction- related expenses and post-closing adjustments
- Reported net income of $215.3 million, Adjusted Net Income1 of $60.4 million and cash flows from operating activities of $246.2 million
- Generated Consolidated EBITDAX1 of $309.5 million and Adjusted Free Cash Flow1 of $34.0 million
- Reduced lease operating expense ("LOE") to $8.78 per BOE, below guidance of $8.95 per BOE
- Produced Company-record 133.3 thousand barrels of oil equivalent per day ("MBOE/d") and oil production of 59.2 thousand barrels of oil per day ("MBO/d")
- Reported capital investments of $241.9 million, excluding non-budgeted acquisitions and leasehold expenditures
- Increased 2025 oil hedges to approximately 16.1 million barrels at $74.79 per barrel NYMEX WTI
- Reduced methane intensity by 90% from 2019 baseline, as of YE-23
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