Vital Energy (VTLE) Q4 Results - Feb 21
Posted: Tue Feb 21, 2023 4:35 pm
Q4 results were strong and very close to my forecast, but production guidance for 2023 a bit less than I expected. I will update my forecast/valuation model tomorrow morning. My valuation should be close to $120/share since detailed guidance for 2023 increases my confidence in the model and therefore justifies a higher multiple of operating cash flow.
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TULSA, OK, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Vital Energy, Inc. (NYSE: VTLE) ("Vital Energy" or the "Company") today announced its fourth-quarter 2022 financial and operating results and provided its 2023 outlook. Supplemental slides have been posted to the Company's website and can be found at www.vitalenergy.com. A conference call and webcast to discuss the results is planned for 7:30 a.m. CT, Wednesday, February 22, 2023. Complete details can be found within this release.
Financial Highlights
Reported 4Q-22 and Company-record FY-22 net income of $118.2 million and $631.5 million, respectively
Reported 4Q-22 and Company-record FY-22 cash flows from operating activities of $108.9 million and $829.6 million, respectively
Generated 4Q-22 and Company-record FY-22 Consolidated EBITDAX1 of $191.1 million and $913.5 million, respectively
Generated 4Q-22 and Company-record FY-22 Free Cash Flow1 of $36.5 million and $219.9 million, respectively
Divested certain non-operated properties for ~$110 million
Repurchased $284.8 million face value of term-debt at 99.3% of par value during FY-22
Repurchased $37.3 million of common stock at an average price of $76.02 per share during FY-22
Reduced Net Debt1/Consolidated EBITDAX1 ratio to 1.18x from 2.14x at year-end 2021
Operational Highlights
Produced 35.9 thousand barrels of oil per day ("MBO/d") and 77.9 thousand barrels of oil equivalent per day ("MBOE/d") in 4Q-22, both above the high-end of guidance
Incurred capital expenditures of $130 million, excluding non-budgeted acquisitions and leasehold expenditures, in 4Q-22, below guidance range
Grew 2022 oil production 19% over prior year, primarily related to the acquisition and development of oil-weighted properties
Maintained approximately eight years of oil-weighted inventory at current activity levels, organically adding locations in Glasscock County
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TULSA, OK, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Vital Energy, Inc. (NYSE: VTLE) ("Vital Energy" or the "Company") today announced its fourth-quarter 2022 financial and operating results and provided its 2023 outlook. Supplemental slides have been posted to the Company's website and can be found at www.vitalenergy.com. A conference call and webcast to discuss the results is planned for 7:30 a.m. CT, Wednesday, February 22, 2023. Complete details can be found within this release.
Financial Highlights
Reported 4Q-22 and Company-record FY-22 net income of $118.2 million and $631.5 million, respectively
Reported 4Q-22 and Company-record FY-22 cash flows from operating activities of $108.9 million and $829.6 million, respectively
Generated 4Q-22 and Company-record FY-22 Consolidated EBITDAX1 of $191.1 million and $913.5 million, respectively
Generated 4Q-22 and Company-record FY-22 Free Cash Flow1 of $36.5 million and $219.9 million, respectively
Divested certain non-operated properties for ~$110 million
Repurchased $284.8 million face value of term-debt at 99.3% of par value during FY-22
Repurchased $37.3 million of common stock at an average price of $76.02 per share during FY-22
Reduced Net Debt1/Consolidated EBITDAX1 ratio to 1.18x from 2.14x at year-end 2021
Operational Highlights
Produced 35.9 thousand barrels of oil per day ("MBO/d") and 77.9 thousand barrels of oil equivalent per day ("MBOE/d") in 4Q-22, both above the high-end of guidance
Incurred capital expenditures of $130 million, excluding non-budgeted acquisitions and leasehold expenditures, in 4Q-22, below guidance range
Grew 2022 oil production 19% over prior year, primarily related to the acquisition and development of oil-weighted properties
Maintained approximately eight years of oil-weighted inventory at current activity levels, organically adding locations in Glasscock County