Vital Energy’s third-quarter 2024 results underscore its commitment to operational excellence, disciplined capital allocation, and strategic growth. By leveraging efficiencies in digital transformation, automation, and advanced production techniques, the company is well-positioned to enhance shareholder value and capitalize on new opportunities in the Permian Basin.
Vital Energy reported record second-quarter 2024 production with 129.4 MBOE/d and 59.2 MBO/d in oil. The company achieved a net income of $36.7 million and increased its full-year 2024 production guidance to 127.0 – 131.0 MBOE/d.
Vital Energy, in partnership with Northern Oil & Gas, has announced the acquisition of Point Energy Partners from Vortus Investments in a deal valued at $1.1 billion. This significant transaction, expected to close by the end of the third quarter of 2024, marks a strategic expansion of Vital Energy’s footprint in the Delaware Basin.
Vital Energy, Inc. (NYSE: VTLE) has announced a joint purchase and sale agreement with Northern Oil and Gas, Inc. (NYSE: NOG) to acquire the assets of Point Energy Partners, a Vortus Investments portfolio company. The transaction, valued at $1.1 billion, will significantly expand Vital Energy’s operations in the Delaware Basin, adding high-value development inventory and increasing operational scale.
The Permian Basin, particularly its Southern Delaware position, played a significant role in Vital Energy’s first-quarter success. Results in this area exceeded industry standards, showcasing the company’s ability to drive sustainable gains in well productivity and lower capital costs.
During the first quarter of 2024, Vital Energy plans to operate four drilling rigs and two completions crews, and TIL 15 wells, with 10 being TIL’d in the second half of the quarter as part of a 20 well development package.
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.”
Vital buys Henry Energy LP and Henry Resources LLC (“Henry”), Tall City Property Holdings III LLC (“Tall City”) and Maple Energy Holdings, LLC (“Maple”).
Vital Energy expects to operate three drilling rigs and approximately 1.7 completions crews across the Company’s Midland and Delaware basin assets in 2024. The Company expects to complete and TIL 70 – 75 gross (58 – 62 net) wells in 2024, a slight increase versus 2023.
Vital Energy, Inc. (NYSE: VTLE) (“Vital Energy” or the “Company”) today announced the signing of a definitive joint purchase and sale agreement to acquire the assets of Forge Energy II Delaware, LLC (“Forge”), an EnCap portfolio company
