Vital Energy(VTLE) - 2024 Q2 - Quarterly Results

Production and Sales Performance - Vital Energy reported record quarterly total production of 129.4 MBOE/d and oil production of 59.2 MBO/d in Q2 2024[2] - Oil sales volumes increased to 5,388 MBbl in Q2 2024, up 33.4% from 4,037 MBbl in Q2 2023[21] - NGL sales volumes rose to 3,173 MBbl in Q2 2024, a 55.0% increase compared to 2,050 MBbl in Q2 2023[21] - Natural gas sales volumes reached 19,264 MMcf in Q2 2024, up 52.5% from 12,638 MMcf in Q2 2023[21] - Average daily oil equivalent sales volumes increased to 129,356 BOE/d in Q2 2024, compared to 90,030 BOE/d in Q2 2023, representing a 43.7% growth[21] - Average sales price for oil was $81.97 per Bbl in Q2 2024, up 10.1% from $74.09 per Bbl in Q2 2023[21] - Average sales price with commodity derivatives for oil was $76.90 per Bbl in Q2 2024, compared to $74.43 per Bbl in Q2 2023[21] Financial Performance - The company achieved net income of $36.7 million and Adjusted Net Income of $55.0 million for the quarter[4] - Total revenues for Q2 2024 reached $476.4 million, a 42.2% increase from $335.1 million in Q2 2023[25] - Oil sales contributed $441.7 million in Q2 2024, up 47.7% from $299.1 million in Q2 2023[25] - Net income for Q2 2024 was $36.7 million, compared to a net income of $294.8 million in Q2 2023[25] - Operating income for the first half of 2024 was $255.3 million, a decrease from $244.2 million in the same period of 2023[25] - Net cash provided by operating activities for Q2 2024 was $338.4 million, compared to $248.9 million in Q2 2023[27] - Adjusted Net Income for the three months ended June 30, 2024, was $54,967,000, down 30.1% from $78,618,000 in the same period last year[34] - Consolidated EBITDAX for the three months ended June 30, 2024, was $290,429,000, representing a 21.3% increase from $239,457,000 in the prior year[40] Capital Expenditures and Investments - Capital investments for Q2 2024 totaled $210 million, with $171 million allocated for drilling and completions[4] - The company anticipates full-year 2024 capital investments to be between $820 million and $870 million[9] - Capital expenditures for oil and natural gas properties in Q2 2024 totaled $222.3 million, compared to $144.2 million in Q2 2023[27] - Total capital investments, excluding non-budgeted acquisition costs, for the three months ended June 30, 2024, were $210,010,000, up 41.3% from $148,589,000 in the same period of 2023[40] Debt and Equity - Long-term debt rose to $1,662,263,000 as of June 30, 2024, up from $1,609,424,000 at the end of 2023[23] - Total stockholders' equity increased to $2,835,898,000 as of June 30, 2024, compared to $2,785,257,000 at the end of 2023[23] - The company experienced a loss on extinguishment of debt of $40.3 million in Q2 2024, with no comparable figure in Q2 2023[27] - Interest expense for the three months ended June 30, 2024, was $40,690,000, an increase from $31,529,000 in the same period last year[40] Operational Plans and Guidance - Vital Energy increased its 2024 total production guidance to 127.0 - 131.0 MBOE/d and oil production guidance to 59.0 - 61.0 MBO/d[9] - The acquisition of Point Energy Partners is expected to add approximately 15.5 MBOE/d of production and 68 gross oil-weighted locations[2] - Vital Energy plans to operate four drilling rigs and two completions crews in Q3 2024, increasing to five drilling rigs post-acquisition[11] - The company plans to continue focusing on capital investments and operational efficiency to enhance future performance[36] Asset Management - Total current assets decreased to $312,526,000 as of June 30, 2024, down from $370,919,000 at the end of 2023[23] - Total assets increased to $5,263,208,000 as of June 30, 2024, compared to $5,149,581,000 at the end of 2023[23] - Cash and cash equivalents at the end of Q2 2024 were $56.6 million, compared to $71.7 million at the end of Q2 2023[27]