Vital Energy: Strong Production Performance, But Dealing With Elevated Operating Costs

Q1 2024 Results Vital attributed this increase to its new Delaware Basin assets. It mentioned that it found inefficiencies in chemical usage and elevated water production that resulted in "higher operating costs in a limited area" of its acquired assets. Vital is temporarily shutting in some wells (with 400 barrels per day of oil production) as it attempts to implement more permanent solutions to reduce lease operating costs in 2H 2024. Overall, Vital reported $301 million in Q1 2024 EBITDAX along with$43 ...