Vital Energy sees FY24 production 86-90 MBOE/d

Sees FY24 pro forma production 109-115 MBOE/d. Sees FY24 incurred capital expenditures $650M-$710M. Sees FY24 pro forma incurred capital expenditures $750M-$850M. Sees FY24 average rig count three. Sees FY24 pro forma average rig count 3.5. The company said, “Vital Energy expects to realize operational synergies associated with a larger, consolidated Delaware position and the ability to optimize activity levels between the Midland and Delaware basins. The Company plans to prioritize returns and Free Cash Flow generation and expects to invest $100 – $125 million in the newly acquired assets in 2024, representing less than half of the previous operators’ activity levels. Through the addition of recent hedges, the Company has significantly derisked its 2024 Free Cash Flow and leverage outlook, underpinning acquisition cash flows and returns. Vital Energy has hedged approximately 75% of expected 2024 pro forma oil volumes at an average price of approximately $75 per barrel WTI.”