Vital Energy, Inc. reported a net loss of $173.5 million for the fiscal year ending December 31, 2024, which included a significant non-cash impairment loss of $481.3 million on oil and gas properties. The company generated $1.9 billion in sales from oil, natural gas liquids (NGL), and natural gas, marking a 27% increase from the previous year. Oil sales volumes rose by 34% to 22,585 MBbl, while average daily oil equivalent sales volumes increased by 39% to 133,845 BOE/D. Despite the revenue growth, the average sales price for oil decreased by 3% to $76.55 per barrel, reflecting the volatility in commodity prices.
In 2024, Vital Energy executed significant acquisitions, including the Point Acquisition, which was valued at $1 billion and involved the purchase of approximately 16,300 net acres in the Delaware Basin. This acquisition, along with others, contributed to a 39% increase in total production and a 12% rise in estimated proved reserves, which reached 455,275 MBOE by year-end. The company also strengthened its financial position by issuing $1 billion in senior unsecured notes and increasing its senior secured credit facility commitments to $1.5 billion.
Operationally, Vital Energy maintained an average working interest of 74% in its operated active productive wells and 69% across all wells in which it has an interest. The company operated five drilling rigs and two completion crews as of December 31, 2024, with plans to adjust these numbers based on market conditions and operational efficiencies. The total employee headcount stood at 405, with a focus on retaining skilled personnel to support its growth strategy.
The company’s financial outlook remains cautious due to the inherent volatility in oil and gas prices, which could impact future cash flows and operational decisions. Vital Energy plans to invest between $825 million and $925 million in capital expenditures for 2025, while continuing to monitor market conditions to optimize its drilling and production activities. The management emphasized a commitment to maintaining a strong balance sheet and liquidity to navigate potential market fluctuations and capitalize on strategic opportunities.
About Vital Energy, Inc.
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