$VTLE
Vital Energy, Inc. Stock $vtle

$vtle Overview Financials Valuation SEC Filings Company Website

2018 Q1 Form 10-Q Financial Statement

#000152812918000076 Filed on May 03, 2018

Income Statement

Concept	2018 Q1	2017 Q1
Revenue	$259.7M	$189.0M
YoY Change	37.4%	77.38%
Cost Of Revenue	$95.10M	$76.90M
YoY Change	23.67%	27.11%
Gross Profit	$164.6M	$112.1M
YoY Change	46.83%	143.7%
Gross Profit Margin	63.38%	59.31%
Selling, General & Admin	$24.70M	$25.60M
YoY Change	-3.52%	31.28%
% of Gross Profit	15.01%	22.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$45.55M	$34.11M
YoY Change	33.54%	-17.76%
% of Gross Profit	27.67%	30.43%
Operating Expenses	$71.40M	$60.80M
YoY Change	17.43%	-1.46%
Operating Profit	$93.19M	$51.33M
YoY Change	81.57%	-129.03%
Interest Expense	$13.52M	$22.72M
YoY Change	-40.5%	-4.16%
% of Operating Profit	14.51%	44.27%
Other Income/Expense, Net	-$6.672M	$16.95M
YoY Change	-139.36%	-573.07%
Pretax Income	$86.52M	$68.28M
YoY Change	26.72%	-137.85%
Income Tax	$0.00	$0.00
% Of Pretax Income	0.0%	0.0%
Net Earnings	$86.52M	$68.28M
YoY Change	26.72%	-137.85%
Net Earnings / Revenue	33.32%	36.12%
Basic Earnings Per Share	$0.36	$0.29
Diluted Earnings Per Share	$0.36	$0.28
COMMON SHARES
Basic Shares Outstanding	238.2M shares	238.5M shares
Diluted Shares Outstanding	239.3M shares	244.4M shares

Balance Sheet

Concept	2018 Q1	2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$55.90M	$30.40M
YoY Change	83.88%	151.24%
Cash & Equivalents	$55.89M	$30.35M
Short-Term Investments
Other Short-Term Assets	$16.02M	$15.83M
YoY Change	1.19%	-5.75%
Inventory		$8.300M
Prepaid Expenses
Receivables	$97.84M	$78.87M
Other Receivables	$0.00	$838.0K
Total Short-Term Assets	$185.2M	$152.6M
YoY Change	21.34%	-45.66%
LONG-TERM ASSETS
Property, Plant & Equipment	$1.882B	$1.401B
YoY Change	34.3%	28.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments		$247.0M
YoY Change		26.79%
Other Assets	$15.55M	$7.615M
YoY Change	104.18%	-26.33%
Total Long-Term Assets	$1.902B	$1.666B
YoY Change	14.19%	22.83%
TOTAL ASSETS
Total Short-Term Assets	$185.2M	$152.6M
Total Long-Term Assets	$1.902B	$1.666B
Total Assets	$2.088B	$1.819B
YoY Change	14.79%	11.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$88.90M	$24.74M
YoY Change	259.37%	5.8%
Accrued Expenses	$39.40M	$99.40M
YoY Change	-60.36%	-5.78%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$239.7M	$162.3M
YoY Change	47.64%	4.01%
LONG-TERM LIABILITIES
Long-Term Debt	$847.3M	$1.350B
YoY Change	-37.22%	-8.62%
Other Long-Term Liabilities	$3.575M	$3.577M
YoY Change	-0.06%	-9.92%
Total Long-Term Liabilities	$850.9M	$1.353B
YoY Change	-37.12%	-8.62%
TOTAL LIABILITIES
Total Short-Term Liabilities	$239.7M	$162.3M
Total Long-Term Liabilities	$850.9M	$1.353B
Total Liabilities	$1.146B	$1.566B
YoY Change	-26.82%	-6.96%
SHAREHOLDERS EQUITY
Retained Earnings	-$1.441B	-$2.150B
YoY Change	-32.95%	0.57%
Common Stock	$2.383B	$2.403B
YoY Change	-0.81%	14.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$941.8M	$252.9M
YoY Change
Total Liabilities & Shareholders Equity	$2.088B	$1.819B
YoY Change	14.79%	11.08%

Cashflow Statement

Concept	2018 Q1	2017 Q1
OPERATING ACTIVITIES
Net Income	$86.52M	$68.28M
YoY Change	26.72%	-137.85%
Depreciation, Depletion And Amortization	$45.55M	$34.11M
YoY Change	33.54%	-17.76%
Cash From Operating Activities	$146.5M	$63.78M
YoY Change	129.64%	12.86%
INVESTING ACTIVITIES
Capital Expenditures	-$202.4M	-$113.5M
YoY Change	78.33%	5.39%
Acquisitions
YoY Change
Other Investing Activities	$2.700M	$59.50M
YoY Change	-95.46%	-325.38%
Cash From Investing Activities	-$199.7M	-$53.96M
YoY Change	270.03%	-59.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net	$53.71M	$0.00
YoY Change		-100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-$3.067M	-$12.14M
YoY Change	-74.74%	-120.73%
NET CHANGE
Cash From Operating Activities	$146.5M	$63.78M
Cash From Investing Activities	-$199.7M	-$53.96M
Cash From Financing Activities	-$3.067M	-$12.14M
Net Change In Cash	-$56.27M	-$2.320M
YoY Change	2325.43%	-87.83%
FREE CASH FLOW
Cash From Operating Activities	$146.5M	$63.78M
Capital Expenditures	-$202.4M	-$113.5M
Free Cash Flow	$348.9M	$177.3M
YoY Change	96.79%	7.96%

Facts In Submission

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CY2018Q1	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2018
CY2018Q1	dei	Document Period End Date DocumentPeriodEndDate	2018-03-31
CY2018Q1	dei	Document Type DocumentType	10-Q
CY2018Q1	dei	Entity Central Index Key EntityCentralIndexKey	0001528129
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CY2018Q1	dei	Entity Filer Category EntityFilerCategory	Large Accelerated Filer
CY2018Q1	dei	Entity Registrant Name EntityRegistrantName	Laredo Petroleum, Inc.
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CY2018Q1	us-gaap	Increase Decrease In Other Current Assets IncreaseDecreaseInOtherCurrentAssets	2483000	USD
CY2017Q1	us-gaap	Increase Decrease In Other Current Liabilities IncreaseDecreaseInOtherCurrentLiabilities	-26084000	USD
CY2018Q1	us-gaap	Increase Decrease In Other Current Liabilities IncreaseDecreaseInOtherCurrentLiabilities	-16226000	USD
CY2017Q1	us-gaap	Increase Decrease In Other Noncurrent Assets IncreaseDecreaseInOtherNoncurrentAssets	0	USD
CY2018Q1	us-gaap	Increase Decrease In Other Noncurrent Assets IncreaseDecreaseInOtherNoncurrentAssets	100000	USD
CY2017Q1	us-gaap	Increase Decrease In Other Noncurrent Liabilities IncreaseDecreaseInOtherNoncurrentLiabilities	-44000	USD
CY2018Q1	us-gaap	Increase Decrease In Other Noncurrent Liabilities IncreaseDecreaseInOtherNoncurrentLiabilities	-374000	USD
CY2017Q1	us-gaap	Interest And Other Income InterestAndOtherIncome	145000	USD
CY2018Q1	us-gaap	Interest And Other Income InterestAndOtherIncome	453000	USD
CY2017Q1	us-gaap	Interest Expense InterestExpense	22720000	USD
CY2018Q1	us-gaap	Interest Expense InterestExpense	13518000	USD
CY2017Q4	us-gaap	Investments In Affiliates Subsidiaries Associates And Joint Ventures InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures	0	USD
CY2018Q1	us-gaap	Investments In Affiliates Subsidiaries Associates And Joint Ventures InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures	0	USD
CY2017Q1	us-gaap	Lease Operating Expense LeaseOperatingExpense	16992000	USD
CY2018Q1	us-gaap	Lease Operating Expense LeaseOperatingExpense	21951000	USD
CY2017Q4	us-gaap	Liabilities Liabilities	1257710000	USD
CY2018Q1	us-gaap	Liabilities Liabilities	1145701000	USD
CY2017Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	2023289000	USD
CY2018Q1	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	2087531000	USD
CY2017Q1	us-gaap	Liabilities Assumed1 LiabilitiesAssumed1	0	USD
CY2018Q1	us-gaap	Liabilities Assumed1 LiabilitiesAssumed1	4761000	USD
CY2017Q4	us-gaap	Liabilities Current LiabilitiesCurrent	277419000	USD
CY2018Q1	us-gaap	Liabilities Current LiabilitiesCurrent	239666000	USD
CY2017Q4	us-gaap	Long Term Debt LongTermDebt	791855000	USD
CY2018Q1	us-gaap	Long Term Debt LongTermDebt	847300000	USD
CY2017Q4	us-gaap	Long Term Debt Noncurrent LongTermDebtNoncurrent	791855000	USD
CY2018Q1	us-gaap	Long Term Debt Noncurrent LongTermDebtNoncurrent	847300000	USD
CY2018Q1	us-gaap	Loss Contingency Estimate Of Possible Loss LossContingencyEstimateOfPossibleLoss	25300000	USD
CY2017Q4	us-gaap	Loss Contingency Pending Claims Number LossContingencyPendingClaimsNumber	9	Claim
CY2017Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-12143000	USD
CY2018Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-3067000	USD
CY2017Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-53961000	USD
CY2018Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-199674000	USD
CY2017Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	63784000	USD
CY2018Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	146471000	USD
CY2017Q1	us-gaap	Net Income Loss NetIncomeLoss	68276000	USD
CY2018Q1	us-gaap	Net Income Loss NetIncomeLoss	86520000	USD
CY2017Q1	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	16950000	USD
CY2018Q1	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-6672000	USD
CY2017Q4	us-gaap	Oil And Gas Property Full Cost Method Net OilAndGasPropertyFullCostMethodNet	1589339000	USD
CY2018Q1	us-gaap	Oil And Gas Property Full Cost Method Net OilAndGasPropertyFullCostMethodNet	1701445000	USD
CY2017Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	51326000	USD
CY2018Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	93192000	USD
CY2017Q4	us-gaap	Other Assets Current OtherAssetsCurrent	15686000	USD
CY2018Q1	us-gaap	Other Assets Current OtherAssetsCurrent	16019000	USD
CY2017Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	16109000	USD
CY2018Q1	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	15548000	USD
CY2017Q1	us-gaap	Other Cost And Expense Operating OtherCostAndExpenseOperating	1026000	USD
CY2018Q1	us-gaap	Other Cost And Expense Operating OtherCostAndExpenseOperating	1106000	USD
CY2017Q4	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	75555000	USD
CY2018Q1	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	53403000	USD
CY2017Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	134090000	USD
CY2018Q1	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	3575000	USD
CY2017Q1	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	39670000	USD
CY2018Q1	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	6846000	USD
CY2017Q1	us-gaap	Other Operating Activities Cash Flow Statement OtherOperatingActivitiesCashFlowStatement	1212000	USD
CY2018Q1	us-gaap	Other Operating Activities Cash Flow Statement OtherOperatingActivitiesCashFlowStatement	4304000	USD
CY2017Q1	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	0	USD
CY2018Q1	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	53714000	USD
CY2017Q1	us-gaap	Payments Related To Tax Withholding For Share Based Compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation	7501000	USD
CY2018Q1	us-gaap	Payments Related To Tax Withholding For Share Based Compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation	4353000	USD
CY2017Q1	us-gaap	Payments To Acquire Other Productive Assets PaymentsToAcquireOtherProductiveAssets	1203000	USD
CY2018Q1	us-gaap	Payments To Acquire Other Productive Assets PaymentsToAcquireOtherProductiveAssets	3963000	USD
CY2017Q1	us-gaap	Payments To Explore And Develop Oil And Gas Properties PaymentsToExploreAndDevelopOilAndGasProperties	110542000	USD
CY2018Q1	us-gaap	Payments To Explore And Develop Oil And Gas Properties PaymentsToExploreAndDevelopOilAndGasProperties	195025000	USD
CY2017Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.01
CY2018Q1	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.01
CY2017Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	50000000	shares
CY2018Q1	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	50000000	shares
CY2017Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2018Q1	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2017Q4	us-gaap	Preferred Stock Value PreferredStockValue	0	USD
CY2018Q1	us-gaap	Preferred Stock Value PreferredStockValue	0	USD
CY2017Q1	us-gaap	Proceeds From Long Term Lines Of Credit ProceedsFromLongTermLinesOfCredit	50000000	USD
CY2018Q1	us-gaap	Proceeds From Long Term Lines Of Credit ProceedsFromLongTermLinesOfCredit	55000000	USD
CY2017Q1	us-gaap	Proceeds From Sale Of Equity Method Investments ProceedsFromSaleOfEquityMethodInvestments	0	USD
CY2018Q1	us-gaap	Proceeds From Sale Of Equity Method Investments ProceedsFromSaleOfEquityMethodInvestments	1655000	USD
CY2017Q1	us-gaap	Proceeds From Sale Of Productive Assets ProceedsFromSaleOfProductiveAssets	59515000	USD
CY2018Q1	us-gaap	Proceeds From Sale Of Productive Assets ProceedsFromSaleOfProductiveAssets	1021000	USD
CY2017Q1	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	358000	USD
CY2018Q1	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	0	USD
CY2017Q1	us-gaap	Production Tax Expense ProductionTaxExpense	8781000	USD
CY2018Q1	us-gaap	Production Tax Expense ProductionTaxExpense	11812000	USD
CY2017Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	1768385000	USD
CY2018Q1	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	1882249000	USD
CY2017Q4	us-gaap	Property Plant And Equipment Other Net PropertyPlantAndEquipmentOtherNet	40721000	USD
CY2018Q1	us-gaap	Property Plant And Equipment Other Net PropertyPlantAndEquipmentOtherNet	42860000	USD
CY2017Q1	us-gaap	Repayments Of Long Term Lines Of Credit RepaymentsOfLongTermLinesOfCredit	55000000	USD
CY2018Q1	us-gaap	Repayments Of Long Term Lines Of Credit RepaymentsOfLongTermLinesOfCredit	0	USD
CY2017Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-1669108000	USD
CY2018Q1	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-1441470000	USD
CY2017Q1	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	189006000	USD
CY2018Q1	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	259696000	USD
CY2018Q1	us-gaap	Revenue Practical Expedient Remaining Performance Obligation Description RevenuePracticalExpedientRemainingPerformanceObligationDescription	the Company has utilized the practical expedient in ASC 606-10-50-14 that exempts the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less
CY2017Q1	us-gaap	Sales Revenue Net SalesRevenueNet	189006000	USD
CY2018Q1	us-gaap	Sales Revenue Net SalesRevenueNet	259696000	USD
CY2017Q1	us-gaap	Share Based Compensation ShareBasedCompensation	9224000	USD
CY2018Q1	us-gaap	Share Based Compensation ShareBasedCompensation	9339000	USD
CY2017Q1	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1 SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1	11204000	USD
CY2018Q1	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1 SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1	11441000	USD
CY2018Q1	us-gaap	Stock Issued During Period Value Restricted Stock Award Forfeitures StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures	0	USD
CY2018Q1	us-gaap	Stock Issued During Period Value Restricted Stock Award Gross StockIssuedDuringPeriodValueRestrictedStockAwardGross	0	USD
CY2018Q1	us-gaap	Stock Repurchase Program Authorized Amount1 StockRepurchaseProgramAuthorizedAmount1	200000000	USD
CY2018Q1	us-gaap	Stock Repurchased And Retired During Period Shares StockRepurchasedAndRetiredDuringPeriodShares	6727901	shares
CY2018Q1	us-gaap	Stock Repurchased And Retired During Period Value StockRepurchasedAndRetiredDuringPeriodValue	58500000	USD
CY2017Q4	us-gaap	Stockholders Equity StockholdersEquity	765579000	USD
CY2018Q1	us-gaap	Stockholders Equity StockholdersEquity	941830000	USD
CY2018Q1	us-gaap	Treasury Stock Acquired Average Cost Per Share TreasuryStockAcquiredAverageCostPerShare	8.69
CY2018Q1	us-gaap	Treasury Stock Retired Cost Method Amount TreasuryStockRetiredCostMethodAmount	0	USD
CY2018Q1	us-gaap	Treasury Stock Value Acquired Cost Method TreasuryStockValueAcquiredCostMethod	58475000	USD
CY2017Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	244379000	shares
CY2018Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	239319000	shares
CY2017Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	238505000	shares
CY2018Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	238228000	shares
CY2017Q1	us-gaap	Well Service Expense WellServiceExpense	0	USD
CY2018Q1	us-gaap	Well Service Expense WellServiceExpense	0	USD
CY2018Q1	us-gaap	Nature Of Operations NatureOfOperations	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization and basis of presentation</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">a.</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">    </font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Organization</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Laredo Petroleum, Inc. ("Laredo"), together with its wholly-owned subsidiaries, Laredo Midstream Services, LLC ("LMS") and Garden City Minerals, LLC ("GCM"), is </font><font style="font-family:inherit;font-size:10pt;">an independent energy company focused on the acquisition, exploration and development of oil and natural gas properties, and midstream and marketing services, primarily in the Permian Basin of West Texas</font><font style="font-family:inherit;font-size:10pt;">. LMS and GCM (together, the "Guarantors") guarantee all of Laredo's debt instruments. In these notes, the "Company" refers to Laredo, LMS and GCM collectively, unless the context indicates otherwise. All amounts, dollars and percentages presented in these unaudited consolidated financial statements and the related notes are rounded and, therefore, approximate.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">b.</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">    </font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Basis of presentation</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited consolidated financial statements were derived from the historical accounting records of the Company and reflect the historical financial position, results of operations and cash flows for the periods described herein. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All material intercompany transactions and account balances have been eliminated in the consolidation of accounts.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited consolidated financial statements have not been audited by the Company's independent registered public accounting firm, except that the consolidated balance sheet as of </font><font style="font-family:inherit;font-size:10pt;">December 31, 2017</font><font style="font-family:inherit;font-size:10pt;"> is derived from audited consolidated financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all necessary adjustments to present fairly the Company's financial position as of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and results of operations and cash flows for each of the three months ended </font><font style="font-family:inherit;font-size:10pt;">March 31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain disclosures have been condensed or omitted from these unaudited consolidated financial statements. Accordingly, these unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> Annual Report.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Significant accounting policies</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">See Note 2 "Basis of presentation and significant accounting policies" in the </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> Annual Report for discussion of significant accounting policies.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of estimates in the preparation of interim unaudited consolidated financial statements</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the accompanying unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes these estimates are reasonable, actual results could differ.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For further information regarding the estimates and assumptions, see Note 2.b "Use of estimates in the preparation of consolidated financial statements" in the </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> Annual Report. Furthermore, see Note </font><font style="font-family:inherit;font-size:10pt;">7.c</font><font style="font-family:inherit;font-size:10pt;"> for a discussion of estimates pertaining to the Company's 2018 performance share awards.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in the accompanying unaudited consolidated financial statements have been reclassified to conform to the </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> presentation. These reclassifications had no impact on previously reported total assets, total liabilities, net income, stockholders' equity or total operating, investing or financing cash flows.</font></div></div>
CY2018Q1	us-gaap	Prior Period Reclassification Adjustment Description PriorPeriodReclassificationAdjustmentDescription	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in the accompanying unaudited consolidated financial statements have been reclassified to conform to the </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> presentation. These reclassifications had no impact on previously reported total assets, total liabilities, net income, stockholders' equity or total operating, investing or financing cash flows.</font></div></div>
CY2018Q1	us-gaap	Use Of Estimates UseOfEstimates	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of estimates in the preparation of interim unaudited consolidated financial statements</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the accompanying unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes these estimates are reasonable, actual results could differ.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For further information regarding the estimates and assumptions, see Note 2.b "Use of estimates in the preparation of consolidated financial statements" in the </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> Annual Report. Furthermore, see Note </font><font style="font-family:inherit;font-size:10pt;">7.c</font><font style="font-family:inherit;font-size:10pt;"> for a discussion of estimates pertaining to the Company's 2018 performance share awards.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;"></font></div></div>

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$VTLE
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2018 Q1 Form 10-Q Financial Statement

#000152812918000076 Filed on May 03, 2018

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2018 Q1 Form 10-Q Financial Statement

#000152812918000076 Filed on May 03, 2018

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$VTLE
Vital Energy, Inc. Stock $vtle