$VTLE
Vital Energy, Inc.

2020 Q1 Form 10-Q Financial Statement

#000152812920000082 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $205.0M $208.9M
YoY Change -1.89% -19.54%
Cost Of Revenue $125.3M $68.90M
YoY Change 81.86% -27.55%
Gross Profit $79.70M $140.1M
YoY Change -43.11% -14.88%
Gross Profit Margin 38.88% 67.05%
Selling, General & Admin $12.60M $21.50M
YoY Change -41.4% -12.96%
% of Gross Profit 15.81% 15.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $61.30M $63.10M
YoY Change -2.85% 38.52%
% of Gross Profit 76.92% 45.04%
Operating Expenses $75.00M $85.70M
YoY Change -12.49% 20.03%
Operating Profit -$182.0M $54.40M
YoY Change -434.53% -41.63%
Interest Expense $24.97M $15.55M
YoY Change 60.61% 15.01%
% of Operating Profit 28.58%
Other Income/Expense, Net $259.0M -$63.98M
YoY Change -504.84% 858.99%
Pretax Income $77.06M -$9.587M
YoY Change -903.83% -111.08%
Income Tax $2.417M -$96.00K
% Of Pretax Income 3.14%
Net Earnings $74.65M -$9.491M
YoY Change -886.49% -110.97%
Net Earnings / Revenue 36.41% -4.54%
Basic Earnings Per Share $6.43 -$0.82
Diluted Earnings Per Share $6.39 -$0.82
COMMON SHARES
Basic Shares Outstanding 11.62M shares 230.5M shares
Diluted Shares Outstanding 11.67M shares 230.5M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.80M $44.50M
YoY Change 41.12% -20.39%
Cash & Equivalents $62.78M $44.54M
Short-Term Investments
Other Short-Term Assets $18.25M $13.06M
YoY Change 39.74% -18.5%
Inventory
Prepaid Expenses
Receivables $75.59M $107.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $427.3M $172.7M
YoY Change 147.38% -6.73%
LONG-TERM ASSETS
Property, Plant & Equipment $2.091B $2.301B
YoY Change -9.11% 22.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.87M $16.41M
YoY Change -21.58% 5.56%
Total Long-Term Assets $2.177B $2.342B
YoY Change -7.06% 23.11%
TOTAL ASSETS
Total Short-Term Assets $427.3M $172.7M
Total Long-Term Assets $2.177B $2.342B
Total Assets $2.604B $2.515B
YoY Change 3.55% 20.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $65.60M $76.60M
YoY Change -14.36% -13.84%
Accrued Expenses $65.50M $47.30M
YoY Change 38.48% 20.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $185.7M $203.6M
YoY Change -8.81% -15.04%
LONG-TERM LIABILITIES
Long-Term Debt $1.257B $1.064B
YoY Change 18.17% 25.58%
Other Long-Term Liabilities $5.764M $6.235M
YoY Change -7.55% 74.41%
Total Long-Term Liabilities $1.263B $1.070B
YoY Change 18.02% 25.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $185.7M $203.6M
Total Long-Term Liabilities $1.263B $1.070B
Total Liabilities $1.524B $1.343B
YoY Change 13.48% 17.25%
SHAREHOLDERS EQUITY
Retained Earnings -$1.311B -$1.213B
YoY Change 8.07% -15.86%
Common Stock $2.390B $2.384B
YoY Change 0.26% 0.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $919.2M $1.171B
YoY Change
Total Liabilities & Shareholders Equity $2.604B $2.515B
YoY Change 3.55% 20.47%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $74.65M -$9.491M
YoY Change -886.49% -110.97%
Depreciation, Depletion And Amortization $61.30M $63.10M
YoY Change -2.85% 38.52%
Cash From Operating Activities $109.6M $77.46M
YoY Change 41.48% -47.12%
INVESTING ACTIVITIES
Capital Expenditures -$137.0M -$155.5M
YoY Change -11.9% -23.17%
Acquisitions
YoY Change
Other Investing Activities -$22.80M $0.00
YoY Change -100.0%
Cash From Investing Activities -$159.8M -$155.5M
YoY Change 2.79% -22.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $72.12M $77.39M
YoY Change -6.8% -2623.25%
NET CHANGE
Cash From Operating Activities $109.6M $77.46M
Cash From Investing Activities -$159.8M -$155.5M
Cash From Financing Activities $72.12M $77.39M
Net Change In Cash $21.92M -$607.0K
YoY Change -3711.2% -98.92%
FREE CASH FLOW
Cash From Operating Activities $109.6M $77.46M
Capital Expenditures -$137.0M -$155.5M
Free Cash Flow $246.6M $233.0M
YoY Change 5.85% -33.23%

Facts In Submission

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CY2019Q1 us-gaap Deferred Income Taxes And Tax Credits
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CY2020Q1 us-gaap Other Operating Activities Cash Flow Statement
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CY2019Q1 us-gaap Other Operating Activities Cash Flow Statement
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CY2019Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2020Q1 us-gaap Increase Decrease In Other Current Assets
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CY2019Q1 us-gaap Increase Decrease In Other Current Assets
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CY2020Q1 us-gaap Increase Decrease In Other Noncurrent Assets
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CY2019Q1 us-gaap Increase Decrease In Other Noncurrent Assets
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CY2020Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2019Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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CY2020Q1 lpi Increase Decrease In Undistributed Revenue And Accrued Royalties
IncreaseDecreaseInUndistributedRevenueAndAccruedRoyalties
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CY2019Q1 lpi Increase Decrease In Undistributed Revenue And Accrued Royalties
IncreaseDecreaseInUndistributedRevenueAndAccruedRoyalties
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IncreaseDecreaseInOtherCurrentLiabilities
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CY2019Q1 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
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CY2020Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
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CY2019Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
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CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020Q1 us-gaap Payments To Acquire Oil And Gas Property
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CY2019Q1 us-gaap Payments To Acquire Oil And Gas Property
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CY2020Q1 us-gaap Payments To Explore And Develop Oil And Gas Properties
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CY2019Q1 us-gaap Payments To Explore And Develop Oil And Gas Properties
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CY2020Q1 lpi Payments To Acquire Midstream Service Assets
PaymentsToAcquireMidstreamServiceAssets
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CY2019Q1 lpi Payments To Acquire Midstream Service Assets
PaymentsToAcquireMidstreamServiceAssets
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CY2020Q1 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
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CY2019Q1 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
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CY2020Q1 us-gaap Proceeds From Sale Of Productive Assets
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CY2019Q1 us-gaap Proceeds From Sale Of Productive Assets
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CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020Q1 us-gaap Proceeds From Long Term Lines Of Credit
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CY2019Q1 us-gaap Proceeds From Long Term Lines Of Credit
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CY2019Q1 us-gaap Repayments Of Long Term Lines Of Credit
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CY2020Q1 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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CY2019Q1 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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0 USD
CY2020Q1 us-gaap Repayments Of Senior Debt
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CY2019Q1 us-gaap Repayments Of Senior Debt
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CY2020Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2020Q1 us-gaap Payments Of Debt Issuance Costs
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CY2019Q1 us-gaap Payments Of Debt Issuance Costs
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CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q1 us-gaap Nature Of Operations
NatureOfOperations
<span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Organization and basis of presentation</span><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;"> </span><div style="line-height:130%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;font-weight:bold;">a.</span><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;font-weight:bold;">    </span><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;font-weight:bold;">Organization</span><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;"> </span></div><div style="line-height:130%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;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 </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">an independent energy company focused on the acquisition, exploration and development of oil and natural gas properties, primarily in the Permian Basin of West Texas</span><span style="font-family:Calibri,sans-serif;font-size:10pt;">. 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.</span></div><div style="line-height:130%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;font-weight:bold;">b.    </span><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;font-weight:bold;">Basis of presentation</span><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;font-weight:bold;"> </span></div><div style="line-height:130%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">The 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 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.</span></div><div style="line-height:130%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">The 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 </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">December 31, 2019</span><span style="font-family:Calibri,sans-serif;font-size:10pt;"> is derived from audited consolidated financial statements. In the opinion of management, the unaudited consolidated financial statements reflect all necessary adjustments to present fairly the Company's financial position as of </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">March 31, 2020</span><span style="font-family:Calibri,sans-serif;font-size:10pt;">, results of operations for the </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">three</span><span style="font-family:Calibri,sans-serif;font-size:10pt;"> months ended </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">March 31, 2020</span><span style="font-family:Calibri,sans-serif;font-size:10pt;"> and </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">2019</span><span style="font-family:Calibri,sans-serif;font-size:10pt;"> and cash flows for the </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">three</span><span style="font-family:Calibri,sans-serif;font-size:10pt;"> months ended </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">March 31, 2020</span><span style="font-family:Calibri,sans-serif;font-size:10pt;"> and </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">2019</span><span style="font-family:Calibri,sans-serif;font-size:10pt;">.</span></div><div style="line-height:130%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">Certain disclosures have been condensed or omitted from the unaudited consolidated financial statements. Accordingly, the unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">2019</span><span style="font-family:Calibri,sans-serif;font-size:10pt;"> Annual Report.</span></div><div style="line-height:130%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;">Significant accounting policies</span></div><div style="line-height:130%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">See Note 2 in the </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">2019</span><span style="font-family:Calibri,sans-serif;font-size:10pt;"> Annual Report for discussion of significant accounting policies.</span></div><div style="line-height:130%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;">Use of estimates in the preparation of interim unaudited consolidated financial statements</span></div><div style="line-height:130%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">The preparation of the 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.</span></div><div style="line-height:130%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">For further information regarding the use of estimates and assumptions, see Note 2.b in the </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">2019</span><span style="font-family:Calibri,sans-serif;font-size:10pt;"> Annual Report and Note </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">8</span><span style="font-family:Calibri,sans-serif;font-size:10pt;"> pertaining to the Company's 2020 performance unit awards and phantom unit awards.</span></div><div style="line-height:130%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;">Reclassifications</span></div>Certain amounts in the accompanying consolidated financial statements have been reclassified to conform to the 2020 presentation. These reclassifications had no impact on previously reported total assets, total liabilities, net income (loss), stockholders' equity or total operating, investing or financing cash flows.
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="line-height:130%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;">Use of estimates in the preparation of interim unaudited consolidated financial statements</span></div><div style="line-height:130%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">The preparation of the 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.</span></div><div style="line-height:130%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">For further information regarding the use of estimates and assumptions, see Note 2.b in the </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">2019</span><span style="font-family:Calibri,sans-serif;font-size:10pt;"> Annual Report and Note </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">8</span><span style="font-family:Calibri,sans-serif;font-size:10pt;"> pertaining to the Company's 2020 performance unit awards and phantom unit awards.</span></div>
CY2020Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="line-height:130%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;">Reclassifications</span></div>Certain amounts in the accompanying consolidated financial statements have been reclassified to conform to the 2020 presentation. These reclassifications had no impact on previously reported total assets, total liabilities, net income (loss), stockholders' equity or total operating, investing or financing cash flows.
CY2020Q1 us-gaap Capitalized Costs Proved Properties
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CY2020Q1 us-gaap Capitalized Costs Accumulated Depreciation Depletion Amortization And Valuation Allowance For Relating To Oil And Gas Producing Activities
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CY2019Q4 us-gaap Capitalized Costs Accumulated Depreciation Depletion Amortization And Valuation Allowance For Relating To Oil And Gas Producing Activities
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CY2020Q1 lpi Capitalized Costs Proved Properties Net
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CY2020Q1 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization Cumulative
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CY2019Q4 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization Cumulative
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CY2020Q1 lpi Midstream Service Assets Net
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CY2019Q4 us-gaap Property Plant And Equipment Net
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CY2020Q1 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties With Proved Reserves
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CY2019Q1 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties With Proved Reserves
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CY2020Q1 us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
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CY2019Q1 us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
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CY2020Q1 us-gaap Costs Incurred Exploration Costs
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CY2019Q1 us-gaap Costs Incurred Exploration Costs
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CY2020Q1 us-gaap Costs Incurred Development Costs
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CY2020Q1 us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
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CY2019Q1 us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
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CY2020Q1 lpi Capitalized Costs Of Oil And Gas Properties Employee Related Costs Incurred
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CY2019Q1 lpi Capitalized Costs Of Oil And Gas Properties Employee Related Costs Incurred
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CY2020Q1 us-gaap Depletion Of Oil And Gas Properties
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CY2019Q1 us-gaap Depletion Of Oil And Gas Properties
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CY2020Q1 lpi Depletion Expense Per Physical Unitof Production
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CY2020Q1 lpi Unamortized Costs Capitalized Before Related Deferred Income Taxes Exceed Ceiling Limitations Expense
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CY2019Q1 lpi Unamortized Costs Capitalized Before Related Deferred Income Taxes Exceed Ceiling Limitations Expense
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CY2020Q1 lpi Average Working Interest Core Operating Producing Wells Percent
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CY2020Q1 us-gaap Gains Losses On Extinguishment Of Debt
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CY2019Q4 us-gaap Long Term Debt
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CY2020Q1 lpi Stock Shares Authorized
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CY2020Q1 us-gaap Preferred Stock Shares Authorized
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CY2020Q1 us-gaap Allocated Share Based Compensation Expense
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CY2020Q1 us-gaap Derivative Fair Value Of Derivative Net
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CY2020Q1 us-gaap Derivative Fair Value Of Derivative Net
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CY2019Q4 us-gaap Derivative Fair Value Of Derivative Net
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CY2019Q1 us-gaap Net Income Loss
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CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q1 lpi Minimum Volume Commitments Deficiency Payments
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CY2019Q1 lpi Capitalized Asset Retirement Cost
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CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2020Q1 us-gaap Asset Retirement Obligation
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CY2019Q1 us-gaap Asset Retirement Obligation
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CY2020Q1 us-gaap Deferred Tax Assets Valuation Allowance
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DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax
4100000 USD
CY2019 lpi Alternative Minimum Tax Credit Carryforward Received
AlternativeMinimumTaxCreditCarryforwardReceived
2000000.0 USD

Files In Submission

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0001528129-20-000082-index-headers.html Edgar Link pending
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