$VTLE
Vital Energy, Inc.

2023 Q3 Form 10-Q Financial Statement

#000152812923000169 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $435.5M $335.1M
YoY Change -6.16% -40.18%
Cost Of Revenue $104.7M $90.59M
YoY Change -1.32% -4.16%
Gross Profit $330.8M $244.5M
YoY Change -7.6% -47.5%
Gross Profit Margin 75.96% 72.96%
Selling, General & Admin $28.60M $18.48M
YoY Change 141.21% 8.72%
% of Gross Profit 8.65% 7.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $120.5M $103.3M
YoY Change 60.82% 32.26%
% of Gross Profit 36.43% 42.27%
Operating Expenses $150.8M $123.2M
YoY Change 70.29% 30.48%
Operating Profit $180.2M $121.4M
YoY Change -31.58% -67.29%
Interest Expense $39.31M $31.53M
YoY Change 26.93% -3.9%
% of Operating Profit 21.82% 25.96%
Other Income/Expense, Net -$172.9M -$48.47M
YoY Change -345.47% -52.29%
Pretax Income $7.266M $72.98M
YoY Change -97.82% -72.93%
Income Tax $2.373M -$221.8M
% Of Pretax Income 32.66% -303.96%
Net Earnings $4.893M $294.8M
YoY Change -98.55% 12.29%
Net Earnings / Revenue 1.12% 87.99%
Basic Earnings Per Share $0.27 $16.35
Diluted Earnings Per Share $0.26 $16.30
COMMON SHARES
Basic Shares Outstanding 18.60M shares 18.60M shares
Diluted Shares Outstanding 18.57M shares 18.09M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $589.7M $71.70M
YoY Change 1080.79% -51.41%
Cash & Equivalents $589.7M $71.70M
Short-Term Investments
Other Short-Term Assets $20.90M $15.62M
YoY Change 28.58% 0.92%
Inventory
Prepaid Expenses
Receivables $199.8M $143.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $814.2M $242.9M
YoY Change 228.23% -35.04%
LONG-TERM ASSETS
Property, Plant & Equipment $3.224B $3.176B
YoY Change 30.23% 31.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $23.48M $22.00M
YoY Change -55.52% -61.11%
Total Long-Term Assets $3.612B $3.573B
YoY Change 41.21% 42.95%
TOTAL ASSETS
Total Short-Term Assets $814.2M $242.9M
Total Long-Term Assets $3.612B $3.573B
Total Assets $4.426B $3.815B
YoY Change 57.75% 32.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $106.4M $84.80M
YoY Change 23.42% 35.14%
Accrued Expenses $121.5M $115.4M
YoY Change 118.02% 78.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $571.7M $433.7M
YoY Change 8.43% -45.74%
LONG-TERM LIABILITIES
Long-Term Debt $1.927B $1.620B
YoY Change 63.08% 25.43%
Other Long-Term Liabilities $6.853M $5.215M
YoY Change -73.2% -82.95%
Total Long-Term Liabilities $1.934B $1.625B
YoY Change 60.2% 22.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $571.7M $433.7M
Total Long-Term Liabilities $1.934B $1.625B
Total Liabilities $2.653B $2.212B
YoY Change 46.97% 0.83%
SHAREHOLDERS EQUITY
Retained Earnings -$1.230B -$1.235B
YoY Change -30.19% -41.18%
Common Stock $3.003B $2.838B
YoY Change 8.71% 2.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.773B $1.604B
YoY Change
Total Liabilities & Shareholders Equity $4.426B $3.815B
YoY Change 57.75% 32.8%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $4.893M $294.8M
YoY Change -98.55% 12.29%
Depreciation, Depletion And Amortization $120.5M $103.3M
YoY Change 60.82% 32.26%
Cash From Operating Activities $214.2M $248.9M
YoY Change 17.89% -32.39%
INVESTING ACTIVITIES
Capital Expenditures $149.6M $148.3M
YoY Change -196.71% -204.55%
Acquisitions
YoY Change
Other Investing Activities -$13.00M -$526.9M
YoY Change -373.63% -4053238.46%
Cash From Investing Activities -$162.6M -$675.2M
YoY Change 8.45% 376.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 466.4M 454.0M
YoY Change -460.53% -415.57%
NET CHANGE
Cash From Operating Activities 214.2M 248.9M
Cash From Investing Activities -162.6M -675.2M
Cash From Financing Activities 466.4M 454.0M
Net Change In Cash 518.0M 27.69M
YoY Change -630.71% -66.4%
FREE CASH FLOW
Cash From Operating Activities $214.2M $248.9M
Capital Expenditures $149.6M $148.3M
Free Cash Flow $64.60M $100.6M
YoY Change -80.8% -80.28%

Facts In Submission

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Organization and basis of presentation <div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:130%">Organization</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:130%"> </span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:130%">Vital Energy, Inc. ("Vital" or the "Company"), together with its wholly-owned subsidiaries, is an independent energy company focused on the acquisition, exploration and development of oil and natural gas properties in the Permian Basin of West Texas. The Company has identified one operating segment: exploration and production. In these notes, the "Company" refers to Vital and its subsidiaries 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="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:130%">Basis of presentation</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:130%">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 GAAP. All material intercompany transactions and account balances have been eliminated in the consolidation of accounts.</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:130%">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 December 31, 2022 is derived from the Company's 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 June 30, 2023, results of operations for the three and six months ended June 30, 2023 and 2022 and cash flows for the six months ended June 30, 2023 and 2022. All adjustments are of a recurring nature unless otherwise disclosed herein.</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:130%">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 2022 Annual Report.</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:130%">Reclassifications</span></div><div style="margin-bottom:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:130%">Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. There was no impact on previously reported total assets, total liabilities, net income or stockholders' equity for the periods presented.</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:130%">Significant accounting policies</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:130%">There have been no material changes in the Company's significant accounting policies during the six months ended June 30, 2023. See Note 2 in the 2022 Annual Report for discussion of significant accounting policies.</span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:130%">Use of estimates</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:130%">The preparation of the 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="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:130%">See Note 2 in the 2022 Annual Report for further information regarding the use of estimates and assumptions.</span></div>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 operating_segment
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:130%">Reclassifications</span></div><div style="margin-bottom:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:130%">Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. There was no impact on previously reported total assets, total liabilities, net income or stockholders' equity for the periods presented.</span></div>
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
262546000 usd
us-gaap Net Income Loss
NetIncomeLoss
408751000 usd
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:130%">The preparation of the 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="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:130%">See Note 2 in the 2022 Annual Report for further information regarding the use of estimates and assumptions.</span></div>
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1629151000 usd
CY2023Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
9552000 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
1619599000 usd
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1124151000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
11128000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
1113023000 usd
us-gaap Net Income Loss
NetIncomeLoss
175765000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18031000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16834000 shares
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
22500000 shares
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
40000000 shares
CY2022Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
200000000 usd
CY2023Q2 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
162700000 shares
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
30200000 usd
CY2023Q2 vtle Share Based Payment Arrangement Nonvested Award Excluding Option Cost Not Yet Recognized Amount Expected To Be Settled In Cash
ShareBasedPaymentArrangementNonvestedAwardExcludingOptionCostNotYetRecognizedAmountExpectedToBeSettledInCash
4800000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y1M20D
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4004000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3059000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7240000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11240000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
294811000 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17236000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16800000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18085000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17039000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17319000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17040000 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
16.35
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
15.60
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
23.71
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
10.46
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
16.30
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
15.41
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
23.60
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
10.31
CY2023Q2 vtle Derivative Number Of Types Of Instruments Held
DerivativeNumberOfTypesOfInstrumentsHeld
2 derivative
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-391743000 usd
CY2023Q2 us-gaap Derivative Asset Fair Value Gross Asset Including Not Subject To Master Netting Arrangement
DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement
30893000 usd
CY2023Q2 us-gaap Derivative Liability After Offset Subject To Master Netting Arrangement
DerivativeLiabilityAfterOffsetSubjectToMasterNettingArrangement
0 usd
CY2023Q2 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
30893000 usd
CY2022Q4 us-gaap Derivative Asset Fair Value Gross Asset Including Not Subject To Master Netting Arrangement
DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement
43073000 usd
CY2022Q4 us-gaap Derivative Liability After Offset Subject To Master Netting Arrangement
DerivativeLiabilityAfterOffsetSubjectToMasterNettingArrangement
0 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
43073000 usd
vtle Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
18110000 usd
vtle Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
14173000 usd
us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
80068000 usd
us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
0 usd
us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
11152000 usd
us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
0 usd
vtle Minimum Volume Commitments Deficiency Payments
MinimumVolumeCommitmentsDeficiencyPayments
2400000 usd
vtle Minimum Volume Commitments Deficiency Payments
MinimumVolumeCommitmentsDeficiencyPayments
3500000 usd
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
1116000 usd
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
2606000 usd
us-gaap Interest Paid Net
InterestPaidNet
55987000 usd
us-gaap Interest Paid Net
InterestPaidNet
67995000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
124868000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
33985000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
298200000 usd
CY2023Q2 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-222200000 usd
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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