$VTLE
Vital Energy, Inc.

2023 Q4 Form 10-Q Financial Statement

#000152812923000183 Filed on November 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $444.5M $435.5M
YoY Change 22.08% -6.16%
Cost Of Revenue $121.7M $104.7M
YoY Change 31.26% -1.32%
Gross Profit $322.9M $330.8M
YoY Change 18.94% -7.6%
Gross Profit Margin 72.63% 75.96%
Selling, General & Admin $31.77M $28.60M
YoY Change 83.81% 141.21%
% of Gross Profit 9.84% 8.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $152.6M $120.5M
YoY Change 79.4% 60.82%
% of Gross Profit 47.28% 36.43%
Operating Expenses $186.1M $150.8M
YoY Change 72.29% 70.29%
Operating Profit $136.8M $180.2M
YoY Change -16.31% -31.58%
Interest Expense $178.7M $39.31M
YoY Change -588.21% 26.93%
% of Operating Profit 130.62% 21.82%
Other Income/Expense, Net $6.051M -$172.9M
YoY Change 251.39% -345.47%
Pretax Income $315.9M $7.266M
YoY Change 160.51% -97.82%
Income Tax $34.51M $2.373M
% Of Pretax Income 10.92% 32.66%
Net Earnings $281.0M $4.893M
YoY Change 137.67% -98.55%
Net Earnings / Revenue 63.21% 1.12%
Basic Earnings Per Share $0.27
Diluted Earnings Per Share $9.43 $0.26
COMMON SHARES
Basic Shares Outstanding 24.76M shares 18.60M shares
Diluted Shares Outstanding 18.57M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.06M $589.7M
YoY Change -68.36% 1080.79%
Cash & Equivalents $14.06M $589.7M
Short-Term Investments
Other Short-Term Assets $118.1M $20.90M
YoY Change 786.72% 28.58%
Inventory $13.72M
Prepaid Expenses
Receivables $238.8M $199.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $370.9M $814.2M
YoY Change 50.91% 228.23%
LONG-TERM ASSETS
Property, Plant & Equipment $4.505B $3.224B
YoY Change 86.89% 30.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $273.6M $23.48M
YoY Change 1122.7% -55.52%
Total Long-Term Assets $4.779B $3.612B
YoY Change 92.66% 41.21%
TOTAL ASSETS
Total Short-Term Assets $370.9M $814.2M
Total Long-Term Assets $4.779B $3.612B
Total Assets $5.150B $4.426B
YoY Change 88.9% 57.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $159.9M $106.4M
YoY Change 55.97% 23.42%
Accrued Expenses $162.6M $121.5M
YoY Change 154.73% 118.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $595.6M $571.7M
YoY Change 43.42% 8.43%
LONG-TERM LIABILITIES
Long-Term Debt $1.609B $1.927B
YoY Change 44.6% 63.08%
Other Long-Term Liabilities $159.3M $6.853M
YoY Change 2091.95% -73.2%
Total Long-Term Liabilities $1.769B $1.934B
YoY Change 57.88% 60.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $595.6M $571.7M
Total Long-Term Liabilities $1.769B $1.934B
Total Liabilities $2.364B $2.653B
YoY Change 46.36% 46.97%
SHAREHOLDERS EQUITY
Retained Earnings -$948.9M -$1.230B
YoY Change -42.27% -30.19%
Common Stock $3.734B $3.003B
YoY Change 35.58% 8.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.785B $1.773B
YoY Change
Total Liabilities & Shareholders Equity $5.150B $4.426B
YoY Change 88.9% 57.75%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $281.0M $4.893M
YoY Change 137.67% -98.55%
Depreciation, Depletion And Amortization $152.6M $120.5M
YoY Change 79.4% 60.82%
Cash From Operating Activities $233.8M $214.2M
YoY Change 114.62% 17.89%
INVESTING ACTIVITIES
Capital Expenditures $165.7M $149.6M
YoY Change 19.44% -196.71%
Acquisitions
YoY Change
Other Investing Activities -$309.0M -$13.00M
YoY Change -390.78% -373.63%
Cash From Investing Activities -$474.7M -$162.6M
YoY Change 1361.74% 8.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -334.7M 466.4M
YoY Change 308.43% -460.53%
NET CHANGE
Cash From Operating Activities 233.8M 214.2M
Cash From Investing Activities -474.7M -162.6M
Cash From Financing Activities -334.7M 466.4M
Net Change In Cash -575.7M 518.0M
YoY Change 10355.39% -630.71%
FREE CASH FLOW
Cash From Operating Activities $233.8M $214.2M
Capital Expenditures $165.7M $149.6M
Free Cash Flow $68.04M $64.60M
YoY Change -328.09% -80.8%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-284084000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
545260000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6857000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
44435000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
56798000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
589695000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
49941000 usd
us-gaap Nature Of Operations
NatureOfOperations
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 interim financial position, results of operations and cash flows. 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%">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 nine months ended September 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 Use Of Estimates
UseOfEstimates
<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>
CY2023Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1954151000 usd
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1124151000 usd
CY2023Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
24895000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
11128000 usd
CY2023Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
6290000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
0 usd
CY2023Q3 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
4000000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
0 usd
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
1926966000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
1113023000 usd
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
CY2023Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
162700000 usd
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
27000000 usd
CY2023Q3 vtle Share Based Payment Arrangement Nonvested Award Excluding Option Cost Not Yet Recognized Amount Expected To Be Settled In Cash
ShareBasedPaymentArrangementNonvestedAwardExcludingOptionCostNotYetRecognizedAmountExpectedToBeSettledInCash
4900000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y11M1D
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5444000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
-2519000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12684000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8721000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
4893000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
337523000 usd
us-gaap Net Income Loss
NetIncomeLoss
413644000 usd
us-gaap Net Income Loss
NetIncomeLoss
513288000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18455000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16650000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17646000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16750000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18569000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16809000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17740000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16963000 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.27
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
20.27
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
23.44
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
30.64
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
20.08
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
23.32
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
30.26
CY2023Q3 vtle Derivative Number Of Types Of Instruments Held
DerivativeNumberOfTypesOfInstrumentsHeld
2 derivative
CY2023Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-135321000 usd
CY2022Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
100748000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-132875000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-290995000 usd
CY2023Q3 us-gaap Derivative Asset Fair Value Gross Asset Including Not Subject To Master Netting Arrangement
DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement
81714000 usd
CY2023Q3 us-gaap Derivative Liability After Offset Subject To Master Netting Arrangement
DerivativeLiabilityAfterOffsetSubjectToMasterNettingArrangement
0 usd
CY2023Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
-81714000 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 Minimum Volume Commitments Deficiency Payments
MinimumVolumeCommitmentsDeficiencyPayments
6500000 usd
vtle Minimum Volume Commitments Deficiency Payments
MinimumVolumeCommitmentsDeficiencyPayments
7700000 usd
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
1827000 usd
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
3265000 usd
us-gaap Interest Paid Net
InterestPaidNet
109795000 usd
us-gaap Interest Paid Net
InterestPaidNet
130082000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
125940000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
34532000 usd
vtle Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
25771000 usd
vtle Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
5144000 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
11411000 usd
us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
0 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
298200000 usd
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-220400000 usd
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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