$VTLE
Vital Energy, Inc.

2024 Q3 Form 10-Q Financial Statement

#000152812924000152 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $459.2M $476.4M
YoY Change 5.45% 42.17%
Cost Of Revenue $161.3M $158.1M
YoY Change 54.07% 74.52%
Gross Profit $297.9M $318.3M
YoY Change -9.94% 30.19%
Gross Profit Margin 64.87% 66.81%
Selling, General & Admin $22.01M $23.57M
YoY Change -23.06% 27.55%
% of Gross Profit 7.39% 7.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $187.1M $174.3M
YoY Change 55.24% 68.66%
% of Gross Profit 62.79% 54.77%
Operating Expenses $210.8M $200.5M
YoY Change 39.8% 62.75%
Operating Profit $87.94M $117.8M
YoY Change -51.18% -2.98%
Interest Expense $186.4M -$33.03M
YoY Change 374.33% -204.77%
% of Operating Profit 211.99% -28.03%
Other Income/Expense, Net $187.7M -$70.72M
YoY Change -208.56% 45.92%
Pretax Income $275.6M $47.11M
YoY Change 3693.34% -35.45%
Income Tax $60.32M $10.41M
% Of Pretax Income 21.89% 22.09%
Net Earnings $215.3M $36.70M
YoY Change 4300.16% -87.55%
Net Earnings / Revenue 46.88% 7.7%
Basic Earnings Per Share $5.75 $1.00
Diluted Earnings Per Share $5.73 $0.98
COMMON SHARES
Basic Shares Outstanding 38.18M shares 36.66M shares
Diluted Shares Outstanding 37.58M shares 37.61M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.19M $56.56M
YoY Change -96.24% -21.11%
Cash & Equivalents $22.19M $56.56M
Short-Term Investments
Other Short-Term Assets $26.04M $26.36M
YoY Change 24.58% 68.74%
Inventory
Prepaid Expenses
Receivables $225.0M $225.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $419.3M $312.5M
YoY Change -48.51% 28.65%
LONG-TERM ASSETS
Property, Plant & Equipment $5.451B $4.548B
YoY Change 69.07% 43.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $35.22M $31.14M
YoY Change 50.0% 41.51%
Total Long-Term Assets $5.832B $4.951B
YoY Change 61.45% 38.58%
TOTAL ASSETS
Total Short-Term Assets $419.3M $312.5M
Total Long-Term Assets $5.832B $4.951B
Total Assets $6.251B $5.263B
YoY Change 41.23% 37.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $164.5M $153.1M
YoY Change 54.64% 80.56%
Accrued Expenses $195.8M $169.7M
YoY Change 61.13% 47.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $626.3M $617.4M
YoY Change 9.56% 42.35%
LONG-TERM LIABILITIES
Long-Term Debt $2.433B $1.662B
YoY Change 26.27% 2.63%
Other Long-Term Liabilities $6.006M $6.379M
YoY Change -12.36% 22.32%
Total Long-Term Liabilities $2.439B $1.669B
YoY Change 26.14% 2.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $626.3M $617.4M
Total Long-Term Liabilities $2.439B $1.669B
Total Liabilities $3.195B $2.427B
YoY Change 20.43% 9.74%
SHAREHOLDERS EQUITY
Retained Earnings -$763.7M -$979.0M
YoY Change -37.91% -20.72%
Common Stock $3.820B $3.815B
YoY Change 27.19% 34.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.056B $2.836B
YoY Change
Total Liabilities & Shareholders Equity $6.251B $5.263B
YoY Change 41.23% 37.95%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $215.3M $36.70M
YoY Change 4300.16% -87.55%
Depreciation, Depletion And Amortization $187.1M $174.3M
YoY Change 55.24% 68.66%
Cash From Operating Activities $246.2M $338.4M
YoY Change 14.92% 35.97%
INVESTING ACTIVITIES
Capital Expenditures $223.0M $226.4M
YoY Change 49.08% 52.67%
Acquisitions
YoY Change
Other Investing Activities -$824.8M -$244.0K
YoY Change 6244.68% -99.95%
Cash From Investing Activities -$1.048B -$226.7M
YoY Change 544.42% -66.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 767.3M -478.5M
YoY Change 64.51% -205.39%
NET CHANGE
Cash From Operating Activities 246.2M 338.4M
Cash From Investing Activities -1.048B -226.7M
Cash From Financing Activities 767.3M -478.5M
Net Change In Cash -34.37M -366.8M
YoY Change -106.64% -1424.53%
FREE CASH FLOW
Cash From Operating Activities $246.2M $338.4M
Capital Expenditures $223.0M $226.4M
Free Cash Flow $23.14M $112.0M
YoY Change -64.18% 11.33%

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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Depreciation Depletion And Amortization
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us-gaap Payments To Explore And Develop Oil And Gas Properties
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us-gaap Payments To Explore And Develop Oil And Gas Properties
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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14061000 usd
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CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Nature Of Operations
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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 Energy" 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 Energy 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, 2023 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 2023 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 six months ended June 30, 2024. </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%">As discussed in Note 2 in the 2023 Annual Report, the Company uses the full cost method of accounting for its oil and natural gas properties. This accounting method requires a quarterly full cost ceiling test. The full cost ceiling is based principally on the estimated future net cash flows from proved oil, NGL and natural gas reserves, which exclude the effect of the Company's commodity derivative transactions, discounted at 10%. The SEC guidelines require companies to use the unweighted arithmetic average first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period, which are then adjusted for quality, certain transportation fees, geographical differentials, marketing bonuses or deductions and other factors affecting the price received at the delivery point without giving effect to the Company's commodity derivative transactions. These prices are utilized to calculate the estimated future net cash flows in the full cost ceiling calculation. Additional significant inputs included in the calculation of discounted cash flows used in the full cost ceiling calculation include the Company's estimate of operating and development costs, anticipated production of proved reserves and other relevant data. In the event the unamortized cost of evaluated oil and natural gas properties being depleted exceeds the full cost ceiling, as defined by the SEC, the excess is expensed in the period such excess occurs. Once incurred, a write-down of oil and natural gas properties is not reversible.</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 unamortized cost of evaluated oil and natural gas properties being depleted did not exceed the full cost ceiling as of June 30, 2024 or June 30, 2023. As such, no full cost ceiling impairments were recorded during the six months ending June 30, 2024 and June 30, 2023. However, as of June 30, 2024, the difference between the unamortized costs of evaluated oil and natural gas properties being depleted and the full cost ceiling was approximately 1% of the full cost ceiling. There are numerous uncertainties inherent in the estimation of proved reserves and accounting for oil and natural gas properties in future periods. In addition to commodity prices, our production rates, levels of proved reserves, future development costs, changes in oilfield service costs, potential recognition of additional proved undeveloped reserves, transfers of unevaluated properties and other factors will determine the Company's actual ceiling test calculation and impairment analysis in future periods. As a result, the Company could incur a non-cash full cost ceiling impairment in future quarters, which would have an adverse effect on its statement of operations.</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 2023 Annual Report for further 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 2023 Annual Report for further information regarding the use of estimates and assumptions.</span></div>
us-gaap Number Of Operating Segments
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us-gaap Use Of Estimates
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<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 2023 Annual Report for further information regarding the use of estimates and assumptions.</span></div>
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Preferred Stock Dividends And Other Adjustments
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CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2023Q2 us-gaap Derivative Gain Loss On Derivative Net
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CY2023Q4 us-gaap Derivative Asset Fair Value Gross Asset Including Not Subject To Master Netting Arrangement
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CY2023Q4 us-gaap Derivative Fair Value Of Derivative Net
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us-gaap Interest Paid Capitalized
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us-gaap Interest Paid Capitalized
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us-gaap Interest Paid Net
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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vtle Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
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-873000 usd
vtle Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
18110000 usd
us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
74928000 usd
us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
80068000 usd
CY2024Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1062000 usd
CY2023Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
503000 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
2237000 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1834000 usd
CY2024Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
9347000 usd
CY2023Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-222334000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-7577000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-222058000 usd
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10409000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-221831000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-5340000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-220224000 usd
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.2209
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.1536
CY2023Q2 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-222200000 usd
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

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