$VTLE
Vital Energy, Inc.

2024 Q4 Form 10-Q Financial Statement

#000152812924000195 Filed on November 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $459.2M
YoY Change 5.45%
Cost Of Revenue $161.3M
YoY Change 54.07%
Gross Profit $297.9M
YoY Change -9.94%
Gross Profit Margin 64.87%
Selling, General & Admin $22.01M
YoY Change -23.06%
% of Gross Profit 7.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $187.1M
YoY Change 55.24%
% of Gross Profit 62.79%
Operating Expenses $210.8M
YoY Change 39.8%
Operating Profit $87.94M
YoY Change -51.18%
Interest Expense $186.4M
YoY Change 374.33%
% of Operating Profit 211.99%
Other Income/Expense, Net $187.7M
YoY Change -208.56%
Pretax Income $275.6M
YoY Change 3693.34%
Income Tax $60.32M
% Of Pretax Income 21.89%
Net Earnings $215.3M
YoY Change 4300.16%
Net Earnings / Revenue 46.88%
Basic Earnings Per Share $5.75
Diluted Earnings Per Share $5.73
COMMON SHARES
Basic Shares Outstanding 38.15M shares 38.18M shares
Diluted Shares Outstanding 37.58M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.19M
YoY Change -96.24%
Cash & Equivalents $22.19M
Short-Term Investments
Other Short-Term Assets $26.04M
YoY Change 24.58%
Inventory
Prepaid Expenses
Receivables $225.0M
Other Receivables $0.00
Total Short-Term Assets $419.3M
YoY Change -48.51%
LONG-TERM ASSETS
Property, Plant & Equipment $5.451B
YoY Change 69.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $35.22M
YoY Change 50.0%
Total Long-Term Assets $5.832B
YoY Change 61.45%
TOTAL ASSETS
Total Short-Term Assets $419.3M
Total Long-Term Assets $5.832B
Total Assets $6.251B
YoY Change 41.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $164.5M
YoY Change 54.64%
Accrued Expenses $195.8M
YoY Change 61.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $626.3M
YoY Change 9.56%
LONG-TERM LIABILITIES
Long-Term Debt $2.433B
YoY Change 26.27%
Other Long-Term Liabilities $6.006M
YoY Change -12.36%
Total Long-Term Liabilities $2.439B
YoY Change 26.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $626.3M
Total Long-Term Liabilities $2.439B
Total Liabilities $3.195B
YoY Change 20.43%
SHAREHOLDERS EQUITY
Retained Earnings -$763.7M
YoY Change -37.91%
Common Stock $3.820B
YoY Change 27.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.056B
YoY Change
Total Liabilities & Shareholders Equity $6.251B
YoY Change 41.23%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $215.3M
YoY Change 4300.16%
Depreciation, Depletion And Amortization $187.1M
YoY Change 55.24%
Cash From Operating Activities $246.2M
YoY Change 14.92%
INVESTING ACTIVITIES
Capital Expenditures $223.0M
YoY Change 49.08%
Acquisitions
YoY Change
Other Investing Activities -$824.8M
YoY Change 6244.68%
Cash From Investing Activities -$1.048B
YoY Change 544.42%
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
YoY Change 64.51%
NET CHANGE
Cash From Operating Activities 246.2M
Cash From Investing Activities -1.048B
Cash From Financing Activities 767.3M
Net Change In Cash -34.37M
YoY Change -106.64%
FREE CASH FLOW
Cash From Operating Activities $246.2M
Capital Expenditures $223.0M
Free Cash Flow $23.14M
YoY Change -64.18%

Facts In Submission

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RepaymentsOfLongTermLinesOfCredit
715000000 usd
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
700000000 usd
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
1001500000 usd
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
897710000 usd
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
952214000 usd
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
0 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
161003000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3533000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3056000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
21738000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
16331000 usd
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
0 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
161003000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3533000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
21738000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
16331000 usd
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-3871000 usd
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1846000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
745144000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
967480000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
8131000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
545260000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14061000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
44435000 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
22192000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
589695000 usd
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 nine months ended September 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 September 30, 2024 or September 30, 2023. As such, no full cost ceiling impairments were recorded during the nine months ending September 30, 2024 and September 30, 2023. 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 material 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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1 operating_segment
vtle Discount Rate Full Cost Ceiling
DiscountRateFullCostCeiling
0.10
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 2023 Annual Report for further information regarding the use of estimates and assumptions.</span></div>
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-3871000 usd
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1846000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
745144000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
967480000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
8131000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
545260000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14061000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
44435000 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
22192000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
589695000 usd
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 nine months ended September 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 September 30, 2024 or September 30, 2023. As such, no full cost ceiling impairments were recorded during the nine months ending September 30, 2024 and September 30, 2023. 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 material 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
NumberOfOperatingSegments
1 operating_segment
vtle Discount Rate Full Cost Ceiling
DiscountRateFullCostCeiling
0.10
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 2023 Annual Report for further information regarding the use of estimates and assumptions.</span></div>
CY2024Q3 us-gaap Debt Instrument Carrying Amount
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CY2023Q4 us-gaap Debt Instrument Carrying Amount
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1633523000 usd
CY2024Q3 us-gaap Deferred Finance Costs Net
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25463000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
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21800000 usd
CY2024Q3 us-gaap Debt Instrument Unamortized Discount
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3267000 usd
CY2024Q3 us-gaap Debt Instrument Unamortized Premium
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CY2024Q3 us-gaap Long Term Debt
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CY2024Q3 us-gaap Debt Instrument Carrying Amount
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2460578000 usd
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1633523000 usd
CY2024Q3 us-gaap Deferred Finance Costs Net
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25463000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
21800000 usd
CY2024Q3 us-gaap Debt Instrument Unamortized Discount
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3267000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
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6068000 usd
CY2024Q3 us-gaap Debt Instrument Unamortized Premium
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CY2023Q4 us-gaap Debt Instrument Unamortized Premium
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3769000 usd
CY2024Q2 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
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CY2024Q2 us-gaap Dividends Preferred Stock Cash
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300000 usd
CY2022Q2 srt Stock Repurchase Program Authorized Amount1
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CY2024Q2 srt Stock Repurchase Program Authorized Amount1
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CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
28500000 usd
CY2024Q3 vtle Share Based Payment Arrangement Nonvested Award Excluding Option Cost Not Yet Recognized Amount Expected To Be Settled In Cash
ShareBasedPaymentArrangementNonvestedAwardExcludingOptionCostNotYetRecognizedAmountExpectedToBeSettledInCash
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us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y11M12D
CY2024Q2 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
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CY2024Q2 us-gaap Dividends Preferred Stock Cash
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300000 usd
CY2022Q2 srt Stock Repurchase Program Authorized Amount1
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200000000 usd
CY2024Q2 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
237300000 usd
CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
28500000 usd
CY2024Q3 vtle Share Based Payment Arrangement Nonvested Award Excluding Option Cost Not Yet Recognized Amount Expected To Be Settled In Cash
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us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y11M12D
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
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3402000 usd
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5444000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13050000 usd
us-gaap Allocated Share Based Compensation Expense
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12684000 usd
CY2024Q3 us-gaap Net Income Loss
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215300000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
4893000 usd
us-gaap Net Income Loss
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185871000 usd
CY2024Q3 us-gaap Preferred Stock Dividends And Other Adjustments
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CY2023Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
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us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
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us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
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CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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4893000 usd
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
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3402000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5444000 usd
us-gaap Allocated Share Based Compensation Expense
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13050000 usd
us-gaap Allocated Share Based Compensation Expense
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12684000 usd
CY2023Q3 us-gaap Net Income Loss
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4893000 usd
us-gaap Net Income Loss
NetIncomeLoss
185871000 usd
us-gaap Net Income Loss
NetIncomeLoss
413644000 usd
CY2024Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
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CY2023Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
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us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
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us-gaap Preferred Stock Dividends And Other Adjustments
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CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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215300000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
4893000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
185219000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
413644000 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37459000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17646000 shares
CY2024Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
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us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
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us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37580000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18569000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37370000 shares
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.75
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.27
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.08
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
23.44
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.73
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.97
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
23.32
CY2024Q3 vtle Derivative Number Of Types Of Instruments Held
DerivativeNumberOfTypesOfInstrumentsHeld
2 derivative
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
185219000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
413644000 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37459000 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18455000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36472000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17646000 shares
CY2024Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
777000 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37580000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18569000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37370000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17740000 shares
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.75
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.27
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.08
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
23.44
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.73
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.97
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
23.32
CY2024Q3 vtle Derivative Number Of Types Of Instruments Held
DerivativeNumberOfTypesOfInstrumentsHeld
2 derivative
CY2024Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
226553000 usd
CY2023Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-135321000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
82064000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-132875000 usd
CY2024Q3 us-gaap Derivative Asset Fair Value Gross Asset Including Not Subject To Master Netting Arrangement
DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement
221719000 usd
CY2024Q3 us-gaap Derivative Liability After Offset Subject To Master Netting Arrangement
DerivativeLiabilityAfterOffsetSubjectToMasterNettingArrangement
0 usd
CY2024Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
221719000 usd
CY2023Q4 us-gaap Derivative Asset Fair Value Gross Asset Including Not Subject To Master Netting Arrangement
DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement
150407000 usd
CY2023Q4 us-gaap Derivative Liability After Offset Subject To Master Netting Arrangement
DerivativeLiabilityAfterOffsetSubjectToMasterNettingArrangement
0 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
150407000 usd
CY2024Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
226553000 usd
CY2023Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
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us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
82064000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
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CY2024Q3 us-gaap Derivative Asset Fair Value Gross Asset Including Not Subject To Master Netting Arrangement
DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement
221719000 usd
CY2024Q3 us-gaap Derivative Liability After Offset Subject To Master Netting Arrangement
DerivativeLiabilityAfterOffsetSubjectToMasterNettingArrangement
0 usd
CY2024Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
221719000 usd
CY2023Q4 us-gaap Derivative Asset Fair Value Gross Asset Including Not Subject To Master Netting Arrangement
DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement
150407000 usd
CY2023Q4 us-gaap Derivative Liability After Offset Subject To Master Netting Arrangement
DerivativeLiabilityAfterOffsetSubjectToMasterNettingArrangement
0 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
150407000 usd
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
1181000 usd
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
1827000 usd
us-gaap Interest Paid Net
InterestPaidNet
111798000 usd
us-gaap Interest Paid Net
InterestPaidNet
109795000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
47693000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
125940000 usd
vtle Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
17040000 usd
vtle Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
25771000 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
us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
27861000 usd
us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
11411000 usd
CY2024Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
469000 usd
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
1181000 usd
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
1827000 usd
us-gaap Interest Paid Net
InterestPaidNet
111798000 usd
us-gaap Interest Paid Net
InterestPaidNet
109795000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
47693000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
125940000 usd
vtle Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
17040000 usd
vtle Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
25771000 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
us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
27861000 usd
us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
11411000 usd
CY2024Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
469000 usd
CY2023Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
464000 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
2706000 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
2298000 usd
CY2024Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
59855000 usd
CY2023Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1909000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
52278000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-220149000 usd
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
60324000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2373000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
54984000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-217851000 usd
CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.2189
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.2283
CY2023Q2 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-222200000 usd
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
464000 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
2706000 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
2298000 usd
CY2024Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
59855000 usd
CY2023Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1909000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
60324000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2373000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-217851000 usd
CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.2189
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.2283
CY2023Q2 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
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us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
2 acquistion
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
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CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
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CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
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false
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NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
2 acquistion

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