Tulsa-based Vital Energy, an independent energy company focused on assets in Permian Basin, this week increased its 2023 production guidance because of improved performance in Q1 and the closing of its acquisition of Driftwood Energy in Reagan and Upton counties in the Midland Basin. Vital forecasts 2023 production of 76,000 to 80,000 boed – up from previous guidance of 72,000 to 76,000 boed. Oil production is forecast at 36,300 to 39,300 b/d; previous guidance was 34,000 to 37,000 b/d.
Production for 2023Q1 was 80,200 boed, oil production averaged 38,300 b/d, and capital expenditures were about $200 million (below guidance of $210 million to $230 million).
In its announcement Monday, Vital said improved production “was primarily related to earlier-than-expected production from new completions, less than expected production downtime related to offset completions activity, and improved uptime of wells and production facilities from field level process improvements.”
Vital was founded in 2006 as Laredo Petroleum with 163,286 net acres in Permian Basin as of Dec. 31, 2022.