Tulsa-based Vital Energy said recently the execution of its business plan and successful integration of acquired properties led to record production and higher-than-expected cash flow in first quarter. Total and oil production in 1Q exceeded the high-end of guidance with 124,700 boed and 58,500 b/d of oil. A 20-well package of long laterals in Glasscock County was completed ahead of schedule, and it outperformed initial expectations. Vital drilled three horseshoe wells in Upton County, including one that is believed to have set an industry record with a measured depth of 23,650 feet.
Jason Pigott, president and CEO, said May 8, “Results in the southern Delaware position we built last year are far exceeding industry results. Recent success drilling horseshoe wells in the Midland Basin is expected to significantly increase returns on a large portion of our inventory.”
Fullyear guidance remains 116,500 to 121,500 boed and 55,000 to 59,000 b/d of oil. Production is expected to be weighted to first half of 2024 because about 60 percent of turned-in-line wells are scheduled in first half. Vital operated 4 drilling rigs and 2 completion crews in 2Q.