Tulsa-based Vital Energy said recently after announcing record production in second quarter that in 2024 it expects to maintain fullyear 2023 production levels. Vital Energy said Aug. 8 it expects to operate three drilling rigs and an average of 1.7 completions crews in 2024 across its assets in Delaware and Midland basins. The company expects to complete and turn-in-line 70-to-75 gross wells (58-to-62 net) in 2024 for a slight increase over 2023.
Fullyear guidance for 2023 now is 87,000 boed to 89,000 boed (up from 82,000 boed to 86,000 boed). Production of oil in 2Q was a company record 44,400 b/d along with 90,000 boed.
Jason Pigott, president and CEO, said, “Our recent operational performance and successful acquisitions have materially strengthened our outlook for 2024. In 2024 we expect to maintain our fullyear 2023 production levels while holding investment levels relatively flat ($665 million to $695 million) and growing fullyear 2024 free cash flow to approximately $175 million at current commodity prices.”