Tulsa-based Vital Energy, pure-play Permian Basin independent, said recently its oil production in second quarter exceeded high end of guidance and set a company record with 44,360 barrels per day. Vital said, “Production outperformance was driven by improvements in base production and acceleration of production from new wells.” Vital also reported 90,030 boed in 2Q.
Vital invested capital expenses of $149 million in 2Q – below the low end of guidance of $155 million to $175 million. Jason Pigott, president and CEO, said Aug. 8, “We are highly confident in our ability to execute on our 2023 plan as we further drive down costs, enhance base production, and efficiently develop our high-margin inventory.”
Fullyear 2023 oil production guidance increased to 41,900 b/d to 43,400 b/d (previously 40,000 b/d to 43,000 b/d) with total production guidance of 87,000 boed to 89,000 boed (previously 82,000 to 86,000 boed). And fullyear capital guidance was reduced to $665 million to $695 million (previously $675 million to $725 million). A second completions crew is expected in Midland Basin in late November – one month earlier that planned. Vital said the additional capital expenditures are expected to be offset by operational efficiencies and moderating inflation.