Vital Energy Inc., Tulsa, Okla., produced oil above guidance in third-quarter 2023 with capital investments below the low end of guidance.
The company provided select preliminary quarterly results Oct. 11.
In this year’s third quarter, the company’s total production averaged about 101,300 boe/d, above guidance of 94,000-98,000 boe/d. Oil production for the quarter averaged about 48,700 b/d, above guidance of 45,500-48,500 b/d.
Production results were primarily driven by outperformance of recently turned-in-line wells on the Driftwood and Forge acquisitions and in Howard County, Tex., the company said.
Total incurred capital expenditures during third-quarter 2023 were about $162 million, excluding non-budgeted acquisitions and leasehold expenditures, below the low end of guidance of $165-180 million.
In September, Vital Energy agreed to three deals with private companies worth about $1.1653 billion to scale up its Permian basin portfolio (OGJ Online, Sept. 13, 2023).
Vital Energy plans to report complete third-quarter 2023 financial and operating results after market close on Nov. 2, 2023.
