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2Q 2023 Earnings Presentation – Vital Energy, Inc.

Vital Energy, Inc. · Aug 3, 2023 · 25 slides

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Slides

  1. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 1
    2Q-23 Earnings Presentation
  2. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 2
    Strong Second-Quarter 2023 Performance Oil Production MBO/d 61 million 249 million Guidance Range 40.0 43.0 Free Cash Flow 1 Cash Flows from Operating Activities 2Q-23A 44.4 1 Exceeded high-end of guidance for both oil and…
  3. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 3
    Continued Execution of Strategy Driving Positive 2H-23 and FY-24 Outlook Oil Production MBO/d Free Cash Flow1,2 MM Targeting 45.5 - 48.5 Flat vs. 44.4 41.9 - 43.4 175 39.3 - 42.3 FY-23E 38.5 150 61 65 25 -4 1Q-23A 2Q-23A…
  4. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 4
    Disciplined Strategy Underpins Long-Term Value Creation Pure-Play Permian Basin Producer Inventory Locations2 Maintain Capital Discipline Howard 115 Howard W. Glasscock 295 31,650 net acres TX 48.1 MBoe/d3 E. Glasscock 35 72%…
  5. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 5
    Accretive Transactions Driving Company Performance Oil-Weighted Transactions High-Grading Portfolio through Accretive Transactions 55% Increase in Oil Production MBO/d Acquisitions 200 N. Howard 44.4 2019 E. Glasscock / Reagan…
  6. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 6
    Expanded Reserve Value through Disciplined Acquisitions Proved Reserves Components YE-22 YE-22 Total Proved Reserves MMBOE YE-22 PV-10 Reserve Value2,3 MM VTLE Standalone VTLE Standalone Driftwood Acquisition1 Driftwood Acquisition1…
  7. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 7
    Operational Performance Driven by Change Leadership and Differential Technology Organizational Structure Built for Continuous Improvement Created dedicated teams focused on compression and artificial lift performance Change…
  8. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 8
    Continuous Improvements Drive Capital Efficiencies Capital Program & Capital Allocation Drilling Ft. Per Day Per Rig Completed Stages Per Day Avg. Completed Lateral Length Corporate 7% Guidance FY-23E Facilities / Land 1,530' (Primary…
  9. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 9
    Free Cash Flow Generation Strengthening Balance Sheet Current Debt Maturity Profile1 MM 1.3 billion 405 Borrowing Base (Credit Facility) 595 9.500% Sr. Notes 2025 10.125% Sr. Notes 2028 1.0 billion 7.750% Sr. Notes 2029 Drawn…
  10. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 10
    Progress Toward Emissions Targets Demonstrates Continued ESG Leadership 2022 ESG Highlights 59% Reduction 89% Reduction Achieved two of three 2025 emission reduction targets in 2022 2022 Scope 1 GHG Intensity 2022 Methane Intensity1…
  11. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 11
    Appendix
  12. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 12
    2H-23 & FY-23 Guidance Guidance Commodity Prices Used for 3Q-23 3Q-23 4Q-23 FY-23 Jul-23 Aug-23 Sep-23 3Q-23 Avg. Production: Crude Oil: Total Production (MBOE/D) 94.0 - 98.0 83.3 - 87.3 87.0 - 89.0 WTI NYMEX (/BBO) 76.04 81.31…
  13. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 13
    Current Hedge Book Position 3Q-23 4Q-23 FY-23 1Q-24 2Q-24 3Q-24 4Q-24 FY-24 Volumes Hedged2 WTI Swaps 1,744 2,116 3,860 2,660 1,839 570 569 5,639 Price 73.43 73.58 73.51 70.46 71.02 74.62 74.65 71.49 Crude Oil Crude Oil (Volume MBO;…
  14. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 14
    Howard County Development Program Development Inventory Locations1 Average Well Performance2 92 200 North N. Howard (WC-A / LSS / MS) C. Howard (WC-A / LSS) 37%, MS 175 Howard 35%, LSS Central 23 150 26%, LSS 28%, WC-A…
  15. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 15
    W. Glasscock County Development Program Development Area Inventory Locations1 Average Well Performance2 150 W. Glasscock (WC-A / LSS / WC-D) 295 22%, LSS Glasscock 125 32%, WC-A 46%, WC-D 100 Production per Well (MBO)…
  16. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 16
    Upton / S. Reagan County Development Program Development Area Inventory Locations1 Average Well Performance2 175 Upton / S. Reagan (WC-B) 30 Reagan 150 Upton 100%, WC-B 125 Production per Well (MBO) Upton / S.…
  17. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 17
    Delaware Basin Development Program Development Area Inventory Locations1 Average Well Performance2 175 Delaware Basin (WC-A / BS) 100 46%, 2BS 150 Ward 20%, 3BS Reeves 125 Pecos 34%, WC-A Production per Well (MBO)…
  18. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 18
    Wolfcamp D in Glasscock County Extends Oil-Weighted Inventory Average Well Performance by Completion Design1 Wolfcamp D Producing Wells 150 VTLE W. Glasscock 1,500 /ft VTLE E. Glasscock 1,500 /ft VTLE < 1,500 /ft 125 Production…
  19. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 19
    Leadership in a Low-Carbon Future OUR ENVIRONMENTAL…
  20. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 20
    Supplemental Non-GAAP Financial Measures Free Cash Flow Free Cash Flow is a non-GAAP financial measure that the Company defines as net cash provided by operating activities (GAAP) before net changes in operating assets and liabilities…
  21. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 21
    Supplemental Non-GAAP Financial Measures Consolidated EBITDAX Consolidated EBITDAX is a non-GAAP financial measure defined in the Company's Senior Secured Credit Facility as net income or loss (GAAP) plus adjustments for share-settled…
  22. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 22
    Supplemental Non-GAAP Financial Measures Consolidated EBITDAX The following table presents a reconciliation of net income (GAAP) to Consolidated EBITDAX (non-GAAP) for the periods presented: Trailing Twelve Months ended (in thousands,…
  23. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 23
    Supplemental Non-GAAP Financial Measures Consolidated EBITDAX The following table presents a reconciliation of net cash provided by operating activities (GAAP) to Consolidated EBITDAX (non-GAAP) for the periods presented: Trailing…
  24. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 24
    Supplemental Non-GAAP Financial Measures Net Debt Net Debt is a non-GAAP financial measure defined in the Companys Senior Secured Credit Facility as the face value of long-term debt plus any outstanding letters of credit, less cash and…
  25. 2Q 2023 Earnings Presentation – Vital Energy, Inc. – slide 25
    Supplemental Non-GAAP Financial Measures PV-10 PV-10 is a non-GAAP financial measure that is derived from the standardized measure of discounted future net cash flows, which is the most directly comparable GAAP financial measure. PV-10…

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