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4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc.

Vital Energy, Inc. · Feb 26, 2024 · 24 slides

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Slides

  1. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 1
    4Q-23 & FY-23 Earnings Presentation
  2. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 2
    Executing Core Strategy Drives Long-Term Value Creation Permian Basin Summary Midland GENERATE Net Acres2 ADJUSTED FREE CASH FLOW1 265,000 TX 4Q-23 Total Production 113.7 MBOE/d REDUCE % Oil 47% Howard Co. DEBT AND LEVERAGE…
  3. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 3
    Strong Fourth-Quarter 2023 Financial and Operational Performance Total Production, MBOE/d 69.0 million 233.7 million Guidance 101.8 - 105.8 Adjusted Free Cash Flow1 Cash Flows from Operating Activities 4Q-23 113.7 1 Recorded…
  4. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 4
    Successful 2023 Positions Company for Sustainable Value Creation Net Acres1 Gross Oil-Weighted Locations1 265,000 830 Closed six high-value Permian Basin acquisitions for 1.6 billion 166,000 163,200 Established a core operating…
  5. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 5
    Expanded Permian Position Provides Over a Decade of High-Return Development Midland Basin +10 Years of Inventory1 Delaware Basin Midland At current activity pace & spacing +185 830 Operated only +280 TX Howard…
  6. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 6
    Midland Basin Inventory Expands with Additional Horizons Incremental Technical Evaluation Delineates Additional Midland Locations 1 Initial Acquisition Underwriting Identified 78 Locations 2 Organically Added 65 Locations via Detailed…
  7. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 7
    Delaware Basin Well Performance and Cost Reductions Drive Inventory Additions Delaware Basin Inventory1 1 Initial Acquisition Underwriting Identified 202 Locations +120 310 2 Organically Added 120 Locations from Improved Economics +202…
  8. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 8
    Improving Productivity with Successful Integration of Acquired Properties Improving Well Productivity by Year Successful development of acquired properties substantially 180 2024 Initial Well Performance vs. Historical Results 1…
  9. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 9
    Peer-Leading Operational Performance Strengthens Development Returns Leading Drilling Performance in the Midland Basin1 Drilled Howard County 10,000 lateral in Company-record 6.5 days 2,000 1,935' 39% More Efficient than Midland…
  10. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 10
    Optimized 2024 Development Program Rig Count Completion Crews 750 - 850 55.0 - 59.0 116.5 - 121.5 4 4 4 4 2 2 2 5% Capital Investments (MM) Oil Production (MBO/d) Total Production (MBOE/d) 20% Spot Crew Flexibility 40% 50% 50%…
  11. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 11
    Vital Energy Trades at Discount to Proved Reserves Value Total Proved Reserves, MMBOE PV-10 Reserve Value Sensitivity, MM1 PUD PUD PD 166 PD 25% of Inventory Currently Booked as PUDs 405 5,037 TEV2 4,489 302 (35) 3,990 951 (28)…
  12. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 12
    Strong Financial Structure and Cash Flows Protected by Robust 2024 Hedges Active 2024 Hedge Program Protecting Adj. Free Cash Flow1,2 90% of anticipated 2024 oil volume hedged at 75 WTI Crude Oil Hedges VTLE Peer Avg. Natural Gas…
  13. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 13
    2023 Sustainability Report Highlights1 Significant Progress Toward Our Environmental Targets Social and Governance Highlights Category 2019 Baseline Target 2022 Performance Target Status Safety by below 12.5 0 Employee safety…
  14. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 14
    Investment Opportunity Driven by Expected Value Creation in 2024 Oil Production, MBO/d Adjusted Free Cash Flow1,2, MM PROVEN TRACK RECORD OF INTEGRATING ACQUISITIONS 55.0 - 59.0 350 46.3 217 GROWING ADJUSTED FREE CASH…
  15. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 15
    Appendix
  16. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 16
    1Q-24 & FY-24 Guidance Guidance Commodity Prices Used for 1Q-24 1Q-24 FY-24 Jan-24 Feb-24 Mar-24 1Q-24 Avg. Production: Crude Oil: Total Production (MBOE/D) 117.5 - 122.5 116.5 - 121.5 WTI NYMEX (/BBO) 73.86 76.81 78.32 76.32…
  17. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 17
    Active Hedge Program Protecting Adjusted Free Cash Flow and Returns 1Q-24 2Q-24 3Q-24 4Q-24 FY-24 1Q-25 2Q-25 3Q-25 4Q-25 FY-25 WTI Swaps 4,571 4,569 4,986 4,709 18,836 1,530 1,547 184 184 3,445 Crude Oil (Volume MBO; Price…
  18. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 18
    Common Stock Outstanding February 13, December 31, December 31, 2023 2023 2022 Common Stock Outstanding 36,310,029 35,413,551 16,762,127 2.0% Cumulative Mandatorily Convertible Series A Preferred Stock 1,575,376 595,104 19
  19. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 19
    Supplemental Non-GAAP Financial Measures Adjusted Free Cash Flow Adjusted 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…
  20. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 20
    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…
  21. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 21
    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…
  22. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 22
    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…
  23. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 23
    Supplemental Non-GAAP Financial Measures Net Debt Net Debt is a non-GAAP financial measure defined in the Company's Senior Secured Credit Facility as the face value of long-term debt plus any outstanding letters of credit, less cash…
  24. 4Q 2023 & FY 23 Earnings Presentation – Vital Energy, Inc. – slide 24
    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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