Vital Energy, Inc. reported strong financial and operating results for the third quarter of 2024 on November 6, 2024. The company posted a net income of $215.3 million, or $5.73 per diluted share, with Adjusted Net Income reaching $60.4 million, or $1.61 per adjusted diluted share.
Cash flows from operating activities significantly increased to $246.2 million during the quarter. Total production averaged 133,339 BOE/d, and oil production was 59,198 BO/d, both benefiting from the early closing and outperformance of the Point Energy acquisition.
The company also demonstrated improved cost control, with lease operating expenses (LOE) at $8.78 per BOE, below its guidance of $8.95 per BOE. Vital Energy increased its full-year 2024 total production guidance to 131.0 - 132.5 MBOE/d and oil production guidance to 60.9 - 61.7 MBO/d, while reiterating its fourth-quarter capital guidance at $175 - $200 million.
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