Vital Energy, Inc. (NYSE:VTLE) Q2 2023 Earnings Conference Call August 9, 2023 8:30 AM ET
Company Participants
Ron Hagood - VP, IR
Jason Pigott - President and CEO
Katie Hill - VP, Operations
Bryan Lemmerman - SVP and CFO
Kyle Coldiron - VP, Development & Production
Benjamin Klein - VP of Midstream & Marketing
Conference Call Participants
Derrick Whitfield - Stifel
Zachary Parham - JPMorgan
Gregg Brody - Bank of America
Nicholas Pope - Seaport Research
Operator
Good day, ladies and gentlemen, and welcome to Vital Energy, Inc.'s Second Quarter 2023 Earnings Conference Call. My name is Justin, and I will be your operator for today. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes. It is now my pleasure to introduce Mr.
Ron Hagood, Vice President, Investor Relations. You may proceed, sir.
Ron Hagood
Thank you, and good morning. Joining me today are Jason Pigott, President and Chief Executive Officer; Bryan Lemmerman, Senior Vice President and Chief Financial Officer; Katie Hill, Vice President, Operations; as well as additional members of our management team.
During today's call, we will be making forward-looking statements. These statements, including those describing our beliefs, goals, expectations, forecasts and assumptions are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Our actual results may differ from these forward-looking statements for a variety of reasons, many of which are beyond our control.
In addition, we'll be making reference to non-GAAP financial measures. Reconciliations to GAAP financial measures are included in the press release and presentation we issued yesterday detailing our financial and operating results for second quarter 2023. The press release and presentation can be accessed on our website at www.vitalenergy.com.
Now I'll turn the call over to Jason Pigott, President and Chief Executive Officer.
Jason Pigott
Thanks, Ron. Good morning, everyone. Thank you for joining us today. Financial and operating results in the first half of the year have been outstanding. We have strengthened our business through accretive acquisitions that extend our oil-weighted inventory and enhance oil production.
As a result, production was again above the high end of guidance with oil setting a company record and capital investments were below the low end of guidance.
We closed on 2 accretive oil-weighted acquisitions, are well positioned for the second half of 2023, and expect to maintain our momentum into 2024. As we think about our 2024 program, we remain focused on our core strategies, maintaining capital discipline, generating free cash flow, reducing debt and leverage, targeting accretive acquisitions, advancing sustainability, and integrating digital solutions.