Vital Energy, Inc. (NYSE:VTLE) Q1 2023 Earnings Conference Call May 10, 2023 8:30 AM ET
Company Participants
Ronald Hagood - Vice President of Investor Relations
Mikell Pigott - President and Chief Executive Officer
Katie Hill - Vice President of Operations
Bryan Lemmerman - Senior Vice President and Chief Financial Officer
Conference Call Participants
Derrick Whitfield - Stifel, Nicolaus & Company, Incorporated.
Operator
Good day, ladies and gentlemen, and welcome to Vital Energy, Inc., First Quarter 2023 Earnings Conference Call. My name is Abby, and I will be your operator for today. At this time, all participants are in a listen-only mode. We will be conducting a question-and-answer session after the financial and operations report. As a reminder, this conference is being recorded for replay purposes.
And it is now my pleasure to introduce Mr. Ron Hagood, Vice President, Investor Relations. You may proceed, sir.
Ronald 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. Actual results may differ from these forward-looking statements for a variety of reasons, many of which are beyond our control.
In addition, we will 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 first quarter 2023. The press release and presentation can be accessed on our website at www.vitalenergy.com.
I'll now turn the call over to Jason Pigott, President and Chief Executive Officer.
Mikell Pigott
Thanks, Ron. Good morning, everyone, and thank you for joining us today. Vital Energy had outstanding results for the first quarter. Our wells in Howard County are delivering consistent production, frac hit impacts have been mitigated, and we are seeing positive impacts from our multiyear implementation of cutting-edge digital technologies that are improving both base production and our new wells.
Today, 74% of our wells are operated by submersible pumps. We are using the combination of larger pumps and artificial intelligence to optimize our wells on an hourly basis and believe this differentiates us in the market. Capital also came in at the low end of guidance, driven by better-than-anticipated efficiencies from our e-fleet, a short frac holiday due to freezing weather and a cessation of some of the inflationary pressures we experienced last year.