Vital Energy, Inc. (NYSE:VTLE) Q4 2022 Results Conference Call February 22, 2023 8:30 AM ET
Company Participants
Ron Hagood - VP, IR
Jason Pigott - President and CEO
Bryan Lemmerman - SVP and CFO
Katie Hill - VP, Operations
Kyle Coldiron - VP, Development & Production
Conference Call Participants
Derrick Whitfield - Stifel
Gregg Brody - Bank of America
Nicholas Pope - Seaport Research
Operator
Good day, ladies and gentlemen, and welcome to Vital Energy, Inc.’s Fourth Quarter and Full Year 2022 Earnings Conference Call. My name is Mandeep, 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 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 fourth quarter 2022. 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.
Jason Pigott
Thanks, Ron, and good morning, everyone. We appreciate you joining us this morning. We posted strong results in the fourth quarter and full year 2022 and build value on a foundation of recent oil-weighted acquisitions and the efficient development of our quality portfolio.
For full year 2022, we had a strong year with the following highlights. We generated $220 million of free cash flow and $913 million of consolidated EBITDAX. We purchased $285 million of term debt and $37 million of common stock, reducing our leverage multiple 44% from 2.14x to 1.18x. We also grew production 19% compared to full year 2021.
During the fourth quarter, we generated free cash flow almost $37 million, we sold nonoperated properties for $110 million, and we repurchased more than $100 million of face-value term debt and almost $11 million of common stock.