Vital Energy, Inc. (NYSE:VTLE) Q4 2023 Earnings Conference Call February 22, 2024 8:30 AM ET

Company Participants

Ron Hagood - VP, IR

Jason Pigott - President & CEO

Katie Hill - SVP & COO

Bryan Lemmerman - EVP & CFO

Kyle Coldiron - VP, Development & Production

Conference Call Participants

Neal Dingmann - Truist Securities

Zachary Parham - JPMorgan

Tim Rezvan - KeyBanc Capital Markets

Paul Diamond - Citigroup

Gregg Brody - Bank of America

Derrick Whitfield - Stifel

Operator

Good day, ladies and gentlemen, and welcome to Vital Energy, Inc.'s Fourth Quarter and Full Year 2023 Earnings Conference Call. My name is Dessire (ph) and I will be your operator for today. At this time, all participants are in 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.

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, Executive Vice President, Chief Financial Officer; Katie Hill, Senior Vice President and Chief Operating Officer; 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. 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

Thank you, Ron, and thank you for joining us this morning. 2023 was a great year for Vital Energy as we drove change on multiple fronts. Throughout the year, we executed on our strategy to build shareholder value, expand our development portfolio, generate free cash flow and strengthen our balance sheet. In 2023, we achieved record production of 96,600 barrels of oil equivalent per day and oil production of 46,300 barrels per day, an increase of 17% and 22%, respectively, versus full year 2022 at lower than anticipated capital costs. 12 months, we increased our oil production by approximately 60%.