NYSE$VTLE
Vital Energy Inc · Q3 2020 earnings
Q3 2020 earnings · · Investor relations
Briefing
Laredo Petroleum announced its third-quarter 2020 results, reporting a net loss attributable to common stockholders of $237.4 million, or $20.32 per diluted share, and adjusted net income of $47.0 million, or $4.02 per adjusted diluted share.
Laredo Petroleum reported a net loss of $237.4 million, or $20.32 per diluted share, but generated $71 million in free cash flow and reduced net debt by $64 million. The company also increased its fourth-quarter and full-year 2020 oil and total production guidance while maintaining its full-year capital expenditure guidance.
- Generated Free Cash Flow of $71 million and reduced net debt by $64 million during third-quarter 2020
- Received $58.2 million from settlements of matured/terminated commodity derivatives, resulting in an average hedged sales price of $22.76 per barrel of oil equivalent, a 39% increase versus an average unhedged sales price of $16.39 per BOE in the same period
- Added 6,800 barrels of oil per day of 2021 oil hedges at a weighted-average swap price of $45.55 Brent, increasing 2021 oil hedges to 22,150 BOPD, equivalent to 80% of anticipated 2021 oil production
- Lowered lease operating expenses to $2.45 per BOE, an 18% decrease from third-quarter 2019
Headline financials
Revenue & EPS history
Vital Energy · Revenue · Quarterly
$174M
Revenue by segment
Vital Energy · $132M total across 3 segments · Q3 2020
- Oil Sales$93.2M—70.3%
- NGL Sales$25M—18.8%
- Natural Gas Sales$14.3M—10.8%
Forward guidance
Laredo Petroleum increased its fourth-quarter and full-year guidance for total and oil production for 2020. The increase in total production guidance for fourth-quarter and full-year 2020 reflects the continued outperformance versus expectations of natural gas production on the Company's established acreage position.
Tailwinds
- Total production for 4Q-20 is expected to be 82.0 - 84.0 MBOE per day.
- Total production for FY-20 is expected to be 87.6 - 88.1 MBOE per day.
- Oil production for 4Q-20 is expected to be 21.0 - 23.0 MBOPD.
- Oil production for FY-20 is expected to be 26.6 - 27.1 MBOPD.
- Average oil sales price realization (% of WTI) is expected to be 95%.
Headwinds
- Net income (expense) of purchased oil is expected to be ($4.3) MM.
- Lease operating expenses are expected to be $2.80/BOE.
- Production and ad valorem taxes are expected to be 7.25% of oil, NGL and natural gas sales revenues.
- Transportation and marketing expenses are expected to be $1.95/BOE.
- General and administrative expenses (excluding LTIP) are expected to be $1.25/BOE.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 15 quarterly earnings reports
-0.7%
Avg return
Earnings day
-1.7%
Avg return
5 days after
+0.8%
Avg return
30 days after
46%
26 / 56 earnings
Positive
+12.7%
Q3 2024
Best reaction
-23.2%
Q2 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | — | — | — | |
| Q3 2025 | +5.1% | +20.9% | +26.1% | |
| Q2 2025 | -9.4% | -8.8% | -0.4% | |
| Q1 2025 | +7.6% | -3.5% | +18.7% | |
| Q4 2024 | -12.1% | -20.2% | -36.6% | |
| Q3 2024 | +12.7% | +14.7% | +8.3% | |
| Q2 2024 | +2.8% | +2.3% | -22.8% | |
| Q1 2024 | -4.1% | -10.1% | -17.0% | |
| Q4 2023 | +5.0% | +3.9% | +9.5% | |
| Q3 2023 | +6.3% | -3.4% | -8.8% | |
| Q2 2023 | +5.2% | +5.4% | +11.6% | |
| Q1 2023 | -0.9% | -3.3% | +5.4% | |
| Q4 2022 | -3.2% | +6.5% | -16.9% | |
| Q3 2022 | +5.2% | +6.1% | -3.2% | |
| Q2 2022 | -23.2% | -26.0% | -15.2% | |
| Q1 2022 | -6.9% | -19.1% | +45.2% | |
| Q4 2021 | +7.1% | +7.5% | +8.6% | |
| Q3 2021 | -4.5% | — | — | |
| Q2 2021 | -12.7% | — | — | |
| Q1 2021 | -12.4% | — | — | |
| Q4 2020 | +5.3% | — | — | |
| Q3 2020 | +3.7% | — | — | |
| Q2 2020 | -1.2% | — | — | |
| Q1 2020 | -2.0% | — | — | |
| Q4 2019 | -0.6% | — | — | |
| Q3 2019 | -1.2% | — | — | |
| Q2 2019 | +3.9% | — | — | |
| Q1 2019 | +10.6% | — | — | |
| Q4 2018 | +6.1% | — | — | |
| Q3 2018 | +7.6% | — | — | |
| Q2 2018 | -6.8% | — | — | |
| Q1 2018 | -17.8% | — | — | |
| Q4 2017 | +10.0% | — | — | |
| Q3 2017 | -10.3% | — | — | |
| Q2 2017 | -1.1% | — | — | |
| Q1 2017 | -6.7% | — | — | |
| Q4 2016 | +1.0% | — | — | |
| Q3 2016 | +9.4% | — | — | |
| Q2 2016 | +11.8% | — | — | |
| Q1 2016 | +7.7% | — | — | |
| Q4 2015 | -6.1% | — | — | |
| Q3 2015 | -5.2% | — | — | |
| Q2 2015 | +2.8% | — | — | |
| Q1 2015 | -6.7% | — | — | |
| Q4 2014 | -8.5% | — | — | |
| Q3 2014 | +4.7% | — | — | |
| Q2 2014 | -6.8% | — | — | |
| Q1 2014 | -3.7% | — | — | |
| Q4 2013 | -4.9% | — | — | |
| Q3 2013 | -11.8% | — | — | |
| Q2 2013 | +6.7% | — | — | |
| Q1 2013 | -4.0% | — | — | |
| Q4 2012 | +7.0% | — | — | |
| Q3 2012 | -2.2% | — | — | |
| Q2 2012 | -2.4% | — | — | |
| Q4 2011 | +2.2% | — | — | |
| Q1 2012 | +2.2% | — | — |
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