Vital Energy, Inc., a Delaware corporation (NYSE: VTLE) (“Vital
Energy” or the “Company”), announced today the pricing of an
upsized underwritten public offering of 2,750,000 shares of its
common stock for total gross proceeds (before underwriters’ fees
and estimated expenses) of approximately $148.5 million. The
Company has also granted the underwriters a 30-day option to
purchase up to 412,500 additional shares of the Company’s common
stock.
The Company intends to use a portion of the net proceeds from
this offering and a concurrent offering of senior notes to repay a
portion of the borrowings outstanding under its senior secured
credit facility and use any excess for general corporate purposes.
Pending the use of the net proceeds from this offering as described
above, the Company intends to use the net proceeds from this
offering to make short-term liquid investments, at its
discretion.
The offering is expected to close on or about September 19,
2023, subject to customary closing conditions.
BofA Securities (“BofA”), Citigroup (“Citi”) and Wells Fargo
Securities, LLC (“Wells Fargo”) are acting as joint book-running
managers for the offering. Mizuho and Truist Securities are also
acting as joint book-running managers.
This offering is being made pursuant to an effective automatic
shelf registration statement, including a prospectus and a
preliminary prospectus supplement related to the offering,
previously filed by the Company with the Securities and Exchange
Commission (“SEC”). Copies of the prospectus and the preliminary
prospectus supplement may be obtained by visiting the SEC website
at www.sec.gov. Alternatively, copies of the prospectus and the
preliminary prospectus supplement may be obtained from BofA
Securities, Attention: Prospectus Department, NC1-022-02-25, 201
North Tryon Street, Charlotte, NC 28255-0001, email:
dg.prospectus_requests@bofa.com; from Citi at Citigroup, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717 (Tel: 800-831-9146); and from Wells Fargo at: Wells Fargo
Securities, Attention: Equity Syndicate Department, 500 West 33rd
Street, New York, New York, 10001, at (833) 690-2713 or email a
request to cmclientsupport@wellsfargo.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any securities nor shall there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. Any offer or sale of these securities will
be made only by means of a prospectus, including a prospectus
supplement, forming a part of the related registration
statement.
About Vital EnergyVital Energy, Inc. is an
independent energy company with headquarters in Tulsa, Oklahoma.
Vital Energy’s business strategy is focused on the acquisition,
exploration and development of oil and natural gas properties in
the Permian Basin of West Texas.
Forward-Looking StatementsThis press release
and any oral statements made regarding the subject of this release
contain forward-looking statements as defined under Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical facts, that address activities that
Vital Energy assumes, plans, expects, believes, intends, projects,
indicates, enables, transforms, estimates or anticipates (and other
similar expressions) will, should or may occur in the future are
forward-looking statements. The forward-looking statements are
based on management’s current belief, based on currently available
information, as to the outcome and timing of future events. The
forward-looking statements involve risks and uncertainties,
including, among others, that our business plans may change as
circumstances warrant and that the offering may not ultimately be
consummated.
General risks relating to Vital Energy include, but are not
limited to, moderating but continuing inflationary pressures and
associated changes in monetary policy that may cause costs to rise;
changes in domestic and global production, supply and demand for
commodities, actions by the Organization of Petroleum Exporting
Countries and other producing countries and the Russian-Ukrainian
military conflict, the decline in prices of oil, natural gas
liquids and natural gas and the related impact to financial
statements as a result of asset impairments and revisions to
reserve estimates, the volatility of oil, natural gas liquids and
natural gas prices, including our area of operation in the Permian
Basin, reduced demand due to shifting market perception towards the
oil and gas industry; competition in the oil and gas industry; the
ability of the Company to execute its strategies, including its
ability to successfully identify and consummate strategic
acquisitions at purchase prices that are accretive to its financial
results and to successfully integrate acquired businesses, assets
and properties, pipeline transportation and storage constraints in
the Permian Basin, the effects and duration of the outbreak of
disease, such as the COVID-19 pandemic, and any related government
policies and actions, long-term performance of wells, drilling and
operating risks, the possibility of production curtailment, the
impact of new laws and regulations, including those regarding the
use of hydraulic fracturing, the impact of legislation or
regulatory initiatives intended to address induced seismicity on
the Company’s ability to conduct its operations; hedging
activities, tariffs on steel, the impacts of severe weather,
including the freezing of wells and pipelines in the Permian Basin
due to cold weather, possible impacts of litigation and
regulations, the impact of the Company’s transactions, if any, with
its securities from time to time, the impact of new environmental,
health and safety requirements applicable to the Company’s business
activities, the possibility of the elimination of federal income
tax deductions for oil and gas exploration and development and
other factors, including those and other risks described in its
Annual Report on Form 10-K for the year ended December 31, 2022,
the preliminary prospectus supplement and those set forth from time
to time in other filings with the SEC. These documents are
available through Vital Energy’s website at www.vitalenergy.com
under the tab “Investor Relations” or through the SEC’s Electronic
Data Gathering and Analysis Retrieval System at www.sec.gov. Any of
these factors could cause Vital Energy’s actual results and plans
to differ materially from those in the forward-looking statements.
Therefore, Vital Energy can give no assurance that its future
results will be as estimated. Any forward-looking statement speaks
only as of the date on which such statement is made. Vital Energy
does not intend to, and disclaims any obligation to, correct,
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise, except as required
by applicable law.
Investor ContactRon
Hagood918.858.5504ir@vitalenergy.com
Vital Energy (NYSE:VTLE)
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