VTLE’s preliminary first quarter total production averaged ~80.2 MBOE/d, above its guidance of 72.5 – 76.5 MBOE/d. Oil production averaged ~38.3 MBO/d, above guidance of 33.0 – 36.0 MBO/d.
The company raised the total production forecast for 2023 to 76.0 – 80.0 MBOE/d, from 72.0 – 76.0 MBOE/d. Oil production is expected to be 36.3 – 39.3 MBO/d for the year, up from 34.0 – 37.0 MBO/d previously forecast.
“The outperformance of production was primarily related to earlier-than-expected production from the new completions, lower-than-expected production downtime related to activity from offset completions, and better well uptime.” and production facilities from process improvements at the field level,” the company said in a statement.
Capital expenditures during the first quarter were around $200 million, excluding unbudgeted acquisitions and lease expenses, below guidance of $210-$230 million.
Last Monday, the company closed on the acquisition of Driftwood for $120.4 million in cash and 1,578,948 common shares of VTLE.