| Vital Energy, Inc. | |
| Type: | Public company |
| Traded As: | S&P 600 component Russell 2000 Index component |
| Founder: | Randy A. Foutch |
| Location: | Tulsa, Oklahoma, U.S. |
| Industry: | Petroleum industry |
| Products: | Natural gas Petroleum |
| Production: | 87e3BOE per day (2020) |
| Revenue: | $677 million (2020) |
| Net Income: | -$874 million (2020) |
| Assets: | $1.442 billion (2020) |
| Equity: | -$21 million (2020) |
| Owner: | Warburg Pincus (21.6%) |
| Num Employees: | 257 (2020) |
| Footnotes: | [1] |
Vital Energy, Inc. (formerly Laredo Petroleum, Inc.) is an American company engaged in hydrocarbon exploration incorporated in Delaware with its principal operational headquarters located in Tulsa, Oklahoma.
Laredo Petroleum has no connection or association with Laredo Oil, a penny stock E&P traded on the pink sheet over-the-counter market.
As of December 31, 2020, the company had 278e6BOE of estimated proved reserves, of which 24% was petroleum, 36% was natural-gas condensates and 39% was natural gas. All of these reserves were in the Permian Basin, where the company controlled 133,199 net acres.[1]
The company drills almost all of its wells using what it calls the "earth model", which it claims increases efficiency.[2]
The company was founded in October 2006 by Randy A. Foutch.[1]
In July 2011, the company acquired Broad Oak Energy in a $1 billion transaction, which expanded its presence in the Permian Basin and the Cline Shale.[3] [4]
On December 20, 2011, the company became a public company via an initial public offering.[1]
In May 2013, the company sold its assets in the Anadarko Basin in western Oklahoma and Texas to affiliates of EnerVest Ltd for $438 million to raise capital for its drilling activities in the Permian Basin.[5] [6]
In July 2016, the company acquired additional acreage in the Midland Basin for $125 million.[7] [8]
In 2017, the company sold its interest in the Medallion Pipeline.[9]
In 2023, Laredo Petroleum rebranded to Vital Energy, Inc.[10]