Vital Energy

Last updated
Vital Energy, Inc.
Company type Public
NYSE:  VTLE
S&P 600 component
Russell 2000 Index component
Industry Petroleum industry
FoundedOctober 2006;19 years ago (October 2006)
FounderRandy A. Foutch
Headquarters Tulsa, Oklahoma, United States
Key people
 Jason Pigott, President & CEO
Products Natural gas
Petroleum
Production output
87 thousand barrels of oil equivalent (530,000 GJ) per day (2020)
RevenueDecrease2.svg $677 million (2020)
Decrease2.svg -$874 million (2020)
Total assets Decrease2.svg $1.442 billion (2020)
Total equity Decrease2.svg -$21 million (2020)
OwnerCrescent Energy
Number of employees
257 (2020)
Website vitalenergy.com
Footnotes /references
[1]

Vital Energy, Inc. (formerly Laredo Petroleum, Inc.) is an American company engaged in hydrocarbon exploration. Incorporated in Delaware, its principal operational headquarters located in Tulsa, Oklahoma.

Contents

Laredo Petroleum has no connection or association with Laredo Oil, a penny stock E&P traded on the pink sheet over-the-counter market. The company drills almost all of its wells using what it calls the "earth model", which it claims increases efficiency. [2]

As of December 31, 2020, the firm had 278 million barrels of oil equivalent (1.70×109 GJ) 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]

On December 15, 2025, Crescent Energy completed its acquisition of Vital Enerny. [3]

History

Founded in 2006 by Randy A. Foutch, [1] the company acquired Broad Oak Energy five years later in a $1 billion transaction, expanding its presence in the Permian Basin and the Cline Shale. [4] [5] On December 20, 2011, the company became a public company via an initial public offering. [1]

In May 2013, the firm 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. [6] [7]

In July 2016, a year before selling its interest in Medallion Pipeline, [8] it acquired additional acreage in the Midland Basin for $125 million. [9] [10] In 2023, Laredo Petroleum rebranded to Vital Energy, Inc. [11]

Oil and gas company, Crescent Energy, agreed to acquire the company in August 2025 in an all-stock deal valued at $3.1 billion, including debt. [12] The transaction was completed three months later.

See also

References

  1. 1 2 3 4 "Laredo Petroleum, Inc. 2020 Form 10-K Annual Report". U. S. Securities and Exchange Commission.
  2. ↑ "Earth model assists Permian asset valuation". Oil & Gas Journal . July 6, 2015.
  3. ↑ "Crescent Energy Closes Transformative Acquisition of Vital Energywork=Yahoo! Finance" . Retrieved 2026-01-11.
  4. ↑ "Laredo Petroleum Completes Broad Oak Energy Acquisition" (Press release). PR Newswire. July 6, 2011.
  5. ↑ Joyce, Matt (July 6, 2011). "Broad Oak Energy bought for $1 billion". American City Business Journals .
  6. ↑ MARKS, JAY F. (May 22, 2013). "Laredo selling Anadarko Basin acreage in $438M deal". The Oklahoman .
  7. ↑ "Laredo Petroleum exits Anadarko Basin with $438 mln asset sale". Reuters . May 21, 2013.
  8. ↑ "Laredo Petroleum Announces Agreement to Sell Interest in Medallion Pipeline" (Press release). GlobeNewswire. October 2, 2017.
  9. ↑ "Laredo Petroleum Acquires Bolt-On Midland Basin Acreage" (Press release). GlobeNewswire. July 14, 2016.
  10. ↑ "Laredo to increase Midland basin holdings". Oil & Gas Journal . July 14, 2016.
  11. ↑ "Vital Energy Completes Rebranding, Formerly Laredo Petroleum". Yahoo Finance. 2023-01-09. Retrieved 2024-02-26.
  12. ↑ Saha, Sumit; Khan, Shariq (2025-08-25). "Crescent Energy to acquire Vital Energy in $3.1 billion shale deal". Reuters. Retrieved 2025-08-26.
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