Company type | Public company |
---|---|
NYSE: VTLE S&P 600 component Russell 2000 Index component | |
Industry | Petroleum industry |
Founded | 2006 |
Founder | Randy A. Foutch |
Headquarters | Tulsa, Oklahoma, U.S. |
Key people | Jason Pigott, President & CEO |
Products | Natural gas Petroleum |
Production output | 87 thousand barrels of oil equivalent (530,000 GJ) per day (2020) |
Revenue | $677 million (2020) |
-$874 million (2020) | |
Total assets | $1.442 billion (2020) |
Total equity | -$21 million (2020) |
Owner | Warburg Pincus (21.6%) |
Number of employees | 257 (2020) |
Website | vitalenergy |
Footnotes /references [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 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]
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]
ConocoPhillips Company is an American multinational corporation engaged in hydrocarbon exploration and production. It is based in the Energy Corridor district of Houston, Texas.
Ovintiv Inc. is an American independent petroleum company. The company was formed in 2020 through a restructuring of its Canadian predecessor, Encana. Ovintiv is incorporated in Delaware and headquartered in Denver, Colorado.
'Coterra Energy is a company engaged in hydrocarbon exploration organized in Delaware and based in Houston, Texas. The company has operations in the Permian Basin, Marcellus Shale, and the Anadarko Basin.
APA Corporation is the holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston. The company is ranked 431st on the Fortune 500.
Energen Corporation was a company engaged in hydrocarbon exploration. In 2018, the company was acquired by Diamondback Energy.
EOG Resources, Inc. is an American energy company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in the Heritage Plaza building in Houston, Texas.
XTO Energy Inc. is an American energy company and subsidiary of ExxonMobil principally operating in North America. Acquired by ExxonMobil in 2010 and based out of Spring, Texas, it is involved with the production, processing, transportation, and development of oil and natural gas resources. The company specializes in developing shale gas via unconventional means like hydraulic fracturing and horizontal drilling.
Noble Energy, Inc. was a company engaged in hydrocarbon exploration headquartered in Houston, Texas. In October 2020, the company was acquired by Chevron Corporation.
Newfield Exploration Company was a petroleum, natural gas and natural gas liquids exploration and production company organized in Delaware and headquartered in Houston, Texas, USA. In February 2019, the company was acquired by Encana.
Continental Resources, Inc. is a petroleum and natural gas exploration and production company headquartered in Oklahoma City. The company was founded by Harold Hamm in 1967 at the age of 21 as Shelly Dean Oil Company, originally named for Hamm's two daughters. In 1990, Shelly Dean re-branded itself as Continental Resources. It primarily used hydraulic fracturing and directional drilling to produce from low permeability formations.
Linn Energy, Inc. was a company engaged in hydrocarbon exploration. It was incorporated in Delaware and headquartered in Houston. In 2018, the company split into Roan Resources and Riviera Resources.
As of 2013 the Cline Shale, also referred to as the "Wolfcamp/Cline Shale", the "Lower Wolfcamp Shale", or the "Spraberry-Wolfcamp shale", or even the "Wolfberry", is a promising Pennsylvanian oil play east of Midland, Texas which underlies ten counties: Fisher, Nolan, Sterling, Coke, Glasscock, Tom Green, Howard, Mitchell, Borden and Scurry counties. Exploitation is projected to rely on hydraulic fracturing.
an organic rich shale, with Total Organic Content (TOC) of 1-8%, with silt and sand beds mixed in. It lies in a broad shelf, with minimal relief and has nice light oil of 38-42 gravity with excellent porosity of 6-12% in thickness varying 200 to 550 feet thick.
Cimarex Energy Co. was a company engaged in hydrocarbon exploration, particularly shale oil and gas drilling. It was organized in Delaware and headquartered in Denver, Colorado, with operations primarily in Texas, Oklahoma, and New Mexico.
SM Energy Company is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado.
Cove Energy plc, also known as Cove, was a London-headquartered oil and gas exploration company with assets in East Africa. The company was created in June 2009. In 2012, following significant gas discoveries offshore Mozambique, Royal Dutch Shell and PTT Exploration and Production (PTTEP), a subsidiary of Thailand's national oil company PTT Public Company Limited, engaged in a prominent bidding war to acquire Cove. Ultimately, the company was sold in August 2012 to PTTEP.
WPX Energy, Inc. was a company engaged in hydrocarbon exploration. It was organized in Delaware and headquartered in Tulsa, Oklahoma. In 2021, the company merged with Devon Energy.
Chord Energy Corporation is a company engaged in hydrocarbon exploration and hydraulic fracturing in the Williston Basin in North Dakota and Montana. It is organized in Delaware and headquartered in Houston, Texas, with an office in Williston, North Dakota. The company was formerly known as Oasis Petroleum.
American Energy Partners, LP, also known as AELP, was an American natural gas and oil company founded in April 2013 by Aubrey K. McClendon. The company managed affiliates responsible for natural shale gas and oil production and exploration in the United States, as well as management of assets, minerals, royalties and non-operated properties. It was headquartered in Oklahoma City, Oklahoma, and employed over 450 people as of August 2015. AELP announced on May 18, 2016, two months after McClendon's death, that it would end operations and close by the end of summer 2016.
Concho Resources Inc. was a company engaged in hydrocarbon exploration, incorporated and organized in Delaware and headquartered in Midland, Texas, with operations exclusively in the Permian Basin. In 2021, the company was acquired by ConocoPhillips.
Diamondback Energy, Inc. is a company engaged in hydrocarbon exploration headquartered in Midland, Texas.