2023 has been nothing short of a spectacular year for Tulsa-based Vital Energy. The former Laredo Petroleum reintroduced itself in January with a new name and renewed purpose as a responsible energy provider. What’s followed is a Permian-focused E&P, fearless of change or the future, whose leadership advances a limitless mindset.
Reese Energy Consulting today is following the latest from Vital whose CEO, Jason Pigott, joined the company in 2019. After stints with Chesapeake and Anadarko, Pigott took his place in the Laredo driver’s seat where, in his first three years, he oversaw two acquisitions that swelled Laredo’s West Texas position. He also led efforts for the company to become the first publicly traded Permian operator to receive Project Canary’s Trustwell Certification for responsibly sourced oil and natural gas production.
In his run up to year four, Pigott signaled greater change ahead that began with the fresh Vital identity. In a blink, Vital announced an acquisition in February, then another in May, and now the largest since Pigott took the wheel—a $1.165 billion deal comprised of three sales agreements with Henry Resources, Tall City Property Holdings, and Maple Energy Holdings. Pro forma, Vital will operate 250,000 net acres in the Midland and Delaware with estimated 2024 production of 112 MBOED and a 90% increase in free cash flow. We can’t wait to see what’s next.
As a personal aside, Henry Resources became one of Steve Reese’s first clients with the launch of REC in 1994. We are fortunate to have worked with Jim Henry, who was a great entrepreneur and visionary.