Vine Energy Inc. (VEI) Reports Q1 Loss of $0.45 on Revenues of $118.12M

May 17, 2021 7:07 AM EDT
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Vine Energy Inc. (NYSE: VEI) reported Q1 EPS of ($0.45), versus $0.06 reported last year. Revenue for the quarter came in at $118.12 million, versus $129.95 million reported last year.

Financial and Operational Highlights

  • Generated $145 million of adjusted EBITDAX and $20 million of Adjusted Free Cash Flow
  • Incurred capital of $98 million, or 68% of adjusted EBITDAX
  • Announced 2021 capital guidance, which is projected to yield average annual production of approximately 1 Bcf per day (net) while generating substantial Adjusted Free Cash Flow
  • Continued to demonstrate progress toward the Company’s objective to reduce methane and greenhouse gas intensity

Reflecting on the quarter, Eric Marsh, Chairman, President and Chief Executive Officer, commented, “Our initial public offering begins a sequel in Vine’s short but exciting history, and it was undoubtedly the most transformational quarter since 2014 when the company was created by the acquisition of our Haynesville asset. Following the combination of three successful companies, Vine today holds a strategic position in the Haynesville Basin and we have the size, scale and balance sheet to generate significant levered free cash flow and return capital to our shareholders, while concurrently upholding our longstanding commitment to safety and environmental stewardship.”

Mr. Marsh continued, “Though there are many new things about us, our core identity hasn’t changed. Most notably, we have about 25 years of high-quality inventory that supports our ability to create free cash flow longevity, and our operating team is one of the most highly skilled, technical collection of professionals in the industry. We harbor the institutional knowledge and technology which allows us to drill some of the most economic natural gas wells in North America. We believe we can eclipse past milestones as we reach new drilling and completion efficiencies, drive down capital intensity and operating expenses, and deliver on our expectations. Along the way, I believe improving natural gas fundamentals will hasten our bid to substantially increase the value of the company while holding production steady.”

For earnings history and earnings-related data on Vine Energy Inc. (VEI) click here.

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