Shares of Vital Energy Inc (VTLE) surged over 5% in pre-market trading on Wednesday, following the company's better-than-expected earnings report for the third quarter of 2024.
The oil and gas exploration company reported adjusted earnings of $1.61 per share for the quarter ended September 30, surpassing analysts' consensus estimate of $1.45 per share. While revenue grew 5.4% year-over-year to $459.23 million, it narrowly missed the Wall Street forecast of $459.84 million.
Vital Energy's strong quarterly profit was driven by higher realized prices for oil and natural gas, as well as increased production volumes. The company reported net income of $215.3 million for the quarter.
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