John Martini's questions to Vital Energy (VTLE) leadership • Q2 2025
Question
John Martini of KeyBanc Capital Markets questioned the net debt and leverage trend for 2026 given lower commodity strip prices compared to 2025 hedges, and asked about the opportunity for more large-scale developments next year.
Answer
EVP & CFO Bryan Lemmerman confirmed that the company expects to continue paying down debt in 2026. President & CEO Jason Pigott added that the 2026 corporate breakeven is below $55/bbl and could move lower with further hedging. SVP & COO Katie Hill noted that the inventory depth for early 2026 supports a continuation of the highly efficient, large-scale pad developments seen in H2 2025.