Vital Energy, Inc. (VTLE)

Vital Energy, Inc. was an independent oil and natural gas company focused on the Permian Basin of West Texas, headquartered in Tulsa, Oklahoma. It was founded in 2006 as Laredo Petroleum and changed its name to Vital Energy in January 2023. The company held acreage in the Midland Basin, with operations targeting horizontal drilling in multiple stacked zones.

Laredo Petroleum completed its initial public offering in December 2011 on the New York Stock Exchange under the ticker LPI. It later moved its listing symbol to VTLE after the name change. The company built midstream and water infrastructure to support operations, and managed its debt through hedging, asset sales and refinancing.

After the rebrand, Vital pursued bolt-on and larger Permian acquisitions, including Lustre and Hibernia-related assets, Henry Resources and Driftwood in 2023 and 2024, and later sold non-core assets in the Delaware Basin. These increased its position in the Midland Basin but also its leverage, and management emphasized debt reduction.

On August 25, 2025, Crescent Energy Company, a Houston-based energy company traded on the NYSE as CRGY, agreed to acquire Vital in an all-stock transaction. Vital shareholders were to receive a fixed number of Crescent Class A shares for each Vital share, and the deal was valued at roughly $3 billion including debt. Crescent said it would add Permian inventory and scale.

Vital's stockholders and Crescent's shareholders approved the transaction, and the closing was announced on December 15, 2025, with Vital becoming a wholly owned subsidiary of Crescent.

Vital's shares had been among the more volatile in the Permian group, reflecting its debt levels and its dependence on commodity prices. Vital's operating results depended on oil prices and on drilling efficiency in the Midland Basin. After years of high leverage, the company had reduced its debt through asset sales and free cash flow. Crescent, which was formed through the combination of independent oil and gas businesses and was sponsored by KKR, had grown by acquisition and sought scale in the Permian. Combining the two was expected to increase Crescent's Permian position substantially and produce operating and cost synergies.

Following completion, a Form 25 was filed to remove Vital's common stock from listing on the NYSE and deregister it. Former Vital stockholders hold Crescent Energy Class A shares, which continue to trade on the NYSE.