Vital Energy

Vital Energy, Inc., formerly known as Laredo Petroleum, Inc., was an American independent oil and gas exploration and production company. The business was incorporated in Delaware and maintained its principal operational headquarters in Tulsa, Oklahoma. Its activities centered on developing hydrocarbon resources in the Permian Basin, particularly in west Texas, where it held acreage and produced crude oil, natural-gas liquids and natural gas. The company was founded in 2006 by Randy A. Foutch. Its early growth strategy involved assembling and developing unconventional oil and gas assets. A major turning point came in 2011, when Laredo Petroleum acquired Broad Oak Energy in a transaction valued at approximately $1 billion. The acquisition expanded Laredo's position in the Permian Basin and gave it a larger presence in the Cline Shale. Later that year, on December 20, 2011, Laredo became a publicly traded company through an initial public offering. During the following years, the company reshaped its portfolio to concentrate capital and operational attention on the Permian Basin. In May 2013, it sold assets in the Anadarko Basin of western Oklahoma and Texas to affiliates of EnerVest for approximately $438 million. The stated purpose of the divestiture was to raise capital for drilling and development in the Permian Basin. In July 2016, Laredo acquired additional Midland Basin acreage for approximately $125 million. The company subsequently sold its interest in Medallion Pipeline, although the available reference material does not specify the terms or exact date of that transaction. Laredo Petroleum rebranded as Vital Energy, Inc. in 2023. The renamed company continued to describe its operating approach through an internal geological and reservoir-development framework referred to as the “earth model,” which it said was intended to improve drilling and development efficiency. Its resource base was concentrated in the Permian Basin rather than distributed across multiple major producing regions. As of December 31, 2020, the company reported estimated proved reserves of 278 million barrels of oil equivalent. The reserve mix was approximately 24 percent petroleum, 36 percent natural-gas condensates and 39 percent natural gas, with the percentages subject to rounding. These reserves were located in the Permian Basin, where the company controlled approximately 133,199 net acres. The business therefore combined oil production with associated liquids and gas output rather than operating as a crude-oil-only producer. In August 2025, Crescent Energy agreed to acquire Vital Energy in an all-stock transaction valued at approximately $3.1 billion including debt. The acquisition was completed on December 15, 2025. Following completion, Vital Energy ceased to operate as an independent publicly listed company and became part of Crescent Energy. The available material does not establish a continuing standalone consumer-facing brand after the transaction.

Vital Energy originated in 2006 as an oil and gas exploration and production company founded by Randy A. Foutch. The company built its business around acquiring, developing and producing unconventional hydrocarbon resources, with the Permian Basin becoming its principal operating region. In 2011, the company acquired Broad Oak Energy in a transaction valued at approximately $1 billion. The deal enlarged its Permian Basin footprint and expanded its exposure to the Cline Shale. On December 20 of the same year, the company completed an initial public offering and became a public company. The combination of acquisition-led growth and public-market access provided capital for further drilling and acreage development. Laredo Petroleum subsequently reduced its exposure to assets outside the Permian Basin. In May 2013, it sold its Anadarko Basin assets in western Oklahoma and Texas to affiliates of EnerVest for approximately $438 million. The divestiture was intended to generate capital for drilling in the Permian Basin. In July 2016, the company acquired additional Midland Basin acreage for approximately $125 million, reinforcing its concentration in the broader Permian resource complex. The company also later sold its interest in Medallion Pipeline; the available source does not provide the transaction's terms. The company's production portfolio included crude oil, natural-gas condensates and natural gas. Its stated operational method included an “earth model,” a geological and development framework that the company said improved the efficiency of well drilling. As of December 31, 2020, Vital Energy reported 278 million barrels of oil equivalent in estimated proved reserves. Approximately 24 percent of those reserves consisted of petroleum, 36 percent of natural-gas condensates and 39 percent of natural gas. The reserves were located in the Permian Basin, where the company controlled approximately 133,199 net acres. In 2023, Laredo Petroleum adopted the Vital Energy name. The rebrand marked a new corporate identity while retaining the company's core focus on Permian Basin exploration and production. In August 2025, Crescent Energy agreed to acquire Vital Energy in an all-stock deal valued at approximately $3.1 billion including debt. Crescent completed the acquisition on December 15, 2025. After that transaction, Vital Energy no longer existed as an independent listed company. The available material does not document a separate continuing consumer brand under the Vital Energy name.

• 2025

  Acquisition by Crescent Energy completed

  [1]Vital Energyen.wikipedia.org

  Crescent Energy completed its acquisition of Vital Energy on December 15, 2025.

• 2023

  Rebrand to Vital Energy

  [1]Vital Energyen.wikipedia.org

  Laredo Petroleum changed its corporate identity to Vital Energy, Inc.

• 2016

  Midland Basin acreage acquisition

  [1]Vital Energyen.wikipedia.org

  Laredo acquired additional Midland Basin acreage for approximately $125 million.

• 2013

  Anadarko Basin divestiture

  [1]Vital Energyen.wikipedia.org

  The company sold western Oklahoma and Texas Anadarko Basin assets to EnerVest affiliates for approximately $438 million.

• 2011

  Broad Oak Energy acquisition

  [1]Vital Energyen.wikipedia.org

  The company acquired Broad Oak Energy in a transaction valued at approximately $1 billion, expanding its Permian Basin and Cline Shale presence.

• 2011

  Initial public offering

  [1]Vital Energyen.wikipedia.org

  Laredo Petroleum became a public company on December 20, 2011.

• 2006

  Company founded

  [1]Vital Energyen.wikipedia.org

  Randy A. Foutch founded the business that later became Vital Energy.

An independent unconventional oil and gas exploration and production company focused on concentrated, data-informed development of Permian Basin resources.

• Hydrocarbon production

  Crude oil

  Crude oil was one of Vital Energy's principal produced hydrocarbons. The company's oil-focused exploration and development activities were concentrated in the Permian Basin, although its overall reserve base also included natural-gas condensates and natural gas.

• Hydrocarbon production

  Natural-gas condensates

  Natural-gas condensates formed a substantial part of the company's proved-reserve mix. These liquids were produced alongside oil and natural gas from the company's Permian Basin properties.

• Hydrocarbon production

  Natural gas

  Natural gas was produced as part of Vital Energy's mixed hydrocarbon portfolio. At December 31, 2020, natural gas represented approximately 39 percent of the company's estimated proved reserves.

• 2025

  Acquisition by Crescent EnergyM&A

  Background

  Crescent Energy agreed to acquire the Permian Basin-focused company in an all-stock transaction.

  Action taken

  Crescent Energy completed the acquisition on December 15, 2025.

  Aftermath

  Vital Energy ceased to operate as an independent company and became part of Crescent Energy.

  Transaction value including debt. $3.1 billion (Agreement announced August 2025; completed December 15, 2025)

  Source

• 2023

  Corporate rebrandStrategy

  Background

  Laredo Petroleum operated as a Permian Basin-focused exploration and production company.

  Action taken

  The company changed its corporate name and brand to Vital Energy, Inc.

  Aftermath

  The business continued operating under the Vital Energy identity until its acquisition by Crescent Energy.

  Source

• 2016

  Expansion of Midland Basin acreageM&A

  Background

  Vital Energy sought to expand its resource position in the Permian Basin.

  Action taken

  The company acquired additional Midland Basin acreage for approximately $125 million.

  Aftermath

  The acquisition increased the company's Midland Basin footprint.

  Acreage acquisition value. $125 million (July 2016)

  Source

• 2013

  Concentrating capital on the Permian BasinStrategy

  Background

  The company held assets in both the Anadarko Basin and the Permian Basin and sought capital for additional Permian drilling.

  Action taken

  It sold its Anadarko Basin assets in western Oklahoma and Texas to EnerVest affiliates for approximately $438 million.

  Aftermath

  The transaction reduced exposure outside the Permian Basin and supported a more concentrated development strategy.

  Asset sale value. $438 million (May 2013)

  Source

1. 1Vital Energyen.wikipedia.org