Mikell Pigott on company transformation
From Vital Energy CEO discusses the company's rebrand and what drove the decision · · New York Stock Exchange
“We've really transformed the company over the last 3 and 1/2 years when I started as CEO. We've acquired more acreage, the wells we drill are higher quality than they were before, and we also really want to think about what we do as an industry and a company and what is our purpose.”
On , Mikell Pigott, President, Chief Executive Officer & Director at VITAL ENGY INC, spoke about company transformation during Vital Energy CEO discusses the company's rebrand and what drove the decision on New York Stock Exchange.
About Mikell Pigott
In a September 2023 interview, Vital Energy President and CEO Jason Pigott discussed the company's rebrand from Laro Petroleum to Vital Energy, which became effective that day. Pigott stated that the company had "really transformed" over the previous three and a half years under his leadership, including acquiring more acreage and drilling higher-quality wells. He said the rebrand was chosen because "what we do is vital to the world" and that the company is focused on providing energy "in the most sustainable way possible." Pigott also highlighted operational improvements, noting that the company had embraced technology such as digital transformation and artificial intelligence. He said the company announced production that was 1,500 barrels per day higher than the higher end of its anticipated range, which he described as "a reflection of everything coming together." Strategically, Pigott said the company's priorities include increasing shareholder value, using free cash flow to pay down debt or repurchase shares, and pursuing acquisitions to create greater scale, stating that "you've got to be a larger scale in size to have a larger impact."