Mikell Pigott on acquisitions
From Vital Energy CEO discusses the company's rebrand and what drove the decision · · New York Stock Exchange
“We've transformed the company by doing acquisitions and buying higher quality assets, so that's still a priority for us as well. When you talk about being Vital Energy, you've got to be a larger scale in size to have a larger impact, so that's a big driver for us this year as well—creating that scale.”
On , Mikell Pigott, President, Chief Executive Officer & Director at VITAL ENGY INC, spoke about acquisitions 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."