EPS of $0.35 missed estimates of $0.4134 and revenues of $475.53M missed estimates of $526.25M. Fund flows from operations were $270M, net debt decreased to $1.2B, production hit the top end of its guidance for the quarter, and the company is targeting to return 30% of free cash flows to shareholders in 2023. VET is maintaining its 2023 annual production guidance of 82,000 to 86,000 boe/d. The company is working on reducing its debt and we like that it maintained its guidance. These were decent results, and largely, the name will follow the price of oil. It continues to trade at a cheap valuation of 5.4X forward earnings and 1.2X forward sales. With its debt reduction underway, its balance sheet is quite strong and this name has some positive momentum behind it recently. We feel that if the price of oil stabilizes here or increases, we can expect to see the share price of VET move higher.
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