Exhibit 99.1

LOGO

Vine Energy Inc. Announces First-Quarter 2021 Results and Provides 2021 Guidance

Plano, Texas, May 17, 2021—Vine Energy Inc. (NYSE: VEI) (“Vine” or the “Company”) today reported first-quarter 2021 results and provided full-year 2021 guidance and select guidance for the second-quarter 2021.

Highlights

•

Completed IPO on March 17, 2021, raising net proceeds of approximately $322 million

•

Issued $950 million of 8-year, 6.75% senior unsecured notes to retire predecessor company notes; projected to save nearly $20 million per year in cash interest expense

•

Closed on a new reserves-based lending facility (“RBL”) with an initial borrowing base of $350 million

The highlights presented below reflect select financial metrics from the unaudited financial statements for the three months ended March 31, 2021 and 2020 and include the results of the predecessor Vine Oil & Gas LP for the entire period and the results of Brix Oil & Gas Holdings LP and Harvest Royalties Holdings LP from March 17, 2021, the effective date of the combination resulting from the corporate reorganization in connection with the initial public offering.

First-Quarter 2021 Select Financial Highlights


	Q1 2021			Q1 2020			Change
($ millions, except per share metrics)
Production (MMcfd)		724			622			102
Revenue, w/derivatives	$	118		$	130		$	(12	)
Operating Income	$	(23	)	$	3		$	(26	)
Operating Cash Flow	$	105		$	100		$	5
Net Income	$	(58	)	$	(27	)	$	(31	)
Net Income attributable to Vine	$	(16	)
Earnings per share	$	(3.95	)

The unaudited financial statements are presented in their entirety in the appendix of this release.

To facilitate a clearer representation of first-quarter 2021 performance, all results presented hereinafter are pro forma for the combination resulting from the corporate reorganization and initial public offering as if the transactions occurred on January 1, 2020.

Financial and Operational Highlights

•

Generated $145 million of adjusted EBITDAX and $20 million of Adjusted Free Cash Flow

•

Incurred capital of $98 million, or 68% of adjusted EBITDAX

•

Announced 2021 capital guidance, which is projected to yield average annual production of approximately 1 Bcf per day (net) while generating substantial Adjusted Free Cash Flow

•

Continued to demonstrate progress toward the Company’s objective to reduce methane and greenhouse gas intensity

Reflecting on the quarter, Eric Marsh, Chairman, President and Chief Executive Officer, commented, “Our initial public offering begins a sequel in Vine’s short but exciting history, and it was undoubtedly the most transformational quarter since 2014 when the company was created by the acquisition of our Haynesville asset. Following the combination of three successful companies, Vine today holds a strategic position in the Haynesville Basin and we have the size, scale and balance sheet to generate significant levered free cash flow and return capital to our shareholders, while concurrently upholding our longstanding commitment to safety and environmental stewardship.”

Mr. Marsh continued, “Though there are many new things about us, our core identity hasn’t changed. Most notably, we have about 25 years of high-quality inventory that supports our ability to create free cash flow longevity, and our operating team is one of the most highly skilled, technical collection of professionals in the industry. We harbor the institutional knowledge and technology which allows us to drill some of the most economic natural gas wells in North America. We believe we can eclipse past milestones as we reach new drilling and completion efficiencies, drive down capital intensity and operating expenses, and deliver on our expectations. Along the way, I believe improving natural gas fundamentals will hasten our bid to substantially increase the value of the company while holding production steady.”

First-Quarter 2021 Select Financial Highlights (Pro Forma)


	Q1 2021		Q1 2020		Change
($ millions, except for per unit metrics)
Production (MMcfd)		945		859		86
Average Realized Price, w/realized derivatives ($/Mcf)	$	2.34	$	2.39	$	(0.05	)
Operating Expenses ($/Mcf)	$	0.63	$	0.66	$	(0.03	)
Adjusted EBITDAX	$	145	$	136	$	9
Capital Incurred	$	98	$	99	$	(1	)
Adjusted Free Cash Flow	$	20	$	12	$	8

Production increased 86 MMcfd compared to the prior year quarter due to new wells brought online, improved operational efficiencies and exceptional PDP performance. However, production was negatively impacted by 28 MMcfd averaged over the first quarter due to winter storm Uri in February 2021 that forced temporary well curtailments.

Average realized price, including realized gain/loss on derivatives, was $2.34 per Mcf, $0.05 per Mcf lower compared to the prior year quarter, as follows:


	Q1 2021			Q1 2020			Change
NYMEX settlement price (MMBtu) (1)	$	2.69		$	1.95		$	0.74
Basis differential, including firm sales		(0.13	)		(0.18	)		0.05
Fuel component of gathering		(0.07	)		(0.05	)		(0.02	)
BTU factor		(0.09	)		(0.07	)		(0.02	)
Prior-period adjustments and non-operated sales		(0.04	)		(0.01	)		(0.03	)

Average realized price, excluding derivatives (Mcf)	$	2.36		$	1.64		$	0.72

Realized gain/(loss) on derivatives		(0.02	)		0.75			(0.77	)

Average realized price, including derivatives (Mcf)	$	2.34		$	2.39		($	0.05	)

⁽¹⁾

Based on posted futures settlement

Total operating expense, excluding DD&A, strategic and exploration expense, and the non-cash gain on the gathering liability, decreased $0.03 per Mcf compared to the prior year quarter. Lease operating expense was impacted by costs related to winter storm Uri and higher produced water volume, while cash gathering expense benefited from a step down in the contractual rate in September 2020. G&A expense was lower by $0.02 due to the June 2020 reduction in force and operating leverage on higher production volume.


per Mcf	Q1 2021		Q1 2020		Change
Lease operating	$	0.22	$	0.20	$	0.02
Gathering & treating, excluding non-cash gain		0.31		0.32		(0.01	)
Prod & ad-valorem taxes		0.06		0.06		0.00
General & administrative		0.05		0.07		(0.02	)

Total (may not foot due to rounding)	$	0.63	$	0.66	$	(0.03	)

Adjusted EBITDAX in the first-quarter 2021 was $145 million compared to $136 million in the prior year quarter, or approximately 73% of revenue, excluding unrealized derivative losses, in both periods. The increase was largely due to higher production volume, partially offset by lower average realized prices. With the sum of capital incurred and cash interest essentially flat year-over-year, Adjusted Free Cash Flow was $20 million compared to $12 million in the prior year quarter.

Refer to “Non-GAAP Financial Measures” in the appendix of this release for a definition of Adjusted EBITDAX and Adjusted Free Cash Flow and related disclaimers.

Operating Results

Development and completion capital incurred in the first-quarter 2021 was $92 million to drill 7 gross (6.2 net) wells and complete 11 gross (10.4) net wells, while other field capital was $6 million related to the buildout of the Company’s water gathering and disposal infrastructure, midstream, leasing and other miscellaneous investments.


Q1 2021	Haynesville				Mid-Bossier				Total
	Gross		Net		Gross		Net		Gross		Net
Wells Drilled		3		2.9		4		3.3		7		6.2
Wells Turned-In-Line (TIL)		9		8.4		2		2.0		11		10.4
Completed Lateral (ft)										87,993		83,010

Guidance: Prioritizing Free Cash Flow Generation and Debt Reduction

Vine’s 2021 guidance was developed to prioritize free cash flow generation and debt reduction. Average annual production is expected to be 10 – 12% higher compared to 2020 as the Company targets a one-time step-up to its optimal, long-term production goal of 1 Bcf per day.

Approximately 60% of expenditures associated with the 2021 capital program are expected to be incurred in the first six months of 2021. The program is expected to target 250,000 to 260,000 net feet of completed lateral while drilling and completion costs are expected in the range of $1,180 to $1,210 per lateral foot.


	2021 ⁽¹⁾	2nd quarter 2021
Average Production	985 – 1,005 MMcfd	1,050 – 1,060 MMcfd
Adjusted Free Cash Flow (2)	$145 – $155 million
Capital Spending (incurred)	$340 – $350 million
Lease operating expense, per Mcf	$0.19 – $0.20
Gathering & treating, per Mcf	$0.29 – $0.30
Production & ad-valorem taxes, per Mcf	$0.06 – $0.07
General & administrative, per Mcf (3)	$0.06 – $0.07
Cash interest (4)	$88 – $90 million	$20 – $22 million
Cash income taxes (5)	$22 – $24 million	$5.0 – $5.5 million

⁽¹⁾

Includes 1st quarter 2021 pro forma results for combined entity

⁽²⁾

Based on NYMEX futures on April 30, 2021; refer to the appendix for Vine’s definition of Adjusted Free Cash Flow

⁽³⁾

Excludes non-cash stock compensation

⁽⁴⁾

Excludes call premiums on retirement of Vine Oil & Gas LP unsecured notes

⁽⁵⁾

Includes tax distributions to original owners (financing cash flow)

Financial Position and Liquidity

As of March 31, 2021, total debt outstanding was $1.1 billion, consisting of $28 million outstanding under the 1^st lien RBL, $150 million outstanding under the 2^nd lien term loan, and $910 million of legacy unsecured notes issued by Vine Oil & Gas LP as the predecessor entity. Settlement of the newly issued $950 million, 6.75% 2029 senior unsecured notes did not occur until April 7, 2021. Liquidity was $389 million, in the form of cash on hand and availability under the Company’s $350 million RBL, less a $26 million letter of credit.

As of April 30, 2021, total debt outstanding was $1.2 billion, consisting of $73 million outstanding under the 1^st lien RBL, $150 million outstanding under the 2^nd lien term loan, and $950 million of 6.75% senior unsecured notes due 2029. Liquidity was $334 million.

In early May 2021, liquidity was enhanced by $13 million following the partial release (50%) of an outstanding letter of credit.

Hedging Update

Vine routinely utilizes commodity swaps and options to protect its development program and increase the predictability of future cash flows. As of March 31, 2021, approximately 90% of forecasted average production for April to December 2021 is hedged at a weighted average price of $2.53 per MMBtu.

The Company also engages in firm sales agreements with high-quality counterparties to effectively hedge the price received for natural gas sales at local gathering hubs. Approximately 55% of forecasted average production for April to December 2021 is presold, as follows: 30% at a weighted average price of $0.16 per MMBtu under NYMEX and 25% at $0.01 per MMBtu over Columbia Mainline.

Refer to appendix of this release for a quarterly schedule of the Company’s commodity derivative and firm sales portfolios.

Environmental, Social and Governance

Vine is committed to operating in a manner that protects the welfare of people, the environment, wildlife, and local communities. The Company proudly produces 100% natural gas to meet global demand for cleaner, sustainable, and reliable energy, while concurrently preserving ecosystems for future generations. Since 2017, Vine predecessors have reduced methane intensity by 62% and greenhouse gas intensity by 35%, with plans to realize further reductions. To learn more about Vine’s ESG leadership, visit www.vineenergy.com/commitment.

Conference Call

Date: May 17, 2021

Time: 9am Central time

Securities analysts may access an open line by dialing (844) 912-3900 (domestic U.S.) or (236) 714-3354 (international) using conference ID 5188044.

All others are encouraged to access the live webcast in listen-only mode by navigating to the following link: https://www.vineenergy.com/investors/events-and-presentations/. Note: registration required. Please access the link at least 5 minutes prior to the start of the call.

A replay of the webcast will be archived for one-year at the web address noted above.

About Vine Energy Inc.

Vine Energy Inc. (NYSE: VEI) is an energy company focused exclusively on the development of natural gas properties in the stacked Haynesville and Mid-Bossier shales in the Haynesville Basin of Northwest Louisiana. The company employs a relentless focus on generating free cash flow and shareholder returns while demonstrating environmental, social and governance leadership. For more information, visit our website at www.VineEnergy.com.

Investor Contact Information

David Erdman

Director, Investor Relations

Phone: 469-605-2480

Email: david.erdman@VineEnergy.com

Forward-Looking Statements

The information in this Notice includes “forward-looking statements.” All statements, other than statements of historical fact included in this Notice, regarding our strategy, future operations, financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this Notice, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. These forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events. We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the exploration for and development, production and sale of natural gas. These risks include, but are not limited to, commodity price volatility, lack of availability of drilling and production equipment and services, costs for drilling and completion and production services, drilling and other operating risks, environmental risks, regulatory changes, the uncertainty inherent in estimating natural gas reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, and other risks.

###

FINANCIAL STATEMENTS OF VINE ENERGY INC.

(U.S. GAAP)

VINE ENERGY INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share—Unaudited)


	For the Three Months Ended March 31,
	2021			2020
Revenue:
Natural gas sales	$	153,986		$	92,543
Realized (loss) gain on commodity derivatives		(760	)		42,044
Unrealized loss on commodity derivatives		(35,103	)		(4,639	)

Total revenue		118,123			129,948
Operating Expenses:
Lease operating		14,960			12,995
Gathering and treating		20,601			16,382
Production and ad valorem taxes		3,982			4,149
General and administrative		2,583			3,331
Monitoring fee		2,077			1,738
Depletion, depreciation and accretion		97,072			82,324
Exploration		—			75
Strategic		—			562
Write-off of deferred IPO costs		—			5,787

Total operating expenses		141,275			127,343

Operating Income		(23,152	)		2,605
Interest Expense:
Interest		(29,792	)		(29,351	)
Loss on extinguishment of debt		(4,883	)		—

Total interest expense		(34,675	)		(29,351	)

Income before income taxes		(57,827	)		(26,746	)
Income tax provision		(165	)		(150	)

Net Income	$	(57,992	)	$	(26,896	)

Net income attributable to Predecessor		(28,939	)
Net income attributable to noncontrolling interest		(13,144	)
Net income attributable to Vine Energy Inc.		(15,909	)
Net income per share attributable to Vine Energy Inc.:
Basic	$	(3.95	)
Diluted	$	(3.95	)
Weighted average shares outstanding:
Basic		4,032,450
Diluted		4,032,450

VINE ENERGY INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands—Unaudited)


	March 31, 2021			December 31, 2020
Assets
Current assets:
Cash and cash equivalents	$	92,528		$	15,517
Accounts receivable		91,161			77,129
Joint interest billing receivables		17,625			18,280
Prepaid and other		1,417			3,626

Total current assets		202,731			114,552
Natural gas properties (successful efforts):
Proved		3,162,572			2,722,419
Unproved		89,993			—
Accumulated depletion		(1,475,582	)		(1,380,065	)

Total natural gas properties, net		1,776,983			1,342,354
Other property and equipment, net		8,828			7,936
Other		12,233			2,921

Total assets	$	2,000,775		$	1,467,763

Liabilities and Stockholders’ Equity / Partners’ Capital
Current liabilities:
Accounts payable	$	7,908		$	20,986
Accrued liabilities		141,468			90,004
Revenue payable		29,121			37,552
Derivatives		78,529			19,948

Total current liabilities		257,026			168,490
Long-term liabilities:
New RBL		28,000			—
Prior RBL		—			183,569
Second lien credit facility		143,664			142,947
Unsecured debt		899,435			898,225
Asset retirement obligations		23,467			21,889
TRA liability		6,985			—
Derivatives		31,447			38,341
Other		—			4,241

Total liabilities		1,390,024			1,457,702
Commitments and contingencies
Stockholders’ Equity / Partners’ Capital
Partners’ capital		—			10,061
Class A common stock, $0.01 par value, 350,000,000 shares authorized, 41,040,721 issued and outstanding at March 31, 2021		410			—
Class B common stock, $0.01 par value, 150,000,000 shares authorized, 34,218,535 issued and outstanding at March 31, 2021		342			—
Additional paid-in capital		348,406			—
Retained earnings		(15,909	)

Total stockholders’ equity attributable to Vine Energy Inc.		333,249			10,061
Noncontrolling interest		277,502			—

Total stockholders’ equity / partners’ capital		610,751			10,061

Total liabilities and stockholders’ equity / partners’ capital	$	2,000,775		$	1,467,763

VINE ENERGY INC

CONSOLIDATED STATEMENTS OF CASH FLOW

(Amounts in thousands—Unaudited)


	For the Three Months Ended March 31,
	2021			2020
Operating Activities
Net income	$	(57,992	)	$	(26,896	)
Adjustments to reconcile net income to operating cash flow:
Depletion, depreciation and accretion		97,072			82,324
Amortization of financing costs		2,909			4,361
Non-cash loss on extinguishment of debt		4,883			—
Non-cash write-off of deferred IPO costs		—			5,787
Unrealized loss on commodity derivatives		35,103			4,639
Volumetric and production adjustment to gas gathering liability		—			(2,567	)
Other		33			(6	)
Changes in assets and liabilities:
Accounts receivable		11,294			9,549
Joint interest billing receivables		10,084			(5,041	)
Accounts payable and accrued expenses		25,182			34,428
Revenue payable		(21,815	)		(6,967	)
Other		(1,442	)		530

Operating cash flow		105,311			100,141
Investing Activities
Cash received in acquisition of the Brix Companies		19,858			—
Capital expenditures		(78,013	)		(86,005	)

Investing cash flow		(58,155	)		(86,005	)
Financing Activities
Repayment of Brix Credit Facility		(127,500	)		—
Proceeds from New RBL		28,000			45,000
Payments on Prior RBL		(190,000	)		—
Proceeds from issuance of Class A common stock, net of fees		327,422			—
Deferred financing costs		(8,067	)		(3,848	)

Financing cash flow		29,855			41,152
Net increase in cash and cash equivalents		77,011			55,288
Cash and cash equivalents at beginning of period		15,517			18,286

Cash and cash equivalents at end of period	$	92,528		$	73,574

FINANCIAL STATEMENTS OF VINE ENERGY INC.

(Pro Forma)

To facilitate a clearer representation of first-quarter 2021 performance, all schedules presented hereinafter are pro forma for the combination resulting from the corporate reorganization and initial public offering as if the transactions occurred on January 1, 2020.

VINE ENERGY INC.

UNAUDITED PRO FORMA STATEMENTS OF OPERATIONS


	For the Three Months Ended March 31,
	2021			2020
Revenue:
Natural gas sales	$	200,927		$	128,296
Realized gain (loss) on derivatives		(2,348	)		58,305
Unrealized loss on derivatives		(37,949	)		(5,437	)

Total revenue		160,630			181,164
Operating Expenses:
Lease operating		18,693			15,725
Gathering and treating		26,296			22,654
Production and ad valorem taxes		4,757			4,951
General and administrative		3,954			5,453
Depletion, depreciation and accretion		106,505			93,457
Exploration		1			75
Strategic costs		—			717
Write-off of deferred IPO expenses		—			5,787

Total operating expenses		160,206			148,819

Operating Income		424			32,345

Interest expense		(34,249	)		(27,284	)
Income Before Income Taxes		(33,825	)		5,061

Income tax provision		(165	)	$	(150	)

Net Income	$	(33,990	)	$	4,911

Net income attributable to non-controlling interests		(15,390	)		2,303

Net Income Attributable to Vine Energy Inc.		(18,600	)		2,608

Net Income per Share:
Basic	$	(0.45	)	$	0.06

Diluted	$	(0.45	)	$	0.06

Weighted Average Shares Outstanding:
Basic		41,040,721			41,040,721

Diluted		41,040,721			41,040,721

VINE ENERGY INC

SELECT PRO FORMA PRODUCTION AND UNIT COSTS STATISTICS


	For the Three Months Ended Mar 31,
	2021		2020
Production data:
Natural gas (MMcf)		85,035		78,207
Average daily production (MMcfd)		945		859
Average sales prices per Mcf:
Before effects of derivatives	$	2.36	$	1.64
After effects of derivatives		2.34		2.39
Costs per Mcf:
Lease operating	$	0.22	$	0.20
Cash gathering and treating		0.31		0.32
Production and ad valorem taxes		0.06		0.06
General and administrative		0.05		0.07

Total cash operating expenses	$	0.63	$	0.66

Exploration		0.00		0.00
Depreciation, depletion and accretion		1.25		1.19
Strategic		—		0.01
Non-cash gain on gathering liability		—		(0.03	)
Non-cash writeoff of deferred IPO costs		—		0.07

Total (may not foot due to rounding)	$	1.88	$	1.90

VINE ENERGY INC.

NATURAL GAS SWAPS


	Natural Gas Swaps		Weighted Avg Swap Price
Period	(MMBtud)		($ / MMBtu)
2021
Second Quarter		832,871	$	2.52
Third Quarter		845,333	$	2.53
Fourth Quarter		848,887	$	2.55
2022
First Quarter		866,797	$	2.56
Second Quarter		348,859	$	2.54
Third Quarter		409,853	$	2.54
Fourth Quarter		604,935	$	2.53
2023
First Quarter		528,652	$	2.48
Second Quarter		65,470	$	2.45
Third Quarter		45,954	$	2.44
Fourth Quarter		125,092	$	2.50
2024
First Quarter		313,512	$	2.53
Second Quarter		11,957	$	2.31
Third Quarter		7,366	$	2.31
Fourth Quarter		70,761	$	2.58
2025
First Quarter		137,667	$	2.58

VINE ENERGY INC.

FIRM SALES


Period	Firm Sales: NYMEX Index (MMBtud)		Weighted Avg Price (NYMEX less) ($ / MMBtu)			Firm Sales: ML Index (MMBtud)		Weighted Avg Price (ML plus) ($ / MMBtu)
2021
Second Quarter		405,067	$	(0.163	)		467,171	$	0.012
Third Quarter		310,000	$	(0.163	)		355,202	$	0.013
Fourth Quarter		310,000	$	(0.163	)		138,401	$	0.014
2022
First Quarter		310,000	$	(0.163	)		30,000	$	0.015
Second Quarter		100,000	$	(0.150	)		30,000	$	0.015
Third Quarter		100,000	$	(0.150	)		30,000	$	0.015
Fourth Quarter		33,333	$	(0.150	)		30,000	$	0.015
2023
First Quarter							30,000	$	0.015

FINANCIAL STATEMENTS OF VINE ENERGY INC.

(Reconciliation)

NON-GAAP FINANCIAL MEASURES

We define Adjusted EBITDAX as our net income before interest expense, income taxes, depreciation, depletion and accretion, unrealized gains and losses on commodity derivatives, exploration expense, strategic expense, and other non-cash operating items. We believe Adjusted EBITDAX is a useful performance measure because it allows for an effective valuation of our operating performance when compared against our peers, without regard to our financing methods, corporate form, or capital structure. We exclude the items listed above in arriving at Adjusted EBITDAX to reflect the substantial variance in practice from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDAX should not be considered as an alternative to, or more meaningful than, net income determined in accordance with GAAP. Certain items excluded from Adjusted EBITDAX are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax burden, as well as the historic costs of depreciable assets, none of which are reflected in Adjusted EBITDAX. Our presentation of Adjusted EBITDAX should not be construed as an inference that our results will be unaffected by unusual or non-recurring items. Our computations of Adjusted EBITDAX may not be identical to other similarly titled measures of other companies.

We define Adjusted Free Cash Flow as Adjusted EBITDAX less the sum of cash interest, capital incurred and tax payments and distributions. We believe Adjusted Free Cash Flow is a useful performance measure as it’s an indicator of the company’s ability to generate cash flow once capital is invested to either maintain or expand production. Adjusted Free Cash Flow should not be considered as an alternative to, or more meaningful than, operating cash flow or investing cash flow determined in accordance with GAAP. Our computation of adjusted free cash flow may not be identical to other similarly titled measures of other companies.

VINE ENERGY INC.

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDAX AND ADJUSTED FREE CASH FLOW


	Pro Forma Presentation						GAAP Presentation
	For the Three Months Ended Mar 31,						For the Three Months Ended Mar 31,
	2021			2020			2021			2020
	(in thousands)						(in thousands)
Net income/(loss)	$	(33,990	)	$	4,911		$	(57,992	)	$	(26,896	)
Interest expense		34,249			27,284			34,675			29,351
Income tax provision		165			150			165			150
Depletion, depreciation and accretion		106,505			93,457			97,072			82,324
Unrealized (gain)/loss on commodity derivatives		37,949			5,437			35,103			4,639
Exploration		1			75			—			75
Non-cash G&A		—			344			(1	)		(6	)
Strategic		—			717			—			562
Non-cash writeoff of deferred IPO costs		—			5,787			—			5,787
Non-cash volumetric and production adjustment to gas gathering liability		—			(2,567	)		—			(2,567	)

Adjusted EBITDAX	$	144,879		$	135,595		$	109,022		$	93,419

Cash interest		(26,588	)		(24,242	)		(26,770	)		(24,990	)
Capital incurred		(97,828	)		(99,021	)		(81,168	)		(82,290	)

Adjusted Free Cash Flow	$	20,463		$	12,332		$	1,084		$	(13,861	)

VINE ENERGY INC. 8-K