GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--November 03, 2025--
Vitesse Energy, Inc. (NYSE: VTS) ("we," "our," "Vitesse," or the "Company") today reported the Company's third quarter 2025 financial and operating results and increased 2025 production and capital expenditures guidance.
THIRD QUARTER 2025 HIGHLIGHTS
-- As previously announced, declared a quarterly cash dividend of $0.5625
per common share to be paid on December 31, 2025
-- Net loss of $1.3 million and Adjusted Net Income(1) of $3.8 million
-- Adjusted EBITDA(1) of $41.6 million
-- Cash flow from operations of $49.4 million and Free Cash Flow(1) of
$13.6 million
-- Production of 18,163 barrels of oil equivalent ("Boe") per day (65%
oil)
-- Total cash development capital expenditures and acquisition costs of
$31.8 million
-- Total debt of $114.0 million and Net Debt to Adjusted EBITDA ratio(1)
of 0.65
(1) Non-GAAP financial measure; see reconciliation schedules at the end of this release
MANAGEMENT COMMENTS
"In the third quarter, we paid our dividend, maintained our conservative balance sheet, and allocated capital to the most economic projects," said Bob Gerrity, Vitesse's Chairman and Chief Executive Officer. "Technological improvements in the Bakken, most notably in the economic performance of three- and four-mile laterals, continue to enhance the value of our asset. Drilling of these extended laterals is occurring in areas of the field where Vitesse has its most concentrated acreage position. Additionally, our operating team successfully completed two 95% working interest wells under budget, with initial oil and gas production outperforming our underwriting."
STOCKHOLDER RETURNS
On October 27,2025, Vitesse declared its fourth quarter cash dividend of $0.5625 per share for stockholders of record as of December 15, 2025, which will be paid on December 31, 2025.
On September 30, 2025, the Company paid its third quarter cash dividend of $0.5625 per share to common stockholders of record as of September 15, 2025.
FINANCIAL AND OPERATING RESULTS
Third quarter net loss was $1.3 million and Adjusted Net Income was $3.8 million. Adjusted EBITDA was $41.6 million. See "Non-GAAP Financial Measures" below.
Oil and natural gas production for the third quarter of 2025 averaged 18,163 Boe per day, a sequential decrease of 4% from the second quarter of 2025. Oil represented 65% of production and 96% of total oil and natural gas revenue. Total revenue plus the effects of our realized hedges was $71.7 million.
Vitesse's average realized oil and natural gas prices before hedging were $59.73 per Bbl and $0.85 per Mcf, respectively, during the third quarter of 2025. The Company had hedges covering 63% of oil production in the third quarter of 2025 and its realized oil price with hedging was $62.71 per Bbl. Its realized natural gas price with hedging was $1.14 per Mcf.
Lease operating expenses in the third quarter of 2025 were $18.5 million, or $11.05 per Boe. General and administrative expenses for the third quarter of 2025 totaled $5.7 million, or $3.44 per Boe.
LIQUIDITY AND CAPITAL EXPENDITURES
As of September 30, 2025, Vitesse had $5.6 million in cash and $114.0 million of borrowings outstanding on its revolving credit facility. Vitesse had total liquidity of $141.6 million as of September 30, 2025, consisting of cash and $136.0 million of committed borrowing availability under its revolving credit facility.
On October 17, 2025, Vitesse completed its semi-annual redetermination of its revolving credit facility. The borrowing base was reduced from $315 million to $295 million due to the lower commodity price environment with elected commitments being reaffirmed at $250 million.
During the quarter, Vitesse invested $26.0 million in development capital expenditures and $5.8 million in acquisitions of oil and natural gas properties.
OPERATIONS UPDATE
As of September 30, 2025, the Company owned an interest in 299 gross (5.6 net) wells that were either drilling or in the completion phase, and another 414 gross (15.2 net) locations that had been permitted for development.
In late September, Vitesse's operating team turned to production two gross (1.9 net) drilled but uncompleted wells acquired through the acquisition of Lucero Energy Corp. ("Lucero") in March of 2025. The wells were completed approximately $2 million, or 15%, under budget and initial oil and natural gas production is exceeding underwritten expectations.
REVISED 2025 GUIDANCE
Vitesse revised its 2025 annual guidance due to incremental drilling activity on its organic non-operated asset and from the completion of the two gross (1.9 net) operated drilled but uncompleted wells in the third quarter.
The Company is increasing its annual production guidance for 2025 by 8% at the midpoint and narrowing the range. It is increasing and tightening the range of its capital expenditure guidance and narrowing the range of oil as a percentage of annual production.
Prior 2025 Guidance Revised 2025 Guidance
------------------- ---------------------
Annual Production (Boe per day) 15,000 - 17,000 17,000 - 17,500
Oil as a Percentage of Annual
Production 64% - 68% 65% - 67%
Total Capital Expenditures ($ in
millions) $80 - $110 $110 - $125
THIRD QUARTER 2025 RESULTS
The following table sets forth selected financial and operating data for the periods indicated.
THREE MONTHS ENDED INCREASE
SEPTEMBER 30, (DECREASE)
---------------------- --------------------
($ in thousands,
except production
and per unit
data) 2025 2024 AMOUNT PERCENT
------------ -------- --------- ---------
Financial and
Operating
Results:
Revenue
Oil $ 64,422 $ 56,181 $ 8,241 15%
Natural gas 3,021 2,099 922 44%
------- ------- ------- -----
Total
revenue $ 67,443 $ 58,280 $ 9,163 16%
------- ------- ------- -----
Operating Expenses
Lease operating
expense $ 18,465 $ 11,622 $ 6,843 59%
Production
taxes 6,229 5,329 900 17%
General and
administrative 5,743 5,231 512 10%
Depletion,
depreciation,
amortization,
and accretion 34,216 24,915 9,301 37%
Equity-based
compensation 2,682 2,202 480 22%
Interest Expense $ 2,381 $ 2,722 $ (341) (13%)
Commodity
Derivative Gain,
Net $ 681 $ 17,368 $(16,687) *
Income Tax
(Benefit)
Expense $ (254) $ 6,220 $ (6,474) (104%)
Production Data:
Oil (MBbls) 1,079 809 270 33%
Natural gas
(MMcf) 3,555 2,326 1,229 53%
Combined
volumes
(MBoe) 1,671 1,197 474 40%
Daily combined
volumes
(Boe/d) 18,163 13,009 5,154 40%
Average Realized
Prices before
Hedging:
Oil (per Bbl) $ 59.73 $ 69.43 $ (9.70) (14%)
Natural gas
(per Mcf) 0.85 0.90 (0.05) (6%)
Combined (per
Boe) 40.36 48.69 (8.33) (17%)
Average Realized
Prices with
Hedging:
Oil (per Bbl) $ 62.71 $ 71.20 $ (8.49) (12%)
Natural gas
(per Mcf) 1.14 0.90 0.24 27%
Combined (per
Boe) 42.91 49.89 (6.98) (14%)
Average Costs (per
Boe):
Lease operating $ 11.05 $ 9.71 $ 1.34 14%
Production
taxes 3.73 4.45 (0.72) (16%)
General and
administrative 3.44 4.37 (0.93) (21%)
Depletion,
depreciation,
amortization,
and accretion 20.48 20.82 (0.34) (2%)
*Not meaningful
COMMODITY HEDGING
Vitesse hedges a portion of its expected oil, natural gas, and natural gas liquids production volumes to increase the predictability and certainty of its cash flow and to help maintain a strong financial position to support its dividend. Based on the midpoint of its revised 2025 guidance, Vitesse has approximately 60% of its remaining 2025 oil production hedged at a weighted average price of $69.99 per barrel and 44% of its remaining 2025 natural gas production hedged at a weighted average floor of $3.73 per MMBtu.
As of September 30, 2025, the Company had the following crude oil swaps:
VOLUME HEDGED WEIGHTED AVERAGE
INDEX SETTLEMENT PERIOD (Bbls) FIXED PRICE
---------- ------------------ ------------- ----------------
WTI-NYMEX Q4 2025 609,166 $69.99
WTI-NYMEX Q1 2026 406,791 $66.94
WTI-NYMEX Q2 2026 377,509 $66.94
WTI-NYMEX Q3 2026 226,679 $65.50
WTI-NYMEX Q4 2026 213,155 $65.52
As of September 30, 2025, the Company had the following natural gas collars:
INDEX SETTLEMENT PERIOD VOLUME HEDGED WEIGHTED AVERAGE
(MMbtu) FLOOR/CEILING PRICE
--------------- ----------------- ------------- --------------------
Henry Hub-NYMEX Q4 2025 1,357,000 $3.73 / $5.85
Henry Hub-NYMEX Q1 2026 1,266,700 $3.73 / $5.00
Henry Hub-NYMEX Q2 2026 1,188,700 $3.73 / $5.00
Henry Hub-NYMEX Q3 2026 1,120,800 $3.72 / $4.99
Henry Hub-NYMEX Q4 2026 1,062,700 $3.72 / $4.99
Henry Hub-NYMEX Q1 2027 795,000 $4.00 / $5.68
As of September 30, 2025, the Company had the following natural gas basis swaps:
VOLUME HEDGED WEIGHTED AVERAGE
INDEX SETTLEMENT PERIOD (MMbtu) FIXED PRICE
----------------- ------------------ ------------- ----------------
Chicago City Gate
to Henry Hub Q4 2025 1,357,000 $(0.350)
Chicago City Gate
to Henry Hub Q1 2026 1,266,700 $(0.121)
Chicago City Gate
to Henry Hub Q2 2026 1,188,700 $(0.121)
Chicago City Gate
to Henry Hub Q3 2026 1,120,800 $(0.121)
Chicago City Gate
to Henry Hub Q4 2026 1,062,700 $(0.121)
Chicago City Gate
to Henry Hub Q1 2027 795,000 $0.300
As of September 30, 2025, the Company had the following natural gas liquids swaps:
VOLUME HEDGED WEIGHTED AVERAGE
INDEX SETTLEMENT PERIOD (Gallons) FIXED PRICE
----------------- ------------------ ------------- ----------------
Mont Belvieu
Ethane 2025 636,000 $0.26
Conway Propane 2025 630,000 $0.71
Mont Belvieu
Iso-Butane 2025 82,000 $0.90
Mont Belvieu
Normal Butane 2025 234,000 $0.86
Mont Belvieu
Natural Gasoline 2025 282,000 $1.29
Mont Belvieu
Ethane 2026 2,176,000 $0.26
Conway Propane 2026 2,153,000 $0.71
Mont Belvieu
Iso-Butane 2026 282,000 $0.90
Mont Belvieu
Normal Butane 2026 798,000 $0.86
Mont Belvieu
Natural Gasoline 2026 1,001,000 $1.29
The following table presents Vitesse's settlements on commodity derivative instruments and unsettled gains and losses on open commodity derivative instruments for the periods presented:
THREE MONTHS ENDED SEPTEMBER 30,
----------------------------------------
(in thousands) 2025 2024
---------------------- ----------------
Realized gain on commodity
derivatives (1) $ 4,258 $ 1,430
Unrealized (loss) gain on
commodity derivatives (1) (3,577) 15,938
--- ------------- ------------
Total commodity derivative gain $ 681 $ 17,368
(1) Realized and unrealized gains and losses on commodity derivatives are
presented herein as separate line items but are combined for a total
commodity derivative gain (loss) in the consolidated statements of
operations included below. Management believes the separate presentation
of the realized and unrealized commodity derivative gains and losses is
useful, providing a better understanding of our hedge position.
Q3 2025 EARNINGS CONFERENCE CALL
In conjunction with Vitesse's release of its financial and operating results, investors, analysts and other interested parties are invited to listen to a conference call with management on Tuesday, November 4, 2025 at 11:00 a.m. Eastern Time.
An updated corporate slide presentation that may be referenced on the conference call will be posted prior to the conference call on Vitesse's website, www.vitesse-vts.com, in the "Investor Relations" section of the site, under "News & Events," sub-tab "Presentations."
Those wishing to listen to the conference call may do so via the Company's website or by phone as follows:
Website: https://event.choruscall.com/mediaframe/webcast.html?webcastid=fNxMT7Hg
Dial-In Number: 877-407-0778 (US/Canada) and 201-689-8565 (International)
Conference ID: 13756679 - Vitesse Energy Third Quarter 2025 Earnings Call
Replay Dial-In Number: 877-660-6853 (US/Canada) and 201-612-7415 (International)
Replay Access Code: 13756679 - Replay will be available through November 11, 2025
UPCOMING INVESTOR EVENT
Vitesse management will participate in the Southwest IDEAS Conference in Dallas on November 20, 2025.
Any investor presentations to be used for this event will be posted prior to the event on Vitesse's website, www.vitesse-vts.com, in the "Investor Relations" section of the site, under "News & Events," sub-tab "Presentations."
ABOUT VITESSE ENERGY, INC.
Vitesse Energy, Inc. is focused on returning capital to stockholders through owning financial interests predominantly as a non-operator in oil and gas wells drilled by leading US operators.
More information about Vitesse can be found at www.vitesse-vts.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this release regarding Vitesse's financial position, operating and financial performance, business strategy, dividend plans and practices, guidance, plans and objectives of management for future operations, and industry conditions are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect, " "continue," "anticipate," "target," "could," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production and sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Vitesse's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in oil and natural gas prices; the pace of drilling and completions activity on Vitesse's properties; Vitesse's ability to acquire additional development opportunities; potential acquisition transactions; integration and benefits of acquisitions, including the Lucero acquisition, or the effects of such acquisitions on Vitesse's cash position and levels of indebtedness; changes in Vitesse's reserves estimates or the value thereof; disruptions to Vitesse's business due to acquisitions and other significant transactions; the ultimate timing, outcome, and results of integrating and executing on Lucero's operations; infrastructure constraints and related factors affecting Vitesse's properties; cost inflation or supply chain disruption; ongoing legal disputes over and potential shutdown of the Dakota Access Pipeline; the impact of general economic or industry conditions, nationally and/or in the communities in which Vitesse conducts business, including central bank policy actions, bank failures and associated liquidity risks; changes in the interest rate environment, legislation or regulatory requirements; changes in US trade policy, including the imposition of and change in tariffs and resulting consequences; conditions of the securities markets; Vitesse's ability to raise or access capital; cyber-related risks; changes in accounting principles, policies or guidelines; and financial or political instability, health-related epidemics, acts of war (including conflicts in the Middle East and Ukraine) or terrorism, and other economic, competitive, governmental, regulatory and technical factors, including a prolonged government shutdown, affecting Vitesse's operations, products and prices. Additional information concerning potential factors that could affect future results is included in the section entitled "Item 1A. Risk Factors" and other sections of Vitesse's Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause Vitesse's actual results to differ from those set forth in the forward looking statements.
Vitesse has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Vitesse's control. Vitesse does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.
FINANCIAL INFORMATION
VITESSE ENERGY, INC.
Condensed Consolidated Statements of Operations (Unaudited)
FOR THE THREE MONTHS ENDED FOR THE NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
-------------------------- ----------------------------
(In thousands,
except share
data) 2025 2024 2025 2024
---------- ---------- ---------- ----------
Revenue
Oil $ 64,422 $ 56,181 $ 189,957 $ 177,672
Natural gas 3,021 2,099 25,412 8,400
---------- ---------- ---------- ----------
Total
revenue 67,443 58,280 215,369 186,072
Operating Expenses
Lease operating
expense 18,465 11,622 51,949 35,685
Production
taxes 6,229 5,329 18,181 16,555
General and
administrative 5,743 5,231 18,185 15,329
Depletion,
depreciation,
amortization,
and accretion 34,216 24,915 95,355 73,776
Equity-based
compensation 2,682 2,202 7,555 5,853
---------- ---------- ---------- ----------
Total
operating
expenses 67,335 49,299 191,225 147,198
Operating Income 108 8,981 24,144 38,874
Other (Expense)
Income
Commodity
derivative
gain, net 681 17,368 18,960 3,923
Interest
expense (2,381) (2,722) (7,825) (7,510)
Other income,
net 27 35 153 64
---------- ---------- ---------- ----------
Total other
(expense)
income (1,673) 14,681 11,288 (3,523)
---------- ---------- ---------- ----------
(Loss) Income
Before Income
Taxes $ (1,565) $ 23,662 $ 35,432 $ 35,351
(Provision for)
Benefit from
Income Taxes 254 (6,220) (9,416) (9,166)
Net (Loss) Income $ (1,311) $ 17,442 $ 26,016 $ 26,185
========== ========== ========== ==========
Weighted average
common shares --
basic 39,135,284 30,075,956 37,127,254 30,018,912
========== ========== ========== ==========
Weighted average
common shares --
diluted 39,135,284 32,987,524 39,060,395 32,887,499
========== ========== ========== ==========
Net (loss) income
per common share
-- basic $ (0.03) $ 0.56 $ 0.70 $ 0.87
========== ========== ========== ==========
Net (loss) income
per common share
-- diluted $ (0.03) $ 0.53 $ 0.67 $ 0.80
VITESSE ENERGY, INC.
Condensed Consolidated Balance Sheets (Unaudited)
SEPTEMBER 30, DECEMBER 31,
--------------- ----------------
(in thousands, except shares) 2025 2024
---------- ---------
Assets
Current Assets
Cash $ 5,573 $ 2,967
Revenue receivable 34,830 39,788
Commodity derivatives 11,350 3,842
Prepaid expenses and other current
assets 5,290 4,314
---------- ---------
Total current assets 57,043 50,911
Oil and Gas Properties-Using the
successful efforts method of
accounting
Proved oil and gas properties 1,525,677 1,315,566
Less accumulated DD&A and impairment (658,187) (563,590)
---------- ---------
Total oil and gas properties, net 867,490 751,976
Other Property and Equipment--Net 137 182
Commodity derivatives 1,147 284
Other noncurrent assets 7,107 7,540
---------- ---------
Total assets $ 932,924 $ 810,893
---------- ---------
Liabilities and Equity
Current Liabilities
Accounts payable $ 20,087 $ 34,316
Accrued liabilities 46,553 65,714
Commodity derivatives -- 299
Other current liabilities 144 --
---------- ---------
Total current liabilities 66,784 100,329
Revolving credit facility 114,000 117,000
Deferred tax liability 81,098 72,001
Asset retirement obligations 13,435 9,652
Commodity derivatives 174 94
Other noncurrent liabilities 7,178 11,483
---------- ---------
Total liabilities $ 282,669 $ 310,559
Commitments and Contingencies
Equity
Preferred stock, $0.01 par value,
5,000,000 shares authorized; 0
shares issued at September 30, 2025
and December 31, 2024, respectively -- --
Common stock, $0.01 par value,
95,000,000 shares authorized;
40,615,302 and 32,650,889 shares
issued at September 30, 2025 and
December 31, 2024, respectively 406 326
Additional paid-in capital 651,160 505,133
Accumulated deficit (1,311) (5,125)
---------- ---------
Total equity 650,255 500,334
---------- ---------
Total liabilities and equity $ 932,924 $ 810,893
---------- ---------
NON-GAAP FINANCIAL MEASURES
Vitesse defines Adjusted Net Income as net (loss) income before (i) non-cash gains and losses on unsettled derivative instruments, (ii) non-cash equity-based compensation, (iii) benefit from income taxes, and (iv) certain other items such as material general and administrative costs related to the Lucero acquisition; reduced by the estimated impact of income tax expense.
Net Debt is calculated by deducting cash on hand from the amount outstanding on our revolving credit facility as of the balance sheet or measurement date.
Adjusted EBITDA is defined as net (loss) income before expenses for interest, income taxes, depletion, depreciation, amortization and accretion, and excludes non-cash equity-based compensation and non-cash gains and losses on unsettled derivative instruments in addition to certain other items such as material general and administrative costs related to the Lucero acquisition.
Vitesse defines Free Cash Flow as cash flow from operations, adjusting for changes in operating assets and liabilities in addition to certain other items such as material general and administrative costs related to the Lucero acquisition, less development of oil and gas properties.
Management believes the use of these non-GAAP financial measures provides useful information to investors to gain an overall understanding of financial performance. Specifically, management believes the non-GAAP financial measures included herein provide useful information to both management and investors by excluding certain items that management believes are not indicative of Vitesse's core operating results. In addition, these non-GAAP financial measures are used by management for budgeting and forecasting as well as subsequently measuring Vitesse's performance, and management believes it is providing investors with financial measures that most closely align to its internal measurement processes. A reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP measure is included below.
RECONCILIATION OF ADJUSTED NET INCOME
------------------------------------------------------------------------------
FOR THE THREE MONTHS ENDED
(in thousands) SEPTEMBER 30, 2025
------------------------------
Net (Loss) Income $ (1,311)
Add:
Unrealized loss (gain) on derivative
instruments 3,577
Equity-based compensation 2,682
G&A costs related to Lucero acquisition 278
Benefit from income taxes (254)
---- -------------------
Adjusted Income Before Adjusted Income Tax
Expense $ 4,972
Adjusted Income Tax Expense(1) (1,158)
Adjusted Net Income (non-GAAP) $ 3,814
==== =================== ===
(1) The Company determined the income tax impact on the "Adjusted Income
Before Adjusted Income Tax Expense" using the relevant statutory tax
rate of 23.3%.
RECONCILIATION OF NET DEBT AND ADJUSTED EBITDA
------------------------------------------------------------------------------
(in thousands except for ratio) AT SEPTEMBER 30, 2025
------------------------------
Revolving credit facility 114,000
Less: Cash 5,573
--- ---------------------
Net Debt $ 108,427
=== =====================
FOR THE THREE MONTHS ENDED
SEPTEMBER 30, 2025
------------------------------
Net (Loss) Income $ (1,311)
Add:
Interest expense 2,381
Benefit from income taxes (254)
Depletion, depreciation, amortization, and
accretion 34,216
Equity-based compensation 2,682
Unrealized loss (gain) on derivative
instruments 3,577
G&A costs related to Lucero acquisition 278
--- ---------------------
Adjusted EBITDA $ 41,569
=== =====================
Annualized Adjusted EBITDA $ 166,276
Net Debt to Adjusted EBITDA ratio 0.65
RECONCILIATION OF FREE CASH FLOW
------------------------------------------------------------------------------
FOR THE THREE MONTHS ENDED
(in thousands) SEPTEMBER 30, 2025
------------------------------
Net cash from changes in operating activities $ 49,404
Add:
Changes in operating assets and liabilities (10,048)
G&A costs related to Lucero acquisition 278
--- ---------------------
Cash flow from operations before changes in
operating assets and liabilities 39,634
Less: development of oil and gas properties (26,000)
--- ---------------------
Free Cash Flow $ 13,634
=== =====================
View source version on businesswire.com: https://www.businesswire.com/news/home/20251103261466/en/
CONTACT: INVESTOR AND MEDIA CONTACT
Ben Messier, CFA
Director -- Investor Relations and Business Development
(720) 532-8232
benmessier@vitesse-vts.com
(END) Dow Jones Newswires
November 03, 2025 16:06 ET (21:06 GMT)
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