GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--May 04, 2026--
Vitesse Energy, Inc. (NYSE: VTS) ("we," "our," "Vitesse," or the "Company") today reported the Company's first quarter 2026 financial and operating results.
FIRST QUARTER 2026 HIGHLIGHTS
-- Adjusted Net Loss(1) of $0.3 million and GAAP net loss of $42.3 million,
including a non-cash unrealized loss on commodity derivatives of $48.2
million
-- Adjusted EBITDA(1) of $33.4 million
-- Cash flow from operations of $24.0 million and Free Cash Flow(1) of
$12.0 million
-- Production of 15,962 barrels of oil equivalent ("Boe") per day (63%
oil)
-- Total cash development capital expenditures and divestitures of $18.7
million
-- Total debt of $144.5 million and Net Debt to Adjusted EBITDA ratio(1)
of 0.82
(1) Non-GAAP financial measure; see reconciliation schedules at the end of this release
MANAGEMENT COMMENTS
"It is a privilege to begin my tenure as CEO and President of Vitesse. I want to thank the entire team for the solid first quarter results and their continued support and leadership through this transition. Vitesse's disciplined capital allocation and commitment to stockholder returns remain the foundation of our strategy, and my early focus will be on partnering closely with our team and the Board as we build on past momentum and continue delivering sustainable value for our stockholders, " said Jamie Benard, Vitesse's Chief Executive Officer and President.
"The recent oil price volatility gave us a chance to hedge additional volumes through 2028 at attractive levels - economically equivalent to selling that oil forward today. This results in more predictable cash flows and stronger long-term support for our dividend," stated James Henderson, Vitesse's Chief Financial Officer.
SUBSEQUENT EVENTS
-- As previously announced, declared a quarterly cash dividend of $0.4375
per common share to be paid on June 30, 2026
-- In April 2026, closed on its previously announced acquisition of
non-operated assets in Campbell and Converse Counties, WY (the "Powder
River Basin Acquisition") for 1.9 million shares of Vitesse common stock
-- In April 2026, expanded availability under revolving credit facility by
$25 million, with elected commitment amount and borrowing base equal to
$275 million
STOCKHOLDER RETURNS
On April 30, 2026, Vitesse declared its second quarter cash dividend of $0.4375 per share for stockholders of record as of June 15, 2026, which will be paid on June 30, 2026.
On March 31, 2026, the Company paid its first quarter cash dividend of $0.4375 per share to common stockholders of record as of March 16, 2026.
FINANCIAL AND OPERATING RESULTS
First quarter net loss was $42.3 million and Adjusted Net Loss was $0.3 million. Adjusted EBITDA was $33.4 million. See "Non-GAAP Financial Measures" below.
Oil and natural gas production for the first quarter of 2026 averaged 15,962 Boe per day, slightly above internal expectations as the quarter did not include any contribution from our Powder River Basin Acquisition, which closed in April 2026. Oil represented 63% of production and 89% of total oil and natural gas revenue. Total revenue, including the effects of our realized hedges, was $60.6 million.
Vitesse's average realized oil and natural gas prices before hedging were $66.76 per Bbl and $2.29 per Mcf, respectively, during the first quarter of 2026. The Company had hedges covering 61% of oil production and its realized oil price with hedging was $61.85 per Bbl. Its realized natural gas price with hedging was $1.54 per Mcf.
Lease operating expenses in the first quarter of 2026 were $15.3 million, or $10.67 per Boe. General and administrative expenses totaled $8.6 million, or $5.98 per Boe and included $2.4 million in severance benefits during the quarter. Excluding these costs, the per Boe rate was $4.31.
LIQUIDITY AND CAPITAL EXPENDITURES
As of March 31, 2026, Vitesse had $3.2 million in cash and $144.5 million of borrowings outstanding on its revolving credit facility. Vitesse had total liquidity of $108.7 million as of March 31, 2026, consisting of cash and $105.5 million of committed borrowing availability under its revolving credit facility.
In April 2026, the Company amended its revolving credit facility. The Company's elected commitment amount was increased from $250 million to $275 million and its borrowing base was decreased from $295 million to $275 million.
During the first quarter of 2026, Vitesse invested $19.0 million in development capital expenditures and divested $0.3 million of oil and gas properties.
In April 2026, Vitesse closed on the Power River Basin Acquisition for 1,935,698 shares of Vitesse common stock. The closing payment was net of preliminary and customary purchase price adjustments and remains subject to cash post-closing settlements with the seller.
OPERATIONS UPDATE
As of March 31, 2026, the Company owned an interest in 334 gross (6.2 net) wells that were either drilling or in the completion phase, and another 332 gross (13.7 net) locations that had been permitted for development.
2026 ANNUAL GUIDANCE
Vitesse's previously provided 2026 annual guidance is set forth below:
2026 Guidance
---------------
Annual Production (Boe per day) 16,000 - 17,500
Oil as a Percentage of Annual Production 60% - 64%
Total Cash Capital Expenditures ($ in millions) $50 - $80
FIRST QUARTER 2026 RESULTS
The following table sets forth selected financial and operating data for the periods indicated.
THREE MONTHS ENDED INCREASE
MARCH 31, (DECREASE)
------------------- --------------------
($ in thousands,
except production
and per unit data) 2026 2025 AMOUNT PERCENT
--------- -------- --------- ---------
Financial and
Operating Results:
Revenue
Oil $ 60,016 $58,925 $ 1,091 2%
Natural gas 7,394 7,246 148 2%
------- ------ ------- ----
Total
revenue $ 67,410 $66,171 $ 1,239 2%
------- ------ ------- ----
Operating Expenses
Lease operating
expense $ 15,335 $13,854 $ 1,481 11%
Production
taxes 5,664 5,773 (109) (2%)
General and
administrative 8,586 12,132 (3,546) (29%)
Depletion,
depreciation,
amortization,
and accretion 31,188 26,563 4,625 17%
Equity-based
compensation 725 2,469 (1,744) (71%)
Interest Expense $ 2,615 $ 2,905 $ (290) (10%)
Commodity
Derivative (Loss),
Net $(55,005) $ (172) $(54,833) *
Income Tax
(Benefit) Expense $ (9,465) $ (201) $ (9,264) *
Production Data:
Oil (MBbls) 899 918 (19) (2%)
Natural gas
(MMcf) 3,226 2,575 651 25%
Combined
volumes
(MBoe) 1,437 1,347 90 7%
Daily combined
volumes
(Boe/d) 15,962 14,971 991 7%
Average Realized
Prices before
Hedging:
Oil (per Bbl) $ 66.76 $ 64.18 $ 2.58 4%
Natural gas
(per Mcf) 2.29 2.81 (0.52) (19%)
Combined (per
Boe) 46.92 49.11 (2.19) (4%)
Average Realized
Prices with
Hedging:
Oil (per Bbl) $ 61.85 $ 64.93 $ (3.08) (5%)
Natural gas
(per Mcf) 1.54 2.81 (1.27) (45%)
Combined (per
Boe) 42.17 49.62 (7.45) (15%)
Average Costs (per
Boe):
Lease operating
expense $ 10.67 $ 10.28 $ 0.39 4%
Production
taxes 3.94 4.28 (0.34) (8%)
General and
administrative 5.98 9.00 (3.02) (34%)
Depletion,
depreciation,
amortization,
and accretion 21.71 19.72 1.99 10%
*Not meaningful
COMMODITY HEDGING
Vitesse hedges a portion of its expected oil and natural gas 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 2026 guidance, Vitesse has approximately 73% of its remaining 2026 oil production hedged and approximately 50% of its 2026 two-stream natural gas production hedged through its natural gas and natural gas liquids hedges. The following tables summarize Vitesse's open commodity derivative contracts scheduled to settle after March 31, 2026.
Crude oil swaps:
SETTLEMENT WEIGHTED AVERAGE FIXED
INDEX PERIOD VOLUME HEDGED (Bbls) PRICE
---------- ----------- -------------------- ----------------------
WTI-NYMEX Q2 2026 613,509 $66.77
WTI-NYMEX Q3 2026 490,679 $65.01
WTI-NYMEX Q4 2026 457,155 $64.97
WTI-NYMEX Q1 2027 270,000 $69.25
WTI-NYMEX Q2 2027 480,000 $68.05
WTI-NYMEX Q3 2027 495,000 $68.38
WTI-NYMEX Q4 2027 465,000 $67.88
WTI-NYMEX Q1 2028 270,000 $70.20
WTI-NYMEX Q2 2028 270,000 $70.20
WTI-NYMEX Q3 2028 270,000 $70.20
WTI-NYMEX Q4 2028 180,000 $70.30
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