Vitesse Energy Announces Full Year 2023 Results and Declares $0.50 Quarterly Cash Dividend
- Vitesse reported a net loss of $19.7 million and Adjusted Net Income of $53.6 million for 2023.
- The company declared a quarterly cash dividend of $0.50 per share and showed production growth of 15% from 2022.
- Vitesse's total revenue for 2023 was $235.1 million, with total proved reserves of 40.6 million Boe.
- The average realized oil price before hedging was $73.59 per Bbl.
- Vitesse reaffirmed its 2024 annual guidance with an expected production of 12,500 - 13,500 Boe per day.
- None.
Insights
Reviewing the financial and operational results of Vitesse Energy, Inc., several key metrics stand out as particularly influential for the company's valuation and investor sentiment. The declared quarterly cash dividend of $0.50 per common share signals a sustained return of capital to shareholders, a positive sign for investor confidence. However, a net loss of $19.7 million juxtaposed with an Adjusted Net Income of $53.6 million and Adjusted EBITDA of $157.0 million indicates a complex financial situation that requires deeper analysis of non-GAAP measures and their reconciliation to GAAP figures.
The reported increase in production and the strategic focus on high return opportunities suggest operational efficiency and a growth-oriented approach. The Net Debt to Adjusted EBITDA ratio of 0.51 reflects a conservative leverage profile, which is generally favorable for financial stability. However, the decrease in total proved reserves and the impact of revised SEC Pricing on Standardized Measure and PV-10 values highlight the volatility in commodity markets and the need for careful scrutiny of future pricing assumptions and their effect on valuation.
From a market perspective, Vitesse Energy's performance and strategic positioning can have implications for its sector and competitors. The company's 15% increase in production and the shift towards a higher oil mix (72% oil in Q4) align with a broader industry trend favoring oil over natural gas due to pricing dynamics. This shift could influence the company's revenue mix and margin profile, given the different cost structures and market conditions for oil versus natural gas.
The focus on organic development locations and self-sourced deal flow could position Vitesse favorably in terms of scalability and responsiveness to market conditions. However, the reduction in proved reserves and the sensitivity of the company's valuations to SEC Pricing adjustments underscore the inherent risks associated with resource-based industries and the need for a robust risk management strategy, particularly in the realm of commodity hedging.
Examining Vitesse Energy's operational updates within the context of the energy sector, the company's capital expenditure strategy, specifically the $120.5 million spent on development and acquisitions, is indicative of an aggressive growth strategy. This approach is consistent with industry practices where companies reinvest in exploration and production to sustain long-term growth. However, the challenge of balancing capital expenditures with shareholder returns in the form of dividends is a critical aspect that requires continuous evaluation, especially in a fluctuating price environment.
The company's hedging strategy, covering 49% of oil production, is a prudent measure to mitigate price risk, although the absence of natural gas hedges might expose the company to market volatility. The 2024 guidance reflects cautious optimism, with a projected increase in production and a controlled range for capital expenditures. This forward-looking statement will be scrutinized by investors for its feasibility amidst the dynamic conditions of the energy market.
HIGHLIGHTS
-
Declared a quarterly cash dividend of
$0.50 -
Net loss of
$19.7 million $53.6 million -
Adjusted EBITDA(1) of
$157.0 million -
Cash flow from operations of
$141.9 million $60.7 million -
Production of 11,889 barrels of oil equivalent (“Boe”) per day (
68% oil), an increase of15% from 2022, and fourth quarter 2023 production of 13,652 Boe per day (72% oil) -
Total cash development capital expenditures and acquisition costs of
$120.5 million -
Total debt of
$81.0 million
(1) Non-GAAP financial measure; see reconciliation schedules at the end of this release
MANAGEMENT COMMENTS
Bob Gerrity, Vitesse’s Chairman and Chief Executive Officer commented, “During our first year as a publicly traded company, we followed through on our strategy of returning capital to stockholders by paying a
STOCKHOLDER RETURNS
Vitesse’s Board of Directors declared its first quarter 2024 cash dividend for Vitesse’s common stock of
On December 29, 2023, the Company paid its fourth quarter cash dividend of
FINANCIAL AND OPERATING RESULTS
Net loss for 2023 was
Oil and natural gas production during 2023 averaged 11,889 Boe per day. For the fourth quarter, oil and natural gas production averaged 13,652 Boe per day. Sequentially this represents
Vitesse’s average realized oil and natural gas prices before hedging were
Lease operating expenses in 2023 were
RESERVES
Proved developed reserves at December 31, 2023 increased
Total proved reserves at December 31, 2023 had an associated Standardized Measure of
|
|
|
|
|
|
|
|
|
|
|
|
|
SEC PRICING PROVED RESERVES (1) |
||||||||||
|
RESERVES VOLUMES |
|
|
|
PV-10 (3) |
||||||
RESERVE CATEGORY |
OIL
|
|
NATURAL
|
|
TOTAL
|
|
% |
|
AMOUNT
|
|
% |
PDP Properties |
17,981 |
|
58,911 |
|
27,799 |
|
|
|
|
|
|
PDNP Properties |
459 |
|
1,292 |
|
675 |
|
|
|
15,108 |
|
|
PUD Properties |
9,303 |
|
16,907 |
|
12,121 |
|
|
|
145,468 |
|
|
Total |
27,743 |
|
77,110 |
|
40,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Oil and natural gas reserve quantities and related discounted future net cash flows are valued as of December 31, 2023 based on an average WTI price of |
|
| (2) | MBoe are computed based on a conversion ratio of one Boe for each barrel of oil and one Boe for every 6 Mcf of natural gas. |
|
| (3) | PV-10 is a non-GAAP financial measure that does not include the effects of income taxes on future net revenues, and is not intended to represent fair market value of our oil and natural gas properties. For a definition of and reconciliation of PV-10 to its nearest GAAP financial measure, see the reconciliation schedule at the end of this release. |
|
LIQUIDITY AND CAPITAL EXPENDITURES
As of December 31, 2023, Vitesse had
During 2023, Vitesse spent
OPERATIONS UPDATE
As of December 31, 2023, the Company owned an interest in 256 gross (6.7 net) wells that were either drilling or in the completion phase, and another 421 gross (9.9 net) locations that had been permitted for development at the end of the year.
2024 ANNUAL GUIDANCE
Vitesse reaffirms its preliminary 2024 outlook, which is set forth below.
|
2024 Guidance |
Annual Production (Boe per day) |
12,500 - 13,500 |
Oil as a Percentage of Annual Production |
|
Total Cash Capital Expenditures ($ in millions) |
|
FULL YEAR 2023 RESULTS
Vitesse Energy, LLC is the “predecessor” of Vitesse for financial reporting purposes. As a result, unless otherwise indicated, the 2022 financial and operating data presented or referred to in this release are those of Vitesse Energy, LLC and do not include the financial and operating data of Vitesse Oil, which was acquired as part of the Spin-Off. The following table sets forth selected financial and operating data for the periods indicated.
|
|
|
|
|
|
|
|
||||||
|
YEAR ENDED
|
|
INCREASE
|
||||||||||
($ in thousands, except per unit data) |
|
2023 |
|
|
2022 |
|
|
AMOUNT |
|
PERCENT |
|||
Financial and Operating Results: |
|
|
|
|
|
|
|
||||||
Revenue |
|
|
|
|
|
|
|
||||||
Oil |
$ |
218,396 |
|
$ |
233,622 |
|
|
$ |
(15,226 |
) |
|
(7 |
%) |
Natural gas |
|
15,509 |
|
|
48,268 |
|
|
|
(32,759 |
) |
|
(68 |
%) |
Total revenue |
$ |
233,905 |
|
$ |
281,890 |
|
|
$ |
(47,985 |
) |
|
(17 |
%) |
Operating Expenses |
|
|
|
|
|
|
|
||||||
Lease operating expense |
$ |
39,514 |
|
$ |
31,133 |
|
|
$ |
8,381 |
|
|
27 |
% |
Production taxes |
|
21,625 |
|
|
24,092 |
|
|
|
(2,467 |
) |
|
(10 |
%) |
General and administrative |
|
23,934 |
|
|
19,833 |
|
|
|
4,101 |
|
|
21 |
% |
Depletion, depreciation, amortization, and accretion |
|
81,745 |
|
|
63,732 |
|
|
|
18,013 |
|
|
28 |
% |
Equity-based compensation |
|
32,233 |
|
|
(10,766 |
) |
|
|
42,999 |
|
|
*nm |
|
Interest Expense |
$ |
5,276 |
|
$ |
4,153 |
|
|
$ |
1,123 |
|
|
27 |
% |
Income Tax Expense |
$ |
61,946 |
|
$ |
— |
|
|
$ |
61,946 |
|
|
*nm |
|
Commodity Derivative Gain (Loss) |
$ |
12,484 |
|
$ |
(30,830 |
) |
|
$ |
43,314 |
|
|
140 |
% |
Production Data: |
|
|
|
|
|
|
|
||||||
Oil (MBbls) |
|
2,968 |
|
|
2,575 |
|
|
|
393 |
|
|
15 |
% |
Natural gas (MMcf) |
|
8,232 |
|
|
7,274 |
|
|
|
958 |
|
|
13 |
% |
Combined volumes (MBoe) |
|
4,340 |
|
|
3,787 |
|
|
|
553 |
|
|
15 |
% |
Daily combined volumes (Boe/d) |
|
11,889 |
|
|
10,376 |
|
|
|
1,513 |
|
|
15 |
% |
Average Realized Prices before Hedging: |
|
|
|
|
|
|
|
||||||
Oil (per Bbl) |
$ |
73.59 |
|
$ |
90.73 |
|
|
$ |
(17.14 |
) |
|
(19 |
%) |
Natural gas (per Mcf) |
|
1.88 |
|
|
6.64 |
|
|
|
(4.76 |
) |
|
(72 |
%) |
Combined (per Boe) |
|
53.90 |
|
|
74.43 |
|
|
|
(20.53 |
) |
|
(28 |
%) |
Average Realized Prices with Hedging: |
|
|
|
|
|
|
|
||||||
Oil (per Bbl) |
$ |
73.99 |
|
$ |
72.66 |
|
|
$ |
1.33 |
|
|
2 |
% |
Natural gas (per Mcf) |
|
1.88 |
|
|
6.56 |
|
|
|
(4.68 |
) |
|
(71 |
%) |
Combined (per Boe) |
|
54.17 |
|
|
61.99 |
|
|
|
(7.82 |
) |
|
(13 |
%) |
Average Costs (per Boe): |
|
|
|
|
|
|
|
||||||
Lease operating expense |
$ |
9.11 |
|
$ |
8.22 |
|
|
$ |
0.89 |
|
|
11 |
% |
Production taxes |
|
4.98 |
|
|
6.36 |
|
|
|
(1.38 |
) |
|
(22 |
%) |
General and administrative |
|
5.52 |
|
|
5.24 |
|
|
|
0.28 |
|
|
5 |
% |
Depletion, depreciation, amortization, and accretion |
|
18.84 |
|
|
16.83 |
|
|
|
2.01 |
|
|
12 |
% |
|
|
|
|
|
|
|
|
||||||
COMMODITY HEDGING
Vitesse hedges a portion of its expected annual oil production volumes to increase the predictability and certainty of its cash flow and to help maintain a strong financial position to support our dividend. Vitesse does not currently have hedges in place on its expected natural gas production volumes. Vitesse has
|
|
|
|
|
SETTLEMENT PERIOD |
OIL (Bbls) |
|
WEIGHTED
|
|
Swaps-Crude Oil |
|
|
|
|
2024: |
|
|
|
|
Q1 |
402,498 |
|
$ |
79.03 |
Q2 |
382,500 |
|
$ |
79.13 |
Q3 |
327,500 |
|
$ |
78.50 |
Q4 |
280,000 |
|
$ |
78.65 |
2025: |
|
|
|
|
Q1 |
195,000 |
|
$ |
73.49 |
Q2 |
90,000 |
|
$ |
75.30 |
|
|
|
|
|
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:
|
|
|
|
|||
|
YEAR END DECEMBER 31, |
|||||
(in thousands) |
2023 |
|
2022 |
|||
Realized gain (loss) on commodity derivatives (1) |
$ |
1,166 |
|
$ |
(47,124 |
) |
Unrealized gain (loss) on commodity derivatives (1) |
|
11,318 |
|
16,294 |
|
|
Total commodity derivative gain (loss) |
$ |
12,484 |
|
$ |
(30,830 |
) |
|
|
|
|
|||
| (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 because the realized cash settlement portion provides a better understanding of Vitesse’s hedge position. |
|
2023 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, February 27, 2024 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=1s51nvgu
Dial-In Number: 877-407-0778 (US/
Conference ID: 13744289 - Vitesse Energy Fourth Quarter 2023 Earnings Call
Replay Dial-In Number: 877-660-6853 (US/
Replay Access Code: 13744289 - Replay will be available through March 5, 2024
UPCOMING INVESTOR EVENTS
Vitesse management will be participating in the Roth Conference in
ABOUT VITESSE ENERGY, INC.
Vitesse Energy, Inc. is focused on returning capital to stockholders through owning financial interests 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 property acquisitions, 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; 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; 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 the armed conflict in the
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, LLC is the “predecessor” of Vitesse for financial reporting purposes. As a result, unless otherwise indicated, the 2022 financial and operating data presented or referred to in this release are those of Vitesse Energy, LLC and do not include the financial and operating data of Vitesse Oil, which was acquired as part of the Spin-Off.
|
|||||||
VITESSE ENERGY, INC. Consolidated Statements of Operations |
|||||||
|
|||||||
|
FOR THE YEARS ENDED
|
||||||
(in thousands, except per share data) |
|
2023 |
|
|
|
2022 |
|
Revenue |
|
|
|
||||
Oil |
$ |
218,396 |
|
|
$ |
233,622 |
|
Natural gas |
|
15,509 |
|
|
|
48,268 |
|
Total revenue |
|
233,905 |
|
|
|
281,890 |
|
Operating Expenses |
|
|
|
||||
Lease operating expense |
|
39,514 |
|
|
|
31,133 |
|
Production taxes |
|
21,625 |
|
|
|
24,092 |
|
General and administrative |
|
23,934 |
|
|
|
19,833 |
|
Depletion, depreciation, amortization, and accretion |
|
81,745 |
|
|
|
63,732 |
|
Equity-based compensation |
|
32,233 |
|
|
|
(10,766 |
) |
Total operating expenses |
|
199,051 |
|
|
|
128,024 |
|
Operating Income |
|
34,854 |
|
|
|
153,866 |
|
Other Income (Expense) |
|
|
|
||||
Commodity derivative gain (loss), net |
|
12,484 |
|
|
|
(30,830 |
) |
Interest expense |
|
(5,276 |
) |
|
|
(4,153 |
) |
Other income |
|
140 |
|
|
|
20 |
|
Total other income (expense) |
|
7,348 |
|
|
|
(34,963 |
) |
|
|
|
|
||||
Income (Loss) Before Income Taxes |
$ |
42,202 |
|
|
$ |
118,903 |
|
|
|
|
|
||||
(Provision for) Benefit from Income Taxes |
|
(61,946 |
) |
|
|
— |
|
|
|
|
|
||||
Net (Loss) Income |
$ |
(19,744 |
) |
|
$ |
118,903 |
|
Net income (loss) attributable to Predecessor common unit holders |
|
1,832 |
|
|
|
118,903 |
|
Net Loss Attributable to Vitesse Energy, Inc. |
$ |
(21,576 |
) |
|
$ |
— |
|
|
|
|
|
||||
Weighted average common shares / Predecessor common unit outstanding – basic |
|
29,556,967 |
|
|
|
438,625,000 |
|
Weighted average common shares / Predecessor common unit outstanding – diluted |
|
29,556,967 |
|
|
|
438,625,000 |
|
Net (loss) income per common share / Predecessor common unit – basic |
$ |
(0.73 |
) |
|
$ |
0.26 |
|
Net (loss) income per common share / Predecessor common unit – diluted |
$ |
(0.73 |
) |
|
$ |
0.26 |
|
Net loss per Predecessor non-founder MIUs classified as temporary equity–basic and diluted |
|
|
$ |
— |
|
||
|
|
|
|
||||
VITESSE ENERGY, INC. Consolidated Balance Sheets |
|||||||
|
|||||||
|
AT DECEMBER 31, |
||||||
(in thousands except units and shares) |
|
2023 |
|
|
|
2022 |
|
Assets |
|
|
|
||||
Current Assets |
|
|
|
||||
Cash |
$ |
552 |
|
|
$ |
10,007 |
|
Revenue receivable |
|
44,915 |
|
|
|
41,393 |
|
Commodity derivatives |
|
10,038 |
|
|
|
2,112 |
|
Prepaid expenses and other current assets |
|
2,841 |
|
|
|
841 |
|
Total current assets |
|
58,346 |
|
|
|
54,353 |
|
Oil and Gas Properties-Using the successful efforts method of accounting |
|
|
|
||||
Proved oil and gas properties |
|
1,168,378 |
|
|
|
985,751 |
|
Less accumulated DD&A and impairment |
|
(464,036 |
) |
|
|
(382,974 |
) |
Total oil and gas properties |
|
704,342 |
|
|
|
602,777 |
|
Other Property and Equipment—Net |
|
189 |
|
|
|
114 |
|
Other Assets |
|
|
|
||||
Commodity derivatives |
|
1,109 |
|
|
|
1,155 |
|
Other noncurrent assets |
|
1,984 |
|
|
|
2,085 |
|
Total other assets |
|
3,093 |
|
|
|
3,240 |
|
Total assets |
$ |
765,970 |
|
|
$ |
660,484 |
|
Liabilities, Redeemable Units and Equity |
|
|
|
||||
Current Liabilities |
|
|
|
||||
Accounts payable |
$ |
27,692 |
|
|
$ |
7,207 |
|
Accrued liabilities |
|
32,507 |
|
|
|
25,849 |
|
Commodity derivatives |
|
— |
|
|
|
3,439 |
|
Other current liabilities |
|
204 |
|
|
|
184 |
|
Total current liabilities |
|
60,403 |
|
|
|
36,679 |
|
Long-term Liabilities |
|
|
|
||||
Revolving credit facility |
|
81,000 |
|
|
|
48,000 |
|
Deferred tax liability |
|
64,329 |
|
|
|
— |
|
Asset retirement obligations |
|
8,353 |
|
|
|
6,823 |
|
Other noncurrent liabilities |
|
5,479 |
|
|
|
— |
|
Total liabilities |
|
219,564 |
|
|
|
91,502 |
|
Commitments and contingencies |
|
|
|
||||
Redeemable Management Incentive Units |
|
— |
|
|
|
4,559 |
|
Equity |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
328 |
|
|
|
— |
|
Additional paid-in capital |
|
567,654 |
|
|
|
— |
|
Accumulated deficit |
|
(21,576 |
) |
|
|
— |
|
Predecessor members' equity-common units-450,000,000 units outstanding |
|
— |
|
|
|
564,423 |
|
Total liabilities, redeemable units, and equity |
$ |
765,970 |
|
|
$ |
660,484 |
|
|
|
|
|
||||
NON-GAAP FINANCIAL MEASURES
Vitesse defines Adjusted Net Income (Loss) as net income (loss) before (i) non-cash gains and losses on unsettled derivative instruments, (ii) non-cash unit-based compensation, and (iii) certain other items such as non-cash oil and natural gas property impairments and material general and administrative costs related to the Spin-Off; 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 income (loss) before expenses for interest, income taxes, depletion, depreciation, amortization and accretion, and excludes non-cash unit-based compensation and non-cash gains and losses on unsettled derivative instruments in addition to certain other items such as non-cash oil and natural gas property impairments and material general and administrative costs related to the Spin-Off.
Vitesse defines Free Cash Flow as cash flow from operations, adding back changes in operating assets and liabilities, less development of oil and gas properties.
“PV-10” is the present value of estimated future oil and gas revenues, net of estimated direct expenses, discounted at an annual discount rate of
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 YEAR ENDED DECEMBER 31, |
||
(in thousands) |
|
2023 |
|
Income (Loss) Before Income Taxes |
$ |
42,202 |
|
Add: |
|
||
Unrealized (gain) loss on derivative instruments |
|
(11,318 |
) |
Equity-based compensation |
|
32,233 |
|
G&A costs related to the Spin-Off |
|
6,818 |
|
Adjusted Income Before Adjusted Income Tax Expense |
|
69,935 |
|
|
|
||
Adjusted Income Tax Expense(1) |
|
(16,365 |
) |
|
|
||
Adjusted Net Income (non-GAAP) |
$ |
53,570 |
|
|
|
||
(1) The Company determined the income tax impact on the “Adjusted Income Before Adjusted Income Tax Expense” using the relevant statutory tax rate of |
|||
RECONCILIATION OF ADJUSTED EBITDA AND NET DEBT |
|||
|
|||
|
AT DECEMBER 31, |
||
(in thousands except for ratio) |
|
2023 |
|
Revolving credit facility |
$ |
81,000 |
|
Cash |
|
552 |
|
Net Debt |
$ |
80,448 |
|
|
|
||
|
FOR THE YEAR ENDED DECEMBER 31, |
||
|
|
2023 |
|
Net (Loss) Income |
$ |
(19,744 |
) |
Add: |
|
||
Interest expense |
|
5,276 |
|
Provision for Income Taxes |
|
61,946 |
|
Depletion, depreciation, amortization, and accretion |
|
81,745 |
|
Equity-based compensation |
|
32,233 |
|
Unrealized (gain) loss on derivative instruments |
|
(11,318 |
) |
G&A costs related to the Spin-Off |
|
6,818 |
|
Adjusted EBITDA |
$ |
156,956 |
|
|
|
||
Net Debt to Adjusted EBITDA ratio |
|
0.51 |
|
|
|
||
RECONCILIATION OF FREE CASH FLOW |
|||
|
|||
|
FOR THE YEAR ENDED
|
||
|
|
|
|
(in thousands) |
|
||
Net cash provided by operating activities |
$ |
141,942 |
|
Add back: changes in operating assets and liabilities |
|
3,575 |
|
Cash flow from operations before changes in operating assets and liabilities |
|
145,517 |
|
Less: development of oil and gas properties |
|
(84,832 |
) |
Free Cash Flow |
$ |
60,685 |
|
|
|
||
RECONCILIATION OF PV-10
The following table reconciles the PV-10 value of Vitesse’s proved reserves as of December 31, 2023 to the Standardized Measure.
|
|
|
|
FOR THE YEAR ENDED
|
|
(in thousands) |
2023 |
|
Standardized Measure of Discounted Future Net Cash Flows |
$ |
575,691 |
Future Income Taxes, Discounted at |
106,379 |
|
Pre-Tax Present Value of Estimated Future Net Revenues (Pre-Tax PV10%) |
$ |
682,070 |
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240226201480/en/
INVESTOR AND MEDIA CONTACT
Ben Messier, CFA
Director – Investor Relations and Business Development
(720) 532-8232
benmessier@vitesse-vts.com
Source: Vitesse Energy, Inc.
FAQ
What was Vitesse Energy's net loss for 2023?
What was Vitesse Energy's Adjusted Net Income for 2023?
What was the quarterly cash dividend declared by Vitesse Energy?
What was the total revenue reported by Vitesse Energy for 2023?
What was Vitesse Energy's average realized oil price before hedging?
