Vitesse Energy Announces Second Quarter 2024 Results
Vitesse Energy (NYSE: VTS) reported its Q2 2024 financial results, highlighting a 5% dividend increase to $0.525 per share. Key metrics include:
- Net income: $10.9 million
- Adjusted Net Income: $11.7 million
- Adjusted EBITDA: $43.1 million
- Cash flow from operations: $35.2 million
- Free Cash Flow: $15.9 million
- Production: 13,504 Boe/day (70% oil)
- Total debt: $115.0 million
- Net Debt to Adjusted EBITDA ratio: 0.67
The company closed previously announced near-term development acquisitions in the Williston Basin, expecting significant production and cash flow increases in Q4 2024 and early 2025. Vitesse reaffirmed its 2024 annual guidance with production between 13,000-14,000 Boe/day and total capital expenditures of $130-$150 million.
Vitesse Energy (NYSE: VTS) ha riportato i risultati finanziari del secondo trimestre 2024, evidenziando un aumento del dividendo del 5% a 0,525$ per azione. I principali indicatori includono:
- Utile netto: 10,9 milioni di dollari
- Utile netto rettificato: 11,7 milioni di dollari
- EBITDA rettificato: 43,1 milioni di dollari
- Flusso di cassa dalle operazioni: 35,2 milioni di dollari
- Flusso di cassa libero: 15,9 milioni di dollari
- Produzione: 13.504 Boe/giorno (70% petrolio)
- Debito totale: 115 milioni di dollari
- Rapporto debito netto su EBITDA rettificato: 0,67
La società ha concluso acquisizioni di sviluppo a breve termine precedentemente annunciate nel Williston Basin, prevedendo significativi aumenti di produzione e flusso di cassa nel quarto trimestre del 2024 e all'inizio del 2025. Vitesse ha confermato le previsioni annuali per il 2024 con una produzione compresa tra 13.000 e 14.000 Boe/giorno e spese in conto capitale totali di 130-150 milioni di dollari.
Vitesse Energy (NYSE: VTS) informó sus resultados financieros del segundo trimestre de 2024, destacando un incremento del dividendo del 5% a 0,525$ por acción. Las métricas clave incluyen:
- Ingreso neto: 10,9 millones de dólares
- Ingreso neto ajustado: 11,7 millones de dólares
- EBITDA ajustado: 43,1 millones de dólares
- Flujo de caja de las operaciones: 35,2 millones de dólares
- Flujo de caja libre: 15,9 millones de dólares
- Producción: 13,504 Boe/día (70% petróleo)
- Deuda total: 115 millones de dólares
- Relación de deuda neta sobre EBITDA ajustado: 0,67
La empresa cerró adquisiciones de desarrollo a corto plazo previamente anunciadas en la Cuenca de Williston, esperando aumentos significativos en producción y flujo de caja en el cuarto trimestre de 2024 y principios de 2025. Vitesse reafirmó su guía anual para 2024 con producción entre 13,000 y 14,000 Boe/día y gastos de capital totales de 130 a 150 millones de dólares.
Vitesse Energy (NYSE: VTS)는 2024년 2분기 재무 결과를 발표하며 5% 배당금 인상을 주당 0.525달러로 강조했습니다. 주요 지표는 다음과 같습니다:
- 순이익: 1,090만 달러
- 조정된 순이익: 1,170만 달러
- 조정된 EBITDA: 4,310만 달러
- 운영 현금 흐름: 3,520만 달러
- 자유 현금 흐름: 1,590만 달러
- 생산량: 하루 13,504 Boe (70% 원유)
- 총 부채: 1억 1500만 달러
- 조정된 EBITDA 대비 순부채 비율: 0.67
회사는 윌리스턴 분지에서 이전에 발표된 단기 개발 인수를 완료하였으며, 2024년 4분기와 2025년 초에 생산과 현금 흐름이 크게 증가할 것으로 기대하고 있습니다. Vitesse는 2024년 연간 가이드를 재확인하며 하루 13,000~14,000 Boe의 생산량과 1억 3천만~1억 5천만 달러의 총 자본 지출을 예상합니다.
Vitesse Energy (NYSE: VTS) a annoncé ses résultats financiers du deuxième trimestre 2024, mettant en avant une augmentation de 5% du dividende à 0,525$ par action. Les indicateurs clés incluent :
- Revenu net : 10,9 millions de dollars
- Revenu net ajusté : 11,7 millions de dollars
- EBITDA ajusté : 43,1 millions de dollars
- Flux de trésorerie d'exploitation : 35,2 millions de dollars
- Flux de trésorerie libre : 15,9 millions de dollars
- Production : 13 504 Boe/jour (70% pétrole)
- Dette totale : 115 millions de dollars
- Ratio de la dette nette à l'EBITDA ajusté : 0,67
L'entreprise a finalisé les acquisitions de développement à court terme annoncées précédemment dans le bassin de Williston, s'attendant à des augmentations significatives de la production et des flux de trésorerie au quatrième trimestre 2024 et au début de 2025. Vitesse a confirmé ses prévisions annuelles pour 2024 avec une production comprise entre 13 000 et 14 000 Boe/jour et des dépenses d'investissement totales de 130 à 150 millions de dollars.
Vitesse Energy (NYSE: VTS) hat seine finanziellen Ergebnisse für das 2. Quartal 2024 bekannt gegeben und dabei eine Dividendensteigerung von 5% auf 0,525$ pro Aktie hervorgehoben. Die wichtigsten Kennzahlen sind:
- Nettogewinn: 10,9 Millionen Dollar
- Bereinigter Nettogewinn: 11,7 Millionen Dollar
- Bereinigtes EBITDA: 43,1 Millionen Dollar
- Cashflow aus der Betriebstätigkeit: 35,2 Millionen Dollar
- Freier Cashflow: 15,9 Millionen Dollar
- Produktion: 13.504 Boe/Tag (70% Öl)
- Gesamtschulden: 115 Millionen Dollar
- Verhältnis von Nettoverschuldung zu bereinigtem EBITDA: 0,67
Das Unternehmen hat die zuvor angekündigten kurzfristigen Entwicklungsakquisitionen im Williston Basin abgeschlossen und erwartet im 4. Quartal 2024 sowie Anfang 2025 signifikante Produktions- und Cashflowsteigerungen. Vitesse hat seine Jahresprognose für 2024 mit einer Produktion von 13.000 bis 14.000 Boe/Tag und Gesamtkapitalausgaben von 130 bis 150 Millionen Dollar bestätigt.
- Increased quarterly dividend by 5% to $0.525 per share
- Production increased 8% from Q1 2024 to 13,504 Boe per day
- Adjusted EBITDA of $43.1 million
- Low Net Debt to Adjusted EBITDA ratio of 0.67
- Closed acquisitions expected to boost production and cash flows in Q4 2024 and 2025
- Reaffirmed 2024 annual guidance
- Total debt increased to $115.0 million
- Natural gas revenue decreased by 13% compared to Q2 2023
- Interest expense increased by 132% year-over-year
Insights
Vitesse Energy's Q2 2024 results show a mixed performance. The company reported
The company's financial position appears stable with a Net Debt to Adjusted EBITDA ratio of 0.67. However, total debt increased to
Vitesse's hedging strategy, covering
Vitesse Energy's Q2 results reflect the volatile nature of the oil and gas sector. The company's increased production and higher realized oil prices (
The company's operational efficiency is improving, with lease operating expenses decreasing
Vitesse's strategy of acquiring near-term development properties in the Williston Basin is a calculated risk. While it could boost production and cash flows in late 2024 and 2025, it also exposes the company to execution risks and potential market fluctuations. The success of this strategy will largely depend on oil price trends and the company's ability to efficiently develop these assets.
SECOND QUARTER 2024 HIGHLIGHTS
-
As previously announced, declared a quarterly cash dividend of
per common share to be paid on September 30, 2024$0.52 5 -
Net income of
and Adjusted Net Income(1) of$10.9 million $11.7 million -
Adjusted EBITDA(1) of
$43.1 million -
Cash flow from operations of
and Free Cash Flow(1) of$35.2 million $15.9 million -
Production of 13,504 barrels of oil equivalent (“Boe”) per day (
70% oil) -
Total cash development capital expenditures and acquisition costs of
$37.6 million -
Total debt of
and Net Debt to Adjusted EBITDA ratio(1) of 0.67$115.0 million
(1) |
Non-GAAP financial measure; see reconciliation schedules at the end of this release |
MANAGEMENT COMMENTS
“In the second quarter we increased our dividend by
STOCKHOLDER RETURNS
In July 2024, Vitesse’s Board of Directors declared its third quarter cash dividend for Vitesse’s common stock of
On June 28, 2024, the Company paid its second quarter cash dividend of
FINANCIAL AND OPERATING RESULTS
Second quarter net income was
Oil and natural gas production for the second quarter of 2024 averaged 13,504 Boe per day, an increase of
Vitesse’s average realized oil and natural gas prices before hedging were
Lease operating expenses in the second quarter of 2024 were
LIQUIDITY AND CAPITAL EXPENDITURES
As of June 30, 2024, Vitesse had
During the quarter, Vitesse invested
OPERATIONS UPDATE
As of June 30, 2024 the Company owned an interest in 308 gross (11.1 net) wells that were either drilling or in the completion phase, and another 372 gross (8.7 net) locations that had been permitted for development.
The Company closed previously announced near-term development acquisitions in the
2024 ANNUAL GUIDANCE
Vitesse reaffirms its previously revised 2024 annual guidance, which is set forth below.
|
2024 Guidance |
Annual Production (Boe per day) |
13,000 - 14,000 |
Oil as a Percentage of Annual Production |
|
Total Capital Expenditures ($ in millions) |
|
SECOND QUARTER 2024 RESULTS
The following table sets forth selected financial and operating data for the periods indicated.
|
|
|
|
|
|
|
|
|||||
|
QUARTER ENDED JUNE 30, |
|
INCREASE
|
|||||||||
($ in thousands, except production and per unit data) |
2024 |
|
2023 |
|
AMOUNT |
|
PERCENT |
|||||
Financial and Operating Results: |
|
|
|
|
|
|
|
|||||
Revenue |
|
|
|
|
|
|
|
|||||
Oil |
$ |
64,127 |
|
$ |
48,733 |
|
$ |
15,394 |
|
|
32 |
% |
Natural gas |
|
2,471 |
|
|
2,855 |
|
|
(384 |
) |
|
(13 |
%) |
Total revenue |
$ |
66,598 |
|
$ |
51,588 |
|
$ |
15,010 |
|
|
29 |
% |
Operating Expenses |
|
|
|
|
|
|
|
|||||
Lease operating expense |
$ |
12,272 |
|
$ |
9,316 |
|
$ |
2,956 |
|
|
32 |
% |
Production taxes |
|
5,426 |
|
|
4,919 |
|
|
507 |
|
|
10 |
% |
General and administrative |
|
4,724 |
|
|
4,461 |
|
|
263 |
|
|
6 |
% |
Depletion, depreciation, amortization, and accretion |
|
25,315 |
|
|
18,748 |
|
|
6,567 |
|
|
35 |
% |
Equity-based compensation |
|
2,047 |
|
|
1,428 |
|
|
619 |
|
|
43 |
% |
Interest Expense |
$ |
2,585 |
|
$ |
1,115 |
|
$ |
1,470 |
|
|
132 |
% |
Commodity Derivative Gain, Net |
$ |
379 |
|
$ |
4,779 |
|
$ |
(4,400 |
) |
|
(92 |
%) |
Income Tax (Benefit) Expense |
$ |
3,678 |
|
$ |
6,812 |
|
$ |
(3,134 |
) |
|
(46 |
%) |
Production Data: |
|
|
|
|
|
|
|
|||||
Oil (MBbls) |
|
859 |
|
|
697 |
|
|
162 |
|
|
23 |
% |
Natural gas (MMcf) |
|
2,217 |
|
|
2,018 |
|
|
199 |
|
|
10 |
% |
Combined volumes (MBoe) |
|
1,229 |
|
|
1,034 |
|
|
195 |
|
|
19 |
% |
Daily combined volumes (Boe/d) |
|
13,504 |
|
|
11,359 |
|
|
2,145 |
|
|
19 |
% |
Average Realized Prices before Hedging: |
|
|
|
|
|
|
|
|||||
Oil (per Bbl) |
$ |
74.63 |
|
$ |
69.90 |
|
$ |
4.73 |
|
|
7 |
% |
Natural gas (per Mcf) |
|
1.11 |
|
|
1.41 |
|
|
(0.30 |
) |
|
(21 |
%) |
Combined (per Boe) |
|
54.20 |
|
|
49.91 |
|
|
4.29 |
|
|
9 |
% |
Average Realized Prices with Hedging: |
|
|
|
|
|
|
|
|||||
Oil (per Bbl) |
$ |
73.42 |
|
$ |
72.18 |
|
$ |
1.24 |
|
|
2 |
% |
Natural gas (per Mcf) |
|
1.11 |
|
|
1.41 |
|
|
(0.30 |
) |
|
(21 |
%) |
Combined (per Boe) |
|
53.36 |
|
|
51.45 |
|
|
1.91 |
|
|
4 |
% |
Average Costs (per Boe): |
|
|
|
|
|
|
|
|||||
Lease operating |
$ |
9.99 |
|
$ |
9.01 |
|
$ |
0.98 |
|
|
11 |
% |
Production taxes |
|
4.42 |
|
|
4.76 |
|
|
(0.34 |
) |
|
(7 |
%) |
General and administrative |
|
3.84 |
|
|
4.32 |
|
|
(0.48 |
) |
|
(11 |
%) |
Depletion, depreciation, amortization, and accretion |
|
20.60 |
|
|
18.14 |
|
|
2.46 |
|
|
14 |
% |
|
|
|
|
|
|
|
|
COMMODITY HEDGING
Vitesse hedges a portion of its expected 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. The following table summarizes Vitesse’s open oil commodity derivative swap contracts scheduled to settle after June 30, 2024, including those entered into in July 2024.
|
|
|
|
|
SETTLEMENT PERIOD |
OIL (Bbls) |
|
WEIGHTED
|
|
Swaps-Crude Oil |
|
|
|
|
2024: |
|
|
|
|
Q3 |
507,500 |
|
$ |
77.97 |
Q4 |
490,000 |
|
$ |
78.11 |
2025: |
|
|
|
|
Q1 |
397,500 |
|
$ |
73.92 |
Q2 |
382,500 |
|
$ |
74.72 |
Q3 |
202,500 |
|
$ |
74.83 |
Q4 |
202,500 |
|
$ |
74.83 |
|
|
|
|
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:
|
|
|
|
|||
|
QUARTER ENDED JUNE 30, |
|||||
(in thousands) |
2024 |
|
2023 |
|||
Realized (loss) gain on commodity derivatives (1) |
$ |
(1,033 |
) |
|
$ |
1,595 |
Unrealized gain on commodity derivatives (1) |
|
1,412 |
|
|
|
3,184 |
Total commodity derivative gain |
$ |
379 |
|
|
$ |
4,779 |
|
|
|
|
(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 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. |
Q2 2024 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, August 6, 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=ex7kWVY5
Dial-In Number: 877-407-0778 (US/
Conference ID: 13747956 - Vitesse Energy Second Quarter 2024 Earnings Call
Replay Dial-In Number: 877-660-6853 (US/
Replay Access Code: 13747956 - Replay will be available through August 13, 2024
UPCOMING INVESTOR EVENTS
Vitesse management will be participating in the upcoming investor events:
-
EnerCom Denver Energy Conference -
Denver - August 19-20, 2024. -
Midwest IDEAS Conference -
Chicago - August 29, 2024. -
Barclays 38th Annual CEO Energy-Power Conference -
New York - September 3-4, 2024. -
Pickering Energy Partners Energy Conference -
Austin - September 16-18, 2024.
Any investor presentations to be used for such events will be posted prior to the events 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 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, INC.
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
FOR THE THREE MONTHS ENDED |
|
FOR THE SIX MONTHS ENDED |
||||||||||||
|
JUNE 30, |
|
JUNE 30, |
||||||||||||
(In thousands, except share data) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenue |
|
|
|
|
|
|
|
||||||||
Oil |
$ |
64,127 |
|
|
$ |
48,733 |
|
|
$ |
121,491 |
|
|
$ |
99,219 |
|
Natural gas |
|
2,471 |
|
|
|
2,855 |
|
|
|
6,301 |
|
|
|
10,330 |
|
Total revenue |
|
66,598 |
|
|
|
51,588 |
|
|
|
127,792 |
|
|
|
109,549 |
|
Operating Expenses |
|
|
|
|
|
|
|
||||||||
Lease operating expense |
|
12,272 |
|
|
|
9,316 |
|
|
|
24,063 |
|
|
|
18,397 |
|
Production taxes |
|
5,426 |
|
|
|
4,919 |
|
|
|
11,226 |
|
|
|
10,174 |
|
General and administrative |
|
4,724 |
|
|
|
4,461 |
|
|
|
10,098 |
|
|
|
15,323 |
|
Depletion, depreciation, amortization, and accretion |
|
25,315 |
|
|
|
18,748 |
|
|
|
48,860 |
|
|
|
37,220 |
|
Equity-based compensation |
|
2,047 |
|
|
|
1,428 |
|
|
|
3,652 |
|
|
|
29,400 |
|
Total operating expenses |
|
49,784 |
|
|
|
38,872 |
|
|
|
97,899 |
|
|
|
110,514 |
|
Operating Income (Loss) |
|
16,814 |
|
|
|
12,716 |
|
|
|
29,893 |
|
|
|
(965 |
) |
Other (Expense) Income |
|
|
|
|
|
|
|
||||||||
Commodity derivative gain (loss), net |
|
379 |
|
|
|
4,779 |
|
|
|
(13,445 |
) |
|
|
12,198 |
|
Interest expense |
|
(2,585 |
) |
|
|
(1,115 |
) |
|
|
(4,788 |
) |
|
|
(2,295 |
) |
Other (expense) income |
|
(2 |
) |
|
|
52 |
|
|
|
28 |
|
|
|
50 |
|
Total other (expense) income |
|
(2,208 |
) |
|
|
3,716 |
|
|
|
(18,205 |
) |
|
|
9,953 |
|
|
|
|
|
|
|
|
|
||||||||
Income Before Income Taxes |
$ |
14,606 |
|
|
$ |
16,432 |
|
|
$ |
11,688 |
|
|
$ |
8,988 |
|
|
|
|
|
|
|
|
|
||||||||
(Provision for) Benefit from Income Taxes |
|
(3,678 |
) |
|
|
(6,812 |
) |
|
|
(2,946 |
) |
|
|
(47,183 |
) |
|
|
|
|
|
|
|
|
||||||||
Net Income (Loss) |
$ |
10,928 |
|
|
$ |
9,620 |
|
|
$ |
8,742 |
|
|
$ |
(38,195 |
) |
Net income attributable to Predecessor common unit holders |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,832 |
|
Net Income (Loss) Attributable to Vitesse Energy, Inc. |
$ |
10,928 |
|
|
$ |
9,620 |
|
|
$ |
8,742 |
|
|
$ |
(40,027 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding – basic |
|
30,046,190 |
|
|
|
29,659,771 |
|
|
|
29,990,077 |
|
|
|
29,661,556 |
|
Weighted average common shares outstanding – diluted |
|
33,026,818 |
|
|
|
33,077,824 |
|
|
|
32,984,826 |
|
|
|
29,661,556 |
|
Net income (loss) per common share – basic |
$ |
0.36 |
|
|
$ |
0.29 |
|
|
$ |
0.29 |
|
|
$ |
(1.35 |
) |
Net income (loss) per common share – diluted |
$ |
0.33 |
|
|
$ |
0.29 |
|
|
$ |
0.27 |
|
|
$ |
(1.35 |
) |
|
|
|
|
|
|
|
|
VITESSE ENERGY, INC.
|
|||||||
|
|
|
|
||||
|
JUNE 30, |
|
DECEMBER 31, |
||||
(in thousands, except shares) |
2024 |
|
2023 |
||||
Assets |
|
|
|
||||
Current Assets |
|
|
|
||||
Cash |
$ |
121 |
|
|
$ |
552 |
|
Revenue receivable |
|
46,319 |
|
|
|
44,915 |
|
Commodity derivatives |
|
152 |
|
|
|
10,038 |
|
Prepaid expenses and other current assets |
|
2,394 |
|
|
|
2,841 |
|
Total current assets |
|
48,986 |
|
|
|
58,346 |
|
Oil and Gas Properties-Using the successful efforts method of accounting |
|
|
|
||||
Proved oil and gas properties |
|
1,235,125 |
|
|
|
1,168,378 |
|
Less accumulated DD&A and impairment |
|
(512,527 |
) |
|
|
(464,036 |
) |
Total oil and gas properties |
|
722,598 |
|
|
|
704,342 |
|
Other Property and Equipment—Net |
|
189 |
|
|
|
189 |
|
Other Assets |
|
|
|
||||
Commodity derivatives |
|
277 |
|
|
|
1,109 |
|
Other noncurrent assets |
|
6,378 |
|
|
|
1,984 |
|
Total other assets |
|
6,655 |
|
|
|
3,093 |
|
Total assets |
$ |
778,428 |
|
|
$ |
765,970 |
|
Liabilities and Equity |
|
|
|
||||
Current Liabilities |
|
|
|
||||
Accounts payable |
$ |
13,613 |
|
|
$ |
27,692 |
|
Accrued liabilities |
|
42,997 |
|
|
|
32,507 |
|
Commodity derivatives |
|
2,527 |
|
|
|
— |
|
Other current liabilities |
|
30 |
|
|
|
204 |
|
Total current liabilities |
|
59,167 |
|
|
|
60,403 |
|
Long-term Liabilities |
|
|
|
||||
Credit facility |
|
115,000 |
|
|
|
81,000 |
|
Deferred tax liability |
|
67,135 |
|
|
|
64,329 |
|
Asset retirement obligations |
|
8,677 |
|
|
|
8,353 |
|
Other noncurrent liabilities |
|
9,944 |
|
|
|
5,479 |
|
Total liabilities |
$ |
259,923 |
|
|
$ |
219,564 |
|
Commitments and Contingencies |
|
|
|
||||
Equity |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
326 |
|
|
|
328 |
|
Additional paid-in capital |
|
531,013 |
|
|
|
567,654 |
|
Accumulated deficit |
|
(12,834 |
) |
|
|
(21,576 |
) |
Total equity |
|
518,505 |
|
|
|
546,406 |
|
Total liabilities and equity |
$ |
778,428 |
|
|
$ |
765,970 |
|
|
|
|
|
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 equity-based compensation, and (iii) certain other non-cash items; 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 equity-based compensation and non-cash gains and losses on unsettled derivative instruments in addition to certain other items.
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.
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 |
|||
|
|
||
(in thousands) |
FOR THE THREE MONTHS ENDED
|
||
Net Income |
$ |
10,928 |
|
Add: |
|
||
Unrealized loss (gain) on derivative instruments |
|
(1,412 |
) |
Equity-based compensation |
|
2,047 |
|
Provision for income taxes |
|
3,678 |
|
Adjusted Income Before Adjusted Income Tax Expense |
|
15,241 |
|
|
|
||
Adjusted Income Tax Expense(1) |
|
(3,566 |
) |
|
|
||
Adjusted Net Income (non-GAAP) |
$ |
11,675 |
|
|
|
(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 NET DEBT AND ADJUSTED EBITDA |
|||
|
|
||
(in thousands except for ratio) |
AT JUNE 30, 2024 |
||
Revolving credit facility |
$ |
115,000 |
|
Less: Cash |
|
121 |
|
Net Debt |
$ |
114,879 |
|
|
|
||
|
|
||
|
FOR THE THREE MONTHS ENDED
|
||
Net Income |
$ |
10,928 |
|
Add: |
|
||
Interest expense |
|
2,585 |
|
Provision for income taxes |
|
3,678 |
|
Depletion, depreciation, amortization, and accretion |
|
25,315 |
|
Equity-based compensation |
|
2,047 |
|
Unrealized loss (gain) on derivative instruments |
|
(1,412 |
) |
Adjusted EBITDA |
$ |
43,141 |
|
|
|
||
Annualized Adjusted EBITDA |
|
172,564 |
|
Net Debt to Adjusted EBITDA ratio |
|
0.67 |
|
|
|
RECONCILIATION OF FREE CASH FLOW |
|||
|
|
||
(in thousands) |
FOR THE THREE MONTHS ENDED
|
||
Net cash provided by operating activities |
$ |
35,161 |
|
Add back: changes in operating assets and liabilities |
|
5,197 |
|
Cash flow from operations before changes in operating assets and liabilities |
|
40,358 |
|
Less: development of oil and gas properties |
|
(24,482 |
) |
Free Cash Flow |
$ |
15,876 |
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240805564397/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
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