Vitesse Energy Announces Third Quarter 2024 Results, Revised 2024 Guidance and Preliminary 2025 Outlook
Vitesse Energy (NYSE: VTS) reported Q3 2024 financial results with net income of $17.4 million and Adjusted EBITDA of $37.6 million. Production averaged 13,009 barrels of oil equivalent per day (68% oil). The company declared a quarterly cash dividend of $0.525 per share. Total revenue, including hedges, was $59.7 million, with average realized oil prices at $69.43/Bbl before hedging. The company revised its 2024 guidance, tightening production range to 13,000-13,500 Boe/day and lowering capital expenditure to $110-120 million. For 2025, Vitesse expects a 7% production increase to 14,125 Boe/day at midpoint.
Vitesse Energy (NYSE: VTS) ha riportato i risultati finanziari del terzo trimestre 2024, con un utile netto di 17,4 milioni di dollari e un EBITDA rettificato di 37,6 milioni di dollari. La produzione media è stata di 13.009 barili di petrolio equivalente al giorno (68% petrolio). L'azienda ha dichiarato un dividendo in contante trimestrale di $0,525 per azione. I ricavi totali, inclusi gli hedge, ammontano a $59,7 milioni, con prezzi medi del petrolio realizzati di $69,43/Bbl prima della copertura. La compagnia ha rivisto le previsioni per il 2024, stringendo l'intervallo di produzione a 13.000-13.500 Boe/giorno e riducendo la spesa in conto capitale a $110-120 milioni. Per il 2025, Vitesse prevede un incremento della produzione del 7% a 14.125 Boe/giorno a metà intervallo.
Vitesse Energy (NYSE: VTS) reportó los resultados financieros del tercer trimestre de 2024, con un ingreso neto de 17,4 millones de dólares y un EBITDA ajustado de 37,6 millones de dólares. La producción promedio fue de 13,009 barriles de petróleo equivalente por día (68% petróleo). La compañía declaró un dividendo en efectivo trimestral de $0,525 por acción. Los ingresos totales, incluidos los coberturas, fueron de $59,7 millones, con precios promedio del petróleo realizados de $69,43/Bbl antes de la cobertura. La empresa revisó su guía para 2024, ajustando el rango de producción a 13,000-13,500 Boe/día y reduciendo el gasto de capital a $110-120 millones. Para 2025, Vitesse espera un aumento del 7% en la producción a 14,125 Boe/día en el punto medio.
비테스 에너지(Vitesse Energy, NYSE: VTS)는 2024년 3분기 재무 결과를 발표했으며, 순이익 1,740만 달러와 조정 EBITDA 3,760만 달러를 기록했습니다. 평균 생산량은 일일 13,009 배럴의 석유 등가물 (68% 석유)로 나타났습니다. 회사는 주당 $0.525의 분기 현금 배당금을 선언했습니다. 헤지를 포함한 총 수익은 5,970만 달러였으며, 헤지 전 평균 실현 석유 가격은 $69.43/Bbl이었습니다. 회사는 2024년 가이드를 수정하여 생산 범위를 13,000-13,500 Boe/일로 조정하고, 자본 지출을 $1억 1천만 - $1억 2천만으로 낮추었습니다. 2025년에는 비테스가 평균 14,125 Boe/일로 7%의 생산 증가를 예상하고 있습니다.
Vitesse Energy (NYSE: VTS) a publié ses résultats financiers pour le troisième trimestre 2024, avec un revenu net de 17,4 millions de dollars et un EBITDA ajusté de 37,6 millions de dollars. La production moyenne a atteint 13 009 barils d'équivalent pétrole par jour (68% pétrole). L'entreprise a déclaré un dividende en espèces trimestriel de 0,525 $ par action. Le chiffre d'affaires total, y compris les couvertures, s'est élevé à 59,7 millions de dollars, avec des prix moyen de pétrole réalisés à 69,43 $/bbl avant couverture. L'entreprise a révisé ses prévisions pour 2024, en resserrant la fourchette de production à 13 000-13 500 Boe/jour et en réduisant les dépenses d'investissement à 110-120 millions de dollars. Pour 2025, Vitesse prévoit une augmentation de la production de 7% à 14 125 Boe/jour à mi-chemin.
Vitesse Energy (NYSE: VTS) hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem Nettoeinkommen von 17,4 Millionen Dollar und einem bereinigten EBITDA von 37,6 Millionen Dollar. Die Produktion betrug im Durchschnitt 13.009 Barrel Öläquivalent pro Tag (68% Öl). Das Unternehmen erklärte eine vierteljährliche Bar-Dividende von 0,525 $ pro Aktie. Der Gesamtumsatz, einschließlich Absicherungen, betrug 59,7 Millionen Dollar, mit den durchschnittlichen realisierten Ölpreisen bei 69,43 $/Bbl vor der Absicherung. Das Unternehmen hat seine Prognose für 2024 überarbeitet, indem es den Produktionsbereich auf 13.000-13.500 Boe/Tag eingeengt und die Investitionsausgaben auf 110-120 Millionen Dollar gesenkt hat. Für 2025 erwartet Vitesse einen Produktionsanstieg von 7% auf 14.125 Boe/Tag im Durchschnitt.
- Net income of $17.4 million in Q3 2024
- Strong cash flow of $45.7 million from operations
- Low leverage with Net Debt to Adjusted EBITDA ratio of 0.68
- Debt reduction of $10 million during the quarter
- Maintained quarterly dividend of $0.525 per share
- Production expected to increase 7% in 2025
- Oil price decline to $69.43/Bbl from $78.45/Bbl year-over-year (-11%)
- General and administrative expenses increased 37% year-over-year
- Interest expense increased 133% year-over-year
- Lower capital expenditure guidance suggests reduced growth investments
Insights
The Q3 results show mixed performance with notable financial metrics:
The company maintained its quarterly dividend of
The hedging strategy provides downside protection with
Operating metrics reveal solid operational efficiency with lease operating expenses decreasing
The development pipeline looks robust with interests in 301 gross wells in drilling/completion phase and 409 permitted locations, supporting future growth prospects. The reduced capital expenditure guidance suggests improved operational efficiency and selective development approach, which should enhance returns on invested capital.
THIRD QUARTER 2024 HIGHLIGHTS
-
As previously announced, declared a quarterly cash dividend of
$0.52 5 -
Net income of
$17.4 million $7.6 million -
Adjusted EBITDA(1) of
$37.6 million -
Cash flow from operations of
$45.7 million $18.6 million -
Production of 13,009 barrels of oil equivalent (“Boe”) per day (
68% oil) -
Total cash development capital expenditures and acquisition costs of
$17.2 million -
Total debt of
$105.0 million
(1) Non-GAAP financial measure; see reconciliation schedules at the end of this release
MANAGEMENT COMMENTS
“In the third quarter we generated cash flow exceeding our dividend and capex, which allowed us to pay down our debt by
STOCKHOLDER RETURNS
In October 2024, Vitesse’s Board of Directors declared its fourth quarter cash dividend for Vitesse’s common stock of
On September 30, 2024, the Company paid its third quarter cash dividend of
FINANCIAL AND OPERATING RESULTS
Third quarter net income was
Oil and natural gas production for the third quarter of 2024 averaged 13,009 Boe per day. Oil represented
Vitesse’s average realized oil and natural gas prices before hedging were
Lease operating expenses in the third quarter of 2024 were
LIQUIDITY AND CAPITAL EXPENDITURES
As of September 30, 2024, Vitesse had
On October 22, 2024, the Company entered into an amendment to its revolving credit facility. Among other things, the amendment extended the maturity date, the borrowing base was reaffirmed at
During the quarter, Vitesse invested
OPERATIONS UPDATE
As of September 30, 2024, the Company owned an interest in 301 gross (11.3 net) wells that were either drilling or in the completion phase, and another 409 gross (8.8 net) locations that had been permitted for development.
REVISED 2024 GUIDANCE AND PRELIMINARY 2025 OUTLOOK
Vitesse revised its 2024 annual guidance, tightening the range for annual production and oil as a percentage of annual production, while lowering the range for total capital expenditures. The revised guidance is set forth below along with a preliminary outlook for 2025.
|
Prior 2024 Guidance |
Revised 2024 Guidance |
Preliminary 2025 Outlook |
Annual Production (Boe per day) |
13,000 - 14,000 |
13,000 - 13,500 |
13,750 - 14,500 |
Oil as a Percentage of Annual Production |
|
|
|
Total Capital Expenditures ($ in millions) |
|
|
|
At the midpoint of the preliminary 2025 outlook, Vitesse expects production to increase
THIRD QUARTER 2024 RESULTS
The following table sets forth selected financial and operating data for the periods indicated.
|
|
|
|
|
|
|
|
||||||
|
QUARTER ENDED SEPTEMBER 30, |
|
INCREASE (DECREASE) |
||||||||||
($ in thousands, except production and per unit data) |
2024 |
|
2023 |
|
AMOUNT |
|
PERCENT |
||||||
Financial and Operating Results: |
|
|
|
|
|
|
|
||||||
Revenue |
|
|
|
|
|
|
|
||||||
Oil |
$ |
56,181 |
|
$ |
53,293 |
|
|
$ |
2,888 |
|
|
5 |
% |
Natural gas |
|
2,099 |
|
|
1,761 |
|
|
|
338 |
|
|
19 |
% |
Total revenue |
$ |
58,280 |
|
$ |
55,054 |
|
|
$ |
3,226 |
|
|
6 |
% |
Operating Expenses |
|
|
|
|
|
|
|
||||||
Lease operating expense |
$ |
11,622 |
|
$ |
9,985 |
|
|
$ |
1,637 |
|
|
16 |
% |
Production taxes |
|
5,329 |
|
|
5,152 |
|
|
|
177 |
|
|
3 |
% |
General and administrative |
|
5,231 |
|
|
3,820 |
|
|
|
1,411 |
|
|
37 |
% |
Depletion, depreciation, amortization, and accretion |
|
24,915 |
|
|
19,013 |
|
|
|
5,902 |
|
|
31 |
% |
Equity-based compensation |
|
2,202 |
|
|
1,146 |
|
|
|
1,056 |
|
|
92 |
% |
Interest Expense |
$ |
2,722 |
|
$ |
1,166 |
|
|
$ |
1,556 |
|
|
133 |
% |
Commodity Derivative Gain (Loss), Net |
$ |
17,368 |
|
$ |
(17,083 |
) |
|
$ |
34,451 |
|
|
202 |
% |
Income Tax (Benefit) Expense |
$ |
6,220 |
|
$ |
(796 |
) |
|
$ |
7,016 |
|
|
881 |
% |
Production Data: |
|
|
|
|
|
|
|
||||||
Oil (MBbls) |
|
809 |
|
|
679 |
|
|
|
130 |
|
|
19 |
% |
Natural gas (MMcf) |
|
2,326 |
|
|
2,001 |
|
|
|
325 |
|
|
16 |
% |
Combined volumes (MBoe) |
|
1,197 |
|
|
1,013 |
|
|
|
184 |
|
|
18 |
% |
Daily combined volumes (Boe/d) |
|
13,009 |
|
|
11,009 |
|
|
|
2,000 |
|
|
18 |
% |
Average Realized Prices before Hedging: |
|
|
|
|
|
|
|
||||||
Oil (per Bbl) |
$ |
69.43 |
|
$ |
78.45 |
|
|
$ |
(9.02 |
) |
|
(11 |
%) |
Natural gas (per Mcf) |
|
0.90 |
|
|
0.88 |
|
|
|
0.02 |
|
|
2 |
% |
Combined (per Boe) |
|
48.69 |
|
|
54.36 |
|
|
|
(5.67 |
) |
|
(10 |
%) |
Average Realized Prices with Hedging: |
|
|
|
|
|
|
|
||||||
Oil (per Bbl) |
$ |
71.20 |
|
$ |
76.35 |
|
|
$ |
(5.15 |
) |
|
(7 |
%) |
Natural gas (per Mcf) |
|
0.90 |
|
|
0.88 |
|
|
|
0.02 |
|
|
2 |
% |
Combined (per Boe) |
|
49.89 |
|
|
52.95 |
|
|
|
(3.06 |
) |
|
(6 |
%) |
Average Costs (per Boe): |
|
|
|
|
|
|
|
||||||
Lease operating |
$ |
9.71 |
|
$ |
9.86 |
|
|
$ |
(0.15 |
) |
|
(2 |
%) |
Production taxes |
|
4.45 |
|
|
5.09 |
|
|
|
(0.64 |
) |
|
(13 |
%) |
General and administrative |
|
4.37 |
|
|
3.77 |
|
|
|
0.60 |
|
|
16 |
% |
Depletion, depreciation, amortization, and accretion |
|
20.82 |
|
|
18.77 |
|
|
|
2.05 |
|
|
11 |
% |
|
|
|
|
|
|
|
|
||||||
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. Based on the midpoint of its preliminary 2025 outlook, Vitesse has
|
|
|
|
|
SETTLEMENT PERIOD |
OIL (Bbls) |
|
WEIGHTED AVERAGE PRICE |
|
Swaps-Crude Oil |
|
|
|
|
2024: |
|
|
|
|
Q4 |
490,000 |
|
$ |
78.11 |
2025: |
|
|
|
|
Q1 |
487,500 |
|
$ |
73.01 |
Q2 |
472,500 |
|
$ |
73.63 |
Q3 |
292,500 |
|
$ |
73.04 |
Q4 |
292,500 |
|
$ |
73.04 |
|
|
|
|
|
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 SEPTEMBER 30, |
|||||
(in thousands) |
2024 |
|
2023 |
|||
Realized gain (loss) on commodity derivatives (1) |
$ |
1,430 |
|
$ |
(1,424 |
) |
Unrealized gain (loss) on commodity derivatives (1) |
|
15,938 |
|
|
(15,659 |
) |
Total commodity derivative gain (loss) |
$ |
17,368 |
|
$ |
(17,083 |
) |
| (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. |
Q3 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, November 5, 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=FvHfBt4X
Dial-In Number: 877-407-0778 (US/
Conference ID: 13749630 - Vitesse Energy Third Quarter 2024 Earnings Call
Replay Dial-In Number: 877-660-6853 (US/
Replay Access Code: 13749630 - Replay will be available through November 12, 2024
UPCOMING INVESTOR EVENT
Vitesse management will be participating in the Southwest IDEAS Conference in
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 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. |
|||||||||||||||
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) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
|
|
|
|
|
|
|
||||||||
Oil |
$ |
56,181 |
|
|
$ |
53,293 |
|
|
$ |
177,672 |
|
|
$ |
152,512 |
|
Natural gas |
|
2,099 |
|
|
|
1,761 |
|
|
|
8,400 |
|
|
|
12,090 |
|
Total revenue |
|
58,280 |
|
|
|
55,054 |
|
|
|
186,072 |
|
|
|
164,602 |
|
Operating Expenses |
|
|
|
|
|
|
|
||||||||
Lease operating expense |
|
11,622 |
|
|
|
9,985 |
|
|
|
35,685 |
|
|
|
28,384 |
|
Production taxes |
|
5,329 |
|
|
|
5,152 |
|
|
|
16,555 |
|
|
|
15,325 |
|
General and administrative |
|
5,231 |
|
|
|
3,820 |
|
|
|
15,329 |
|
|
|
19,143 |
|
Depletion, depreciation, amortization, and accretion |
|
24,915 |
|
|
|
19,013 |
|
|
|
73,776 |
|
|
|
56,233 |
|
Equity-based compensation |
|
2,202 |
|
|
|
1,146 |
|
|
|
5,853 |
|
|
|
30,545 |
|
Total operating expenses |
|
49,299 |
|
|
|
39,116 |
|
|
|
147,198 |
|
|
|
149,630 |
|
Operating Income |
|
8,981 |
|
|
|
15,938 |
|
|
|
38,874 |
|
|
|
14,972 |
|
Other (Expense) Income |
|
|
|
|
|
|
|
||||||||
Commodity derivative gain (loss), net |
|
17,368 |
|
|
|
(17,083 |
) |
|
|
3,923 |
|
|
|
(4,885 |
) |
Interest expense |
|
(2,722 |
) |
|
|
(1,166 |
) |
|
|
(7,510 |
) |
|
|
(3,461 |
) |
Other income |
|
35 |
|
|
|
49 |
|
|
|
64 |
|
|
|
99 |
|
Total other (expense) income |
|
14,681 |
|
|
|
(18,200 |
) |
|
|
(3,523 |
) |
|
|
(8,247 |
) |
|
|
|
|
|
|
|
|
||||||||
Income (Loss) Before Income Taxes |
$ |
23,662 |
|
|
$ |
(2,262 |
) |
|
$ |
35,351 |
|
|
$ |
6,725 |
|
|
|
|
|
|
|
|
|
||||||||
(Provision for) Benefit from Income Taxes |
|
(6,220 |
) |
|
|
796 |
|
|
|
(9,166 |
) |
|
|
(46,386 |
) |
|
|
|
|
|
|
|
|
||||||||
Net Income (Loss) |
$ |
17,442 |
|
|
$ |
(1,466 |
) |
|
$ |
26,185 |
|
|
$ |
(39,661 |
) |
Net income attributable to Predecessor common unit holders |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,832 |
|
Net Income (Loss) Attributable to Vitesse Energy, Inc. |
$ |
17,442 |
|
|
$ |
(1,466 |
) |
|
$ |
26,185 |
|
|
$ |
(41,493 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding – basic |
|
30,075,956 |
|
|
|
29,659,763 |
|
|
|
30,018,912 |
|
|
|
29,660,924 |
|
Weighted average common shares outstanding – diluted |
|
32,987,524 |
|
|
|
29,659,763 |
|
|
|
32,887,499 |
|
|
|
29,660,924 |
|
Net income (loss) per common share – basic |
$ |
0.56 |
|
|
$ |
(0.05 |
) |
|
$ |
0.87 |
|
|
$ |
(1.40 |
) |
Net income (loss) per common share – diluted |
$ |
0.53 |
|
|
$ |
(0.05 |
) |
|
$ |
0.80 |
|
|
$ |
(1.40 |
) |
|
|
|
|
|
|
|
|
||||||||
VITESSE ENERGY, INC. |
|||||||
Condensed Consolidated Balance Sheets (Unaudited) |
|||||||
|
|
|
|
||||
|
SEPTEMBER 30, |
|
DECEMBER 31, |
||||
(in thousands, except shares) |
|
2024 |
|
|
|
2023 |
|
Assets |
|
|
|
||||
Current Assets |
|
|
|
||||
Cash |
$ |
2,425 |
|
|
$ |
552 |
|
Revenue receivable |
|
36,358 |
|
|
|
44,915 |
|
Commodity derivatives |
|
12,201 |
|
|
|
10,038 |
|
Prepaid expenses and other current assets |
|
3,309 |
|
|
|
2,841 |
|
Total current assets |
|
54,293 |
|
|
|
58,346 |
|
Oil and Gas Properties—Using the successful efforts method of accounting |
|
|
|
||||
Proved oil and gas properties |
|
1,266,319 |
|
|
|
1,168,378 |
|
Less accumulated DD&A and impairment |
|
(537,263 |
) |
|
|
(464,036 |
) |
Total oil and gas properties |
|
729,056 |
|
|
|
704,342 |
|
Other Property and Equipment—Net |
|
189 |
|
|
|
189 |
|
Other Assets |
|
|
|
||||
Commodity derivatives |
|
1,639 |
|
|
|
1,109 |
|
Other noncurrent assets |
|
6,064 |
|
|
|
1,984 |
|
Total other assets |
|
7,703 |
|
|
|
3,093 |
|
Total assets |
$ |
791,241 |
|
|
$ |
765,970 |
|
Liabilities and Equity |
|
|
|
||||
Current Liabilities |
|
|
|
||||
Accounts payable |
$ |
16,041 |
|
|
$ |
27,692 |
|
Accrued liabilities |
|
56,663 |
|
|
|
32,507 |
|
Other current liabilities |
|
— |
|
|
|
204 |
|
Total current liabilities |
|
72,704 |
|
|
|
60,403 |
|
Long-term Liabilities |
|
|
|
||||
Credit facility |
|
105,000 |
|
|
|
81,000 |
|
Deferred tax liability |
|
73,379 |
|
|
|
64,329 |
|
Asset retirement obligations |
|
8,838 |
|
|
|
8,353 |
|
Other noncurrent liabilities |
|
10,934 |
|
|
|
5,479 |
|
Total liabilities |
$ |
270,855 |
|
|
$ |
219,564 |
|
Commitments and Contingencies |
|
|
|
||||
Equity |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
327 |
|
|
|
328 |
|
Additional paid-in capital |
|
515,451 |
|
|
|
567,654 |
|
Accumulated earnings (deficit) |
|
4,608 |
|
|
|
(21,576 |
) |
Total equity |
|
520,386 |
|
|
|
546,406 |
|
Total liabilities and equity |
$ |
791,241 |
|
|
$ |
765,970 |
|
|
|
|
|
||||
NON-GAAP FINANCIAL MEASURES
Vitesse defines Adjusted Net Income as net income before (i) non-cash gains and losses on unsettled derivative instruments, (ii) non-cash equity-based compensation, (iii) provision for income taxes, and (iv) 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 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, adjusting for 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 SEPTEMBER 30, 2024 |
||
Net Income |
$ |
17,442 |
|
Add: |
|
||
Unrealized loss (gain) on derivative instruments |
|
(15,938 |
) |
Equity-based compensation |
|
2,202 |
|
Provision for income taxes |
|
6,220 |
|
Adjusted Income Before Adjusted Income Tax Expense |
|
9,926 |
|
|
|
||
Adjusted Income Tax Expense(1) |
|
(2,323 |
) |
|
|
||
Adjusted Net Income (non-GAAP) |
$ |
7,603 |
|
| (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 SEPTEMBER 30, 2024 |
||
Revolving credit facility |
$ |
105,000 |
|
Less: Cash |
|
2,425 |
|
Net Debt |
$ |
102,575 |
|
|
|
||
|
|
||
|
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024 |
||
Net Income |
$ |
17,442 |
|
Add: |
|
||
Interest expense |
$ |
2,722 |
|
Provision for income taxes |
|
6,220 |
|
Depletion, depreciation, amortization, and accretion |
|
24,915 |
|
Equity-based compensation |
|
2,202 |
|
Unrealized loss (gain) on derivative instruments |
|
(15,938 |
) |
Adjusted EBITDA |
$ |
37,563 |
|
|
|
||
Annualized Adjusted EBITDA |
|
150,252 |
|
Net Debt to Adjusted EBITDA ratio |
|
0.68 |
|
|
|
||
RECONCILIATION OF FREE CASH FLOW |
|||
|
|
||
(in thousands) |
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024 |
||
Net cash provided by operating activities |
$ |
45,729 |
|
Less: changes in operating assets and liabilities |
|
(10,655 |
) |
Cash flow from operations before changes in operating assets and liabilities |
|
35,074 |
|
Less: development of oil and gas properties |
|
(16,431 |
) |
Free Cash Flow |
$ |
18,643 |
|
|
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104722564/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 (VTS) production in Q3 2024?
What is Vitesse Energy's (VTS) dividend for Q4 2024?
What is Vitesse Energy's (VTS) revised production guidance for 2024?
How much debt did Vitesse Energy (VTS) have as of September 30, 2024?
