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Summary of Vitesse Energy Conference Call Company Overview - **Company Name**: Vitesse Energy - **Ticker**: VTS - **Business Model**: Primarily a non-operated oil and gas company participating in wells in North Dakota's Bakken Play and Colorado's DJ Basin [2][3] Key Industry Insights - **Market Position**: Vitesse holds over 50,000 net acres in North Dakota and engages in acquisitions to manage capital spending [3][4] - **Production Metrics**: Current production is approximately 17,000 BOE per day, with 65% of production from oil, contributing to 90% of revenue [10][21] - **Technological Advancements**: The industry is seeing longer laterals (up to four miles) which improve production efficiency and economics [5][12][19] Financial Strategy - **Dividend Policy**: Vitesse prioritizes maintaining a dividend of over 10%, viewing it as crucial for capital allocation [4][6] - **Capital Allocation**: The company plans to reduce capital spending in response to market conditions, focusing on maintaining cash flows and dividend payments [7][24] - **Hedging Strategy**: Approximately 45% of oil and gas production is hedged, with a floor around $64 and a ceiling around $66, to mitigate price volatility [20] Recent Developments - **Acquisition of Lucero Oil and Gas**: This acquisition allows Vitesse to operate some wells, marking a shift from being solely non-operated [21][22] - **Legal Settlement**: Vitesse settled a lawsuit with Hess regarding royalty payments, resulting in improved contract terms [27] Market Outlook - **Oil Price Predictions**: The company anticipates oil prices to remain in the high $50s to low $60s, with potential for a slowdown in operations if prices drop below $50 [23][24] - **Future Opportunities**: Vitesse aims to leverage its strong balance sheet to capitalize on acquisition opportunities as the market adjusts [24][25] Additional Insights - **Data Utilization**: Vitesse employs a vast data system to analyze operator performance and optimize capital investment decisions [11][14] - **AI Integration**: The company is integrating AI to enhance data accessibility and operational efficiency across departments [14] Conclusion Vitesse Energy is strategically positioned in the Bakken Play with a focus on maintaining dividends and managing capital efficiently amidst fluctuating oil prices. The recent acquisition and technological advancements in drilling are expected to enhance production capabilities and financial stability moving forward.

Core Insights - During market turbulence, investors often seek dividend-yielding stocks, which typically have high free cash flows and offer substantial dividends [1] Company Summaries Vitesse Energy Inc (NYSE:VTS) - Dividend Yield: 10.41% - Evercore ISI Group analyst Chris Baker maintained an In-Line rating and reduced the price target from $22 to $20 on October 6, 2025, with an accuracy rate of 69% [7] - Roth MKM analyst John White maintained a Buy rating and increased the price target from $30.5 to $33 on April 2, 2025, with an accuracy rate of 63% [7] - Recent News: Mixed quarterly results reported on November 3 [7] Western Midstream Partners LP (NYSE:WES) - Dividend Yield: 9.18% - Citigroup analyst Spiro Dounis reinstated a Neutral rating with a price target of $39 on October 20, 2025, with an accuracy rate of 75% [7] - Mizuho analyst Gabriel Moreen maintained an Outperform rating and raised the price target from $44 to $46 on August 29, 2025, with an accuracy rate of 68% [7] - Recent News: Weak quarterly results reported on November 4 [7] Plains All American Pipeline LP (NASDAQ:PAA) - Dividend Yield: 9.09% - Raymond James analyst Justin Jenkins reiterated a Strong Buy rating and cut the price target from $24 to $22 on October 24, 2025, with an accuracy rate of 78% [7] - Barclays analyst Theresa Chen maintained an Underweight rating and reduced the price target from $18 to $17 on October 7, 2025, with an accuracy rate of 75% [7] - Recent News: Announced the pricing of a public offering of $750 million of senior notes on November 10 [7]

Core Insights - The Hecht Commodity Report is a comprehensive resource for commodities, forex, and precious metals, providing market movements for over 29 different commodities along with trading recommendations [1][2]. Group 1: Market Movements - NYMEX platinum futures broke out above the $1,000 pivot point in June 2025, reaching the highest price since 2011, with an all-time high of over $2,300 in 2008 [2]. Group 2: Author's Background - Andrew Hecht, a veteran with 35 years of experience on Wall Street, manages The Hecht Commodity Report, which offers insights and actionable ideas for traders and investors [2].

Financial Data and Key Metrics Changes - In Q3 2025, production averaged 18,163 barrels of oil equivalent (BOE) per day, with a 65% oil cut, bringing year-to-date production to 17,373 BOE per day [6][9] - Adjusted EBITDA for the quarter was $41.6 million, while adjusted net income was $3.8 million; however, GAAP net income reported a loss of $1.3 million [9] - Cash capital expenditures (CapEx) for the quarter totaled $31.8 million, funded within operating cash flows, with total debt at $114 million and net debt at $108 million, resulting in a net debt to adjusted annualized EBITDA ratio of 0.65 times [9][10] Business Line Data and Key Metrics Changes - The company successfully completed two Vitesse-operated wells, which exceeded initial production expectations and were completed approximately 15% under budget [6][9] - The company has over 2 million net lateral feet of development remaining, translating to more than 200 net two-mile equivalent wells [5] Market Data and Key Metrics Changes - Approximately 60% of remaining oil production for 2025 is hedged at nearly $70 per barrel, with under half of remaining natural gas production hedged at a weighted average floor of $3.73 and ceiling of $5.85 per MMBtu [7][8] Company Strategy and Development Direction - The company is focused on disciplined capital allocation and has increased production and capital expenditure guidance for 2025 due to advancements in technology and successful well completions [4][5] - The strategy of acquiring acreage outside the core of the Bakken is yielding returns comparable to those seen in the core area, as drilling activity progresses into these regions [4] Management's Comments on Operating Environment and Future Outlook - Management noted that the oil industry is highly cyclical, and the company's long-duration assets and low leverage position it to be opportunistic during market disruptions [5] - The company is evaluating a 2026 and 2027 operated program, which will depend on oil prices and capital expenditures from partners [22][29] Other Important Information - The board declared a fourth-quarter dividend at an annual rate of $2.25 per share, reflecting the company's commitment to capital allocation [5] Q&A Session Summary Question: What percentage of the program involves three- and four-mile laterals? - Approximately half of the AFEs received this year have been extended laterals, with no one-mile laterals seen this year [14] Question: What is the outlook on the acquisition market? - The market is competitive, but the company remains disciplined in its approach to acquisitions, having closed a couple of deals in Q3 [17] Question: What is the line of sight on operated inventory opportunities for 2026? - The company has around 15 net undeveloped locations from the Lucero acquisition and is evaluating the best ways to drill these [22] Question: How does the cost structure for Q3 compare to Q2? - Q3 is a better indicator of the run rate for G&A and LOE, with expectations for slightly lower costs going forward [24][25] Question: How is the credit environment affecting producers' 2026 budgets? - Operators are primarily influenced by oil prices and consolidation trends rather than the interest rate environment [28][29] Question: What are the company's thoughts on gas opportunities in different basins? - The company is looking for gas assets at the right price, with a focus on the Bakken first, while the M&A market remains active [31]

Asset & Production - Vitesse's estimated 2025 net production is between 17000 and 17500 MBoe/d[15] - The company estimates having over 200 net two-mile-equivalent undeveloped locations[15, 16] - Vitesse has interests in 7612 productive wells, averaging a 3.6% working interest per well[16] - Over 80% of Vitesse's assets are comprised of undeveloped resources[8, 23] - Vitesse's acreage is primarily in the core of the Williston Basin[11, 17] Financials - The company's 1P PV-10 is $806 million[15] - The PDP PV-10 is $609 million[15] - Vitesse aims for a net debt to adjusted EBITDA ratio of less than 10x[10, 23] - Vitesse offers a fixed dividend of $05625 per share quarterly[10, 23] - Vitesse insiders own more than 25% of the outstanding shares[24]

Financial Performance - The company reported total revenue of $67.4 million for the three months ended September 30, 2025, with a net loss of $1.3 million[129]. - Total revenue increased to $67.4 million for the three months ended September 30, 2025, up 16% from $58.3 million in the same period of 2024, driven by a 40% increase in production volumes[152]. - Total revenue increased to $215.4 million for the nine months ended September 30, 2025, up 16% from $186.1 million in the same period of 2024, driven by a 33% increase in production volumes[173]. - Oil revenue rose to $64.4 million, a 15% increase from $56.2 million, while natural gas revenue increased by 44% to $3.0 million[152]. - Oil revenue rose to $189.96 million, a 7% increase from $177.67 million, while natural gas revenue surged 203% to $25.41 million from $8.40 million[173]. Production and Operational Metrics - Average daily production was 18,163 BOE/day, with 65% of production coming from oil[129]. - The company had a working interest in 6,326 gross productive wells and 268 gross wells being drilled or completed as of September 30, 2025[125]. - The average NYMEX oil price for the third quarter of 2025 was $64.84 per barrel, which is 14% lower than the average price of $75.26 per barrel in the third quarter of 2024[144]. - The average NYMEX natural gas price for the third quarter of 2025 was $3.03 per MMBtu, representing a 44% increase from $2.11 per MMBtu in the same period of 2024[145]. Expenses and Costs - Lease operating expenses increased to $11.05 per Boe, up 14% from $9.71 per Boe, attributed to higher workover and transportation costs[156]. - Production taxes rose to $6.2 million, a 17% increase from $5.3 million, with production taxes as a percentage of oil and natural gas sales at 9.2%[157]. - General and administrative expenses increased to $5.7 million, while per Boe costs decreased to $3.44, reflecting economies of scale from a 40% production increase[158]. - Depletion, depreciation, and amortization (DD&A) expenses increased to $34.2 million, up from $24.9 million, due to higher production volumes[159]. - Interest expense decreased to $2.4 million, down 13% from $2.7 million, primarily due to lower interest rates[162]. Cash Flow and Liquidity - Cash flows from operations amounted to $49.4 million for the quarter[129]. - The company recorded an income tax benefit of $0.3 million for the three months ended September 30, 2025, compared to an expense of $6.2 million in the same period of 2024[169]. - At September 30, 2025, the company had $5.6 million in unrestricted cash and $136.0 million available under its Revolving Credit Facility, up from $3.0 million and $118.0 million, respectively, at December 31, 2024[192]. - The working capital deficit improved to $9.7 million at September 30, 2025, from a deficit of $49.4 million at December 31, 2024, due to increased current assets and decreased current liabilities[194]. - Net cash from operating activities for the nine months ended September 30, 2025, was $132.9 million, an increase of $12.6 million (10.5%) compared to $120.3 million in 2024[196]. Capital Expenditures and Investments - The company invested $31.8 million in capital development and acquisitions during the quarter[129]. - Total capital expenditures for the nine months ended September 30, 2025, were $97.9 million, with expectations to fund future expenditures through cash generated from operations and potential borrowings[206]. - Cash used in investing activities increased to $97.9 million in 2025 from $87.1 million in 2024, reflecting a $10.8 million (12.4%) rise primarily due to higher development activity[198]. Dividends and Shareholder Returns - The company paid a quarterly dividend of $0.5625 per share to common stockholders[129]. - The company paid cash dividends of $69.8 million during the nine months ended September 30, 2025, with future dividends subject to various factors including cash flow and contractual restrictions[205]. - Cash used in financing activities was $32.4 million in 2025, compared to $31.3 million in 2024, with $69.8 million in dividends paid in 2025[199]. Risk Management - Commodity price volatility is expected to continue impacting earnings and cash flows throughout 2025[127]. - The company employs a hedging program to mitigate risks associated with fluctuations in commodity prices, which can significantly impact operating results[216]. - Approximately 63% of oil volumes were covered by financial hedges, resulting in a realized gain on oil derivatives of $3.2 million for the three months ended September 30, 2025[167]. - Approximately 62% of oil volumes were subject to financial hedges, resulting in a realized gain on oil derivatives of $9.2 million for the nine months ended September 30, 2025[188].

Financial Performance - Vitesse reported a net loss of $1.3 million and an Adjusted Net Income of $3.8 million for Q3 2025, with an Adjusted EBITDA of $41.6 million[6]. - Total revenue for Q3 2025 was $71.7 million, reflecting a 16% increase compared to the same period in 2024[16]. - Total revenue for Q3 2025 was $67.443 million, a 15.5% increase from $58.280 million in Q3 2024[31]. - Oil revenue increased to $64.422 million in Q3 2025 from $56.181 million in Q3 2024, representing a 14.4% growth[31]. - Net loss for Q3 2025 was $1.311 million, compared to a net income of $17.442 million in Q3 2024[31]. - Adjusted Net Income for Q3 2025 was $3.814 million, after accounting for non-cash items and G&A costs related to the Lucero acquisition[40]. - Adjusted EBITDA for Q3 2025 was $41.569 million, with an annualized figure of $166.276 million[42]. Production and Operations - Average daily production was 18,163 barrels of oil equivalent (Boe), a 4% decrease from Q2 2025, with oil comprising 65% of total production[6]. - Vitesse increased its 2025 annual production guidance by 8% at the midpoint, now expecting 17,000 to 17,500 Boe per day[13]. - Lease operating expenses for Q3 2025 were $18.5 million, or $11.05 per Boe, representing a 14% increase from the previous year[8]. - The average realized oil price before hedging was $59.73 per barrel, down 14% from the previous year, while the realized price with hedging was $62.71 per barrel[7]. - The company hedged approximately 60% of its remaining 2025 oil production at a weighted average price of $69.99 per barrel[17]. Capital Expenditures and Liquidity - Total capital expenditures guidance for 2025 has been revised to a range of $110 million to $125 million[14]. - As of September 30, 2025, total liquidity was $141.6 million, consisting of $5.6 million in cash and $136 million in available borrowings[9]. - Net Debt as of September 30, 2025, was $108.427 million, with a Net Debt to Adjusted EBITDA ratio of 0.65[42]. - Total assets increased to $932.924 million as of September 30, 2025, up from $810.893 million at the end of 2024[32]. - Current liabilities decreased to $66.784 million from $100.329 million at the end of 2024[32]. Cash Flow and Expenses - For the three months ended September 30, 2025, the net cash from changes in operating activities was $49,404,000[44]. - The cash flow from operations before changes in operating assets and liabilities amounted to $39,634,000[44]. - The free cash flow for the period was $13,634,000[44]. - General and administrative costs related to the Lucero acquisition were $278,000[44]. - The development of oil and gas properties incurred a cost of $26,000,000[44]. - Changes in operating assets and liabilities resulted in a decrease of $10,048,000[44]. Shareholder Returns and Future Plans - The company declared a quarterly cash dividend of $0.5625 per share, payable on December 31, 2025[4]. - Vitesse Energy is focused on returning capital to stockholders through ownership interests in oil and gas wells[24]. - The company plans to participate in the Southwest IDEAS Conference on November 20, 2025, to discuss future strategies[24].

Core Insights - During market turbulence, investors often seek dividend-yielding stocks, which typically have high free cash flows and offer substantial dividends [1] Group 1: High-Yielding Stocks in Energy Sector - Vitesse Energy Inc (NYSE:VTS) has a dividend yield of 10.17%. Analyst Chris Baker from Evercore ISI Group maintained an In-Line rating and reduced the price target from $22 to $20, while analyst John White from Roth MKM maintained a Buy rating and increased the price target from $30.5 to $33 [7] - Delek Logistics Partners LP (NYSE:DKL) has a dividend yield of 9.76%. Analyst Gabriel Moreen from Mizuho maintained a Neutral rating and raised the price target from $44 to $45, while analyst Justin Jenkins from Raymond James maintained an Outperform rating and increased the price target from $44 to $46 [7] - Western Midstream Partners LP (NYSE:WES) has a dividend yield of 9.42%. Analyst Spiro Dounis from Citigroup reinstated a Neutral rating with a price target of $39, while analyst Robert Kad from Morgan Stanley maintained an Underweight rating and lowered the price target from $41 to $39 [7]

Company Overview - Vitesse Energy (NYSE: VTS) owns working and mineral interests in oil and gas assets, primarily in the Bakken and Three Forks formations located in North Dakota and Montana [1] Investment Focus - The company funds wells and drilling operations in exchange for a share of the production [1] Analyst Background - The analyst has over 10 years of experience researching companies across various sectors, including commodities like oil, natural gas, gold, and copper, as well as technology and emerging market stocks [1] Research Methodology - The analyst has researched over 1000 companies in depth and has transitioned from writing a blog to creating a value investing-focused YouTube channel, covering hundreds of different companies [1] Industry Preferences - The analyst expresses a preference for covering metals and mining stocks but is also comfortable with other industries such as consumer discretionary/staples, REITs, and utilities [1]