Vitesse Energy(VTS) - 2025 Q3 - Quarterly Results

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].