Vitesse Energy Reports Strong Financial Results

Vitesse Energy, Inc. has announced its full year 2023 financial and operating results, along with a quarterly cash dividend of $0.50 per common share to be paid on March 29, 2024. The company reported a net loss of $19.7 million and adjusted net income of $53.6 million. Adjusted EBITDA stood at $157.0 million, with cash flow from operations reaching $141.9 million and free cash flow at $60.7 million.

The production of oil and natural gas saw an increase, with a 15% rise in daily production to 11,889 barrels of oil equivalent per day, of which 68% was oil. Fourth quarter 2023 production spiked to 13,652 barrels of oil equivalent per day, representing a 24% sequential growth over the third quarter.

Total cash development capital expenditures and acquisition costs amounted to $120.5 million. Vitesse's total debt was $81.0 million, resulting in a net debt to adjusted EBITDA ratio of 0.51.

The company's reserves saw proved developed reserves at December 31, 2023, increase by 5% from the previous year to 28.5 million barrels of oil equivalent. However, total proved reserves decreased by 7% to 40.6 million barrels of oil equivalent, with 70% being proved developed.

Financially, Vitesse reported total revenue of $233.9 million for the year, with oil revenue accounting for $218.4 million and natural gas revenue at $15.5 million. The average realized oil and natural gas prices before hedging were $73.59 per barrel and $1.88 per mcf, respectively, during 2023.

Furthermore, Vitesse's average realized oil price with hedging was $73.99 per barrel. The company incurred lease operating expenses of $9.11 per boe and general and administrative expenses of $5.52 per boe, including costs related to the spin-off from Jefferies Financial Group Inc.

In terms of liquidity, the company had $0.6 million in cash and $81.0 million of borrowings outstanding on its revolving credit facility, resulting in total liquidity of $99.6 million as of December 31, 2023. Vitesse also provided an operations update, revealing its interest in 256 gross wells that were either drilling or in the completion phase, along with another 421 gross locations that had been permitted for development by the end of the year.

Looking ahead, Vitesse reaffirmed its preliminary 2024 outlook, including an annual production of 12,500 * 13,500 boe per day, with oil accounting for 67% * 71% of annual production and total cash capital expenditures estimated at $90 * $110 million.

Check out the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.