Vitesse Energy, Inc. has recently released its 10-K report, providing a detailed look into the company's financial and operational performance for the year ended December 31, 2024. Vitesse Energy, Inc. is primarily focused on the acquisition, development, and production of non-operated oil and natural gas properties in the United States, with a core focus on the Williston Basin properties located in North Dakota and Montana, as well as interests in the Central Rockies properties in Colorado and Wyoming.
The company's financial and operating performance for the year included the following key highlights: Paid $63.6 million in dividends to equity holders. Production of 13,003 barrels of oil equivalent per day, with 69% of production from oil. Total revenue of $242.0 million. Net income of $21.1 million. Cash flows from operations of $155.0 million. Invested $115.2 million in capital development and acquisitions. Proved reserves of 40.3 million barrels of oil equivalent and $587 million PV-10 value at December 31, 2024. Total debt of $117.0 million at December 31, 2024.
Additionally, Vitesse Energy, Inc. completed the acquisition of Lucero, an oil and natural gas operator with assets in the Bakken and Three Forks formations in the Williston Basin area of North Dakota. This acquisition is expected to strengthen the company's balance sheet and cash flows, enhancing its competitive strengths and increasing future revenue, expenses, cash flows, and capital expenditures.
The 10-K report also highlights the significant impact of commodity prices on the company's earnings, operating cash flows, and acquisition and divestiture strategy. Vitesse Energy, Inc. acknowledges that commodity price volatility, influenced by factors such as the COVID-19 pandemic, geopolitical conflicts, supply chain constraints, and interest rates, significantly impacts its financial results and operational decisions.
The report further details the principal components of the company's cost structure, including commodity price differentials, commodity derivatives gain (loss), net, lease operating expenses, production taxes, depreciation, depletion, and amortization (DD&A), general and administrative expenses, interest expense, and impairment expense.
Vitesse Energy, Inc. derives its revenues from the sale of oil and natural gas produced from its properties, with revenues being influenced by the volume produced, prevailing market prices, oil quality, Btu content, and transportation costs to market. The company uses derivative instruments to hedge future sales prices on a substantial portion of its oil production, aiming to achieve more predictable cash flows and reduce exposure to downward price fluctuations.
The 10-K report also emphasizes the factors that significantly affect the company's operating results, including the timing and success of drilling and production activities, oil and natural gas prices, production quantities, derivative instruments, and operating expenses.
The market has reacted to these announcements by moving the company's shares 1.5% to a price of $24.7. For more information, read the company's full 10-K submission here.
