On November 1, 2023, Vitesse Energy Inc (VTS, Financial) announced its third quarter 2023 financial and operating results. Despite a net loss of $1.5 million, the company reported an adjusted net income of $11.1 million. The difference is primarily attributable to the non-cash unrealized mark-to-market loss from the company’s hedging portfolio.
Financial Highlights
Vitesse Energy Inc (VTS, Financial) reported an adjusted EBITDA of $34.7 million and a cash flow from operations of $32.1 million. The company's free cash flow stood at $17.2 million. The total cash development capital expenditures and acquisition costs were reported at $34.1 million. The company's total debt stands at $56.0 million with a net debt to adjusted EBITDA ratio of 0.39.
Management Commentary
Bob Gerrity, Vitesse’s Chairman and Chief Executive Officer, commented on the company's performance. He stated,
Vitesse continues to execute on our core business plan. We support our dividend and selectively grow production through the conversion of our undeveloped asset base and the acquisition of highly economic near-term development opportunities, while maintaining a conservative balance sheet. We continue to add hedges at prices deemed attractive to protect the dividend and enhance returns on our capital spending."
Financial and Operating Results
Vitesse Energy Inc (VTS, Financial) reported a third quarter net loss of $1.5 million and an adjusted net income of $11.1 million. The company's adjusted EBITDA was $34.7 million. The oil and gas production for the third quarter of 2023 averaged 11,009 Boe per day. For the nine months ended September 30, 2023, oil and gas production averaged 11,295 Boe per day. Oil represented 67% of production and 97% of total revenue in the third quarter of 2023. Total revenue, including the effects of realized hedges, for the third quarter of 2023 was $53.6 million.
Future Outlook
Vitesse reaffirms its previously revised 2023 annual guidance and preliminary 2024 outlook. The company expects an annual production of 11,500 - 11,700 Boe per day in 2023 and 12,500 - 13,500 Boe per day in 2024. The total capital expenditures are expected to be $110 - $130 million in 2023 and $90 - $110 million in 2024.
For more detailed financial information, please refer to the full earnings report on the company's website.
Explore the complete 8-K earnings release (here) from Vitesse Energy Inc for further details.
