Vitesse Energy Inc. press release

Vitesse Energy Announces Second Quarter 2026 Results

2026-08-03

NYSE - New York Stock Exchange · Oil · Natural Gas · United States · Corporate Finance

Vitesse Energy, Inc. (NYSE: VTS) (“we,” “our,” “Vitesse,” or the “Company”) today reported the Company’s second quarter 2026 financial and operating results.

SECOND QUARTER 2026 HIGHLIGHTS

As previously announced, declared a quarterly cash dividend of $0.4375 per common share to be paid on September 30, 2026 Net income of $33.1 million and Adjusted Net Income (1) of $1.8 million, including a non-cash unrealized gain on commodity derivatives of $40.2 million Adjusted EBITDA (1) of $40.2 million Cash flow from operations of $25.4 million and Free Cash Flow (1) of $16.3 million Production of 17,354 barrels of oil equivalent (“Boe”) per day (60% oil) Total cash capital expenditures of $20.7 million Total debt of $158.5 million and Net Debt to Adjusted EBITDA ratio (1) of 1.0

(1) Non-GAAP financial measure; see reconciliation schedules at the end of this release

MANAGEMENT COMMENTS

“In the second quarter, Vitesse’s capital allocation strategy continued to deliver results, with production increasing 9% from the previous quarter following the successful integration of the Powder River Basin assets acquired in April,” stated Jamie Benard, Vitesse’s Chief Executive Officer and President. “While we’ve received a number of questions about whether Vitesse’s strategy has changed, the answer is simple: it has not. We will continue to prioritize a durable fixed dividend, allocate capital only where returns exceed our hurdle rates and maintain a strong balance sheet. With our third quarter dividend now declared, Vitesse has returned capital to stockholders for fifteen consecutive quarters since becoming a public company.”

STOCKHOLDER RETURNS

On July 29, 2026, Vitesse declared its third quarter cash dividend of $0.4375 per share for stockholders of record as of September 15, 2026, which will be paid on September 30, 2026.

On June 30, 2026, the Company paid its second quarter cash dividend of $0.4375 per share to common stockholders of record as of June 15, 2026.

FINANCIAL AND OPERATING RESULTS

Second quarter net income was $33.1 million and Adjusted Net Income was $1.8 million. Adjusted EBITDA was $40.2 million. See “Non-GAAP Financial Measures” below.

Oil and natural gas production for the second quarter of 2026 averaged 17,354 Boe per day, a sequential increase of 9% from the first quarter of 2026. Oil represented 60% of production and 95% of total oil and natural gas revenue. Total revenue, including the effects of our realized hedges, was $72.8 million.

Vitesse’s average realized oil and natural gas prices before hedging were $91.98 per Bbl and $1.17 per Mcf, respectively, during the second quarter of 2026. The Company had hedges covering 84% of oil production and its realized oil price with hedging was $71.14 per Bbl. Its realized natural gas price with hedging was $1.55 per Mcf.

Lease operating expenses in the second quarter of 2026 were $18.0 million, or $11.38 per Boe. General and administrative expenses totaled $6.2 million, or $3.89 per Boe.

LIQUIDITY AND CAPITAL EXPENDITURES

As of June 30, 2026, Vitesse had $0.9 million in cash and $158.5 million of borrowings outstanding on its revolving credit facility. Vitesse had total liquidity of $117.4 million as of June 30, 2026, consisting of cash and $116.5 million of committed borrowing availability under its revolving credit facility.

During the second quarter of 2026, Vitesse invested $21.1 million in development capital expenditures and acquired $0.7 million of oil and gas properties. Vitesse also recorded a $1.1 million purchase price adjustment received on the Powder River Basin Acquisition in the second quarter of 2026.

OPERATIONS UPDATE

As of June 30, 2026, the Company owned an interest in 305 gross (6.4 net) wells that were either drilling or in the completion phase, and another 363 gross (13.0 net) locations that had been permitted for development.

REVISED 2026 ANNUAL GUIDANCE

Vitesse tightened its 2026 annual guidance in response to second quarter results and recent market conditions as set forth below:

| | Prior 2026 Guidance | | Revised 2026 Guidance | | Annual Production (Boe per day) | 16,000 - 17,500 | | 16,300 - 17,200 | | Oil as a Percentage of Annual Production | 60% - 64% | | 60% - 62% | | Total Cash Capital Expenditures ($ in millions) | $50 - $80 | | $65 - $80 |

SECOND QUARTER 2026 RESULTS

The following table sets forth selected financial and operating data for the periods indicated.

| | | | | | | | | | | | | | | | | | THREE MONTHS ENDED

JUNE 30, | | INCREASE

( DECREASE) | | | | | | | | | | | | | ($ in thousands, except production and per unit data) | 2026 | | 2025 | | AMOUNT | | PERCENT | | | | | | | | | Financial and Operating Results: | | | | | | | | | | | | | | | | Revenue | | | | | | | | | | | | | | | | Oil | $ | 86,507 | | | $ | 66,611 | | | $ | 19,896 | | | 30 | % | | Natural gas | | 4,497 | | | | 15,144 | | | | (10,647 | ) | | (70 | %) | | Total revenue | $ | 91,004 | | | $ | 81,755 | | | $ | 9,249 | | | 11 | % | | Operating Expenses | | | | | | | | | | | | | | | | Lease operating expense | $ | 17,975 | | | $ | 19,629 | | | $ | (1,654 | ) | | (8 | %) | | Production taxes | | 8,459 | | | | 6,180 | | | | 2,279 | | | 37 | % | | General and administrative | | 6,150 | | | | 311 | | | | 5,839 | | | | * | | Depletion, depreciation, amortization, and accretion | | 34,809 | | | | 34,576 | | | | 233 | | | 1 | % | | Equity-based compensation | | 2,735 | | | | 2,403 | | | | 332 | | | 14 | % | | Interest Expense | $ | 3,022 | | | $ | 2,539 | | | $ | 483 | | | 19 | % | | Commodity Derivative Gain, Net | $ | 22,043 | | | $ | 18,451 | | | $ | 3,592 | | | 19 | % | | Income Tax (Benefit) Expense | $ | 6,776 | | | $ | 9,871 | | | $ | (3,095 | ) | | (31 | %) | | Production Data: | | | | | | | | | | | | | | | | Oil (MBbls) | | 940 | | | | 1,119 | | | | (179 | ) | | (16 | %) | | Natural gas (MMcf) | | 3,832 | | | | 3,630 | | | | 202 | | | 6 | % | | Combined volumes (MBoe) | | 1,579 | | | | 1,724 | | | | (145 | ) | | (8 | %) | | Daily combined volumes (Boe/d) | | 17,354 | | | | 18,950 | | | | (1,596 | ) | | (8 | %) | | Average Realized Prices before Hedging: | | | | | | | | | | | | | | | | Oil (per Bbl) | $ | 91.98 | | | $ | 59.50 | | | $ | 32.48 | | | 55 | % | | Natural gas (per Mcf) | | 1.17 | | | | 4.17 | | | | (3.00 | ) | | (72 | %) | | Combined (per Boe) | | 57.63 | | | | 47.41 | | | | 10.22 | | | 22 | % | | Average Realized Prices with Hedging: | | | | | | | | | | | | | | | | Oil (per Bbl) | $ | 71.14 | | | $ | 64.21 | | | $ | 6.93 | | | 11 | % | | Natural gas (per Mcf) | | 1.55 | | | | 4.17 | | | | (2.62 | ) | | (63 | %) | | Combined (per Boe) | | 46.12 | | | | 50.47 | | | | (4.35 | ) | | (9 | %) | | Average Costs (per Boe): | | | | | | | | | | | | | | | | Lease operating | $ | 11.38 | | | $ | 11.38 | | | $ | — | | | — | % | | Production taxes | | 5.36 | | | | 3.58 | | | | 1.78 | | | 50 | % | | General and administrative | | 3.89 | | | | 0.18 | | | | 3.71 | | | | * | | Depletion, depreciation, amortization, and accretion | | 22.04 | | | | 20.05 | | | | 1.99 | | | 10 | % | | | | | | | | | | | | | | | | | | *Not meaningful. | | | | | | | | | | | | | | |

COMMODITY HEDGING

Vitesse hedges a portion of its expected oil and natural gas production volumes to increase the predictability and certainty of its cash flow and to help maintain a strong financial position to support its dividend. Based on the midpoint of its revised 2026 guidance, Vitesse has approximately 70% of its remaining 2026 oil production hedged and approximately 48% of its remaining 2026 two-stream natural gas production hedged through its natural gas and natural gas liquids hedges. The following tables summarize Vitesse’s open commodity derivative contracts scheduled to settle after June 30, 2026.

Crude oil swaps:

| | | | | | | | | INDEX | | SETTLEMENT

PERIOD | | VOLUME HEDGED (Bbls) | | WEIGHTED AVERAGE FIXED

PRICE | | WTI-NYMEX | | Q3 2026 | | 490,679 | | $65.01 | | WTI-NYMEX | | Q4 2026 | | 457,155 | | $64.97 | | WTI-NYMEX | | Q1 2027 | | 270,000 | | $69.25 | | WTI-NYMEX | | Q2 2027 | | 480,000 | | $68.05 | | WTI-NYMEX | | Q3 2027 | | 495,000 | | $68.38 | | WTI-NYMEX | | Q4 2027 | | 465,000 | | $67.88 | | WTI-NYMEX | | Q1 2028 | | 360,000 | | $70.60 | | WTI-NYMEX | | Q2 2028 | | 360,000 | | $70.60 | | WTI-NYMEX | | Q3 2028 | | 360,000 | | $70.60 | | WTI-NYMEX | | Q4 2028 | | 270,000 | | $70.80 | | WTI-NYMEX | | Q1 2029 | | 180,000 | | $66.50 | | WTI-NYMEX | | Q2 2029 | | 180,000 | | $66.50 | | WTI-NYMEX | | Q3 2029 | | 180,000 | | $66.50 | | WTI-NYMEX | | Q4 2029 | | 180,000 | | $66.50 | | | | | | | | |

Crude oil collars:

| | | | | | | | | INDEX | | SETTLEMENT

PERIOD | | VOLUME HEDGED (Bbls) | | WEIGHTED AVERAGE

FLOOR/CEILING PRICE | | WTI-NYMEX | | Q3 2026 | | 213,000 | | $61.62 / $72.58 | | WTI-NYMEX | | Q4 2026 | | 168,000 | | $58.04 / $67.51 | | WTI-NYMEX | | Q1 2027 | | 300,000 | | $55.75 / $66.44 | | WTI-NYMEX | | Q2 2027 | | 45,000 | | $60.00 / $64.25 | | | | | | | | |

Natural gas collars:

| | | | | | | | | INDEX | | SETTLEMENT

PERIOD | | VOLUME HEDGED (MMBtu) | | WEIGHTED AVERAGE

FLOOR/CEILING PRICE | | Henry Hub-NYMEX | | Q3 2026 | | 1,510,800 | | $3.73 / $4.90 | | Henry Hub-NYMEX | | Q4 2026 | | 1,452,700 | | $3.73 / $4.90 | | Henry Hub-NYMEX | | Q1 2027 | | 795,000 | | $4.00 / $5.68 | | | | | | | | |

Natural gas basis swaps:

| | | | | | | | | INDEX | | SETTLEMENT

PERIOD | | VOLUME HEDGED (MMBtu) | | WEIGHTED AVERAGE FIXED

PRICE | | Chicago City Gate to Henry Hub | | Q3 2026 | | 1,510,800 | | $(0.100) | | Chicago City Gate to Henry Hub | | Q4 2026 | | 1,452,700 | | $(0.100) | | Chicago City Gate to Henry Hub | | Q1 2027 | | 795,000 | | $0.300 | | | | | | | | |

Natural gas liquids swaps:

| | | | | | | SETTLEMENT PERIOD | | VOLUME HEDGED (Bbls) | | WEIGHTED AVERAGE FIXED PRICE | | 2H 2026 | | 129,738 | | $31.77 | | 2027 | | 115,714 | | $32.92 | | | | | | |

The following table presents Vitesse’s settlements on commodity derivative instruments and unsettled gains and losses on open commodity derivative instruments for the periods presented:

| | | | | | | | | | | THREE MONTHS ENDED JUNE 30, | | | | | | | | (in thousands) | 2026 | | 2025 | | | | | | Realized (loss) gain on commodity derivatives (1) | $ | (18,170 | ) | | $ | 5,271 | | | Unrealized gain on commodity derivatives (1) | | 40,213 | | | | 13,180 | | | Total commodity derivative gain | $ | 22,043 | | | $ | 18,451 | | | | | | | | | | |

| (1) | | Realized and unrealized gains and losses on commodity derivatives are presented herein as separate line items but are combined for a total commodity derivative gain (loss) in the statements of operations included below. Management believes the separate presentation of the realized and unrealized commodity derivative gains and losses is useful, providing a better understanding of our hedge position. |

SECOND QUARTER 2026 EARNINGS CONFERENCE CALL

In conjunction with Vitesse’s release of its financial and operating results, investors, analysts and other interested parties are invited to listen to a conference call with management on Tuesday, August 4, 2026 at 11:00 a.m. Eastern Time.

An updated corporate slide presentation that may be referenced on the conference call will be posted prior to the conference call on Vitesse’s website, www.vitesse-vts.com , in the “Investor Relations” section of the site, under “News & Events,” sub-tab “Presentations.”

Those wishing to listen to the conference call may do so via the Company’s website or by phone as follows:

Website: https://event.choruscall.com/mediaframe/webcast.html?webcastid=GpKD5XwJ

Dial-In Number: 877-407-0778 (US/Canada) and +1 201-689-8565 (International)

Conference ID: 13761677 - Vitesse Energy Second Quarter 2026 Earnings Call

Replay Dial-In Number: 877-660-6853 (US/Canada) and +1 201-612-7415 (International)

Replay Access Code: 13761677 - Replay will be available through August 11, 2026

UPCOMING INVESTOR EVENTS

Vitesse management will participate in the following upcoming investor events:

EnerCom Denver Energy Conference - Denver - August 18-19, 2026 Midwest IDEAS Conference - Chicago - August 27, 2026

Any investor presentations to be used for this event will be posted prior to the event on Vitesse’s website, www.vitesse-vts.com , in the “Investor Relations” section of the site, under “News & Events,” sub-tab “Presentations.”

ABOUT VITESSE ENERGY, INC.

Vitesse Energy, Inc. is focused on returning capital to stockholders through owning financial interests predominantly as a non-operator in oil and gas wells drilled by leading U.S. operators.

More information about Vitesse can be found at www.vitesse-vts.com .

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this release regarding Vitesse’s financial position, operating and financial performance, business strategy, dividend plans and practices, guidance, plans and objectives of management for future operations, and industry conditions are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production and sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Vitesse’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in oil and natural gas prices; the pace of drilling and completions activity on Vitesse’s properties; Vitesse’s ability to acquire additional development opportunities; potential acquisition transactions; integration and benefits of acquisitions, including the Powder River Basin Acquisition, or the effects of such acquisitions on Vitesse’s cash position and levels of indebtedness; changes in Vitesse’s reserves estimates or the value thereof; disruptions to Vitesse’s business due to acquisitions and other significant transactions; infrastructure constraints and related factors affecting Vitesse’s properties; cost inflation or supply chain disruption; ongoing legal disputes over the Dakota Access Pipeline; the impact of general economic or industry conditions, nationally and/or in the communities in which Vitesse conducts business; changes in the interest rate environment, legislation or regulatory requirements; changes in U.S. trade policy, including the imposition of and changes in tariffs and resulting consequences; conditions of the securities markets; Vitesse’s ability to raise or access capital; cyber-related risks; changes in accounting principles, policies or guidelines; and financial or political instability, health-related epidemics, acts of war (including continued hostilities in the Middle East, including conflict with Iran and disruption to key maritime shipping routes in the region, the conflict in Ukraine and developments in Venezuela) or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting Vitesse’s operations, products and prices. Additional information concerning potential factors that could affect future results is included in the section entitled “Item 1A. Risk Factors” and other sections of Vitesse’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause Vitesse’s actual results to differ from those set forth in the forward-looking statements.

Vitesse has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Vitesse’s control. Vitesse does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.

FINANCIAL INFORMATION

| VITESSE ENERGY, INC.

Consolidated Statements of Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FOR THE THREE MONTHS ENDED | | FOR THE SIX MONTHS ENDED | | | | | | | | | | | | | | | JUNE 30, | | JUNE 30, | | | | | | | | | | | | | | (In thousands, except share data) | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | Revenue | | | | | | | | | | | | | | | | | Oil | $ | 86,507 | | | $ | 66,611 | | | $ | 146,524 | | | $ | 125,535 | | | Natural gas | | 4,497 | | | | 15,144 | | | | 11,891 | | | | 22,390 | | | Total revenue | | 91,004 | | | | 81,755 | | | | 158,415 | | | | 147,925 | | | Operating Expenses | | | | | | | | | | | | | | | | | Lease operating expense | | 17,975 | | | | 19,629 | | | | 33,310 | | | | 33,484 | | | Production taxes | | 8,459 | | | | 6,180 | | | | 14,124 | | | | 11,953 | | | General and administrative | | 6,150 | | | | 311 | | | | 14,736 | | | | 12,442 | | | Depletion, depreciation, amortization, and accretion | | 34,809 | | | | 34,576 | | | | 65,996 | | | | 61,139 | | | Equity-based compensation | | 2,735 | | | | 2,403 | | | | 3,460 | | | | 4,873 | | | Total operating expenses | | 70,128 | | | | 63,099 | | | | 131,626 | | | | 123,891 | | | Operating Income | | 20,876 | | | | 18,656 | | | | 26,789 | | | | 24,034 | | | Other (Expense) Income | | | | | | | | | | | | | | | | | Commodity derivative gain (loss), net | | 22,043 | | | | 18,451 | | | | (32,963 | ) | | | 18,279 | | | Interest expense | | (3,022 | ) | | | (2,539 | ) | | | (5,637 | ) | | | (5,443 | ) | | Other (expense) income, net | | (40 | ) | | | (38 | ) | | | (77 | ) | | | 126 | | | Total other income (expense) | | 18,981 | | | | 15,874 | | | | (38,677 | ) | | | 12,962 | | | | | | | | | | | | | | | | | | | | Income (Loss) Before Income Taxes | $ | 39,857 | | | $ | 34,530 | | | $ | (11,888 | ) | | $ | 36,996 | | | | | | | | | | | | | | | | | | | | (Provision for) Benefit from Income Taxes | | (6,776 | ) | | | (9,871 | ) | | | 2,689 | | | | (9,669 | ) | | | | | | | | | | | | | | | | | | | Net Income (Loss) | $ | 33,081 | | | $ | 24,659 | | | $ | (9,199 | ) | | $ | 27,327 | | | | | | | | | | | | | | | | | | | | Weighted average common shares – basic | | 42,041,479 | | | | 39,104,962 | | | | 41,064,396 | | | | 36,106,598 | | | Weighted average common shares – diluted | | 42,852,652 | | | | 40,967,995 | | | | 41,064,396 | | | | 38,043,765 | | | Net income (loss) per common share – basic | $ | 0.79 | | | $ | 0.62 | | | $ | (0.22 | ) | | $ | 0.76 | | | Net income (loss) per common share – diluted | $ | 0.77 | | | $ | 0.60 | | | $ | (0.22 | ) | | $ | 0.72 | | | | | | | | | | | | | | | | | | |

| VITESSE ENERGY, INC.

Consolidated Balance Sheets | | | | | | | | | | | | | | | | | | | | | | | | | | | | JUNE 30, | | DECEMBER 31, | | | | | | (in thousands, except shares) | 2026 | | 2025 | | | | | | Assets | | | | | | | | | Current Assets | | | | | | | | | Cash | $ | 884 | | | $ | 1,328 | | | Accrued revenue | | 52,429 | | | | 30,620 | | | Commodity derivatives | | 1,768 | | | | 14,252 | | | Prepaid expenses and other current assets | | 3,274 | | | | 5,967 | | | Total current assets | | 58,355 | | | | 52,167 | | | Oil and Gas Properties-Using the successful efforts method of accounting | | | | | | | | | Proved oil and gas properties | | 1,607,002 | | | | 1,525,890 | | | Less accumulated DD&A and impairment | | (757,363 | ) | | | (691,963 | ) | | Total oil and gas properties, net | | 849,639 | | | | 833,927 | | | Other Property and Equipment—Net | | 99 | | | | 123 | | | Commodity derivatives | | 8,950 | | | | 184 | | | Other noncurrent assets | | 6,604 | | | | 6,949 | | | Total assets | $ | 923,647 | | | $ | 893,350 | | | Liabilities and Equity | | | | | | | | | Current Liabilities | | | | | | | | | Accounts payable | $ | 11,832 | | | $ | 11,803 | | | Accrued liabilities | | 38,764 | | | | 39,141 | | | Commodity derivatives | | 4,293 | | | | — | | | Other current liabilities | | 327 | | | | 307 | | | Total current liabilities | | 55,216 | | | | 51,251 | | | Revolving credit facility | | 158,500 | | | | 124,500 | | | Deferred tax liability | | 64,804 | | | | 67,493 | | | Asset retirement obligations | | 15,612 | | | | 14,022 | | | Commodity derivatives | | — | | | | 46 | | | Other noncurrent liabilities | | 5,592 | | | | 6,721 | | | Total liabilities | $ | 299,724 | | | $ | 264,033 | | | Commitments and Contingencies | | | | | | | | | Equity | | | | | | | | | Preferred stock, $0.01 par value, 5,000,000 shares authorized; 0 shares issued at June 30, 2026 and December 31, 2025, respectively | $ | — | | | $ | — | | | Common stock, $0.01 par value, 95,000,000 shares authorized; 42,802,648 and 40,615,302 shares issued at June 30, 2026 and December 31, 2025, respectively | | 428 | | | | 406 | | | Additional paid-in capital | | 634,744 | | | | 630,961 | | | Accumulated deficit | | (11,249 | ) | | | (2,050 | ) | | Total equity | | 623,923 | | | | 629,317 | | | Total liabilities and equity | $ | 923,647 | | | $ | 893,350 | | | | | | | | | | |