The following is a summary of the Vitesse Energy, Inc. (VTS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Vitesse Energy reported Q1 production of 12,557 barrels of oil equivalent per day, impacted by severe weather conditions.

• Adjusted EBITDA for the quarter was $39.1 million and adjusted net income was $10.2 million.

• Capital and acquisition costs for the quarter were $32.2 million, and end-of-quarter debt amounted to $98 million, yielding a leverage ratio of 0.6 times.

• They raised their dividend by 5% to $0.525 per share in the first quarter.

• Company guidance for 2024 now anticipates 13,000 to 14,000 barrels of oil equivalent daily production and capital expenditures between $130 million and $150 million.

Business Progress:

• The company achieved productivity growth thanks to recent acquisitions and ongoing operational improvements.

• They are currently pursuing highly profitable projects, which has led to an increase in production and capital expenditure and development of existing assets.

• Vitesse has hedged the majority of its oil production for 2024 at above $78 per barrel and partially hedged its 2025's production above $74 per barrel.

• Management is actively sourcing new deals and investing in the development and expansion of analysis tool, Luminis.

• Increased activity and interest have been reported in the non-operated space in the Bakken field, along with an optimistic view about the company's position within it. The company's strategy includes continued acquisitions.

More details: Vitesse Energy IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.