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
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