The following is a summary of the Vitesse Energy, Inc. (VTS) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Vitesse Energy Q2 2024 revenue rose with production averaging 13,504 barrels of oil equivalent per day, an 8% increase from Q1.

• Adjusted EBITDA for the quarter was $43.1 million, and adjusted net income stood at $11.7 million.

• Adjusted earnings per share increased to $0.39 from $0.34 in the previous quarter.

Business Progress:

• Closed additional near-term development acquisitions in North Dakota, contributing to over $40 million in capital expenditures with expected significant production and cash flow increases in late Q4 2024 and into 2025.

• Accelerated drilling activity on organic acreage, increasing the overall pipeline by 20% from the end of Q1.

Opportunities:

• Hedging strategy in place with 57% of the remaining 2024 oil production hedged at above $78 per barrel and 2025 hedges at above $74, aiming to provide financial stability against oil price fluctuations.

Risks:

• Acknowledged 'bumpy' or 'lumpy' production rates expected due to the timing of well completions, which could introduce volatility in operational results.

More details: Vitesse Energy IR

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