The following is a summary of the Vitesse Energy, Inc. (VTS) Q3 2024 Earnings Call Transcript:
Financial Performance:
Vitesse Energy reported a quarterly dividend of $0.525 per share and plans to pay another $0.525 in December.
Adjusted EBITDA for the quarter was $37.6 million, adjusted net income was $7.6 million, while GAAP net income was $17.4 million.
Lowered annual CapEx guidance to $110 million to $120 million from the previous range of $130 million to $150 million, while maintaining production guidance.Operating cash flow net of working capital changes was $35.1 million, covering dividends and CapEx, with excess used to reduce debt by $10 million.
Business Progress:
Production averaged 13,009 barrels of oil equivalent per day for Q3, with 54% of the remaining 2024 oil production hedged at above $78 per barrel.
In the pipeline are 20.2 net wells, including 11.3 being drilled and completed, set to increase output significantly late Q4 2024 and early 2025.
Announced a continuation of opportunistic and flexible CapEx plans into 2025, expecting a 7% production growth with less CapEx.
Opportunities:
No explicit opportunities detected.
Risks:
No explicit risks detected.
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