VTS · Vitesse Energy, Inc.

Vitesse Energy reported first quarter 2026 results that included a GAAP net loss of $42.3 million, primarily due to a $48.2 million non-cash unrealized loss on commodity derivatives. On an adjusted basis, the company posted an Adjusted Net Loss of just $0.3 million and Adjusted EBITDA of $33.4 million. Production averaged 15,962 Boe per day (63% oil), slightly above internal expectations and up 7% year-over-year, despite no contribution from the Powder River Basin Acquisition which closed in April 2026. Total revenue, including realized hedges, was $60.6 million. The company's average realized oil price before hedging was $66.76 per barrel, while hedging reduced that to $61.85 per barrel. Lease operating expenses were $10.67 per Boe, and G&A expenses were $5.98 per Boe, including $2.4 million in severance costs. Management highlighted disciplined capital allocation and stockholder returns. The company declared a quarterly dividend of $0.4375 per share, payable June 30, 2026. Subsequent to quarter end, Vitesse closed the Powder River Basin Acquisition for 1.9 million shares and expanded its credit facility to $275 million. The company's 2026 annual guidance remains unchanged: production of 16,000-17,500 Boe/d, oil mix of 60-64%, and total cash capex of $50-80 million. The results reflect the impact of volatile oil prices and hedging activities, but the underlying operations remain solid with strong cash flow generation and a manageable debt level.