Vitesse Energy, Inc.

Second-quarter 2026 production averaged 17,354 barrels of oil equivalent per day, a 9% sequential increase from Q1, with a 60% oil cut; oil production contributed 95% of total revenue. Adjusted EBITDA was $40.2 million, Adjusted Net Income was $1.8 million, GAAP Net Income was $33.1 million, and Free Cash Flow was $16.3 million after $21.1 million of development capex. GAAP net income included $40.2 million of unrealized hedging gains, which management said were non-cash. The company ended the quarter with Total Debt of $158.5 million, net debt-to-adjusted EBITDA just under 1x, and roughly $117 million of liquidity. For 2026, guidance was narrowed to 16,300 to 17,200 Boe/d, oil mix to 60% to 62%, and total cash capex raised at the bottom end to a range of $65 million to $80 million.

Jamie Benard focused on continuity: he said Vitesse’s strategy has not changed after the dividend resize and leadership transition. He emphasized that the company’s core priorities are a durable dividend funded by free cash flow, investment only above hurdle rates, and a strong conservative balance sheet. He also highlighted the long-term advantages of the non-op model, including scale across 7,868 productive wells, low average working interest, and disciplined use of data through Luminis.

James Henderson led with the quarter’s financial metrics, including 17,354 Boe/d production, $40.2 million of adjusted EBITDA, $1.8 million of adjusted net income, $33.1 million of GAAP net income, and $16.3 million of free cash flow. He pointed out that the GAAP profit was boosted by $40.2 million of unrealized hedge gains and reiterated that realized hedge loss since the spin-off is less than 1% of total revenue. He also cited $158.5 million of total debt, just under 1x net debt-to-adjusted EBITDA, about $117 million of liquidity, a $60 million buyback authorization, and hedges through 2029 with a weighted-average oil price of about $67.

Analysts asked about potential operated activity for organic growth capex, and management said that option is actively being evaluated, especially opportunities to extend laterals around nearby operated acreage. They also asked about the near-term development and producing-property acquisition markets; management said near-term development has become more competitive, but large producing-property packages have remained robust and can be bought at attractive free-cash-flow yields. On the Powder River acquisition, management said it is performing as expected so far, with the asset’s operators and early AFE activity reinforcing their view that it was a good deal.