Vitesse Energy Announces Second Quarter 2026 Results

GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Vitesse Energy, Inc. (NYSE: VTS) (“we,” “our,” “Vitesse,” or the “Company”) today reported the Company’s second quarter 2026 financial and operating results. SECOND QUARTER 2026 HIGHLIGHTS As previously announced, declared a quarterly cash dividend of $0.4375 per common share to be paid on September 30, 2026 Net income of $33.1 million and Adjusted Net Income(1) of $1.8 million, including a non-cash unrealized gain on commodity derivatives of $40.2 million Adjusted EBITDA(1) of $40.2 million Cash flow from operations of $25.4 million and Free Cash Flow(1) of $16.3 million Production of 17,354 barrels of oil equivalent (“Boe”) per day (60% oil) Total cash capital expenditures of $20.7 million Total debt of $158.5 million and Net Debt to Adjusted EBITDA ratio(1) of 1.0 (1) Non-GAAP financial measure; see reconciliation schedules at the end of this release MANAGEMENT COMMENTS “In the second quarter, Vitesse’s capital allocation strategy continued to deliver results, with production increasing 9% from the previous quarter following the successful integration of the Powder River Basin assets acquired in April,” stated Jamie Benard, Vitesse’s Chief Executive Officer and President. “While we’ve received a number of questions about whether Vitesse’s strategy has changed, the answer is simple: it has not. We will continue to prioritize a durable fixed dividend, allocate capital only where returns exceed our hurdle rates and maintain a strong balance sheet. With our third quarter dividend now declared, Vitesse has returned capital to stockholders for fifteen consecutive quarters since becoming a public company.” STOCKHOLDER RETURNS On July 29, 2026, Vitesse declared its third quarter cash dividend of $0.4375 per share for stockholders of record as of September 15, 2026, which will be paid on September 30, 2026. On June 30, 2026, the Company paid its second quarter cash dividend of $0.4375 per share to common stockholders of record as of June 15, 2026. FINANCIAL AND OPERATING RESULTS Second quarter net income was $33.1 million and Adjusted Net Income was $1.8 million. Adjusted EBITDA was $40.2 million. See “Non-GAAP Financial Measures” below. Oil and natural gas production for the second quarter of 2026 averaged 17,354 Boe per day, a sequential increase of 9% from the first quarter of 2026. Oil represented 60% of production and 95% of total oil and natural gas revenue. Total revenue, including the effects of our realized hedges, was $72.8 million. Vitesse’s average realized oil and natural gas prices before hedging were $91.98 per Bbl and $1.17 per Mcf, respectively, during the second quarter of 2026. The Company had hedges covering 84% of oil production and its realized oil price with hedging was $71.14 per Bbl. Its realized natural gas price with hedging was $1.55 per Mcf. Lease operating expenses in the second quarter of 2026 were $18.0 million, or $11.38 per Boe. General and administrative expenses totaled $6.2 million, or $3.89 per Boe. LIQUIDITY AND CAPITAL EXPENDITURES As of June 30, 2026, Vitesse had $0.9 million in cash and $158.5 million of borrowings outstanding on its revolving credit facility. Vitesse had total liquidity of $117.4 million as of June 30, 2026, consisting of cash and $116.5 million of committed borrowing availability under its revolving credit facility. During the second quarter of 2026, Vitesse invested $21.1 million in development capital expenditures and acquired $0.7 million of oil and gas properties. Vitesse also recorded a $1.1 million purchase price adjustment received on the Powder River Basin Acquisition in the second quarter of 2026. OPERATIONS UPDATE As of June 30, 2026, the Company owned an interest in 305 gross (6.4 net) wells that were either drilling or in the completion phase, and another 363 gross (13.0 net) locations that had been permitted for development. REVISED 2026 ANNUAL GUIDANCE Vitesse tightened its 2026 annual guidance in response to second quarter results and recent market conditions as set forth below: Prior 2026 Guidance Revised 2026 Guidance Annual Production (Boe per day) 16,000 - 17,500 16,300 - 17,200 Oil as a Percentage of Annual Production 60% - 64% 60% - 62% Total Cash Capital Expenditures ($ in millions) $50 - $80 $65 - $80 SECOND QUARTER 2026 RESULTS The following table sets forth selected financial and operating data for the periods indicated. THREE MONTHS ENDED JUNE 30, INCREASE (DECREASE) ($ in thousands, except production and per unit data) 2026 2025 AMOUNT PERCENT Financial and Operating Results: Revenue Oil $ 86,507 $ 66,611 $ 19,896 30 % Natural gas 4,497 15,144 (10,647 ) (70 %) Total revenue $ 91,004 $ 81,755 $ 9,249 11 % Operating Expenses Lease operating expense $ 17,975 $ 19,629 $ (1,654 ) (8 %) Production taxes 8,459 6,180 2,279 37 % General and administrative 6,150 311 5,839 * Depletion, depreciation, amortization, and accretion 34,809 34,576 233 1 % Equity-based compensation 2,735 2,403 332 14 % Interest Expense $ 3,022 $ 2,539 $ 483 19 % Commodity Derivative Gain, Net $ 22,043 $ 18,451 $ 3,592 19 % Income Tax (Benefit) Expense $ 6,776 $ 9,871 $ (3,095 ) (31 %) Production Data: Oil (MBbls) 940 1,119 (179 ) (16 %) Natural gas (MMcf) 3,832 3,630 202 6 % Combined volumes (MBoe) 1,579 1,724 (145 ) (8 %) Daily combined volumes (Boe/d) 17,354 18,950 (1,596 ) (8 %) Average Realized Prices before Hedging: Oil (per Bbl) $ 91.98 $ 59.50 $ 32.48 55 % Natural gas (per Mcf) 1.17 4.17 (3.00 ) (72 %) Combined (per Boe) 57.63 47.41 10.22 22 % Average Realized Prices with Hedging: Oil (per Bbl) $ 71.14 $ 64.21 $ 6.93 11 % Natural gas (per Mcf) 1.55 4.17 (2.62 ) (63 %) Combined (per Boe) 46.12 50.47 (4.35 ) (9 %) Average Costs (per Boe): Lease operating $ 11.38 $ 11.38 $ — — % Production taxes 5.36 3.58 1.78 50 % General and administrative 3.89 0.18 3.71 * Depletion, depreciation, amortization, and accretion 22.04 20.05 1.99 10 % *Not meaningful. COMMODITY HEDGING Vitesse hedges a portion of its expected oil and natural gas production volumes to increase the predictability and certainty of its cash flow and to help maintain a strong financial position to support its dividend. Based on the midpoint of its revised 2026 guidance, Vitesse has approximately 70% of its remaining 2026 oil production hedged and approximately 48% of its remaining 2026 two-stream natural gas production hedged through its natural gas and natural gas liquids hedges. The following tables summarize Vitesse’s open commodity derivative contracts scheduled to settle after June 30, 2026. Crude oil swaps: INDEX SETTLEMENT PERIOD VOLUME HEDGED (Bbls) WEIGHTED AVERAGE FIXED PRICE WTI-NYMEX Q3 2026 490,679 $65.01 WTI-NYMEX Q4 2026 457,155 $64.97 WTI-NYMEX Q1 2027 270,000 $69.25 WTI-NYMEX Q2 2027 480,000 $68.05 WTI-NYMEX Q3 2027 495,000 $68.38 WTI-NYMEX Q4 2027 465,000 $67.88 WTI-NYMEX Q1 2028 360,000 $70.60 WTI-NYMEX Q2 2028 360,000 $70.60 WTI-NYMEX Q3 2028 360,000 $70.60 WTI-NYMEX Q4 2028 270,000 $70.80 WTI-NYMEX Q1 2029 180,000 $66.50 WTI-NYMEX Q2 2029 180,000 $66.50 WTI-NYMEX Q3 2029 180,000 $66.50 WTI-NYMEX Q4 2029 180,000 $66.50 Crude oil collars: INDEX SETTLEMENT PERIOD VOLUME HEDGED (Bbls) WEIGHTED AVERAGE FLOOR/CEILING PRICE WTI-NYMEX Q3 2026 213,000 $61.62 / $72.58 WTI-NYMEX Q4 2026 168,000 $58.04 / $67.51 WTI-NYMEX Q1 2027 300,000 $55.75 / $66.44 WTI-NYMEX Q2 2027 45,000 $60.00 / $64.25 Natural gas collars: INDEX SETTLEMENT PERIOD VOLUME HEDGED (MMBtu) WEIGHTED AVERAGE FLOOR/CEILING PRICE Henry Hub-NYMEX Q3 2026 1,510,800 $3.73 / $4.90 Henry Hub-NYMEX Q4 2026 1,452,700 $3.73 / $4.90 Henry Hub-NYMEX Q1 2027 795,000 $4.00 / $5.68 Natural gas basis swaps: INDEX SETTLEMENT PERIOD VOLUME HEDGED (MMBtu) WEIGHTED AVERAGE FIXED PRICE Chicago City Gate to Henry Hub Q3 2026 1,510,800 $(0.100) Chicago City Gate to Henry Hub Q4 2026 1,452,700 $(0.100) Chicago City Gate to Henry Hub Q1 2027 795,000 $0.300 Natural gas liquids swaps: SETTLEMENT PERIOD VOLUME HEDGED (Bbls) WEIGHTED AVERAGE FIXED PRICE 2H 2026 129,738 $31.77 2027 115,714 $32.92 The following table presents Vitesse’s settlements on commodity derivative instruments and unsettled gains and losses on open commodity derivative instruments for the periods presented: THREE MONTHS ENDED JUNE 30, (in thousands) 2026 2025 Realized (loss) gain on commodity derivatives (1) $ (18,170 ) $ 5,271 Unrealized gain on commodity derivatives (1) 40,213 13,180 Total commodity derivative gain $ 22,043 $ 18,451 (1) Realized and unrealized gains and losses on commodity derivatives are presented herein as separate line items but are combined for a total commodity derivative gain (loss) in the statements of operations included below. Management believes the separate presentation of the realized and unrealized commodity derivative gains and losses is useful, providing a better understanding of our hedge position. SECOND QUARTER 2026 EARNINGS CONFERENCE CALL In conjunction with Vitesse’s release of its financial and operating results, investors, analysts and other interested parties are invited to listen to a conference call with management on Tuesday, August 4, 2026 at 11:00 a.m. Eastern Time. An updated corporate slide presentation that may be referenced on the conference call will be posted prior to the conference call on Vitesse’s website, www.vitesse-vts.com, in the “Investor Relations” section of the site, under “News & Events,” sub-tab “Presentations.” Those wishing to listen to the conference call may do so via the Company’s website or by phone as follows: Website: https://event.choruscall.com/mediaframe/webcast.html?webcastid=GpKD5XwJ Dial-In Number: 877-407-0778 (US/Canada) and +1 201-689-8565 (International) Conference ID: 13761677 - Vitesse Energy Second Quarter 2026 Earnings Call Replay Dial-In Number: 877-660-6853 (US/Canada) and +1 201-612-7415 (International) Replay Access Code: 13761677 - Replay will be available through August 11, 2026 UPCOMING INVESTOR EVENTS Vitesse management will participate in the following upcoming investor events: EnerCom Denver Energy Conference - Denver - August 18-19, 2026 Midwest IDEAS Conference - Chicago - August 27, 2026 Any investor presentations to be used for this event will be posted prior to the event on Vitesse’s website, www.vitesse-vts.com, in the “Investor Relations” section of the site, under “News & Events,” sub-tab “Presentations.” ABOUT VITESSE ENERGY, INC. Vitesse Energy, Inc. is focused on returning capital to stockholders through owning financial interests predominantly as a non-operator in oil and gas wells drilled by leading U.S. operators. More information about Vitesse can be found at www.vitesse-vts.com. FORWARD-LOOKING STATEMENTSRead the full story here

Vitesse Energy Announces Second Quarter 2026 Results

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