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Vitesse Energy Inc. (VTS-3.05%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $241.998 million for the year, with oil revenue contributing $230.164 million and natural gas revenue $11.834 million. This represents a 3% increase from the previous year.
Operating expenses totaled $201.027 million, with lease operating expenses at $47.599 million and general and administrative expenses at $23.510 million. Depletion, depreciation, amortization, and accretion expenses were $100.308 million.
Net income for the year was reported at $21.060 million, compared to a net loss of $19.744 million in the prior year. The improvement is attributed to increased production volumes and a decrease in equity-based compensation expenses.
The company reported a total of $155.003 million in cash flows from operating activities, up from $141.942 million in the previous year. Capital expenditures for acquisition and development were $115.321 million.
Vitesse Energy's total assets were valued at $810.893 million as of December 31, 2024, with total liabilities of $310.559 million. The company had $117 million outstanding under its revolving credit facility.
The filing notes that the company completed the acquisition of Lucero Energy Corporation on March 7, 2025, in an all-stock transaction valued at approximately $194 million.
Vitesse Energy's board declared a quarterly cash dividend of $0.5625 per share, payable on March 31, 2025, to shareholders of record as of March 21, 2025.
The company continues to focus on acquiring and developing non-operated oil and gas properties, primarily in the Williston Basin, and has hedged a significant portion of its anticipated production to mitigate commodity price volatility.
The report also discusses various risks, including commodity price volatility, regulatory changes, and operational risks associated with non-operated assets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vitesse Energy Inc. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.