Q3 2024 Vitesse Energy Inc Earnings Call Transcript
Key Points
- Vitesse Energy Inc (VTS) declared a consistent dividend of $0.525 per share for both September and December, reflecting a strong return of capital strategy.
- The company demonstrated capital efficiency by reducing CapEx by 18% while maintaining production guidance within the prior range.
- Vitesse Energy Inc (VTS) expects a 7% production growth in 2025 with 2% less CapEx at the midpoints, indicating improved operational efficiency.
- The company has hedged 54% of its remaining 2024 oil production at above $78 per barrel and 43% of its 2025 production at above $73 per barrel, providing a stable revenue outlook.
- Vitesse Energy Inc (VTS) reduced its debt by $10 million within the quarter, resulting in a leverage ratio of 0.68 times on an annualized adjusted EBITDA basis.
- The company's production for the third quarter was at the low end of prior guidance, averaging 13,009 barrels of oil equivalent per day.
- CapEx for the third quarter was lower than expected due to delays in well completions, pushing some activities to the fourth quarter and early 2025.
- Production guidance was slightly lowered within the previous range due to timing issues with wells acquired earlier in the year.
- The company faces challenges in winning deals when oil prices are high, as seen over the summer.
- There is an expectation of field costs to decrease, but actual drilling costs have not yet shown a significant reduction.
Welcome to the Vitesse Energy third quarter, 2024 earnings call.
(operator Instructions)
I will now turn the conference over to Ben Messier, Director, Investor relations and business development. Thank you. You may begin.
Good morning and thank you for joining today. We will be discussing our financial and operating results for the third quarter of 2024 which we released yesterday after market closed, you can access our earnings release and presentation in the investor relations section of our website.
We filed our form 10 key with the SEC yesterday. I'm joined here this morning by VSS Chairman and CEO Bob Gerrity, our President, Brian Cree and our CFO Jimmy Henderson on today's call, Bob will provide opening remarks on the quarter. Then Brian will give you an operations update and Jimmy will review our financial results after the conclusion of our prepared remarks, the executive team will be available to answer questions before
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