Vitesse Energy Announces Signing of Accretive Acquisition, Fourth Quarter and Full Year 2025 Results, and Issues 2026 Production and Capital Expenditures Guidance

Key Terms

adjusted ebitda financial

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

free cash flow financial

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

pv-10 financial

PV-10 is a valuation metric that estimates the present value of future oil and gas production cash flows, discounted at 10% and stated before income taxes. Think of it as the current price tag on a company’s proven reserves, calculated by shrinking future revenue streams to today’s dollars using a 10% rate. Investors use PV-10 to compare the relative worth of reserves and assess how much future production could contribute to a company’s value, much like comparing the upfront price of different rental properties based on expected future rent.

standardized measure financial

A standardized measure is a consistent, agreed method for calculating or expressing a financial, medical, or regulatory quantity so results can be compared fairly across companies, time periods, or studies. Like using the same ruler to measure different boxes, it helps investors compare performance, risk or safety on an apples‑to‑apples basis, making it easier to spot trends, outliers and make informed decisions.

sec pricing regulatory

SEC pricing is the final price set for a public offering of stocks or bonds that is filed with the U.S. Securities and Exchange Commission and disclosed to investors. It matters because that price determines how much money the company raises, how much existing shareholders are diluted, and how the market may react — similar to setting a ticket price that affects both revenue and crowd size.

wti-nymex technical

West Texas Intermediate (WTI) on the NYMEX is a standard grade of U.S. crude oil whose futures contracts trade on the New York Mercantile Exchange. Think of it like a widely followed market quote for a common product: its price sets a benchmark for U.S. oil values and influences energy company profits, fuel prices, and inflation expectations. Investors watch WTI‑NYMEX because its moves affect commodity portfolios, stock valuations, and broader economic forecasts.

henry hub-nymex technical

Henry Hub‑NYMEX is the widely used U.S. benchmark price for natural gas determined by futures contracts traded on the New York Mercantile Exchange that correspond to physical delivery at the Henry Hub pipeline network in Louisiana. Investors use it like a central price tag for the U.S. gas market—it helps value energy companies and contracts, guide revenue and cost forecasts, and provides a reference for hedging and risk management.

natural gas basis swaps financial

A natural gas basis swap is a financial contract that locks in the price difference between two regional gas markets (for example between a national benchmark and a local delivery point) rather than the absolute gas price. For investors and companies that buy, sell or transport gas, it works like agreeing in advance on the fare difference between two train stations — protecting margins and cash flow from regional price swings even when overall gas prices move up or down.

GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)-- Vitesse Energy, Inc. (NYSE: VTS) (“we,” “our,” “Vitesse,” or the “Company”) today announced an accretive all-stock acquisition, reported fourth quarter and full year 2025 financial and operating results, and issued 2026 guidance for production and capital expenditures.

ACQUISITION

• Signed a definitive agreement to acquire non-operated assets in the Powder River Basin of Wyoming for $35 million of Vitesse common stock, with an effective date of January 1, 2026

FULL YEAR 2025 HIGHLIGHTS

• As previously announced, declared a quarterly cash dividend of $0.4375 per common share to be paid on March 31, 2026

• Net income of $25.3 million and Adjusted Net Income⁽¹⁾ of $30.4 million

• Adjusted EBITDA⁽¹⁾ of $179.3 million

• Cash flow from operations of $170.3 million and Free Cash Flow⁽¹⁾ of $48.9 million

• Production of 17,444 barrels of oil equivalent (“Boe”) per day (65% oil)

• Total cash development capital expenditures and acquisition costs of $127.7 million

• Total debt of $124.5 million and Net Debt to Adjusted EBITDA ratio⁽¹⁾ of 0.69

⁽¹⁾ Non-GAAP financial measure; see reconciliation schedules at the end of this release

MANAGEMENT COMMENTS

"Yesterday, we executed a definitive agreement to acquire non-operated assets in the Powder River Basin, where we have other assets, at an accretive price. Events in the Middle East over the weekend allowed us to hedge the acquisition above our underwritten prices,” commented Bob Gerrity, Vitesse’s Chairman and Chief Executive Officer. “Last week our Board approved a quarterly dividend of $0.4375 per share in the first quarter of 2026. This positions us to maintain our balance sheet strength while pursuing accretive acquisition opportunities similar to the transaction we signed over the weekend."

STOCKHOLDER RETURNS

On February 25, 2026, Vitesse declared its first quarter 2026 cash dividend of $0.4375 per share for stockholders of record as of March 16, 2026, which will be paid on March 31, 2026.

On December 31, 2025, the Company paid its fourth quarter cash dividend of $0.5625 per share to common stockholders of record as of December 15, 2025.

FIRST QUARTER 2026 ACQUISITION

On March 1, 2026, Vitesse entered into a definitive agreement to acquire non-operated assets in Campbell and Converse Counties, WY for $35 million of Vitesse common stock, subject to customary closing adjustments with a January 1, 2026 effective date (the “Powder River Basin Acquisition”). These assets include over 6,000 net acres with approximately 1,400 Boe per day of expected net production for 2026 and 29 net undeveloped locations operated primarily by EOG Resources and Continental Resources in the Powder River Basin. Following the expected closing of the transaction at the beginning of the second quarter, the acquisition is expected to be accretive to Vitesse’s earnings, operating cash flow, free cash flow and net asset value on a per-share basis. The associated 2026 post-closing production and development costs for these assets have been included in Vitesse’s guidance below.

FINANCIAL AND OPERATING RESULTS

Full Year 2025

Net income was $25.3 million and Adjusted Net Income was $30.4 million. Adjusted EBITDA was $179.3 million. See “Non-GAAP Financial Measures” below.

Oil and natural gas production averaged 17,444 Boe per day, a sequential increase of 34% from full year 2024. Oil represented 65% of production and 89% of total oil and natural gas revenue. Total revenue, including the effects of our realized hedges, was $291.1 million.

Vitesse’s average realized oil and natural gas prices before hedging were $59.14 per Bbl and $2.21 per Mcf, respectively. The Company had hedges covering 61% of oil production and its realized oil price with hedging was $62.95 per Bbl. Its realized natural gas price with hedging was $2.31 per Mcf.

Lease operating expenses were $69.5 million, or $10.92 per Boe. General and administrative expenses totaled $24.3 million, or $3.82 per Boe.

Fourth Quarter 2025

Net loss was $0.7 million and Adjusted Net Income was $0.2 million. Adjusted EBITDA was $36.7 million. See “Non-GAAP Financial Measures” below.

Oil and natural gas production averaged 17,653 Boe per day, a sequential decrease of 3% from the third quarter of 2025. Oil represented 63% of production and 93% of total oil and natural gas revenue. Total revenue, including the effects of our realized hedges, was $65.5 million.

Vitesse’s average realized oil and natural gas prices before hedging were $53.54 per Bbl and $1.14 per Mcf, respectively. The Company had hedges covering 60% of oil production and its realized oil price with hedging was $60.03 per Bbl. Its realized natural gas price with hedging was $1.23 per Mcf.

Lease operating expenses were $17.6 million, or $10.83 per Boe. General and administrative expenses totaled $6.1 million, or $3.77 per Boe.

RESERVES

Total proved reserves at December 31, 2025 increased 19% from December 31, 2024 to 47.8 million Boe (71% proved developed), driven by the acquisition of Lucero Energy Corp. (“Lucero”) in March 2025. Proved developed reserves at December 31, 2025 increased 25% from December 31, 2024 to 34.0 million Boe, while proved undeveloped reserves increased 6% to 13.8 million Boe. To comply with SEC guidelines, proved undeveloped reserves are limited to those locations that are reasonably certain to be developed over the next five years.

Total proved reserves at December 31, 2025 had an associated Standardized Measure of $439.0 million and PV-10 value of $472.7 million (88% proved developed). See “Non-GAAP Financial Measures” below. The 19% decrease in Standardized Measure and PV-10 from year end 2024 is primarily related to the reduction in the net realized oil prices, partially offset by an increase in the net realized natural gas prices and the acquisition of Lucero, used in accordance with the SEC’s rules regarding reserve reporting from $70.36/Bbl to $60.74/Bbl for oil and $1.20/Mcf to $1.49/Mcf for natural gas. These prices represent an average price equal to the 12-month unweighted arithmetic average of the first day of the month prices for each of the preceding 12 months, adjusted for location and quality differentials, unless prices are defined by contractual arrangements, excluding escalations based on future conditions (“SEC Pricing”).

	SEC PRICING PROVED RESERVES (1)
	RESERVES VOLUMES									PV-10 (3)
RESERVE CATEGORY	OIL (MBbls)		NATURAL GAS (MMcf)		TOTAL (MBoe) (2)		%			AMOUNT (in thousands)			%
PDP Properties	19,878		81,744		33,502		70	%		$	412,785		87	%
PDNP Properties	318		1,223		521		1	%			2,539		1	%
PUD Properties	10,428		20,092		13,777		29	%			57,361		12	%
Total	30,624		103,059		47,800		100	%		$	472,685		100	%

(1)	Oil and natural gas reserve quantities and related discounted future net cash flows are valued as of December 31, 2025 and are derived from a WTI price of $66.01 per Bbl and Henry Hub natural gas price of $3.39 per MMBtu, adjusted for average 2025 differentials. Under SEC guidelines, these prices represent the average prices per Bbl of oil and per MMBtu of natural gas at the beginning of each month in the twelve-month period prior to the end of the reporting period.
(2)	MBoe are computed based on a conversion ratio of one Boe for each barrel of oil and one Boe for every six Mcf of natural gas.
(3)	PV-10 is a non-GAAP financial measure that does not include the effects of income taxes on future net revenues, and is not intended to represent fair market value of our oil and natural gas properties. For a definition of and reconciliation of PV-10 to its nearest GAAP financial measure, see the reconciliation schedule at the end of this release.

LIQUIDITY AND CAPITAL EXPENDITURES

As of December 31, 2025, Vitesse had $1.3 million in cash and $124.5 million of borrowings outstanding on its revolving credit facility. Vitesse had total liquidity of $126.8 million as of December 31, 2025, consisting of cash and $125.5 million of committed borrowing availability under its revolving credit facility.

In fiscal year 2025, the Company invested $121.0 million in development capital expenditures and $6.6 million in net acquisitions of oil and gas properties.

During the fourth quarter of 2025, Vitesse invested $30.6 million in development capital expenditures and divested a net $0.8 million of oil and gas properties.

OPERATIONS UPDATE

As of December 31, 2025, the Company owned an interest in 305 gross (6.1 net) wells that were either drilling or in the completion phase, and another 377 gross (15.9 net) locations that had been permitted for development.

2026 ANNUAL GUIDANCE

Vitesse expects production on a two-stream basis to be in the range of 16,000 - 17,500 Boe per day for the full year of 2026. Vitesse expects total cash capital spending in the range of $50 - $80 million for 2026, a significant reduction from 2025 as operators run capital efficient drilling programs focused on longer laterals, supporting increased free cash flow generation. Guidance includes production and capital expenditures from the Powder River Basin Acquisition beginning in the second quarter.

	2026 Guidance
Annual Production (Boe per day)	16,000 - 17,500
Oil as a Percentage of Annual Production	60% - 64%
Total Cash Capital Expenditures ($ in millions)	$50 - $80

FULL YEAR 2025 RESULTS

The following table sets forth selected financial and operating data for the periods indicated.

	YEAR ENDED DECEMBER 31,							INCREASE (DECREASE)
($ in thousands, except per unit data)		2025			2024			AMOUNT				PERCENT
Operating Results:
Revenue
Oil	$	244,414		$	230,164			$	14,250			6	%
Natural gas		29,575			11,834				17,741			150	%
Total revenue	$	273,989		$	241,998			$	31,991			13	%
Operating Expenses
Lease operating expense	$	69,535		$	47,599			$	21,936			46	%
Production taxes		23,354			21,500				1,854			9	%
General and administrative		24,314			23,510				804			3	%
Depletion, depreciation, amortization, and accretion		129,411			100,308				29,103			29	%
Equity-based compensation		10,246			8,110				2,136			26	%
Interest Expense	$	10,205		$	9,980			$	225			2	%
Income Tax Expense	$	9,798		$	7,672			$	2,126			28	%
Commodity Derivative Gain (Loss)	$	27,930		$	(2,348	)		$	30,278			*
Production Data:
Oil (MBbls)		4,133			3,291				842			26	%
Natural gas (MMcf)		13,403			8,809				4,594			52	%
Combined volumes (MBoe)		6,367			4,759				1,608			34	%
Daily combined volumes (Boe/d)		17,444			13,003				4,441			34	%
Average Realized Prices before Hedging:
Oil (per Bbl)	$	59.14		$	69.94			$	(10.80	)		(15	%)
Natural gas (per Mcf)		2.21			1.34				0.87			65	%
Combined (per Boe)		43.03			50.85				(7.82	)		(15	%)
Average Realized Prices with Hedging:
Oil (per Bbl)	$	62.95		$	71.48			$	(8.53	)		(12	%)
Natural gas (per Mcf)		2.31			1.34				0.97			72	%
Combined (per Boe)		45.72			51.91				(6.19	)		(12	%)
Average Costs (per Boe):
Lease operating expense	$	10.92		$	10.00			$	0.92			9	%
Production taxes		3.67			4.52				(0.85	)		(19	%)
General and administrative		3.82			4.94				(1.12	)		(23	%)
Depletion, depreciation, amortization, and accretion		20.33			21.08				(0.75	)		(4	%)
*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 2026 guidance, Vitesse has approximately 64% of its 2026 oil production hedged and 44% of its 2026 natural gas production hedged. The following table summarizes Vitesse’s open commodity derivative contracts scheduled to settle after December 31, 2025, including those entered into in 2026.

Crude oil swaps:
INDEX		SETTLEMENT PERIOD		VOLUME HEDGED (Bbls)		WEIGHTED AVERAGE FIXED PRICE
WTI-NYMEX		Q1 2026		529,291		$65.87
WTI-NYMEX		Q2 2026		554,009		$65.91
WTI-NYMEX		Q3 2026		441,179		$63.91
WTI-NYMEX		Q4 2026		402,655		$63.55
WTI-NYMEX		Q1 2027		90,000		$62.63
WTI-NYMEX		Q2 2027		90,000		$62.63
WTI-NYMEX		Q3 2027		45,000		$63.09
WTI-NYMEX		Q4 2027		45,000		$63.09

Crude oil collars:
INDEX		SETTLEMENT PERIOD		VOLUME HEDGED (Bbls)		WEIGHTED AVERAGE FLOOR/CEILING PRICE
WTI-NYMEX		Q1 2026		15,000		$60.00 / $70.00
WTI-NYMEX		Q2 2026		135,000		$60.00 / $67.20
WTI-NYMEX		Q3 2026		168,000		$58.04 / $67.51
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		Q1 2026		1,526,700		$3.73 / $4.94
Henry Hub-NYMEX		Q2 2026		1,578,700		$3.73 / $4.91
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		2026		6,068,900		$(0.10)
Chicago City Gate to Henry Hub		2027		795,000		$0.30

Natural gas liquids swaps:
INDEX		SETTLEMENT PERIOD		VOLUME HEDGED (Gallons)		WEIGHTED AVERAGE FIXED PRICE
Mont Belvieu Ethane		2026		2,176,000		$0.26
Conway Propane		2026		2,153,000		$0.71
Mont Belvieu Iso-Butane		2026		282,000		$0.90
Mont Belvieu Normal Butane		2026		798,000		$0.86
Mont Belvieu Natural Gasoline		2026		1,001,000		$1.29

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:

	YEAR ENDED DECEMBER 31,
(in thousands)		2025			2024
Realized gain on commodity derivatives (1)	$	17,116		$	5,065
Unrealized gain (loss) on commodity derivatives (1)		10,814			(7,413	)
Total commodity derivative gain (loss)	$	27,930		$	(2,348	)

(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.

FOURTH QUARTER AND FULL YEAR 2025 EARNINGS CONFERENCE CALL

In conjunction with Vitesse’s release of its financial and operating results and 2026 annual guidance, investors, analysts and other interested parties are invited to listen to a conference call with management on Tuesday, March 3, 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=0CWmPscO

Dial-In Number: 877-407-0778 (US/Canada) and +1 201-689-8565 (International)

Conference ID: 13758668 - Vitesse Energy Fourth Quarter and Full Year 2025 Earnings Call

Replay Dial-In Number: 877-660-6853 (US/Canada) and +1 201-612-7415 (International)

Replay Access Code: 13758668 - Replay will be available through March 10, 2026

UPCOMING INVESTOR EVENT

Vitesse management will be participating in the Roth Conference in Dana Point, CA, March 23 - 25, 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 STATEMENTS

This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this release regarding Vitesse’s financial position, operating and financial performance, business strategy, dividend plans and practices, the timing of closing of the Powder River Basin Acquisition, guidance, plans and objectives of management for future operations, and industry conditions are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production and sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Vitesse’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in oil and natural gas prices; the pace of drilling and completions activity on Vitesse’s properties; Vitesse’s ability to acquire additional development opportunities; potential acquisition transactions; integration and benefits of acquisitions, including the Powder River Basin Acquisition, or the effects of such acquisitions on Vitesse’s cash position and levels of indebtedness; changes in Vitesse’s reserves estimates or the value thereof; disruptions to Vitesse’s business due to acquisitions and other significant transactions; infrastructure constraints and related factors affecting Vitesse’s properties; cost inflation or supply chain disruption; ongoing legal disputes over the Dakota Access Pipeline; the impact of general economic or industry conditions, nationally and/or in the communities in which Vitesse conducts business; changes in the interest rate environment, legislation or regulatory requirements; changes in U.S. trade policy, including the imposition of and changes in tariffs and resulting consequences; conditions of the securities markets; Vitesse’s ability to raise or access capital; cyber-related risks; changes in accounting principles, policies or guidelines; and financial or political instability, health-related epidemics, acts of war (including hostilities in the Middle East, the conflict in Ukraine and the evolving situation in Venezuela) or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting Vitesse’s operations, products and prices. Additional information concerning potential factors that could affect future results is included in the section entitled “Item 1A. Risk Factors” and other sections of Vitesse’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause Vitesse’s actual results to differ from those set forth in the forward looking statements.

Vitesse has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Vitesse’s control. Vitesse does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.

FINANCIAL INFORMATION

VITESSE ENERGY, INC. Consolidated Statements of Operations
	FOR THE YEARS ENDED DECEMBER 31,
(in thousands, except share and per share data)		2025				2024				2023
Revenue
Oil	$	244,414			$	230,164			$	218,396
Natural gas		29,575				11,834				15,509
Total revenue		273,989				241,998				233,905
Operating Expenses
Lease operating expense		69,535				47,599				39,514
Production taxes		23,354				21,500				21,625
General and administrative		24,314				23,510				23,934
Depletion, depreciation, amortization, and accretion		129,411				100,308				81,745
Equity-based compensation		10,246				8,110				32,233
Total operating expenses		256,860				201,027				199,051
Operating Income		17,129				40,971				34,854
Other (Expense) Income
Commodity derivative gain (loss), net		27,930				(2,348	)			12,484
Interest expense		(10,205	)			(9,980	)			(5,276	)
Other income		221				89				140
Total other (expense) income		17,946				(12,239	)			7,348
Income Before Income Taxes	$	35,075			$	28,732			$	42,202
(Provision for) Benefit from Income Taxes		(9,798	)			(7,672	)			(61,946	)
Net Income (Loss)	$	25,277			$	21,060			$	(19,744	)
Net income attributable to Predecessor common unit holders		—				—				1,832
Net Income (Loss) Attributable to Vitesse Energy, Inc.	$	25,277			$	21,060			$	(21,576	)
Weighted average common shares – basic		37,645,048				30,040,035				29,556,967
Weighted average common shares – diluted		39,552,804				32,908,225				29,556,967
Net income (loss) per common share – basic	$	0.67			$	0.70			$	(0.73	)
Net income (loss) per common share – diluted	$	0.64			$	0.64			$	(0.73	)

VITESSE ENERGY, INC. Consolidated Balance Sheets
	DECEMBER 31,
(in thousands, except share and per share data)		2025				2024
Assets
Current Assets
Cash	$	1,328			$	2,967
Accrued revenue		30,620				39,788
Commodity derivatives		14,252				3,842
Prepaid expenses and other current assets		5,967				4,314
Total current assets		52,167				50,911
Oil and Gas Properties-Using the successful efforts method of accounting
Proved oil and gas properties		1,525,890				1,315,566
Less accumulated DD&A and impairment		(691,963	)			(563,590	)
Total oil and gas properties		833,927				751,976
Other Property and Equipment—Net		123				182
Other Assets
Commodity derivatives		184				284
Other noncurrent assets		6,949				7,540
Total other assets		7,133				7,824
Total assets	$	893,350			$	810,893
Liabilities and Equity
Current Liabilities
Accounts payable	$	11,803			$	34,316
Accrued liabilities		39,141				65,714
Commodity derivatives		—				299
Other current liabilities		307				—
Total current liabilities		51,251				100,329
Noncurrent Liabilities
Revolving credit facility		124,500				117,000
Deferred tax liability		67,493				72,001
Asset retirement obligations		14,022				9,652
Commodity derivatives		46				94
Other noncurrent liabilities		6,721				11,483
Total liabilities		264,033				310,559
Commitments and contingencies
Equity
Preferred stock, $0.01 par value, 5,000,000 shares authorized; 0 shares issued at December 31, 2025 and 2024, respectively		—				—
Common stock, $0.01 par value, 95,000,000 shares authorized; 40,615,302 and 32,650,889 shares issued at December 31, 2025 and 2024, respectively		406				326
Additional paid-in capital		630,961				505,133
Accumulated deficit		(2,050	)			(5,125	)
Total equity		629,317				500,334
Total liabilities and equity	$	893,350			$	810,893

NON-GAAP FINANCIAL MEASURES

Vitesse defines Adjusted Net Income as net income (loss) before (i) non-cash gains and losses on unsettled derivative instruments, (ii) non-cash equity-based compensation, (iii) provision for income taxes, and (iv) certain other items such as material general and administrative costs related to the Lucero acquisition; reduced by the estimated impact of income tax expense.

Net Debt is calculated by deducting cash on hand from the amount outstanding on our revolving credit facility as of the balance sheet or measurement date.

Adjusted EBITDA is defined as net income (loss) before expenses for interest, income taxes, depletion, depreciation, amortization and accretion, and excludes non-cash equity-based compensation and non-cash gains and losses on unsettled derivative instruments in addition to certain other items such as material general and administrative costs related to the Lucero acquisition.

Vitesse defines Free Cash Flow as cash flow from operations, adjusting for changes in operating assets and liabilities in addition to certain other items such as material general and administrative costs related to the Lucero acquisition, less development of oil and gas properties.

“PV-10” is the present value of estimated future oil and gas revenues, net of estimated direct expenses, discounted at an annual discount rate of 10% to estimate the present value of proved oil and natural gas reserves. PV-10 is a non-GAAP financial measure and is derived from the Standardized Measure, which is the most directly comparable GAAP measure for proved reserves calculated using SEC Pricing. PV-10 is a computation of the Standardized Measure on a pre-tax basis. PV-10 is equal to the Standardized Measure at the applicable date, before deducting future income taxes discounted at 10%.

Management believes the use of these non-GAAP financial measures provides useful information to investors to gain an overall understanding of financial performance. Specifically, management believes the non-GAAP financial measures included herein provide useful information to both management and investors by excluding certain items that management believes are not indicative of Vitesse’s core operating results. In addition, these non-GAAP financial measures are used by management for budgeting and forecasting as well as subsequently measuring Vitesse’s performance, and management believes it is providing investors with financial measures that most closely align to its internal measurement processes. A reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP measure is included below.

RECONCILIATION OF ADJUSTED NET INCOME
(in thousands)	FOR THE THREE MONTHS ENDED DECEMBER 31, 2025			FOR THE YEAR ENDED DECEMBER 31, 2025
Net Income (Loss)	$	(739	)	$	25,277
Add:
Unrealized loss (gain) on derivative instruments		(2,066	)		(10,814	)
Equity-based compensation		2,691			10,246
G&A costs related to Lucero acquisition		—			5,167
Provision for income taxes		382			9,798
Adjusted Income Before Adjusted Income Tax Expense		268			39,674
Adjusted Income Tax Expense(1)		(62	)		(9,244	)
Adjusted Net Income (non-GAAP)	$	206		$	30,430

(1)	The Company determined the income tax impact on the “Adjusted Income Before Adjusted Income Tax Expense” using the relevant statutory tax rate of 23.3%.

RECONCILIATION OF NET DEBT AND ADJUSTED EBITDA
(in thousands except for ratio)		AT DECEMBER 31, 2025
Revolving Credit Facility		$	124,500
Less: Cash			1,328
Net Debt		$	123,172

	FOR THE THREE MONTHS ENDED DECEMBER 31, 2025			FOR THE YEAR ENDED DECEMBER 31, 2025
Net Income (Loss)	$	(739	)	$	25,277
Add:
Interest expense	$	2,381		$	10,205
Provision for income taxes		382			9,798
Depletion, depreciation, amortization, and accretion		34,056			129,411
Equity-based compensation		2,691			10,246
Unrealized loss (gain) on derivative instruments		(2,066	)		(10,814	)
G&A costs related to Lucero acquisition		—			5,167
Adjusted EBITDA	$	36,705		$	179,290
Net Debt to Adjusted EBITDA ratio					0.69

RECONCILIATION OF FREE CASH FLOW
(in thousands)	FOR THE YEAR ENDED DECEMBER 31, 2025
Net cash provided by operating activities	$	170,349
Add:
Changes in operating assets and liabilities		(5,570	)
G&A costs related to Lucero acquisition		5,167
Cash flow from operations before changes in operating assets and liabilities		169,946
Less: development of oil and gas properties		(121,041	)
Free Cash Flow	$	48,905

RECONCILIATION OF PV-10

The following table reconciles the PV-10 value of Vitesse’s proved reserves as of December 31, 2025 to the Standardized Measure.

(in thousands)	FOR THE YEAR ENDED DECEMBER 31, 2025
Pre-Tax Present Value of Estimated Future Net Revenues (Pre-Tax PV10%)	$	472,685
Future Income Taxes, Discounted at 10%		(33,709	)
Standardized Measure of Discounted Future Net Cash Flows	$	438,976

 

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INVESTOR AND MEDIA CONTACT

Ben Messier, CFA

Director – Investor Relations and Business Development

(720) 532-8232

benmessier@vitesse-vts.com

Source: Vitesse Energy, Inc.