Vitesse Energy, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Vitesse Energy, Inc. has filed its annual 10-K report for the fiscal year 2023, detailing its operations in the oil and gas sector.</b>

AI Summary

Vitesse Energy, Inc. (VTS) filed a Annual Report (10-K) with the SEC on February 26, 2024. Vitesse Energy, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company is engaged in the Crude Petroleum & Natural Gas industry (SIC 1311). Vitesse Energy, Inc. is incorporated in Delaware. The company's principal business address is in Centennial, Colorado. The filing covers the period from January 1, 2023, to December 31, 2023.

Why It Matters

For investors and stakeholders tracking Vitesse Energy, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Vitesse Energy's financial performance, operational activities, and strategic positioning for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's financial health, understand its reserve data, and evaluate potential risks and opportunities within the energy market.

Risk Assessment

Risk Level: medium — Vitesse Energy, Inc. shows moderate risk based on this filing. The company's operations are concentrated with a limited number of operators, as indicated by the 'OperatorConcentrationRiskMember' data for revenue from contracts with customers, suggesting a potential dependency on a few key partners.

Analyst Insight

Monitor Vitesse Energy's operator concentration risk and its impact on revenue stability in future filings.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-26 — Filing Date (Date the 10-K was filed)
• 0001944558-24-000021 — Accession Number (Unique identifier for the filing)
• 1311 — SIC Code (Standard Industrial Classification for Crude Petroleum & Natural Gas)

Key Players & Entities

• Vitesse Energy, Inc. (company) — Filer of the 10-K report
• Centennial, Colorado (location) — Business and mailing address
• Delaware (location) — State of incorporation
• Crude Petroleum & Natural Gas (industry) — Standard Industrial Classification

FAQ

Risk Factors

• Operator Concentration Risk [medium — operational]: The company's revenue and accounts receivable are concentrated with a limited number of operators, posing a risk if these key operators experience financial difficulties or reduce their activity.

Industry Context

Vitesse Energy, Inc. operates within the Crude Petroleum & Natural Gas industry, focusing on the exploration, development, and production of oil and natural gas properties.

Regulatory Implications

As a company in the energy sector, Vitesse Energy is subject to various federal, state, and local regulations governing environmental protection, safety, and resource extraction.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and operational metrics.
2. Analyze the company's reserve data and production volumes for the fiscal year 2023.
3. Assess the impact of operator concentration risk on Vitesse Energy's future revenue streams.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-26: 10-K Filing Date — Official date Vitesse Energy, Inc. submitted its annual report.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share VTS The New York Stock Exchan
• $60 million — 023 authorizing the repurchase of up to $60 million of the Company's common stock; "SVB" r

Filing Documents

• vitesse-20231231.htm (10-K) — 2067KB
• exhibit41descriptionofcapi.htm (EX-4.1) — 29KB
• exhibit1013.htm (EX-10.13) — 113KB
• exhibit211.htm (EX-21.1) — 4KB
• exhibit231.htm (EX-23.1) — 2KB
• exhibit232consentofcawleyg.htm (EX-23.2) — 3KB
• exhibit311certification.htm (EX-31.1) — 9KB
• exhibit312certification.htm (EX-31.2) — 9KB
• exhibit321certification.htm (EX-32.1) — 4KB
• exhibit971.htm (EX-97.1) — 22KB
• vitesseenergyye23secpric.htm (EX-99.1) — 13KB
• vitesse-20231231_g1.jpg (GRAPHIC) — 133KB
• vitesseenergyye23secpric001.jpg (GRAPHIC) — 193KB
• vitesseenergyye23secpric002.jpg (GRAPHIC) — 285KB
• vitesseenergyye23secpric003.jpg (GRAPHIC) — 297KB
• vitesseenergyye23secpric004.jpg (GRAPHIC) — 96KB
• 0001944558-24-000021.txt (&nbsp;) — 9629KB
• vitesse-20231231.xsd (EX-101.SCH) — 55KB
• vitesse-20231231_cal.xml (EX-101.CAL) — 78KB
• vitesse-20231231_def.xml (EX-101.DEF) — 245KB
• vitesse-20231231_lab.xml (EX-101.LAB) — 754KB
• vitesse-20231231_pre.xml (EX-101.PRE) — 462KB
• vitesse-20231231_htm.xml (XML) — 816KB

Risk Factors

Risk Factors 26 Item 1B. Unresolved Staff Comments 50

C

Item 1 C . C ybersecurity 50 Item 3.

Legal Proceedings

Legal Proceedings 51 Item 4. Mine Safety Disclosures 51 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 52 Item 6. Reserved 53 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 54 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 68 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 70 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 70 Item 9A. Control and Procedures 70 Item 9B. Other Information 70 Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections 70 PART III Item 10. Directors, Executive Officers and Corporate Governance 71 Item 11.

Executive Compensation

Executive Compensation 71 Item 12.

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 71 Item 13. Certain Relationships and Related Transactions, and Director Independence 71 Item 14. Principal Accounting Fees and Services 71 PART IV Item 15. Exhibits, Financial Statement Schedules 72 Item 16. Form 10-K Summary 73

Signatures

Signatures 3 Table of Contents CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS The information in this Annual Report on Form 10-K contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance or potential future plans, strategies or transactions of Vitesse, and other statements that are not historical facts. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Such assumptions, risks, uncertainties and other factors include, but are not limited to, the following: the timing and extent of changes in oil and natural gas prices; our ability to successfully implement our business plan; the pace of our operators' drilling and completion activity on our properties, including in connection with refrac programs and extended length three-mile lateral wells; our operators' ability to complete projects on time and on budget; uncertainties about estimates of reserves, identificat

View Full Filing

View this 10-K filing on SEC EDGAR