Vitesse Energy Files Q2 2024 10-Q
Ticker: VTS · Form: 10-Q · Filed: Aug 5, 2024 · CIK: 1944558
Sentiment: neutral
Topics: 10-Q, oil-and-gas, financials
TL;DR
Vitesse Energy's Q2 2024 10-Q is in. Check financials.
AI Summary
Vitesse Energy, Inc. filed its 10-Q for the period ending June 30, 2024. The company, operating in crude petroleum and natural gas, reported financial results for the second quarter of 2024. Specific financial figures and operational details are contained within the filing.
Why It Matters
This filing provides investors with the latest financial performance and operational updates for Vitesse Energy, Inc., crucial for understanding the company's current standing in the oil and gas sector.
Risk Assessment
Risk Level: medium — As a company in the volatile oil and gas sector, Vitesse Energy faces inherent market and operational risks.
Key Numbers
- 2024 Q2 — Reporting Period (Second quarter of 2024)
- 1231 — Fiscal Year End (Company's fiscal year concludes on December 31st)
Key Players & Entities
- Vitesse Energy, Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of reporting period
- 20240805 (date) — Filing date
- CRUDE PETROLEUM & NATURAL GAS (industry) — Company's Standard Industrial Classification
- Greenwood Village, CO (location) — Company's business address
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 5, 2024.
What is Vitesse Energy, Inc.'s primary industry?
Vitesse Energy, Inc.'s primary industry is Crude Petroleum & Natural Gas, with a SIC code of 1311.
Where is Vitesse Energy, Inc. located?
Vitesse Energy, Inc.'s business and mailing address is 5619 DTC Parkway, Suite 700, Greenwood Village, CO 80111.
What is the company's fiscal year end?
Vitesse Energy, Inc.'s fiscal year ends on December 31.
Filing Stats: 4,662 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-08-05 16:21:59
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 VTS New York Stock Exchange Indicate
- $60 million — 023 authorizing the repurchase of up to $60 million of the Company's common stock; "Tax Ma
Filing Documents
- vitesse-20240630.htm (10-Q) — 1148KB
- exhibit101vitesseenergy-se.htm (EX-10.1) — 73KB
- exhibit311certification2q2.htm (EX-31.1) — 9KB
- exhibit312certification2q2.htm (EX-31.2) — 9KB
- exhibit321certification2q2.htm (EX-32.1) — 4KB
- 0001944558-24-000085.txt ( ) — 5958KB
- vitesse-20240630.xsd (EX-101.SCH) — 39KB
- vitesse-20240630_cal.xml (EX-101.CAL) — 56KB
- vitesse-20240630_def.xml (EX-101.DEF) — 227KB
- vitesse-20240630_lab.xml (EX-101.LAB) — 573KB
- vitesse-20240630_pre.xml (EX-101.PRE) — 398KB
- vitesse-20240630_htm.xml (XML) — 670KB
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 41 Item 4.
Controls and Procedures
Controls and Procedures 42 PART II OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 43 Item 1A.
Risk Factors
Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 43
Signatures
Signatures 45 3 Table of Contents CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS The information in this Form 10-Q 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, identification of drilli
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Condensed Consolidated Financial Statements
Item 1. Condensed Consolidated Financial Statements VITESSE ENERGY, INC. Condensed Consolidated Balance Sheets (Unaudited) JUNE 30, DECEMBER 31, (in thousands, except shares) 2024 2023 Assets Current Assets Cash $ 121 $ 552 Revenue receivable 46,319 44,915 Commodity derivatives (Note 6) 152 10,038 Prepaid expenses and other current assets 2,394 2,841 Total current assets 48,986 58,346 Oil and Gas Properties—Using the successful efforts method of accounting (Note 2) Proved oil and gas properties 1,235,125 1,168,378 Less accumulated DD&A and impairment ( 512,527 ) ( 464,036 ) Total oil and gas properties 722,598 704,342 Other Property and Equipment—Net 189 189 Other Assets Commodity derivatives (Note 6) 277 1,109 Other noncurrent assets 6,378 1,984 Total other assets 6,655 3,093 Total assets $ 778,428 $ 765,970 Liabilities and Equity Current Liabilities Accounts payable $ 13,613 $ 27,692 Accrued liabilities (Note 7) 42,997 32,507 Commodity derivatives (Note 6) 2,527 — Other current liabilities 30 204 Total current liabilities 59,167 60,403 Long-term Liabilities Credit facility (Note 5) 115,000 81,000 Deferred tax liability (Note 11) 67,135 64,329 Asset retirement obligations 8,677 8,353 Other noncurrent liabilities 9,944 5,479 Total liabilities $ 259,923 $ 219,564 Commitments and Contingencies (Note 9) Equity (Note 10) Preferred stock, $ 0.01 par value, 5,000,000 shares authorized; 0 shares issued at June 30, 2024 and December 31, 2023, respectively — — Common stock, $ 0.01 par value, 95,000,000 shares authorized; 32,629,594 and 32,812,007 shares issued at June 30, 2024 and December 31, 2023, respectively 326 328 Additional paid-in capital 531,013 567,654 Accumulated deficit ( 12,834 ) ( 21,576 ) Total equity 518,505 546,406 Total liabilities and equity $ 778,428 $ 765,970 See notes to condensed consolidated financial statements 10 Table of Contents VITESSE ENERGY, INC. Condensed Consolidated Statements of Operati