NYSE: VTS
Vitesse Energy, Inc.CIK 0001944558 · SIC 1311 · Crude Petroleum & Natural Gas
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Vitesse Energy reports Q2 2026 net income of $33.1M, declares $0.4375/share dividend
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Vitesse Q2 FY26: revenue +11% on higher oil prices, offset by 8% production decline and $91.0M hedge loss
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Latest financial statements
From 10-Q filed Aug 3, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue | ||||
| Oil | 86,507 | 66,611 | 146,524 | 125,535 |
| Natural gas | 4,497 | 15,144 | 11,891 | 22,390 |
| Total revenue | 91,004 | 81,755 | 158,415 | 147,925 |
| Operating Expenses | ||||
| Lease operating expense | 17,975 | 19,629 | 33,310 | 33,484 |
| Production taxes | 8,459 | 6,180 | 14,124 | 11,953 |
| General and administrative | 6,150 | 311 | 14,736 | 12,442 |
| Depletion, depreciation, amortization, and accretion | 34,809 | 34,576 | 65,996 | 61,139 |
| Equity-based compensation | 2,735 | 2,403 | 3,460 | 4,873 |
| Total operating expenses | 70,128 | 63,099 | 131,626 | 123,891 |
| Operating Income | 20,876 | 18,656 | 26,789 | 24,034 |
| Other (Expense) Income | ||||
| Commodity derivative gain (loss), net | 22,043 | 18,451 | (32,963) | 18,279 |
| Interest expense | (3,022) | (2,539) | (5,637) | (5,443) |
| Other (expense) income, net | (40) | (38) | (77) | 126 |
| Total other income (expense) | 18,981 | 15,874 | (38,677) | 12,962 |
| Income (Loss) Before Income Taxes | 39,857 | 34,530 | (11,888) | 36,996 |
| (Provision for) Benefit from Income Taxes | (6,776) | (9,871) | 2,689 | (9,669) |
| Net Income (Loss) | 33,081 | 24,659 | (9,199) | 27,327 |
| Weighted average common shares basic | 42,041,479 | 39,104,962 | 41,064,396 | 36,106,598 |
| Weighted average common shares diluted | 42,852,652 | 40,967,995 | 41,064,396 | 38,043,765 |
| Net income (loss) per common share basic | 0.79 | 0.62 | (0.22) | 0.76 |
| Net income (loss) per common share diluted | 0.77 | 0.60 | (0.22) | 0.72 |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except shares)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current Assets | ||
| Cash | 884 | 1,328 |
| Accrued revenue | 52,429 | 30,620 |
| Commodity derivatives | 1,768 | 14,252 |
| Prepaid expenses and other current assets | 3,274 | 5,967 |
| Total current assets | 58,355 | 52,167 |
| Oil and Gas Properties-Using the successful efforts method of accounting | ||
| Proved oil and gas properties | 1,607,002 | 1,525,890 |
| Less accumulated DD&A and impairment | (757,363) | (691,963) |
| Total oil and gas properties, net | 849,639 | 833,927 |
| Other Property and Equipment—Net | 99 | 123 |
| Commodity derivatives | 8,950 | 184 |
| Other noncurrent assets | 6,604 | 6,949 |
| Total assets | 923,647 | 893,350 |
| Liabilities and Equity | ||
| Current Liabilities | ||
| Accounts payable | 11,832 | 11,803 |
| Accrued liabilities | 38,764 | 39,141 |
| Commodity derivatives | 4,293 | — |
| Other current liabilities | 327 | 307 |
| Total current liabilities | 55,216 | 51,251 |
| Revolving credit facility | 158,500 | 124,500 |
| Deferred tax liability | 64,804 | 67,493 |
| Asset retirement obligations | 15,612 | 14,022 |
| Commodity derivatives | — | 46 |
| Other noncurrent liabilities | 5,592 | 6,721 |
| Total liabilities | 299,724 | 264,033 |
| Commitments and Contingencies (Note 9) | ||
| Equity | ||
| Preferred stock, $0.01 par value, 5,000,000 shares authorized; 0 shares issued at June 30, 2026 and December 31, 2025, respectively | — | — |
| Common stock, $0.01 par value, 95,000,000 shares authorized; 42,802,648 and 40,615,302 shares issued at June 30, 2026 and December 31, 2025, respectively | 428 | 406 |
| Additional paid-in capital | 634,744 | 630,961 |
| Accumulated deficit | (11,249) | (2,050) |
| Total equity | 623,923 | 629,317 |
| Total liabilities and equity | 923,647 | 893,350 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash Flows from Operating Activities | ||
| Net (loss) income | (9,199) | 27,327 |
| Adjustments to reconcile net (loss) income to net cash from changes in operating activities: | ||
| Depletion, depreciation, amortization, and accretion | 65,996 | 61,139 |
| Unrealized loss (gain) on commodity derivative instruments | 7,964 | (12,325) |
| Equity-based compensation | 3,460 | 4,873 |
| Deferred income taxes | (2,689) | 9,122 |
| Amortization of debt issuance costs | 469 | 421 |
| Changes in operating assets and liabilities that provided (used) cash: | ||
| Accrued revenue | (21,809) | (2,263) |
| Prepaid expenses and other current assets | 2,691 | 756 |
| Accounts payable | 6 | (2,384) |
| Accrued liabilities | 2,588 | (3,502) |
| Other | (9) | 341 |
| Net cash provided by operating activities | 49,468 | 83,505 |
| Cash Flows from Investing Activities | ||
| Divestiture (Acquisition), net, of oil and gas properties | 694 | (1,647) |
| Development of oil and gas properties | (40,074) | (64,467) |
| Purchase of other property and equipment | (8) | (4) |
| Net cash used in Investing Activities | (39,388) | (66,118) |
| Cash Flows from Financing Activities | ||
| Proceeds from revolving credit facility | 49,000 | 47,500 |
| Repayments of revolving credit facility | (15,000) | (58,500) |
| Dividends paid | (44,131) | (47,834) |
| Cash acquired associated with the Lucero Acquisition | — | 49,846 |
| Equity issuance costs for Powder River Basin Acquisition | (131) | — |
| Stock exchanged for tax withholding | — | (9,157) |
| Debt issuance costs | (262) | (247) |
| Net cash used in Financing Activities | (10,524) | (18,392) |
| Net change in cash | (444) | (1,005) |
| Cash—Beginning of period | 1,328 | 2,967 |
| Cash—End of period | 884 | 1,962 |
| Supplemental Disclosure of Cash Flow Information | ||
| Cash paid for interest | 3,625 | 5,169 |
| Cash paid for income taxes | — | — |
| Supplemental Disclosure of Noncash Activity | ||
| Oil and gas properties included in accounts payable and accrued liabilities | 29,565 | 43,550 |
| Asset retirement obligations capitalized to oil and gas properties | 1,025 | 3,075 |
| Issuance of common stock related to acquisitions | 36,582 | 194,279 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except share data); (in thousands, except shares); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗