Vitesse Energy Reports $242M Revenue and $21.1M Net Income for Fiscal Year 2024

Vitesse Energy, Inc. reported a total revenue of $242.0 million for the fiscal year ending December 31, 2024, marking a 3% increase from $233.9 million in 2023. The growth in revenue was primarily driven by an 11% increase in oil production, which reached 3.3 million barrels, while natural gas production also saw a 7% rise to 8.8 million cubic feet. However, the average realized prices for both oil and natural gas decreased, with oil prices dropping to $69.94 per barrel from $73.59 in the previous year. The company’s net income for 2024 was reported at $21.1 million, a significant recovery from a loss of $61.9 million in 2023, which was largely attributed to a deferred tax liability related to the company’s spin-off from Jefferies.

In terms of operational metrics, Vitesse Energy maintained a working interest in 6,071 gross productive wells and had 248 gross wells in the process of being drilled or completed as of December 31, 2024. The company also completed the acquisition of Lucero Energy Corp. on March 7, 2025, which is expected to enhance its operational capabilities and financial performance by adding a limited operating function in the Williston Basin. This acquisition involved the issuance of 8.2 million shares of Vitesse common stock, resulting in prior Vitesse shareholders owning approximately 80% of the company post-transaction.

The company’s capital expenditures for 2024 totaled $115.2 million, which included investments in development and acquisitions. Vitesse Energy paid dividends amounting to $63.6 million during the year, reflecting a commitment to returning capital to shareholders. The company’s total debt stood at $117.0 million at year-end, with a borrowing base of $245.0 million under its Revolving Credit Facility, which was recently amended to increase its capacity following the Lucero acquisition.

Vitesse Energy's operational strategy focuses on acquiring non-operated working interests in oil and natural gas properties, primarily in the Williston Basin and Central Rockies. The company has emphasized a disciplined approach to capital allocation, aiming to balance growth with financial stability. The management anticipates that the integration of Lucero will provide additional opportunities for growth and enhance cash flow, although it acknowledges the inherent risks associated with commodity price volatility and operational challenges in the energy sector.

Looking ahead, Vitesse Energy expects continued fluctuations in oil and natural gas prices, influenced by global supply and demand dynamics, geopolitical tensions, and regulatory changes. The company remains committed to its strategy of leveraging its asset base and operational expertise to navigate these challenges while maintaining a focus on shareholder returns through dividends and potential share repurchases.