Vitesse Energy Reports $66.2 Million Revenue in Q1 2025, Achieves Net Income of $2.7 Million

Vitesse Energy, Inc. reported a total revenue of $66.2 million for the first quarter of 2025, marking an 8% increase from $61.2 million in the same period last year. The revenue growth was primarily driven by an 18% increase in production volumes, which rose to 1,347 MBoe, despite an 8% decrease in average realized prices per barrel of oil equivalent (Boe) before hedging. The company recorded a net income of $2.7 million, compared to a net loss of $2.2 million in the prior year, reflecting improved operational performance and effective cost management.

The company's operating expenses increased to $60.8 million from $48.1 million year-over-year, largely due to higher general and administrative costs, which surged by 126% to $12.1 million, primarily attributed to transaction costs related to the recent acquisition of Lucero Energy Corp. Additionally, the depletion, depreciation, amortization, and accretion expenses rose to $26.6 million, reflecting the increased production levels. The company also reported a significant reduction in commodity derivative losses, which fell to $0.2 million from $13.8 million in the previous year, indicating improved hedging effectiveness.

Strategically, Vitesse completed the acquisition of Lucero Energy Corp. on March 7, 2025, issuing 8.17 million shares of common stock as part of the transaction valued at approximately $194.3 million. This acquisition is expected to enhance Vitesse's asset base and operational capabilities, particularly in the Bakken and Three Forks formations. The integration of Lucero's operations is anticipated to contribute positively to future revenue streams, although the company cautioned that the acquisition may not be immediately accretive to earnings.

Operationally, Vitesse reported a production rate of 14,971 Boe/d, with oil accounting for 68% of total production. The company maintained a working interest in 6,186 gross productive wells and had 246 wells in various stages of drilling or completion. As of March 31, 2025, Vitesse had a total debt of $117 million and a working capital deficit of $26.2 million, which improved from a deficit of $49.4 million at the end of 2024. The company’s liquidity position is supported by cash flows from operations and availability under its revolving credit facility.

Looking ahead, Vitesse Energy anticipates continued volatility in commodity prices, which could impact future earnings and cash flows. The company plans to leverage its recent acquisition and ongoing operational improvements to enhance production and revenue generation. Management expressed confidence in the company’s ability to navigate market challenges while maintaining a focus on shareholder returns through dividends and potential stock repurchases, as indicated by the $60 million stock repurchase program approved in February 2023.