Vitesse Energy Reports $67.4 Million Revenue and $42.3 Million Net Loss in Q1 2026

Vitesse Energy, Inc. reported its financial results for the first quarter of 2026, revealing total revenue of $67.4 million, a slight increase of 2% from $66.2 million in the same period last year. The revenue growth was primarily driven by a 7% increase in production volumes, which reached 15,962 barrels of oil equivalent per day (Boe/d). However, the company experienced a net loss of $42.3 million, significantly impacted by an unrealized loss of $55 million on commodity derivatives, compared to a net income of $2.7 million in the prior year.

Operating expenses for the quarter totaled $61.5 million, up from $60.8 million in the previous year. The increase was attributed to higher lease operating expenses, which rose by 11% to $15.3 million, and a 17% increase in depletion, depreciation, amortization, and accretion costs, which reached $31.2 million. In contrast, general and administrative expenses decreased by 29% to $8.6 million, largely due to the absence of transaction costs related to the Lucero Acquisition incurred in the prior year.

Vitesse's operational metrics showed a production of 899,918 barrels of oil and 3.2 million cubic feet of natural gas, with oil accounting for 63% of total production. The average realized price for oil before hedging was $66.76 per barrel, while the realized price after hedging was $61.85 per barrel, reflecting a 5% decrease from the previous year. The company’s hedging strategy covered approximately 61% of its oil volumes, which resulted in a realized loss on oil derivatives.

Strategically, Vitesse announced a leadership transition, with Jamie Benard set to become the new President and CEO on May 1, 2026, following the resignation of Robert Gerrity. The company also completed an acquisition of non-operated assets in Wyoming, further expanding its portfolio. As of March 31, 2026, Vitesse had total debt of $144.5 million and a working capital deficit of $38.3 million, compared to a surplus of $0.9 million at the end of 2025. The company expects to fund its future capital expenditures and operational needs through cash flows from operations and its revolving credit facility, which had a borrowing base of $295 million as of the end of the quarter.