CENTENNIAL, Colo. - Vitesse Energy, Inc. (NYSE: VTS) disclosed its 2023 financial outcomes, revealing a net loss of $19.7 million alongside an adjusted net income of $53.6 million. The company, which faced a challenging year marked by a net loss, also declared a quarterly cash dividend of $0.50 per common share, payable on March 29, 2024, to shareholders of record as of March 15, 2024.
Despite the net loss, Vitesse achieved an adjusted EBITDA of $157 million and generated $141.9 million in cash flow from operations. The company's free cash flow stood at $60.7 million. Oil and gas production increased by 15% from the previous year, averaging 11,889 barrels of oil equivalent (Boe) per day, with the fourth quarter showing a production of 13,652 Boe per day.
Vitesse's total cash development capital expenditures and acquisition costs amounted to $120.5 million, while its total debt reached $81.0 million, resulting in a net debt to adjusted EBITDA ratio of 0.51.
The company's proved developed reserves increased by 5% from the previous year to 28.5 million Boe, but total proved reserves saw a decrease of 7% to 40.6 million Boe. This decline was primarily due to the removal of undeveloped drilling locations in North Dakota, in line with SEC guidelines that limit proved undeveloped reserves to those locations expected to be developed within the next five years.
Vitesse's average realized prices for oil and natural gas before hedging were $73.59 per barrel (Bbl) and $1.88 per thousand cubic feet (Mcf), respectively. However, with hedging, the realized oil price was slightly higher at $73.99 per Bbl.
The company's lease operating expenses for the year were $39.5 million, equating to $9.11 per Boe. General and administrative expenses totaled $23.9 million, or $5.52 per Boe, which included $6.8 million related to the company's spin-off from Jefferies Financial Group Inc. on January 13, 2023.
Looking ahead, Vitesse reaffirmed its preliminary 2024 outlook, projecting annual production between 12,500 and 13,500 Boe per day and estimating total cash capital expenditures to be in the range of $90 to $110 million.
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