Vitesse Energy, Inc. (NYSE: VTS) is a Denver-based energy company that specializes in the acquisition, development, and production of non-operated oil and natural gas properties, with a significant focus on the core Bakken Field spanning North Dakota and Montana, as well as non-controlling stakes in Colorado and Wyoming. The company's ...Vitesse Energy, Inc. (NYSE: VTS) is a Denver-based energy company that specializes in the acquisition, development, and production of non-operated oil and natural gas properties, with a significant focus on the core Bakken Field spanning North Dakota and Montana, as well as non-controlling stakes in Colorado and Wyoming. The company's business model involves partnering with leading operators, allowing it to benefit from their technical and operational expertise while maintaining a capital-efficient approach. Vitesse Energy manages a portfolio of nearly 60,000 net acres and interests in over 7,800 gross productive wells, emphasizing returning capital to stockholders through dividends and asset monetization. As of the latest data, the company has a market capitalization of $665 million and a dividend yield of 12.7%, reflecting its commitment to shareholder returns. The company's financial performance shows a revenue of $6.77 per share and a book value of $14.84 per share, with a debt-to-equity ratio of 0.254, indicating a moderate leverage. Under the leadership of CEO Jamie Benard, the company focuses on disciplined capital allocation, operational efficiency, and strategic divestitures to maximize value. With a small team of 37 employees, Vitesse maintains a lean organizational structure, leveraging external partnerships and technical expertise to manage its asset base effectively. The company's long-term strategy includes growing its production through targeted acquisitions and development of high-return projects, while also exploring opportunities to reduce costs and enhance operational performance. Additionally, Vitesse is committed to environmental stewardship and regulatory compliance, ensuring sustainable operations. The company's established track record since 2013, as a predecessor entity, and its public listing in 2023, position it as a stable player in the oil and gas sector, with a focus on generating consistent cash flow and delivering long-term value to its shareholders.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$274.0M
+13.2%
+35.0%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$25.3M
+20.0%
+178.2%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+18.9%
-37.1%
+214.2%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+6.3%
-63.1%
+161.6%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+9.2%
+6.0%
+158.0%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$170.3M
+329.3%
-13.5%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+62.2%
+279.2%
-35.9%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
20.5%
-15.2%
+0.5%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.02x
+100.6%
+88.7%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Greetings. Welcome to the Vitesse Energy Second Quarter 2026 Earnings Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to the Director, Investor Relations and Business Development at Vitesse, Ben Messier. You may begin.
Ben Messier: Good morning, everyone, and thanks for joining. Today we will be discussing our second quarter 2026 results. Our 10-Q and earnings release were released yesterday after market close, and a newly redesigned investor presentation can be found on the Vitesse website. We encourage everyone to spend time with the new presentation. It lays out Vitesse's business model, capital allocation framework, and dividend philosophy in greater detail, and we will touch on many of these themes this morning. I'm joined this morning by our CEO and President, Jamie Benard, and our CFO, James Henderson. Before we begin, please be reminded that this call may contain estimates, projections, and other forward-looking statements within the meaning of the Federal Securities Laws. Forward-looking statements are subject to several risks and uncertainties, many of which are beyond our control. These risks and uncertainties can cause actual results to differ materially from our current expectations. Please review our earnings release and risk factors discussed in our filings with the SEC for additional information. In addition, today's discussion may reference non-GAAP financial measures. For reconciliation of historical non-GAAP financial measures to the most directly comparable GAAP measure, please reference our 10-Q and earnings release. Now, I will turn the call over to Vitesse's CEO and President, Jamie Benard.
Jamie Benard: Thanks, Ben. Good morning, everyone, and thank you for joining today's call. I want to start this morning by addressing something directly. Over the past several months, following this year's resizing of our dividend and leadership transition, we've received a number of questions about whether Vitesse's strategy has changed. The answer is simple. It has not. Our priorities are what they've always been, pay a durable dividend funded by free cash flow, allocate capital only where returns exceed our hurdle rates, and maintain a strong, conservative balance sheet. I'd like to spend a few minutes this morning on why we have such conviction in this strategy. The commitment starts with the dividend, which is our primary use of cash. Last week, our Board declared a third-quarter cash dividend at an annualized rate of $1.75 per share. This marks the 15th consecutive quarter, every quarter since our January 2023 Spin-off, without interruption that we've declared a dividend, bringing the total cumulative dividends declared to $7.6375 per share. That's half our current share price returned to shareholders in under 4 years. I also want to be clear about how we think about the dividend, because it's the primary output of our entire business model, not a residual. …