ヴィテス・エナジー（VTS）2026年第3四半期決算説明会：DJベイスンでの取引とガイダンス引き上げ

ヴィテス・エナジー（NYSE: VTS）は、2026年第3四半期の生産量が日量16,824 BOE、調整後EBITDAが3,930万ドルであったと発表しました。9月に完了したDJバシン（DJ Basin）資産の買収は当四半期の業績への貢献は僅かでしたが、第4四半期にはフル四半期分の生産量とキャッシュフローをもたらすと見込まれています。

要点

• 第3四半期の平均生産量は日量16,824 BOEとなり、石油が総生産量の60%を占めました。
• 調整後EBITDAは3,930万ドル、調整後純利益は250万ドル、フリーキャッシュフローは940万ドルでした。
• GAAPベースの純損失3,640万ドルは、主に商品デリバティブに係る4,660万ドルの非現金含み損（未実現損失）によるものです。
• 取締役会は1株当たり0.4375ドル（年換算1.75ドル）の四半期現金配当を発表しました。これは2023年1月のスピンオフ以来、ヴィテス・エナジーにとって16四半期連続の配当支払いとなります。
• 経営陣は2026年の通期生産量ガイダンスを日量16,600〜17,200 BOEに、掘削および完工の設備投資額ガイダンスを8,000万〜9,000万ドルに改定しました。
• 当四半期末の総負債は1億9,050万ドルで、直近12ヶ月の調整後EBITDAの1.3倍に相当します。経営陣は、DJバシンからのキャッシュフローと第4四半期に予定されている追加生産量を織り込むと、今後のレバレッジ倍率は約1.0倍になると述べています。

主要財務データ

事業および操業実績

ヴィテスは9月中旬にDJバシン資産の買収を完了しました。その結果、同取引が第3四半期の生産量や業績に与えた貢献は限定的となりました。経営陣は、第4四半期からDJバシンによるフル四半期分の生産を見込んでいます。

同社は四半期末時点で8,732基の生産井に権益を保有しており、これを33名のフルタイム従業員で管理しています。これは従業員1人あたり約265基の生産井に相当し、2022年比で64%増加しています。経営陣はこの効率改善について、事業規模の拡大、人工知能（AI）、および社内プロセスの向上によるものとしています。

9月30日時点で、ヴィテスは掘削中または完工段階にあるネット生産井（持ち分換算井）を6.5基、許認可取得済みのネット位置を13.0箇所保有していました。第3四半期中に操業パートナーが掘削を開始したネット井は2.0基、生産を開始したネット井は2.0基でした（第2四半期は掘削開始1.8基、生産開始1.7基）。

水平坑道の長尺化（ロングラテラル）は、引き続き資本効率向上をもたらす主要な要因です。2026年中に承認された支出承認（AFE）の約70%は、水平坑長が3マイル以上の井戸に関するものでした。経営陣は、これらの井戸によって同社のベースラインにおける減退率が緩やかになり、生産維持に必要な資本を削減できると説明しています。

ヴィテスはウィリストンバシンでも60基の井戸を自社操業しています。同社は自社保有区画の評価や隣接オペレーターとの連携可能性を検討し、より長い水平坑道を掘削する機会を模索しています。経営陣は、自社操業による今後の開発計画の詳細が第1四半期に明確になると見込んでいます。

経営陣の業績見通し（ガイダンス）

ヴィテスは2026年の通期生産量ガイダンスを日量16,600〜17,200 BOEに改定し、石油の割合は総生産量の60%〜62%を維持すると見込んでいます。また、経営陣は第4四半期に生産開始井数が加速すると予想しています。

掘削および完工の設備投資額ガイダンスは8,000万〜9,000万ドルに設定されました。この範囲には買収資金は含まれておらず、買収資金は同社が別途評価および調達を行っています。

2027年について、経営陣の予備的な見通しでは、2026年の年間ガイダンスと比較して横ばいから緩やかな生産成長を見込んでいます。現在の先物価格水準が維持されれば、設備投資額は2026年と同水準になる見通しです。

経営陣はまた、ロングラテラルの導入計画および既存生産基盤の経年変化に基づき、維持管理目的の設備投資額が今後3〜4年間で約10%減少する可能性があると述べています。

リスクと注目点

• リボビング信用枠を利用してDJバシンの買収資金を調達したため、レバレッジ倍率は直近調整後EBITDAの1.3倍に上昇しました。経営陣は、買収によるキャッシュフローが業績に寄与し始めるにつれ、同比率は目標とする1.0倍に向かって低下していくと予想しています。
• 7月と8月に自社操業資産で機械的トラブルが発生したため、借地操業費が増加しました。ヴィテスは生産を復旧させるため、コストが高く24時間対応可能な修繕（ワークオーバー）作業員を投入しました。経営陣は、BOE当たりのコストが以前の水準に戻ると見込んでいます。
• 商品価格がヘッジ価格を上回る水準で推移した場合、デリバティブ契約に基づき時間の経過とともに現金の決済が必要となりますが、経営陣はこれらの支払いが対象となる実物生産の実効販売価格の上昇によって相殺されると指摘しています。
• 2027年の予備的な生産および資本の見通しは、現在の先物価格水準とオペレーターの活動状況に依存します。

アナリスト質疑応答のハイライト

経営陣は、ロングラテラルの採用により、3〜4年間で維持設備投資額を約10%削減できる見込みだと述べました。また、掘削および完工サイクルの高速化により、ヴィテスが井戸への自己負担金を支払ってから生産によるキャッシュフローを受け取るまでの期間も短縮されます。

コストに関して、経営陣は第3四半期における借地操業費の増加を一時的なものと説明し、機械的トラブルや急遽実施した修繕作業が原因であると述べました。同社はまた、一般管理費（G&A）の前年比での削減を見込んでいる一方で、買収を行っても人件費や人員の追加を最小限に抑えて統合できる点を強調しました。

ヴィテスは、活動がやや活発化したものの、掘削能力（リグ）の重大な不足はないと報告しました。大手オペレーターは長期のリグ契約による利益を享受できる一方、小規模オペレーターはスポット市場でのスケジュール変動リスクに直面しやすい可能性があります。

経営陣によると、買収案件の評価額は一般的に先物価格と連動して推移します。ヴィテスが案件を評価する際は、収益率、1株当たり純資産価値（NAV）の向上、および分配可能キャッシュフローの増加を優先事項としています。

改定されたガイダンスの中央値に基づくと、2026年の残りの石油生産量の約64%、天然ガス生産量の約57%がヘッジされています。石油のヘッジポートフォリオは2030年まで設定されており、加重平均価格は1バレルあたり約68ドルです。ヴィテスはまた、DJバシン買収資産における2030年までの確認開発済生産（PDP）量の85%をヘッジしており、最近さらに2028年および2029年向けのヘッジを追加しました。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Greetings. Welcome to the Vitesse Energy Third Quarter 2026 Earnings Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to the Vice President of Finance and Corporate Development at Vitesse, Ben Messier. Thank you. You may begin.

Ben Messier

Good morning, everyone, and thanks for joining. Today, we will be discussing our third quarter 2026 results. Our earnings release was issued and our 10-Q was filed yesterday after market close. Updated investor presentation can be found on the Vitesse website. I'm joined this morning by our President and CEO, Jamie Benard; and our CFO, Jamie 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 to non-GAAP financial measures. For a 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 President and CEO, Jamie Benard.

Jamie Benard

Thanks, Ben. Good morning, everyone, and thanks for joining today's call. First, we're pleased to report that our Board declared a fourth quarter cash dividend of $0.4375 per share or $1.75 annualized. That marks the 16th consecutive quarterly dividend since the January 2023 spinoff without a single interruption. This is the direct output of a business model built around durability and discipline. The third quarter headline for Vitesse was the successful closing of the Denver Julesburg Basin acquisition in September, which expands our position in the DJ alongside a strong operating partner and adds meaningful cash flow and an [indiscernible] revaluation.

It's a prime example of our strategy in action, a consistent, disciplined deployment of capital in the DJ Basin deal reflects the same underwriting rigor applied to every transaction before it. Our underwriting discipline remains tight. We underwrite every well and every acquisition at strip pricing are lower, and we only invest capital when the return is clear thresholds. The result is a portfolio of 8,732 productive wells managed by a team of 33 full-time employees, approximately 265 productive wells per team member, that's a 64% increase since 2022 as the benefits of scale, deployment of artificial intelligence and continued improvement of internal processes pervaded the organization.

Turning to our development activity. As of September 30, we had 6.5 net wells in the drilling or completion phase and another 13.0 net permitted locations ready for development. During the third quarter, our operating partners began drilling 2.0 net wells and turned 2.0 net wells to production. That's a modest improvement from the 1.8 net wells spud and 1.7 net wells turned to production in the second quarter. We expect an acceleration of wells turned to production in the fourth quarter, which supports our revised production guidance and preliminary outlook for 2027.

With Vitesse holding an interest in roughly half of the drilling rigs in the Williston in recent quarters, and the Williston rig count increasing to 38% as of yesterday, we're well positioned to benefit as activity in the basin builds. The ongoing transition toward extended laterals across our acreage remains an important structural driver of capital efficiency. So far this year, 70% of the AFEs we've consented to, are wells 3 miles or longer. These extended laterals flatten our corporate baseline decline, and reduce the maintenance required to hold production flat. That directly supports the dividend.

Our operating partners are getting more efficient as well. In their October update, North Dakota regulators reported that well cycle times across the state are improving even as the average completed lateral length reached an all-time high of nearly 14,000 feet in the third quarter, roughly 20% above the 2025 average. That matters for a nonoperator. Faster cycle times shorten the time between when we fund our share of a well and when that well begins generating cash flow.

I'll now turn it over to our CFO, Jimmy Henderson, to walk through the financial results.

James Henderson

All right. Thanks, Jamie, and thanks, everybody, for joining us this morning. I just want to highlight a few key items from our third quarter financial results. As always referred to our earnings release and our 10-Q, both of which were filed last night for any further details. So production for the third quarter averaged 16,824 BOE per day with a 60% oil cut. As Jamie noted, our DJ Basin acquisition closed mid-September, so this quarter includes very limited contribution from that asset. We expect a full quarter of DJ production beginning in the fourth quarter and anticipate some acceleration of wells turned to production in Q4, consistent with our guidance.

Oil represented [ 2% ] of our oil and natural gas revenue in the quarter, which reflects the quality and oil weighting of our asset base. For the quarter, adjusted EBITDA was $39.3 million and adjusted net income was $2.5 million, while our GAAP net loss was $36.4 million. This GAAP net loss is entirely attributable to $46.6 million noncash unrealized loss on commodity derivative instruments. It had no impact on our operating cash flows or our free cash flow for the quarter. Of course, if prices remain above our hedge levels, these contracts will settle in cash over time, but the settlements are offset by higher prices we receive on the underlying barrels.

Free cash flow for the quarter was $9.4 million after $26.9 million of development capital expenditures. Net of divestitures, total cash capital expenditures were $53 million for the quarter, which includes $25.9 million of the closing payment for the DJ Basin acquisition.

Now on the balance sheet, we ended the quarter with total debt of $190.5 million resulting in net debt to trailing 12-month adjusted EBITDA ratio of 1.3x. I want to address that directly because I know it's above our stated target of 1x. The increase in leverage is primarily the result of the DJ Basin acquisition which again, closed in September and was funded by the drawing on our revolver. But the ongoing cash flows from the asset have not yet had time to work through the EBITDA. More importantly, on a forward-looking listing basis, incorporating a full quarter of DJ Basin cash flows and the acceleration of wells being turned to production in Q4, leverage is right at 1x target and declining at current strip prices.

In October, we amended our revolving credit facility, expanding our elected commitment and borrowing base from $275 million to $290 million, that expansion brings our total liquidity to approximately $100 million. Again, our simple capital structure keeps the dividend protected and the balance sheet ready to act on opportunities. On hedging, based on the midpoint of our revised guidance, we had approximately 64% of the remaining 2026 oil production hedge and approximately 57% of the remaining 2026 natural gas production hedged.

Our oil hedge book now extends into 2030, with swaps in place at a weighted average price of approximately $68 per barrel. That visibility supports our confidence in maintaining the quarterly dividend and managing leverage through the cycle. The remaining 36% of our 2026 oil production is unhedged and participate fully in the current price environment. Finally, we revised our 2026 annual guidance to reflect the DJ Basin acquisition and drilling completion activity for the remainder of the year. We narrowed the range and increased the midpoint of guidance for annual production to 16,600 to 17,200 BOE per day and drilling completion CapEx of $80 million to $90 million, reflecting the higher activity level anticipated in the fourth quarter in addition to another quarter of actual results.

Oil as a percentage of annual production remains unchanged at 60% to 62%. I'd also note that the capital expenditure guidance of $80 million to $90 million reflects drilling and completion CapEx spending only and does not include acquisition capital, which we evaluate and find separately on a deal-by-deal basis.

With that, let me turn the call back over to the operator for Q&A. Thank you.

Operator

[Operator Instructions] Our first question is from Jeff Grampp with Northland Capital Markets.

質疑応答

Jeffrey Grampp

Jamie, you mentioned an acceleration in wells turned to sales in Q4, and it sounds like maybe we're looking into a sneak peak in '27. Curious with respect to '27, I know it's early, but any kind of preliminary views on kind of production trajectory, capital spending trends or anything else you care to comment on?

Jamie Benard

Yes, sure. Like I said in my comments, it's preliminary, but the crystal ball is showing us and our modeling is showing us that with the inflated commodity prices, it's incentivized operators to put capital on the ground perhaps sooner rather than later. You saw the modest increase in drilling rigs. So I think the industry is stayed appropriately disciplined as we navigate the geopolitical situation overseas. And as far as we're looking at a flat to modest increase in production for Vitesse next year.

Jeffrey Grampp

Just to clarify, Jamie, is that relative to guide -- to the annual guide to kind of pro forma production today? I just want to get from the baseline there.

Jamie Benard

Yes, sir. Sorry for not clarifying that. That's exactly right.

Jeffrey Grampp

Okay. And for my follow-up, on the longer lateral trends there, 1 benefit that you guys have highlighted is obviously the lower decline rate in addition to just the overall capital efficiency improvements. But have you guys looked at anything internally on like how much does the corporate decline rate benefit from that increased weighting to these long laterals versus what the decline rate may have been a year or 2 ago or how that maybe impacts what maintenance CapEx requirements are for the business?

Ben Messier

Jeff, it's Ben. Yes, we have looked at it. We have the benefit of extended laterals in our corporate model, and you would expect maintenance CapEx over time to decline 10% or so over the next 3 or 4 years based on the projections we currently have. Obviously, the impact of that is both from the [indiscernible] of the extended laterals, but also the aging of our overall production as we have made fewer near-term development acquisitions in the last year than we made in previous year, we spent close to $30 million on that. So I think all of that is showing up in our outlook, and you would expect maintenance CapEx to lower given the preliminary results we're seeing from 3- and 4-mile laterals and what our operating partners are saying publicly, about the expected EUR per foot of those laterals.

Operator

Our next question is from Poe Fratt with Alliance Global Partners.

Charles Fratt

Just could you address the cost side? It looks like costs have gone up over the last 2 quarters or so. And I was just looking at third quarter LOE at like [ 12.40 ], where should we look at it going over the next couple of quarters?

Jamie Benard

Yes, Poe, this is Jamie. I'll take that one. And good question. That's something we've been highly focused on. So in July and August of the third quarter on our operated asset, we had some mechanical failures that seem to come back to back to back. So the production, the BOE number dropped and then what we went to, we went to a 24-hour workover rig crew, which is more costly to bring those barrels back on as soon as possible in the quarter. So the short answer to your question is, looking forward, I would anticipate the LOE, the dollars per BOE to come back down to where they were previously.

And there's ongoing throughout our non-op portfolio as wells that may have in a different commodity environment than a lower priority to bring back on are obviously being expedited by our operators to get as many barrels into sales as possible.

Charles Fratt

Great. That's helpful. On the G&A side?

Jamie Benard

Poe, are you there?

Charles Fratt

Yes. I was just wondering about G&A trends.

James Henderson

Okay. Poe, this is Jamie. Yes, I think on G&A that I think all things considered are held constant, I think we'd probably see some decrease as we go from year to year next year. But as Jamie spoke early on, the ability to scale up this asset is business with existing team adds a lot of leverage to the model, and that's our focus, and we'll continue to do acquisitions that we can assimilate quickly just like this DJ asset that we were brought in with no additional head count and very little from an integration standpoint. So that will continue to be an advantage for us going forward.

Charles Fratt

And then, Jamie, do you have a ballpark number of how much the DJ acquisition added in the third quarter?

James Henderson

Very little. Yes. How much the acquisition Delta, really, nothing because we...

Charles Fratt

Yes. So production. You said it was on for a month, but I was just wondering...

James Henderson

How much production it added, just [indiscernible].

Charles Fratt

Okay. And then you talked about sort of flat to slightly up for production in '27. CapEx, any sort of targets for CapEx at this point in time? I know it's always a work in progress.

Jamie Benard

Yes. Exactly, Poe. It's work in progress, but I would say it's going to be similar to what this year is turning out to be, again, commodity prices strip holding true to what it is today.

Charles Fratt

And then if I may, just 1 sort of high level. One of the things about Lucero acquisition and then bringing Jamie on is operated experience. And has the time line to start operating wells changed at all? Can you just sort of frame it out as far as when you might look at operating wells?

Jamie Benard

So we are currently operating 60 wells in the Williston Basin. So that's been going on since Lucero close. What we are doing is we're taking a deep dive looking at our acreage position as it relates to just like the common theme is across the basin is where can we extend laterals. So we're looking at our acreage position, whether we can -- whether looking at offset operators discussing with them, collaboration, et cetera, on extended laterals and really we want to optimize just like we do. Our operating capital dollars are competing the same as our non-op capital dollars. It's overall returns.

So -- but as the narrative has been consistently, it's another lever that we have. So we're taking a deep dive in. We've brought on some operated expertise, and we expect to be really having some clarity there on go-forward development here in the first quarter.

Charles Fratt

Yes. Sorry, that's what I meant drilling on operating basis.

Operator

[Operator Instructions] Our next question is from Noel Parks with Tuohy Brothers.

Noel Parks

I was wondering, do you -- with the rig count matching up a bit in the basin. Is service capacity good adequate in the event account -- rig count keeps rising from here?

James Henderson

Are you talking about a drilling perspective?

Noel Parks

Yes, exactly.

James Henderson

Yes. So we've seen the uptick has been modest. But thus far, there hasn't been any shortage of drilling capacity. I think that there's some macroeconomic drivers, costs such as diesel and things like that, that are -- but as far as a shortage of capacity for the larger operators that can sign up a rig for a 1-year contract, 2-year contract, obviously, that's advantageous. The smaller operators are more playing the spot market, which doesn't mean a shortage, it just becomes -- you're more subject to their schedule than your own at times, if that makes sense.

Noel Parks

Absolutely. And to understand, not exactly the same space as the test, but we are seeing a royalty deal coming to market spin off from an operator. And just wondering, in deals with kind of this very dynamic backdrop we've had on the commodity side, where you see valuation trends going right now, sort of steady creeping up, weakening?

Ben Messier

Noel, this is Ben. I think valuations move with strip prices. That seems to be how most people are underwriting at least the first few years of production on acquisitions. And then I think it varies what people use as assumptions in years 3 and beyond, oftentimes, we'll hold it flat at a long term 70 or 75, but Obviously, the most important variable in value of any oil and gas asset is typically strip prices. So you're still seeing more value being put on PDP than undeveloped really depending on the basin. I mean, you look at the Permian, they're probably going to get more undeveloped value there than you would in, say, the Powder River Basin, where there's a little more optionality down the road on the stacked pay. But in general, I would say that valuations move the strip prices. So EBITDA multiples remain constant, free cash flow yield remain constant, but dollars per net acre, dollar per location, dollar per BOE per day of production increase at a higher price deck. So it just depends on what metric you're viewing it as.

We take rate of return is the most important metric. We try to do deals that are both accretive to our NAV per share and also accretive to our distributable cash flow so that it either supports the dividend or allows us to increase the coverage on the dividend. And so that's sort of the matrix that we look at acquisitions through. But we underwrite it strip because we can hedge it and that's why we're currently hedged through 2030 as we close that DJ Basin acquisition in September and hedged 85% of the PDP through 2030 on that deal.

Noel Parks

Great. And just related with hedging. We've -- with the conflict in Middle East having gone on now much of the year. We've only just recently started to see sort of the further outstrip, say, sort of months 13 to 24, really strengthen acknowledging the likelihood of long-term supply disruption effects on pricing. And I just wondered, is that having happened. Any shifts in -- or anything you might do a little bit differently looking at hedging for that period?

Ben Messier

Well, when evaluating hedging our base asset, we consider sort of the price at which our dividend is funded by distributable cash flow. Sort of the extent that 2028 and 29 become more attractive and look like it can -- like we can protect coverage of the dividend, we're more likely to hedge. And so with prices up, you've noticed we're hedged further out in the curve than we have been in the rest of the time were public. And a big reason for that is we reduced the dividend earlier this year. So the breakeven WTI price is a little bit lower, and we can now hedge above that level even out into 2028 and 2029. So we've added some hedges beyond the DJ Basin acquisition within the last 1.5 weeks in 2028 and 2029. So continue to look for us to be active there as prices remain constructive.

Operator

There are no further questions at this time. I would like to turn the floor back over to Jamie Benard for closing comments.

Jamie Benard

Thanks, everyone, and thanks for joining today. I want to leave you all with this message. The test remains extremely committed to returning capital to stockholders through our durable disciplined capital allocation, accretive growth and strong and conservative balance sheet, that will remain unchanged. If you have any additional questions, please don't hesitate to reach out to Ben Messier directly. We look forward to connecting to you all at the Southwest IDEAS Conference in Dallas on November 18 or on our next quarterly earnings call. Thanks, everyone.

Operator

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.