비테스 에너지(VTS) 2026년 3분기 실적 발표 콘퍼런스 콜: DJ 분지 거래 및 가이던스 상향

비테스 에너지(NYSE: VTS)는 2026년 3분기 일일 생산량이 16,824 BOE, 조정 EBITDA가 3,930만 달러를 기록했다고 발표했습니다. 9월에 완료된 DJ 분지 인수 건은 이번 분기 실적에 미친 영향이 미미했지만, 4분기에는 1분기 전체 생산량과 현금 흐름을 제공할 것으로 기대됩니다.

핵심 요약

• 3분기 일평균 생산량은 16,824 BOE를 기록했으며, 원유가 전체 물량의 60%를 차지했습니다.
• 조정 EBITDA는 3,930만 달러, 조정 순이익은 250만 달러, 잉여현금흐름은 940만 달러였습니다.
• GAAP 기준 순손실 3,640만 달러는 전적으로 원자재 파생상품에서 발생한 4,660만 달러의 비현금 미실현 손실에 기인했습니다.
• 이사회는 주당 0.4375달러(연환산 1.75달러)의 분기 현금 배당을 선언했습니다. 이는 비테스 에너지가 2023년 1월 분사한 이후 16분기 연속 배당 지급입니다.
• 경영진은 2026년 생산량 가이던스를 일일 16,600~17,200 BOE로, 시굴 및 완정 자본 지출 가이던스를 8,000만~9,000만 달러로 수정했습니다.
• 분기 말 총 부채는 1억 9,050만 달러로, 최근 12개월 조정 EBITDA의 1.3배 수준입니다. 경영진은 DJ 분지의 현금 흐름과 예상되는 4분기 추가 생산량을 반영한 향후 부채비율이 약 1배 수준이라고 밝혔습니다.

주요 재무 데이터

사업 및 영업 실적

비테스는 9월 중순 DJ 분지 인수를 완료했습니다. 이에 따라 해당 거래가 3분기 생산량 및 재무 실적에 미친 기여는 제한적이었습니다. 경영진은 4분기부터 DJ 분지의 한 분기 전체 생산량이 반영될 것으로 예상하고 있습니다.

회사는 분기 말 기준 33명의 정규직 직원이 지원하는 8,732개 생산정의 지분을 보유하고 있었습니다. 이는 직원 1인당 약 265개의 생산정에 해당하는 수치로, 2022년 이후 64% 증가한 것입니다. 경영진은 이러한 개선이 규모의 경제, 인공지능 및 내부 프로세스 향상 덕분이라고 설명했습니다.

9월 30일 기준, 비테스는 시굴 또는 완정 단계에 있는 순 유정 6.5개와 허가를 받은 위치 순 13.0개를 보유하고 있었습니다. 운영 파트너들은 3분기에 순 2.0개 유정의 시굴을 시작하고 순 2.0개 유정을 생산으로 전환했으며, 이는 2분기의 순 1.8개 유정 시굴 및 순 1.7개 유정 생산 전환과 비교됩니다.

수평정 연장은 자본 효율성을 견인하는 핵심 요인으로 유지되고 있습니다. 2026년 중 승인된 지출 승인액의 약 70%는 수평 길이가 3마일 이상인 유정과 관련되어 있었습니다. 경영진은 이러한 유정이 회사의 기본 감퇴율을 완화하고 생산 유지를 위해 필요한 자본을 줄여줄 것이라고 말했습니다.

비테스는 윌리스턴 분지에서도 60개 유정을 운영하고 있습니다. 회사는 더 긴 수평정을 확보할 수 있는 기회를 발굴하기 위해 광구 보유 면적과 인접 운영사와의 협력 가능성을 검토하고 있습니다. 경영진은 1분기에 향후 직접 운영 개발에 대해 더 명확해질 것으로 예상하고 있습니다.

경영진 가이던스

비테스는 2026년 연간 생산량 가이던스를 일일 16,600~17,200 BOE로 수정했으며, 원유 비중은 전체 생산량의 60%~62% 수준을 유지할 것으로 예상했습니다. 경영진은 4분기 중 생산으로 전환되는 유정의 수가 늘어날 것으로 기대하고 있습니다.

시굴 및 완정 자본 지출 가이던스는 8,000만~9,000만 달러로 설정되었습니다. 이 범위는 회사가 별도로 평가하고 자금을 조달하는 인수 자금은 제외된 수치입니다.

2027년에 대해 경영진의 예비 전망은 2026년 연간 가이던스 대비 보합에서 완만한 생산량 증가를 예상합니다. 현재 선물 가격이 유지된다면 자본 지출은 2026년 수준과 유사할 것으로 예상됩니다.

경영진은 또한 수평정 연장에 대한 현재 추정치와 기존 생산 기반의 노후화를 바탕으로 향후 3~4년 동안 유지 자본 지출이 약 10% 감소할 수 있다고 말했습니다.

리스크 및 주요 관전 포인트

• 회전신용공도를 통해 DJ 분지 인수를 충당한 후 부채비율은 최근 조정 EBITDA의 1.3배로 증가했습니다. 경영진은 인수된 자산의 현금 흐름이 실적에 반영됨에 따라 이 비율이 목표치인 1배 수준으로 낮아질 것으로 예상합니다.
• 7월과 8월 자체 운영 자산에서 기계적 고장이 발생한 후 광구 운영 비용이 증가했습니다. 비테스는 생산을 복구하기 위해 비용이 더 많이 드는 24시간 보수 작업 작업조를 투입했습니다. 경영진은 BOE당 비용이 이전 수준으로 회복될 것으로 예상하고 있습니다.
• 원자재 가격이 헤지 수준 이상을 유지하면 파생상품 계약은 시간이 지남에 따라 현금 결제가 필요하겠지만, 경영진은 기초 생산물에 대한 실현 가격이 높아짐으로써 이러한 지급금이 상쇄될 것이라고 지적했습니다.
• 2027년 예비 생산 및 자본 전망은 현재 선물 가격과 운영사의 활동 수준에 달려 있습니다.

애널리스트 Q&A 하이라이트

경영진은 더 긴 수평정이 3~4년에 걸쳐 유지 자본 지출을 약 10% 감축하는 데 기여할 것이라고 말했습니다. 또한 빠른 시굴 및 완정 주기는 비테스가 유정 지분을 집행한 후 생산 현금 흐름을 회수하기까지의 기간을 단축시켜 줍니다.

비용 측면에서 경영진은 3분기 광구 운영 비용의 증가를 일시적인 것으로 보았으며, 이를 기계적 고장 및 보수 작업 가속화와 연관지었습니다. 회사는 또한 인력 증가를 최소화하면서 인수를 통합할 수 있음을 강조하는 한편, 일반관리비가 전년 대비 다소 감소할 것으로 예상하고 있습니다.

비테스는 활동 수준이 소폭 증가했음에도 불구하고 시굴 용량의 실질적인 부족은 없다고 보고했습니다. 규모가 큰 운영사는 장기 시굴 장비 계약의 이점을 누리는 반면, 소규모 운영사는 스팟 시장에서 일정 조정에 더 큰 위험에 노출될 수 있습니다.

경영진은 인수 평가가 일반적으로 선물 가격에 따라 변동한다고 말했습니다. 비테스는 거래를 평가할 때 수익률, 주당 순자산가치 증대 및 배당 가능 현금 흐름 증대를 최우선으로 고려합니다.

수정된 가이던스의 중간값을 기준으로 2026년 잔여 원유 생산량의 약 64%, 잔여 천연가스 생산량의 57%가 헤지되었습니다. 원유 헤지 포트폴리오는 배럴당 가중평균 가격 약 68달러로 2030년까지 연장되어 있습니다. 비테스는 또한 2030년까지 DJ 분지 인수의 확정 개발 생산 물량의 85%를 헤지했으며, 최근 2028년 및 2029년 대상 헤지를 추가했습니다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.

질의응답

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.