Vitesse Energy posts net loss in Q1

Overview

• U.S. oil and gas interest holder's Q1 revenue rose 2% yr/yr

• Company posted GAAP net loss on derivative losses; adjusted net loss was $0.3 mln

• In April, company closed previously announced Powder River Basin asset acquisition

Outlook

• Vitesse sees 2026 annual production at 16,000-17,500 Boe per day

• Company expects oil to comprise 60%-64% of 2026 annual production

• Vitesse forecasts 2026 cash capital expenditures of $50 mln to $80 mln

Result Drivers

• DERIVATIVE LOSSES - Large non-cash unrealized loss on commodity derivatives drove GAAP net loss

• PRODUCTION GROWTH - Q1 production rose 7% yr/yr to 15,962 Boe/d, slightly above internal expectations

• SEVERANCE COSTS - General and administrative expenses included $2.4 mln in severance benefits

Company press release: ID:nBwc3cbWVa

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

• Wall Street's median 12-month price target for Vitesse Energy Inc is $22.50, about 19.9% above its May 1 closing price of $18.77

• The stock recently traded at 37 times the next 12-month earnings vs. a P/E of 50 three months ago

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