Vitesse Energy Boosts Reserves 19% to 47.8M BOE, Declares $1.75 Dividend
Vitesse Energy closed 2025 with 47.8 million BOE of proved reserves, up 19% from 2024 after the Lucero acquisition, and reported a PV-10 of $472.7 million. The board set a $1.75 per share annual dividend for Q1 2026 and agreed to acquire Powder River Basin assets for $35 million.
1. Reserve Growth and Valuation
Vitesse ended 2025 with 47.8 million BOE of proved reserves, a 19% increase driven by the Lucero acquisition, and reported a PV-10 of $472.7 million with 88% classified as proved developed. Management noted a nearly $10 per barrel decline in SEC oil pricing reduced reserve value but highlighted additional undeveloped locations beyond SEC proved classifications.
2. Production and Financial Results
Fourth-quarter production averaged 17,653 BOE/d, lifting full-year output to 17,444 BOE/d with a 65% oil cut, near the top of guidance. Full-year Adjusted EBITDA reached $179.3 million, GAAP net income was $25.3 million, free cash flow totaled $48.9 million after $121 million of development capital, and year-end net debt to EBITDA was 0.69x.
3. 2026 Guidance and Capital Program
The company guided 2026 production to 16,000–17,500 BOE/d with a 60%–64% oil mix and reduced cash capital spending to $50–80 million. Guidance assumes the Powder River Basin acquisition and reflects operator activity uncertainties, with more than half of approved wells featuring 3- to 4-mile laterals to boost capital efficiency.
4. Dividend Policy and Acquisition
The board declared a Q1 dividend at a $1.75 per share annual rate, classified as return of capital, supported by hedges and a capital-efficient drilling program. Vitesse agreed to acquire non-operated Powder River Basin assets for $35 million in shares, expected to add 1,400 BOE/d in 2026 and be accretive to cash flow.