Vitesse Energy Inc (NYSE: VTS) is an oil and natural gas company that acquires and holds non-operated working interests and royalty interests in oil and natural gas wells across U.S. shale plays. Revenue comes from the sale of oil and natural gas production from those interests, with oil representing 65% of production volume in FY2025. The company is a consolidator of small, non-operated positions, primarily in the Bakken and Three Forks formations of the Williston Basin in North Dakota and Montana, with additional interests in the Denver-Julesburg Basin and Powder River Basin. Since inception in 2014 through December 31, 2025, Vitesse closed approximately 175 discrete acquisitions totaling more than $785 million. As of December 31, 2025, the company held working interests in 6,402 gross (226.1 net) productive wells and royalty interests in 1,301 gross (3.2 net) productive wells. Vitesse spun off from Jefferies on January 13, 2023, becoming an independent publicly traded company. FY2025 total revenue was $274.0 million, net income was $25.3 million, and the company paid $92.1 million in dividends to equity holders.

Revenue model

Transactional commodity sales. Vitesse earns revenue by selling oil and natural gas production from its working interest and royalty interest positions. Realized prices are market-driven, tied to WTI crude and Henry Hub natural gas benchmarks. The company uses derivative instruments including swaps, collars, and puts to hedge a portion of expected production and reduce price volatility exposure.

Products and services

Crude oil and natural gas production sold from non-operated working interests and royalty interests. Primary formations include the Bakken and Three Forks in the Williston Basin. Secondary assets include wellbore-only ownership in the Denver-Julesburg Basin (Colorado and Wyoming) and Powder River Basin (Wyoming). As of December 31, 2025, average daily production was 17,444 Boe/d, with 65% oil.

Customers and end markets

Commodity markets for crude oil and natural gas. Demand is driven by general economic conditions, weather, and seasonal factors. The company reports production on a two-stream basis (oil and natural gas). No individual customer concentration data disclosed in the filing excerpts.

Value-chain role

Non-operator mineral and working interest holder. Vitesse owns fractional interests in wells operated by third parties, funding its proportional share of drilling and completion costs while delegating operational control to the well operator. It also holds pure royalty interests requiring no capital contribution. The company acts as an acquisition aggregator, purchasing smaller non-operated positions at discounts to contiguous acreage prices.

Geographic exposure

United States only. Core operations in the Williston Basin (North Dakota and Montana), with 6,275 gross productive working interest oil wells and 1,274 gross productive royalty interest oil wells in that basin as of December 31, 2025. Secondary exposure in the Central Rockies (Denver-Julesburg Basin in Colorado and Wyoming; Powder River Basin in Wyoming), with 127 gross productive working interest wells and 27 gross productive royalty interest wells as of December 31, 2025.

Source: SEC 10-K, filed 2026-03-02

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