$VTS
Vitesse Energy, Inc.

2024 Q3 Form 10-Q Financial Statement

#000194455824000085 Filed on August 05, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $58.28M $66.60M
YoY Change 5.86% 29.1%
Cost Of Revenue $16.95M $17.70M
YoY Change 11.98% 24.33%
Gross Profit $41.33M $48.90M
YoY Change 3.54% 30.91%
Gross Profit Margin 70.91% 73.43%
Selling, General & Admin $7.433M $6.771M
YoY Change 49.68% 14.98%
% of Gross Profit 17.98% 13.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.92M $25.31M
YoY Change 31.05% 35.03%
% of Gross Profit 60.29% 51.77%
Operating Expenses $49.30M $49.78M
YoY Change 26.03% 28.07%
Operating Profit $8.981M $16.81M
YoY Change -43.65% 32.23%
Interest Expense $14.65M -$2.206M
YoY Change 1156.09% -297.85%
% of Operating Profit 163.08% -13.12%
Other Income/Expense, Net $14.68M -$2.208M
YoY Change -180.66% -159.42%
Pretax Income $23.66M $14.61M
YoY Change -1146.07% -11.11%
Income Tax $6.200M $3.700M
% Of Pretax Income 26.2% 25.33%
Net Earnings $17.44M $10.93M
YoY Change -1289.77% 13.6%
Net Earnings / Revenue 29.93% 16.41%
Basic Earnings Per Share $0.56 $0.36
Diluted Earnings Per Share $0.53 $0.33
COMMON SHARES
Basic Shares Outstanding 29.50M shares 29.45M shares
Diluted Shares Outstanding 32.99M shares 33.03M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.425M $121.0K
YoY Change 38.81% -96.4%
Cash & Equivalents $2.425M $121.0K
Short-Term Investments
Other Short-Term Assets $15.51M $2.546M
YoY Change 900.65% -74.65%
Inventory
Prepaid Expenses
Receivables $36.36M $46.32M
Other Receivables $0.00 $0.00
Total Short-Term Assets $54.29M $48.99M
YoY Change 30.84% 23.06%
LONG-TERM ASSETS
Property, Plant & Equipment $189.0K $189.0K
YoY Change 13.86% 125.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.703M $6.655M
YoY Change 254.98% 54.3%
Total Long-Term Assets $736.9M $729.4M
YoY Change 5.36% 10.2%
TOTAL ASSETS
Total Short-Term Assets $54.29M $48.99M
Total Long-Term Assets $736.9M $729.4M
Total Assets $791.2M $778.4M
YoY Change 6.79% 10.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.04M $13.61M
YoY Change -34.44% 3.37%
Accrued Expenses $56.66M $43.00M
YoY Change 7.61% 42.87%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $72.70M $59.17M
YoY Change -12.84% 36.4%
LONG-TERM LIABILITIES
Long-Term Debt $105.0M $115.0M
YoY Change 87.5% 180.49%
Other Long-Term Liabilities $10.93M $9.944M
YoY Change 157.15% 234.25%
Total Long-Term Liabilities $10.93M $9.944M
YoY Change 157.15% 234.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $72.70M $59.17M
Total Long-Term Liabilities $10.93M $9.944M
Total Liabilities $270.9M $259.9M
YoY Change 35.59% 80.55%
SHAREHOLDERS EQUITY
Retained Earnings $4.608M -$12.83M
YoY Change -111.11% -67.94%
Common Stock $327.0K $326.0K
YoY Change -0.3% -0.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $520.4M $518.5M
YoY Change
Total Liabilities & Shareholders Equity $791.2M $778.4M
YoY Change 6.79% 10.93%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $17.44M $10.93M
YoY Change -1289.77% 13.6%
Depreciation, Depletion And Amortization $24.92M $25.31M
YoY Change 31.05% 35.03%
Cash From Operating Activities $45.73M $35.16M
YoY Change 42.64% -9.91%
INVESTING ACTIVITIES
Capital Expenditures $17.22M $37.66M
YoY Change -49.6% 83.26%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$17.22M -$37.66M
YoY Change -49.6% 83.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -26.20M 1.246M
YoY Change -5340.6% -106.74%
NET CHANGE
Cash From Operating Activities 45.73M 35.16M
Cash From Investing Activities -17.22M -37.66M
Cash From Financing Activities -26.20M 1.246M
Net Change In Cash 2.304M -1.256M
YoY Change -242.84% 8273.33%
FREE CASH FLOW
Cash From Operating Activities $45.73M $35.16M
Capital Expenditures $17.22M $37.66M
Free Cash Flow $28.51M -$2.502M
YoY Change -1449.12% -113.54%

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us-gaap Use Of Estimates
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<div style="margin-bottom:3pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9.5pt;font-weight:400;line-height:125%">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9.5pt;font-weight:400;line-height:125%">Depletion, depreciation, and amortization (“DD&amp;A”) and the evaluation of proved oil and gas properties for impairment are determined using estimates of oil and gas reserves. There are numerous uncertainties in estimating the quantity of reserves and in projecting the future rates of production and timing of development expenditures, which includes lack of control over future development plans as a non-operator. Oil and gas reserve engineering is a subjective process of estimating underground accumulations of oil and gas that cannot be measured in an exact way. In addition, significant estimates include, but are not limited to, estimates relating to certain crude oil and natural gas revenues and expenses, fair value of assets acquired and liabilities assumed in business combinations, valuation of unit-based compensation, and valuation of commodity derivative instruments. Further, these estimates and other factors, including those outside of the Company’s control, such as the impact of lower commodity prices, may have a significant adverse impact to the Company’s business, financial condition, results of operations and cash flows.</span></div>
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2024Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2024Q2 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
25100000 usd
us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
48500000 usd
vitesse Oil And Gas Properties Successful Effort Method Depletion Rate Per Barrel Of Oil Equivalent
OilAndGasPropertiesSuccessfulEffortMethodDepletionRatePerBarrelOfOilEquivalent
20.45
CY2024Q2 vitesse Oil And Gas Properties Successful Effort Method Depletion Rate Per Barrel Of Oil Equivalent
OilAndGasPropertiesSuccessfulEffortMethodDepletionRatePerBarrelOfOilEquivalent
20.45
CY2023Q2 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
18600000 usd
us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
36900000 usd
CY2023Q2 vitesse Oil And Gas Properties Successful Effort Method Depletion Rate Per Barrel Of Oil Equivalent
OilAndGasPropertiesSuccessfulEffortMethodDepletionRatePerBarrelOfOilEquivalent
17.98
vitesse Oil And Gas Properties Successful Effort Method Depletion Rate Per Barrel Of Oil Equivalent
OilAndGasPropertiesSuccessfulEffortMethodDepletionRatePerBarrelOfOilEquivalent
17.82
CY2024Q2 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 usd
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 usd
CY2023Q2 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 usd
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-bottom:3pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Credit Risk</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9.5pt;font-weight:400;line-height:125%">For both the three and six months ended June 30, 2024, four operators accounted for 60 percent of oil and natural gas revenue.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9.5pt;font-weight:400;line-height:125%">For the three and six months ended June 30, 2023, three and four operators accounted for 50 percent and 57 percent, respectively, of oil and natural gas revenue.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9.5pt;font-weight:400;line-height:125%">As of June 30, 2024 and December 31, 2023, three operators accounted for 56 percent of oil and natural gas revenue receivable. </span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9.5pt;font-weight:400;line-height:125%">The Company’s oil and natural gas revenue receivable is generated from the sale of oil and natural gas by operators on its behalf. The Company monitors the financial condition of its operators.</span></div>
CY2024Q2 us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
13200000 usd
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
19900000 usd
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
4200000 usd
CY2024Q2 vitesse Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
32500000 usd
CY2023Q4 vitesse Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
22800000 usd
CY2024Q2 vitesse Accrued Lease Operating Expenses Net Current
AccruedLeaseOperatingExpensesNetCurrent
3981000 usd
CY2023Q4 vitesse Accrued Lease Operating Expenses Net Current
AccruedLeaseOperatingExpensesNetCurrent
3258000 usd
CY2024Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1766000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3647000 usd
CY2024Q2 us-gaap Dividends Payable Current
DividendsPayableCurrent
3676000 usd
CY2023Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
1967000 usd
CY2024Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1074000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
835000 usd
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
42997000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
32507000 usd
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
95000000 shares
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2024Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
vitesse Distribution Of Predecessor Equity Interests Shares
DistributionOfPredecessorEquityInterestsShares
25628162 shares
CY2023Q2 vitesse Predecessor Number Of Founders
PredecessorNumberOfFounders
2 founder
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
14600 shares
CY2024Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
842510 shares
CY2023Q1 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
60000000 usd
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0 shares
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
14600 shares
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
200000 usd
CY2024Q2 vitesse Net Income Loss Attributable To Parent Excluding Predecessor
NetIncomeLossAttributableToParentExcludingPredecessor
10928000 usd
CY2023Q2 vitesse Net Income Loss Attributable To Parent Excluding Predecessor
NetIncomeLossAttributableToParentExcludingPredecessor
9620000 usd
vitesse Net Income Loss Attributable To Parent Excluding Predecessor
NetIncomeLossAttributableToParentExcludingPredecessor
8742000 usd
vitesse Net Income Loss Attributable To Parent Excluding Predecessor
NetIncomeLossAttributableToParentExcludingPredecessor
-40027000 usd
CY2024Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 usd
CY2023Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
932000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 usd
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
10928000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8688000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8742000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-40027000 usd
CY2024Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
0 usd
CY2023Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
-932000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
0 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
0 usd
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
10928000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
9620000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
8742000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-40027000 usd
CY2024Q2 vitesse Weighted Average Common Shares Outstanding Basic Numerator
WeightedAverageCommonSharesOutstandingBasicNumerator
29485574 shares
CY2023Q2 vitesse Weighted Average Common Shares Outstanding Basic Numerator
WeightedAverageCommonSharesOutstandingBasicNumerator
28787389 shares
vitesse Weighted Average Common Shares Outstanding Basic Numerator
WeightedAverageCommonSharesOutstandingBasicNumerator
29429456 shares
vitesse Weighted Average Common Shares Outstanding Basic Numerator
WeightedAverageCommonSharesOutstandingBasicNumerator
28691356 shares
CY2024Q2 vitesse Weighted Average Transitional Share Rs Us Outstanding With No Future Service Required
WeightedAverageTransitionalShareRSUsOutstandingWithNoFutureServiceRequired
560616 shares
CY2023Q2 vitesse Weighted Average Transitional Share Rs Us Outstanding With No Future Service Required
WeightedAverageTransitionalShareRSUsOutstandingWithNoFutureServiceRequired
872382 shares
vitesse Weighted Average Transitional Share Rs Us Outstanding With No Future Service Required
WeightedAverageTransitionalShareRSUsOutstandingWithNoFutureServiceRequired
560621 shares
vitesse Weighted Average Transitional Share Rs Us Outstanding With No Future Service Required
WeightedAverageTransitionalShareRSUsOutstandingWithNoFutureServiceRequired
970200 shares
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30046190 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29659771 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29990077 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29661556 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33026818 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33077824 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32984826 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29661556 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.36
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.35
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.27
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.35
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3700000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2900000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6800000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
47200000 usd
CY2023Q1 vitesse Deferred Tax Liability Spin Off
DeferredTaxLiabilitySpinOff
44100000 usd
CY2023Q1 vitesse Deferred Tax Expense Benefit Spin Off
DeferredTaxExpenseBenefitSpinOff
44100000 usd
CY2023Q1 vitesse Deferred Tax Liability Acquisition
DeferredTaxLiabilityAcquisition
2400000 usd
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4700000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
4700000 usd
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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