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Vitesse Energy Reports Strong Q3 Results and Revised Guidance
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Vitesse Energy Reports Strong Q3 Results and Revised Guidance

Vitesse Energy, Inc. ( (VTS) ) has released its Q3 earnings. Here is a breakdown of the information Vitesse Energy, Inc. presented to its investors.

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Vitesse Energy, Inc., operating within the oil and gas sector, focuses on returning capital to stockholders by holding financial interests as a non-operator in wells drilled by leading U.S. operators.

In the third quarter of 2024, Vitesse Energy reported a net income of $17.4 million, marking a significant improvement from the previous year. The company declared a quarterly cash dividend of $0.525 per common share, showcasing its commitment to providing returns to shareholders.

Key financial metrics indicated robust performance with an Adjusted EBITDA of $37.6 million and cash flow from operations totaling $45.7 million. Vitesse managed to reduce its debt by $10 million, closing the quarter with total debt of $105.0 million and a net debt to Adjusted EBITDA ratio of 0.68. The company also revised its 2024 guidance, narrowing its production range and reducing capital expenditures.

Looking ahead, Vitesse Energy anticipates increased production and cash flow in the fourth quarter of 2024 and early 2025 due to recent acquisitions. The company remains focused on maintaining financial stability and delivering consistent returns to its stockholders through strategic capital deployment.

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