Vitesse (VTS) investor relations material

Executive summary

• Leadership transition completed with Jamie Benard appointed CEO and President as of May 1, 2026, ensuring continuity and alignment with existing strategy.

• Over 80% of assets are undeveloped resources, providing long-duration exposure and capital efficiency improvements over time.

• Focus on non-operated interests in oil and gas, primarily in the Bakken, with diversified exposure across 30+ operators and 7,859 productive wells.

• Proprietary data system, Luminis, leverages AI and automation to scale operations efficiently without increasing G&A.

• Insiders own approximately 20% of outstanding shares, aligning interests with investors.

Financial highlights

• Q1 2026 production averaged 15,962 BOE per day (63% oil), up 7% year-over-year and above internal expectations.

• Total revenue for Q1 2026 was $67.4 million, up 2% year-over-year, driven by higher production volumes.

• Adjusted EBITDA was $33.4 million; adjusted net loss was $300,000; GAAP net loss was $42.3 million, driven by a $48.2 million unrealized hedge loss.

• Free cash flow for the quarter was $12 million after $18.7 million in development capital expenditures net of divestitures.

• Paid $23.5 million in dividends during the quarter; quarterly dividend of $0.4375 per share declared for Q2.

Outlook and guidance

• 2026 annual production guidance: 16,000–17,500 Boe per day, with oil comprising 60–64%.

• Powder River Basin acquisition, closed in April, expected to add 1,400 net BOE per day for the remainder of 2026.

• Total cash capital expenditures for 2026 projected at $50–$80 million.

• Approximately 73% of remaining 2026 oil production and 50% of natural gas production hedged at supportive price levels.

• Guidance remains unchanged and incorporates the Powder River Basin acquisition.