Vitesse Energy, Inc. (NYSE:VTS) Q1 2024 Earnings Call Transcript May 7, 2024
Vitesse Energy, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Greetings. Welcome to the Vitesse Energy’s First Quarter Earnings 2024 Earnings Call. At this time all participants are in a listen-only mode. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to Ben Messier, Director, Investor Relations and Business Development. Thank you. You may begin.
Ben Messier: Good morning and thank you for joining. Today, we will be discussing our financial and operating results for the first quarter of 2024, which we released yesterday after market close. You can access our earnings release and presentation in the Investor Relations section of our website. We will file our Form 10-Q within upcoming days. I am joined here this morning by Vitesse’s Chairman and CEO, Bob Gerrity; our President, Brian Cree; and our CFO, Jimmy Henderson. Our agenda for today’s call is as follows: Bob will provide some opening remarks on the quarter; after Bob, Brian will give you an operations update including some additional information on the recently announced near-term development acquisitions. Then Jimmy will review our first quarter financial results and updated production and CapEx guidance.
After the conclusion of our prepared remarks, the executive team will be available to answer any questions. Before we begin, let’s cover our Safe Harbor language. Please be advised that our remarks today, including the answers to your questions, may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to the risks and uncertainties, some of which are beyond our control that could cause actual results to be materially different from the expectations contemplated by these forward-looking statements. Those risks include, among others, matters that we have described in our earnings release and periodic filings. We disclaim any obligation to update these forward-looking statements, except as maybe required by applicable securities laws.
During our conference call, we may discuss certain non-GAAP financial measures, including adjusted net income, net debt, adjusted EBITDA, net debt-to-adjusted EBITDA ratio and free cash flow. Reconciliations of these measures to the closest GAAP measures can be found in the earnings release that we issued yesterday. Now, I will turn the call over to our Chairman and CEO, Bob Gerrity.
Bob Gerrity: Thank you, Ben. Good morning everyone, and thanks for you are participating in today’s first quarter 2024 earnings call. Management at Vitesse is committed to the dividend as a vehicle to return capital to our stockholders. To sustain this return of capital strategy, we must have a very economic return on capital invested. We continue to spend capital in a dividend supportive manner, which led us to raise production and CapEx guidance for 2024. We are sharing the fruits of this labor with our stockholders by increasing our second quarter fixed cash dividend to $0.525 per share to be paid in June, an increase of 5% over the first quarter dividend. This is really a harvest of the really economic deals we have done starting in the second half of last year and continuing into this year.
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