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NEW YORK - Vitesse Energy , Inc. (NYSE:VTS) reported fourth quarter revenue that fell short of analyst expectations, sending shares down over 3% in after-hours trading.
The oil and gas company posted revenue of $59.8 million for the quarter, missing the consensus estimate of $71.18 million.
For the full year 2024, Vitesse reported net income of $21.1 million and adjusted net income of $35.7 million. Full year revenue, including the effects of realized hedges, was $247.1 million.
Oil and natural gas production averaged 12,945 barrels of oil equivalent (Boe) per day in Q4, with oil representing 68% of production. The company’s average realized oil price before hedging was $64.78 per barrel.
"Throughout 2024, our assets continued to perform as expected and enabled us to pay $2.075 per share to our shareholders through the dividend during the year," said Bob Gerrity, Vitesse’s Chairman and CEO.
Vitesse declared a Q1 2025 cash dividend of $0.5625 per share, a 7% increase from the prior quarter. The company also closed its previously announced acquisition of Lucero Energy Corp. on March 7, 2025.
For 2025, Vitesse expects production to average 17,000-18,000 Boe per day, up about 35% from 2024 levels. Total (EPA:TTEF) cash capital spending is projected at $130-$150 million.
Vitesse shares fell 3.2% in after-hours trading following the revenue miss and earnings release.
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