Key Highlights

  • Total Revenue rose 23% to USD 83.0 million, led by oil revenue of USD 76.5 million.
  • Operating income was USD 16.3 million, but a USD 58.6 million derivative loss drove a USD 36.4 million net loss.
  • Production was 16,824 barrels of oil equivalent per day, 60% oil, and Operating Cash Flow was USD 39.4 million.
  • The company paid USD 18.6 million in dividends and ended the quarter with total Debt of USD 190.5 million.

Quarter in Numbers

Vitesse Energy, Inc. (NYSE:VTS), an oil and gas company that owns non-operated interests, reported third-quarter 2026 total revenue of USD 83.0 million versus USD 67.4 million. Oil revenue rose to USD 76.5 million from USD 64.4 million, and Natural Gas revenue rose to USD 6.4 million from USD 3.0 million. The average NYMEX oil price was USD 85.42 per barrel, 32% higher than the USD 64.84 of the prior-year quarter, while natural gas averaged USD 2.87 per million British thermal units, 5% lower.

Lease Operating Expense rose to USD 19.2 million from USD 18.5 million, production taxes rose to USD 7.5 million from USD 6.2 million, and general and administrative expense fell to USD 4.9 million from USD 5.7 million. Depletion, depreciation, amortization and accretion fell to USD 32.8 million from USD 34.2 million, and equity-based compensation was USD 2.2 million. Total operating expenses were USD 66.6 million versus USD 67.3 million, so Operating Income was USD 16.3 million versus USD 0.1 million.

Derivatives and Net Loss

Commodity Derivatives produced a net loss of USD 58.6 million versus a gain of USD 0.7 million. Settled derivatives reduced the realized oil price by USD 14.23 per barrel, compared with an increase of USD 2.98 a year earlier, so the realized oil price after settled derivatives was USD 68.33 per barrel versus USD 62.71. Natural gas settled derivatives increased the realized price by USD 0.33 per thousand cubic feet. Interest expense rose to USD 3.3 million from USD 2.4 million.

The loss before income taxes was USD 45.5 million versus USD 1.6 million, an income tax benefit of USD 9.1 million followed, and the net loss was USD 36.4 million, or USD 0.86 per share, versus USD 1.3 million, or USD 0.03. Weighted average shares rose to 42.3 million from 39.1 million.

By our calculation, the net derivative loss was more than three and a half times operating income, which shows how hedging results rather than operations determined the bottom line.

Nine Months and Capital

For the nine months, total revenue was USD 241.4 million versus USD 215.4 million, operating income was USD 43.1 million versus USD 24.1 million, and the net loss was USD 45.6 million, or USD 1.10 per share, versus Net Income of USD 26.0 million, or USD 0.67. The derivative loss for the period was USD 91.6 million versus a gain of USD 19.0 million.

In the quarter the company invested USD 53.0 million in Capital development and acquisitions, net of divestitures, and generated USD 39.4 million of cash flow from operations. It paid USD 18.6 million of dividends and held total debt of USD 190.5 million at September 30, 2026.

Price Exposure Indicators

The quarter shows how derivatives interact with price moves: oil prices rose 32% year over year, lifting revenue, while settled derivatives reduced the realized oil price by USD 14.23 per barrel. Items to track include realized price after hedges, capital spending funded from cash flow, debt levels, Dividend coverage and the oil share of production.