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10-Q Filing

VITESSE ENERGY, INC. CIK: 1944558 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001944558-23-000044
Period End Date 20230331
Filing Date 20230508
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance vitesse-20230331_htm.xml
Filing Contents
Balance Sheet 66 line items
Line Item Tag Value Unit Period
Preferred stock, par value (in USD per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred stock, authorized (in shares) PreferredStockSharesAuthorized 5.00M shares Point-in-time
Cash Cash $10.01M USD Point-in-time
Preferred stock, issued (in shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Cash Cash $3.38M USD Point-in-time
Revenue receivable AccountsReceivableNetCurrent $30.40M USD Point-in-time
Revenue receivable AccountsReceivableNetCurrent $41.39M USD Point-in-time
Common stock, par value (in USD per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Commodity derivatives DerivativeAssetsCurrent $2.11M USD Point-in-time
Common stock, authorized (in shares) CommonStockSharesAuthorized 95.00M shares Point-in-time
Commodity derivatives DerivativeAssetsCurrent $5.04M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $4.06M USD Point-in-time
Common stock, issued (in shares) CommonStockSharesIssued 32.80M shares Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $841.00K USD Point-in-time
Total current assets AssetsCurrent $54.35M USD Point-in-time
Total current assets AssetsCurrent $42.87M USD Point-in-time
Proved oil and gas properties ProvedOilAndGasPropertySuccessfulEffortMethod $985.75M USD Point-in-time
Proved oil and gas properties ProvedOilAndGasPropertySuccessfulEffortMethod $1.04B USD Point-in-time
Less accumulated DD&A and impairment OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAmortizationAndImpairment $401.28M USD Point-in-time
Less accumulated DD&A and impairment OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAmortizationAndImpairment $382.97M USD Point-in-time
Total oil and gas properties OilAndGasPropertySuccessfulEffortMethodNet $642.14M USD Point-in-time
Total oil and gas properties OilAndGasPropertySuccessfulEffortMethodNet $602.78M USD Point-in-time
Other Property and EquipmentNet PropertyPlantAndEquipmentNet $97.00K USD Point-in-time
Other Property and EquipmentNet PropertyPlantAndEquipmentNet $114.00K USD Point-in-time
Commodity derivatives DerivativeAssetsNoncurrent $1.16M USD Point-in-time
Commodity derivatives DerivativeAssetsNoncurrent $2.56M USD Point-in-time
Other noncurrent assets OtherAssetsMiscellaneousNoncurrent $2.08M USD Point-in-time
Other noncurrent assets OtherAssetsMiscellaneousNoncurrent $2.27M USD Point-in-time
Total other assets OtherAssetsNoncurrent $4.83M USD Point-in-time
Total other assets OtherAssetsNoncurrent $3.24M USD Point-in-time
Total assets Assets $689.93M USD Point-in-time
Total assets Assets $660.48M USD Point-in-time
Accounts payable AccountsPayableCurrent $9.63M USD Point-in-time
Accounts payable AccountsPayableCurrent $7.21M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $25.85M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $17.37M USD Point-in-time
Commodity derivatives DerivativeLiabilitiesCurrent $1.09M USD Point-in-time
Commodity derivatives DerivativeLiabilitiesCurrent $3.44M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $116.00K USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $184.00K USD Point-in-time
Total current liabilities LiabilitiesCurrent $28.20M USD Point-in-time
Total current liabilities LiabilitiesCurrent $36.68M USD Point-in-time
Revolving credit facility LongTermLineOfCredit $48.00M USD Point-in-time
Revolving credit facility LongTermLineOfCredit $45.00M USD Point-in-time
Deferred tax liability DeferredIncomeTaxLiabilitiesNet - USD Point-in-time
Deferred tax liability DeferredIncomeTaxLiabilitiesNet $44.85M USD Point-in-time
Asset retirement obligation AssetRetirementObligationsNoncurrent $7.35M USD Point-in-time
Asset retirement obligation AssetRetirementObligationsNoncurrent $6.82M USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent - USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $1.41M USD Point-in-time
Total liabilities Liabilities $126.82M USD Point-in-time
Total liabilities Liabilities $91.50M USD Point-in-time
Commitments and Contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and Contingencies CommitmentsAndContingencies - USD Point-in-time
Redeemable Management Incentive Units TemporaryEquityCarryingAmountAttributableToParent $4.56M USD Point-in-time
Preferred stock, $0.01 par value, 5,000,000 shares authorized; 0 shares issued at March 31, 2023 PreferredStockValue - USD Point-in-time
Common stock, $0.01 par value, 95,000,000 shares authorized; 32,796,234 shares issued at March 31, 2023 CommonStockValue $328.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $612.43M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-49.65M USD Point-in-time
Predecessor members' equity-common units-450,000,000 units outstanding (Note 10) MembersEquity $480.07M USD Point-in-time
Predecessor members' equity-common units-450,000,000 units outstanding (Note 10) MembersEquity $564.42M USD Point-in-time
Predecessor members' equity-common units-450,000,000 units outstanding (Note 10) MembersEquity $452.75M USD Point-in-time
Total equity StockholdersEquity $564.42M USD Point-in-time
Total equity StockholdersEquity $563.11M USD Point-in-time
Total liabilities, redeemable units and equity LiabilitiesAndStockholdersEquity $660.48M USD Point-in-time
Total liabilities, redeemable units and equity LiabilitiesAndStockholdersEquity $689.93M USD Point-in-time
Income Statement 43 line items
Line Item Tag Value Unit Period
Total revenue RevenueFromContractWithCustomerExcludingAssessedTax $57.96M USD 1 Quarter
Total revenue RevenueFromContractWithCustomerExcludingAssessedTax $64.98M USD 1 Quarter
Lease operating expense ResultsOfOperationsProductionOrLiftingCosts $9.08M USD 1 Quarter
Lease operating expense ResultsOfOperationsProductionOrLiftingCosts $6.50M USD 1 Quarter
Production taxes ProductionTaxExpense $5.25M USD 1 Quarter
Production taxes ProductionTaxExpense $5.11M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $2.87M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $10.86M USD 1 Quarter
Depletion, depreciation, amortization, and accretion ResultsOfOperationsDepreciationDepletionAmortizationAndAccretion $18.47M USD 1 Quarter
Depletion, depreciation, amortization, and accretion ResultsOfOperationsDepreciationDepletionAmortizationAndAccretion $14.18M USD 1 Quarter
Equity-based compensation ShareBasedCompensation $27.97M USD 1 Quarter
Equity-based compensation ShareBasedCompensation $5.95M USD 1 Quarter
Total operating expenses OperatingExpenses $71.64M USD 1 Quarter
Total operating expenses OperatingExpenses $34.61M USD 1 Quarter
Operating Income (Loss) OperatingIncomeLoss $-13.68M USD 1 Quarter
Operating Income (Loss) OperatingIncomeLoss $30.37M USD 1 Quarter
Commodity derivative gain (loss), net GainLossOnDerivativeInstrumentsNetPretax $7.42M USD 1 Quarter
Commodity derivative gain (loss), net GainLossOnDerivativeInstrumentsNetPretax $-36.82M USD 1 Quarter
Interest expense InterestExpense $1.18M USD 1 Quarter
Interest expense InterestExpense $709.00K USD 1 Quarter
Other (expense) income OtherNonoperatingIncomeExpense $-2.00K USD 1 Quarter
Other (expense) income OtherNonoperatingIncomeExpense $4.00K USD 1 Quarter
Total other (expense) income NonoperatingIncomeExpense $6.24M USD 1 Quarter
Total other (expense) income NonoperatingIncomeExpense $-37.52M USD 1 Quarter
Income (Loss) Before Income Taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-7.16M USD 1 Quarter
Income (Loss) Before Income Taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-7.44M USD 1 Quarter
(Provision for) Benefit from Income Taxes IncomeTaxExpenseBenefit - USD 1 Quarter
(Provision for) Benefit from Income Taxes IncomeTaxExpenseBenefit $40.37M USD 1 Quarter
Net Loss NetIncomeLoss $-7.16M USD 1 Quarter
Net Loss NetIncomeLoss $-47.81M USD 1 Quarter
Net income (loss) attributable to Predecessor common unit holders NetIncomeLossAttributableToPredecessorCommonUnitHolders $-1.83M USD 1 Quarter
Net income (loss) attributable to Predecessor common unit holders NetIncomeLossAttributableToPredecessorCommonUnitHolders $7.16M USD 1 Quarter
Net Loss Attributable to Vitesse Energy, Inc. NetIncomeLossAttributableToParentExcludingPredecessor $-49.65M USD 1 Quarter
Weighted average common shares / Predecessor common unit outstanding - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 438.62M shares 1 Quarter
Weighted average common shares / Predecessor common unit outstanding - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 29.66M shares 1 Quarter
Weighted average common shares / Predecessor common unit outstanding - diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 438.62M shares 1 Quarter
Weighted average common shares / Predecessor common unit outstanding - diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 29.66M shares 1 Quarter
Net loss per common share / Predecessor common unit - basic (in USD per share) EarningsPerShareBasic $-1.67 USD 1 Quarter
Net loss per common share / Predecessor common unit - basic (in USD per share) EarningsPerShareBasic $-0.02 USD 1 Quarter
Net loss per common share / Predecessor common unit - diluted (in USD per share) EarningsPerShareDiluted $-1.67 USD 1 Quarter
Net loss per common share / Predecessor common unit - diluted (in USD per share) EarningsPerShareDiluted $-0.02 USD 1 Quarter
Net loss per Predecessor non-founder MIUs classified as temporary equitybasic (in USD per share) EarningsPerNonFounderManagementIncentiveUnitTemporaryEquityBasic - USD 1 Quarter
Net loss per Predecessor non-founder MIUs classified as temporary equitydiluted (in USD per share) EarningsPerNonFounderManagementIncentiveUnitTemporaryEquityDiluted - USD 1 Quarter
Cash Flow Statement 68 line items
Line Item Tag Value Unit Period
Net (loss) NetIncomeLoss $-7.16M USD 1 Quarter
Net (loss) NetIncomeLoss $-47.81M USD 1 Quarter
Depletion, depreciation, amortization, and accretion ResultsOfOperationsDepreciationDepletionAmortizationAndAccretion $18.47M USD 1 Quarter
Depletion, depreciation, amortization, and accretion ResultsOfOperationsDepreciationDepletionAmortizationAndAccretion $14.18M USD 1 Quarter
Unrealized loss (gain) on derivative instruments UnrealizedGainLossOnDerivatives $-23.95M USD 1 Quarter
Unrealized loss (gain) on derivative instruments UnrealizedGainLossOnDerivatives $6.68M USD 1 Quarter
Equity-based compensation ShareBasedCompensation $27.97M USD 1 Quarter
Equity-based compensation ShareBasedCompensation $5.95M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit - USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $40.37M USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $160.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $83.00K USD 1 Quarter
Revenue receivable IncreaseDecreaseInAccountsReceivable $-13.71M USD 1 Quarter
Revenue receivable IncreaseDecreaseInAccountsReceivable $13.06M USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $164.00K USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $975.00K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $178.00K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $361.00K USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $1.47M USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $-6.18M USD 1 Quarter
Other IncreaseDecreaseInOtherOperatingAssets $2.00K USD 1 Quarter
Other IncreaseDecreaseInOtherOperatingAssets $10.00K USD 1 Quarter
Net cash provided by Operating Activities NetCashProvidedByUsedInOperatingActivities $25.61M USD 1 Quarter
Net cash provided by Operating Activities NetCashProvidedByUsedInOperatingActivities $39.21M USD 1 Quarter
Acquisition of oil and gas properties PaymentsToAcquireOilAndGasProperty $12.54M USD 1 Quarter
Acquisition of oil and gas properties PaymentsToAcquireOilAndGasProperty $1.14M USD 1 Quarter
Development of oil and gas properties PaymentsToExploreAndDevelopOilAndGasProperties $6.60M USD 1 Quarter
Development of oil and gas properties PaymentsToExploreAndDevelopOilAndGasProperties $21.59M USD 1 Quarter
Purchase of property and equipment PaymentsToAcquireOtherPropertyPlantAndEquipment $9.00K USD 1 Quarter
Purchase of property and equipment PaymentsToAcquireOtherPropertyPlantAndEquipment $5.00K USD 1 Quarter
Net cash used in Investing Activities NetCashProvidedByUsedInInvestingActivities $-19.14M USD 1 Quarter
Net cash used in Investing Activities NetCashProvidedByUsedInInvestingActivities $-22.73M USD 1 Quarter
Proceeds from revolving credit facility ProceedsFromLongTermLinesOfCredit $9.00M USD 1 Quarter
Proceeds from revolving credit facility ProceedsFromLongTermLinesOfCredit $4.00M USD 1 Quarter
Repayments of revolving credit facility RepaymentsOfLongTermLinesOfCredit - USD 1 Quarter
Repayments of revolving credit facility RepaymentsOfLongTermLinesOfCredit $7.00M USD 1 Quarter
Repayments of Vitesse Oil revolving credit facility RepaymentsOfLongTermLinesOfCreditAffiliatedEntity - USD 1 Quarter
Repayments of Vitesse Oil revolving credit facility RepaymentsOfLongTermLinesOfCreditAffiliatedEntity $5.00M USD 1 Quarter
Dividends/distributions paid PaymentsOfDividends $14.50M USD 1 Quarter
Dividends/distributions paid PaymentsOfDividends $18.00M USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock $248.00K USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Debt issuance costs PaymentsOfDebtIssuanceCosts $9.00K USD 1 Quarter
Debt issuance costs PaymentsOfDebtIssuanceCosts $366.00K USD 1 Quarter
Net cash used in Financing Activities NetCashProvidedByUsedInFinancingActivities $-23.11M USD 1 Quarter
Net cash used in Financing Activities NetCashProvidedByUsedInFinancingActivities $-9.01M USD 1 Quarter
Net Increase (Decrease) in Cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-6.63M USD 1 Quarter
Net Increase (Decrease) in Cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-2.54M USD 1 Quarter
CashBeginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $5.36M USD Point-in-time
CashBeginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $10.01M USD Point-in-time
CashBeginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.38M USD Point-in-time
CashBeginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $2.81M USD Point-in-time
CashEnd of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $5.36M USD Point-in-time
CashEnd of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $10.01M USD Point-in-time
CashEnd of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.38M USD Point-in-time
CashEnd of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $2.81M USD Point-in-time
Cash paid for interest InterestPaidNet $1.18M USD 1 Quarter
Cash paid for interest InterestPaidNet $616.00K USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaid - USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaid - USD 1 Quarter
Oil and gas properties included in accounts payable and accrued liabilities CapitalExpendituresIncurredButNotYetPaid $15.79M USD 1 Quarter
Oil and gas properties included in accounts payable and accrued liabilities CapitalExpendituresIncurredButNotYetPaid $19.70M USD 1 Quarter
Asset retirement obligations capitalized to oil and gas properties SettlementOfAssetRetirementObligationsThroughNoncashPaymentsAmount $392.00K USD 1 Quarter
Asset retirement obligations capitalized to oil and gas properties SettlementOfAssetRetirementObligationsThroughNoncashPaymentsAmount - USD 1 Quarter
Issuance of common stock to acquire Vitesse Oil StockIssued1 - USD 1 Quarter
Issuance of common stock to acquire Vitesse Oil StockIssued1 $30.63M USD 1 Quarter
Unit-based compensation liability transferred to predecessor redeemable management incentive units UnitBasedCompensationLiabilityTransferredToRedeemableManagementIncentiveUnits - USD 1 Quarter
Unit-based compensation liability transferred to predecessor redeemable management incentive units UnitBasedCompensationLiabilityTransferredToRedeemableManagementIncentiveUnits - USD 1 Quarter
Stockholders Equity 20 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquity $564.42M USD Point-in-time
Beginning balance StockholdersEquity $563.11M USD Point-in-time
Beginning balance MembersEquity $480.07M USD Point-in-time
Beginning balance MembersEquity $564.42M USD Point-in-time
Beginning balance MembersEquity $452.75M USD Point-in-time
Net (loss) NetIncomeLoss $-7.16M USD 1 Quarter
Net (loss) NetIncomeLoss $-47.81M USD 1 Quarter
Distribution to common unit holders DistributionToCommonUnitHolders $18.00M USD 1 Quarter
Issuance of common stock in exchange for Non-Founder MIU's StockIssuedDuringPeriodValueNewIssuesNonFounderIssuance $4.56M USD 1 Quarter
Acquisition of Vitesse Oil, LLC StockIssuedDuringPeriodValueAcquisitions $30.63M USD 1 Quarter
Equity-based compensation AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition $27.97M USD 1 Quarter
Common stock dividends declared DividendsCommonStockStock $16.41M USD 1 Quarter
Repurchase of common stock (in shares) StockRepurchasedAndRetiredDuringPeriodShares 14,600.00 shares 1 Quarter
Repurchases of common stock StockRepurchasedAndRetiredDuringPeriodValue $248.00K USD 1 Quarter
Fair market value MIU adjustment MembersEquityLiabilityBasedAwardFairValueAdjustment $-2.17M USD 1 Quarter
Ending balance StockholdersEquity $564.42M USD Point-in-time
Ending balance StockholdersEquity $563.11M USD Point-in-time
Ending balance MembersEquity $480.07M USD Point-in-time
Ending balance MembersEquity $564.42M USD Point-in-time
Ending balance MembersEquity $452.75M USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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