Vitesse Energy (NYSE:VTS) President and CEO Jamie Benard announced the company’s investment strategy and dividend priorities during an EnerCom event. Vitesse, based in Denver, manages over 7,800 wells across three basins, with a primary focus on the Williston Basin, anticipating production of 16,750 barrels of oil equivalent per day by 2026.
Vitesse prioritizes its annualized dividend of $1.75 per share, aligning with a strategy to maintain a conservative balance sheet and target leverage of one times or less. Since its inception in 2013, the company has executed over 175 acquisitions valued at around $800 million. Currently, Vitesse’s portfolio holds an average working interest of 3.5% across its wells, providing extensive diversification.
Benard emphasized the company’s efficiency improvements, noting that since 2022, lateral well lengths have increased by 38%, which has contributed to reduced operational costs. As of now, Vitesse employs 35 staff to manage its extensive portfolio, reflecting operational efficiency with roughly 225 wells per employee.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
