Vitesse Energy CEO Highlights Dividend Focus, Acquisition Flexibility at EnerCom

Vitesse Energy CEO Jamie Benard outlined the company’s non-operated energy investment model, capital-allocation priorities and approach to maintaining its shareholder dividend during a presentation at an EnerCom event. Benard, who became president and CEO in May, said Denver-based Vitesse owns operated and predominantly non-operated interests in more than 7,800 wells managed by 30 operators across three basins. The company’s portfolio is concentrated in the Williston Basin, with additional exposure to the DJ and Powder River basins. “At its core, though, the business is pretty simple,” Benard said. “We invest capital where we believe we can earn accretive returns, convert those investments into free cash flow, and return a meaningful portion of that cash to our shareholders through a durable dividend.”

Dividend and balance-sheet priorities Benard described Vitesse’s strategy through four steps: own, acquire, convert and return. The company owns interests in existing wells, acquires additional interests that meet its return criteria, converts those investments into production and free cash flow, and returns capital to shareholders, with the dividend taking priority. At the midpoint of its 2026 production guidance, Vitesse expects to produce 16,750 barrels of oil equivalent per day, with oil accounting for 61% of production, Benard said. The company’s annualized dividend is $1.75 per share. The company uses hedges to provide visibility into the cash flows supporting its dividend rather than to make directional commodity-price bets, according to Benard. Its hedge book extends through 2029. Vitesse also targets leverage of one times or less, though it could exceed that level for a compelling acquisition if it has what Benard called a “clear and credible path” back below the target. Vitesse’s capital-allocation framework prioritizes the dividend, followed by accretive acquisitions, a conservative balance sheet and other high-return opportunities. Potential uses of capital include participating in wells on existing acreage, purchasing near-term development interests, acquiring larger producing properties and reducing debt. Benard said share repurchases are not currently a designated use within the company’s capital-allocation waterfall because Vitesse sees substantial reinvestment opportunities across its organic inventory, near-term development acquisitions and larger producing-property deals.

Acquisition flexibility and non-operated portfolio Vitesse’s average working interest across its 7,800-well portfolio is 3.5%, providing broad diversification across its assets and operators. In the Williston Basin, where the company has its largest presence, 17 of 31 active rigs, or 54%, were operating on Vitesse acreage at the time of the presentation, Benard said. The company evaluates participation in each proposed well based on economics at prevailing strip prices. Since spinning...