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Vitesse Energy (VTS · NYSE)

Name: Vitesse Energy (VTS) oil & gas valuation & reserves screen
Creator: Enerquill Advisory

Minerals & royalty — HQ United States. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.

Category Minerals & royaltyRegion N. AmericaCEO Jamie Benard (2026)Jurisdiction risk Low (23)

Overview

Non-operated working-interest and mineral/royalty specialist concentrated in the oil-weighted Williston/Bakken; the 2025 Lucero acquisition added operated scale and lifted production toward ~16.5 mboe/d, supplemented by a $35M Powder River bolt-on.

Investor thesis is a high fixed dividend (~$1.75/sh, ~11% yield) funded by free cash flow with modest leverage (~0.8x net debt/EBITDA); GAAP results are noisy because of commodity-derivative mark-to-market swings.

Valuation snapshot (FY2025)

Market cap

$0.7bn

Enterprise value

$0.8bn

EV / EBITDA

4.4x

P / E

26.0x

FCF yield

6.5%

Dividend yield

11.1%

ROACE

Debt / equity

20%

Net debt / EBITDA

0.7x

EV / reserves

$16.36/boe

EV / flowing

$45k/boe/d

Free cash flow

$0.0bn

Its EV/EBITDA of 4.4x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 6.5% is lower than the 6.5% median, and at $16.36/boe of proved reserves it is richer than the $13.51/boe median.

On a balanced screen across the universe, Vitesse Energy scores 53/100, strongest on growth (73/100). Sub-scores: value 55, quality 45, growth 73, risk 48 (higher = riskier).

Reserves & production

Vitesse Energy holds approximately 0.05 billion boe of proved (1P) reserves with FY2025 production of about 17 thousand boe/d (65% liquids), a reserve life of roughly 7.5 years. Break-even: ~$45 (WTI FCF breakeven) — Fixed $1.75/sh dividend plus maintenance capex broadly covered around mid-$40s WTI given the low-decline non-op/minerals base.

Net asset value (public-source floor)

Using Vitesse Energy's SEC-disclosed after-tax standardized measure of proved reserves ($0.4bn) less net debt ($0.1bn) gives an equity-NAV floor of about $0.3bn — the current market capitalisation sits +119% versus that floor. Disclosed pre-tax PV-10: $0.5bn. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines.

Jurisdiction risk · production-weighted country risk

23 /100

Low jurisdiction risk

Production-weighted average of the country scores below (0 = safest, 100 = riskiest).

Country / region	Prod. share	Country risk	Key jurisdiction risk
United States	100%	23	Stable, deep; federal-lands leasing and permitting policy swings.

How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

Asset	Location	Type	Notes
Williston non-op WI	United States	Non-op WI	Bakken/Three Forks core, 53,301 net acres ND/MT
Williston minerals	United States	Minerals/royalty	mineral & royalty interests underpinning FCF
Lucero (acquired 2025)	United States	Operated WI	added operated Williston scale and production
Central Rockies	United States	Non-op WI	DJ Basin / Rockies interests, CO/WY
Powder River Basin	United States	Non-op WI	$35M bolt-on acquisition announced
Ground Game AFEs	United States	Non-op WI	continuous small-interest / non-op acquisitions

Five-year trend (FY2021–FY2025)

Metric	2021	2022	2023	2024	2025
Production (mboe/d)	8	10	12	13	17
Proved reserves (bnboe)	0.03	0.04	0.04	0.04	0.05
Revenue ($bn)	0.2	0.3	0.2	0.2	0.3
EBITDA ($bn)	0.1	0.2	0.1	0.1	0.2
Net income ($bn)	0.0	0.1	-0.0	0.0	0.0
Free cash flow ($bn)	0.0	0.1	0.1	0.0	0.0

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Peer companies — Minerals & royalty

TPL · Texas Pacific Land Corporation VNOM · Viper Energy PSK · PrairieSky Royalty Ltd.TPZ · Topaz Energy Corp.BSM · Black Stone Minerals, L.P.FRU · Freehold Royalties Ltd.KRP · Kimbell Royalty Partners, LP DMLP · Dorchester Minerals, L.P.

Sources

✓ FY2025 figures verified against primary sources:

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