VTS

• Dividend Commitment and Business Model Core

  • Vitesse's core strategy remains unchanged after 2026 dividend resizing and leadership transition: prioritize a durable dividend funded by free cash flow, allocate capital only to opportunities exceeding return hurdles, and maintain a conservative balance sheet.
  • The board declared a Q3 2026 cash dividend at an annualized rate of $1.75 per share, marking the 15th consecutive dividend declared since the January 23, 2023 spinoff, with total cumulative dividends of $7.6375 per share (equal to half of Vitesse's current share price).
  • The dividend is the primary use of cash (not a residual), sized to be covered by free cash flow while allowing for economic reinvestment, and hedging is used to protect cash flows and support durability.

• Capital Allocation Framework

  • After funding the dividend, capital allocation prioritizes organic capital expenditures on existing acreage (highest return opportunity), followed by near-term drilling opportunities, then producing property acquisitions.
  • The company maintains a target net debt to adjusted EBITDA ratio of less than 1.0x, with a simple capital structure consisting only of a revolving credit facility and common shares (no senior notes, preferred stock, or convertibles) to protect the dividend and preserve flexibility. A $60 million share repurchase authorization provides additional capital return flexibility.

• Operational Progress

  • As of June 30, 2026, Vitesse has 19.4 net wells in its development pipeline: 6.4 net wells are actively drilling/completing, and 13 net locations are permitted for development.
  • All wells are underwritten at strip prices via Luminous, the company's proprietary data platform; 93% of proposed wells on Vitesse acreage have cleared return hurdles since 2023.
  • Vitesse holds fractional working interests (average ~3.6% per well) in 7,868 productive wells across 30+ leading operators, spreading risk such that no single well can materially impact overall results. Since 2022, average cash return on capital invested has been ~14%, well above the weighted average cost of capital.
  • The trend toward 3+ mile extended laterals in the Williston Basin continues: year-to-date 2026, 69% of Vitesse's AFEs are for 3+ mile laterals, with an average lateral length of nearly 15,000 feet (a 38% increase from 2022). Extended laterals cut per-foot cost by ~25% versus traditional 2-mile laterals, deliver higher estimated ultimate recovery (EUR), slow production decline rates, reduce maintenance capital requirements, and free up additional cash flow for dividends.
  • Vitesse's non-operated model allows new assets to integrate into Luminous without meaningful increases in G&A costs, driving incremental shareholder value.

• 2026 annual production guidance was narrowed to a range of 16,300 to 17,200 BOE per day, with the oil percentage of total production narrowed to 60% to 62%.
• The bottom end of 2026 total cash capital expenditure guidance was raised, with the full range now set at $65 million to $80 million for the year.
• Hedging guidance: For full-year 2026, approximately 70% of oil production is hedged via swaps and collars with a weighted average floor of $63.57 per barrel and a ceiling of $66.53 per barrel; approximately 50% of 2026 natural gas production is hedged via collars with a weighted average floor of $3.73 per MMBtu and a ceiling of $4.90 per MMBtu.
• The company has extended its hedge book out to 2029, with additional oil hedges added through 2029 at a weighted average price of approximately $67 per barrel, to support the current $1.75 annualized dividend.

Vitesse Energy operates as a fractional non-operated oil and gas producer with core basins in Williston, Powder River, and DJ. For Q2 2026, total average production reached 17,354 barrels of oil equivalent per day (BOE/d), a 9% sequential increase over Q1 2026, with a 60% oil cut. Oil production contributed 95% of total Q2 2026 revenue. Adjusted EBITDA for the quarter was $40.2 million, adjusted net income (NID) was $1.8 million, and GAAP NID income was $33.1 million driven by $40.2 million in non-cash unrealized hedging gains. Free cash flow for Q2 2026 was $16.3 million after $21.1 million in development capital expenditures. As of quarter end, total debt was $158.5 million, with net debt to adjusted EBITDA just under 1.0x (in line with company targets), and total liquidity of approximately $117 million.

Management noted that forward-looking statements on this call are subject to risks and uncertainties that could cause actual results to differ materially from current expectations, with detailed risk factors available in Vitesse's SEC filings. Commodity price volatility is the key market risk, mitigated by the company's long-dated hedge program that establishes a floor for revenue and cash flow to support the dividend through commodity price downturns.

Q: What is the current status of Vitesse's evaluation of operated development activity, and did this affect the narrowing of the 2026 CapEx guidance? / A: Vitesse is still actively evaluating operated development opportunities. It is currently assessing partnering opportunities with surrounding third-party operators to extend laterals on Vitesse acreage, with updates to come as this work progresses. Operated evaluation activities were not a factor in the revised CapEx guidance range. / Q: What is the current state of the acquisition market for near-term development and producing properties, and have commodity price volatility changed your underwriting or deal timing? / A: The near-term development acquisition market has become more competitive over the past 1-2 years, leading to lower annual acquisition spend than in prior periods. Vitesse has refused to lower its strict return hurdles to match market pricing, so it pursues only high-return opportunities in this segment. The non-op producing property acquisition market has remained robust, with large deal flow in Vitesse's core basins following the outbreak of the Iran war. These large packages deliver immediate cash flow at 10-20%+ free cash flow yields, are accretive to the dividend, and Vitesse is leveraging its existing data advantage and access to deal flow to pursue these opportunities. / Q: What are your updated takeaways from the recently closed Powder River Basin acquisition, and what is the operator profile of the acquired assets? / A: It is still early to complete a full post-close analysis, as the acquisition closed only 3-4 months before the call. The acquisition was underwritten at strip prices in the low $60s, and current higher strip prices have made the deal look even more attractive than expected, with integration progressing exactly as planned. The acquired assets are primarily operated by two large, leading producers, EOG and Continental, which was a key factor in Vitesse's decision to pursue the acquisition, as the company prefers alignment with established high-quality operators.