Vitesse Energy announced on September 16 that it completed the acquisition of non-operated oil and gas assets in Colorado's Denver-Julesburg Basin for $26 million. The assets, operated by Chevron, are expected to produce 900 boe/day over the next year, with 28% of that being oil, a volume equal to roughly 5% of Vitesse's second-quarter average output of 17,354 boepd. Vitesse said the deal should be immediately accretive to earnings per share, operating cash flow, free cash flow and net asset value, and it hedged a significant portion of the acquired production through 2030. CEO and President Jamie Benard called the transaction a strategic, non-operated acquisition that adds a high-quality, predominantly proved developed producing asset base operated by Chevron and fits the company's disciplined strategy of delivering durable, low-risk returns. The company said the long-dated hedges support its $1.75 annualized dividend, though they also limit its upside if oil prices keep rising.
Vitesse Energy IncVitesse closed a $26M accretive DJ Basin acquisition, adding ~900 boe/d and hedging production through 2030
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