Vitesse Energy

What Vitesse Energy does

Vitesse Energy is a publicly traded upstream oil and gas company (NYSE: VTS) founded in 2013 and headquartered in Greenwood Village, Colorado. The company's primary business is acquiring non-operating working interests and royalty interests in oil and gas wells operated by third parties across multiple U.S. basins, providing development capital to operators in exchange for a revenue share without bearing field-level operating responsibility. Following the March 2025 all-stock acquisition of Lucero Energy, Vitesse also holds a portfolio of operated wells in the Williston Basin, creating a hybrid model that combines non-operated (passive) and operated (active) positions. The company is lean, with approximately 40 employees, and is differentiated by its capital-return-focused identity rather than growth-at-all-costs reinvestment.

The company's revenue is generated primarily from its share of crude oil, natural gas, and NGL production sold at prevailing commodity prices, with FY2025 revenue of $274 million and Q2 2026 revenue of $91 million (an 11.3% year-over-year increase). Production stood at 17,354 BOE/d in Q2 2026, up roughly 34% year-over-year in 2025, reflecting contributions from acquisitions. Vitesse deploys its proprietary Luminis data platform for prospect screening, well-economics modeling, and acquisition targeting across basins. The business model is complemented by a variable dividend policy that returned over 100% of free cash flow in 2025, yielding approximately 11% — described as the highest among U.S. upstream independents. With conservative leverage at 1.0x net debt/EBITDA and institutional ownership of 51.63%, Vitesse operates a shareholder-return-oriented upstream model with an active bolt-on M&A strategy, evidenced most recently by the April 2026 Powder River Basin acquisition.

Name

Vitesse Energy

Legal name

Vitesse Energy, Inc.

Website

https://vitesse-vts.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Vitesse Energy is a Denver-based upstream oil and gas company (NYSE: VTS) that primarily acquires non-operating working and royalty interests in wells operated by third parties across U.S. basins, with a growing operated portfolio from the Lucero Energy acquisition.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration and Production

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239)

SIC

Crude Petroleum & Natural Gas (1311), Mineral Royalty Traders (6795)

akta.pro primary industry

Natural Resources — Energy & Mineral Resources (FSAAAKAJ)

akta.pro secondary industry

Real Assets — Operating Platforms & Direct Investments (FSAAAKAL)

Keywords

• Non-operated oil and gas interests
• Upstream oil and gas production
• Energy investment management
• Oil and gas working interests
• Dividend-focused energy

Headquarters

HQ city

Centennial

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Supply Chain, Marketing or Sales, Others

Revenue model

1. Oil and Gas Production Revenue: Vitesse Energy generates revenue through ownership interests in oil and gas wells. The company is predominantly a non-operator, owning financial interests in wells drilled by leading U.S. operators. Revenue is derived from oil (95% of revenue), natural gas, and NGL production. The company completed acquisition of Lucero Energy in March 2025, adding operated assets, and the Powder River Basin acquisition in April 2026.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Vitesse Energy owns financial interests predominantly as a non-operator (and, since March 2025, also operated assets via PetroShale (US) Inc.) in oil and gas wells drilled by leading U.S. operators, primarily in the Williston Basin and Powder River Basin. Revenue is generated from oil (~95%), natural gas, and NGL production across nearly 60,000 net acres and over 7,800 gross productive wells, with the proprietary in-house Luminis Data Platform used to screen acquisitions and manage assets. Capital generated is returned to stockholders through regular quarterly cash dividends.

Product overview

Vitesse Energy is an oil and gas investment company that focuses on returning capital to stockholders through owning financial interests as a non-operator in oil and gas wells drilled by leading U.S. operators. The company also acquired operated assets through the acquisition of Lucero Energy Corp. and its subsidiary PetroShale (US) Inc. The company utilizes its proprietary Luminis data platform internally for acquisition screening and asset management. The company's assets consist of nearly 60,000 net acres and interests in over 7,800 gross productive wells primarily in the Williston Basin (North Dakota and Montana) and the Powder River Basin in Wyoming.

Differentiator

Problem solved

Functional benefit

Products and services

• Non-operated oil and gas working interests Ownership of minority, non-operated financial working interests in oil and gas wells drilled by third-party leading U.S. operators in the Williston Basin, Powder River Basin, and Central Rockies. Revenue is derived from oil (~95%), natural gas, and NGL production allocated to Vitesse across nearly 60,000 net acres and interests in over 7,800 gross productive wells; intended for income-oriented public equity investors seeking diversified exposure to U.S. upstream oil and gas without direct operational responsibility.
• Operated oil and gas assets via PetroShale (US) Inc. Operated upstream oil and gas production in the Williston Basin held through Vitesse's wholly owned subsidiary PetroShale (US) Inc., acquired via Lucero Energy Corp. in March 2025. Adds an operating leg complementary to Vitesse's non-operated portfolio; serves the same shareholder/capital-return thesis with an additional direct operational footprint.
• Powder River Basin non-operated assets Non-operated working interests in the Powder River Basin of Wyoming acquired in April 2026 for $35 million in Vitesse common stock, expected to add approximately 1,400 BOE/d of net production in 2026 with 29 net undeveloped drilling locations. Expands the company's non-operated asset base beyond the Williston Basin.

Quantifiable outcome

• Paid $7.6375 per share in cumulative dividends since January 2023 spin-off
• +3 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Leading U.S. OperatorscoreOthersVitesse Energy owns financial interests predominantly as a non-operator in oil and gas wells drilled by leading U.S. operators. The company maintains direct relationships with operators, non-op competitors, and mineral owners rather than just through the operator relationship.

Scale indicators12 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• EOG Resources: EOG Resources (NYSE: EOG) is a large multi-basin U.S. E&P operator known for its disciplined, dividend-plus-growth capital return framework. While EOG operates rather than holds non-operated interests, its premium valuation as a returns-focused energy producer provides an aspirational comp for Vitesse's model.
• Devon Energy: Devon Energy (NYSE: DVN) is a large multi-basin U.S. E&P operator with significant Williston Basin (Bakken) exposure. While Devon operates assets at scale, it is one of the leading counterparties that drills wells in which Vitesse owns non-operated interests, and provides a useful benchmark for basin economics.
• Chord Energy: Chord Energy (NASDAQ: CHRD), formed from the Whiting/Oasis merger, is a major operator in the Williston Basin where Vitesse has substantial exposure. As one of the leading operators drilling wells in which Vitesse owns non-operated interests, Chord is both a counterparty and a broadly comparable E&P incumbent in the same core basin.
• TXO Energy Partners: TXO Energy Partners (NYSE: TXO) is a small-cap U.S. E&P focused on returning capital to unitholders through distributions, with assets in conventional and unconventional plays. While it operates rather than holds non-operated interests, its small-scale, dividend-oriented public structure makes it a comparable size and return-profile peer.

Direct peers

• Sitio Royalties Corp: Sitio Royalties (NYSE: STR) owns non-operated mineral and royalty interests primarily in the Permian and other U.S. basins. It is the closest pure-play public peer to Vitesse Energy's non-operated working interest and royalty model, with a comparable focus on capital return to stockholders and basin-level diversification.
• Black Stone Minerals, L.P. Black Stone Minerals (NYSE: BSM) is one of the largest U.S. owners of mineral and royalty interests, with a multi-basin portfolio. While larger and more diversified than Vitesse, its non-operated, capital-return-driven structure makes it a directly comparable public peer with a similar investor thesis.
• Permianville Royalty Trust: Permianville Royalty Trust (NYSE: PVL) holds non-operated overriding royalty interests in oil and gas properties, primarily in the Permian Basin. Like Mesa Royalty Trust, it is a passive royalty vehicle, but its non-operated mineral interest model and income-distribution structure parallel Vitesse's capital-return framework.
• Kimbell Royalty Partners: Kimbell Royalty Partners (NYSE: KRP) holds non-operated mineral and royalty interests across multiple U.S. basins. Its business model — acquiring mineral/royalty interests in wells operated by third parties and distributing cash flow to unit holders — closely parallels Vitesse's approach to non-operated working interests and dividend-oriented capital return.
• Mesa Royalty Trust: Mesa Royalty Trust (NYSE: MTR) is a fixed royalty trust holding overriding royalty interests in oil and gas properties. While a passive trust rather than an active manager, it is comparable to Vitesse's royalty interest components and provides a baseline for non-operated income-producing mineral exposure.

Regional players

• Freehold Royalties Ltd. Freehold Royalties (TSX: FRU) is a Canada-based royalty and working-interest company focused on North American energy assets. Its non-operated model and dividend-oriented capital return closely mirror Vitesse's structure, although it primarily serves Canadian mineral owners rather than competing in Vitesse's U.S. basins.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/vitesse-vts

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vitesse Energy