Vitesse Energy, Inc.

Greetings. Welcome to the Vitesse Energy Third Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. Please note this conference is being recorded. I will now turn the conference over to Ben Messier, Director, Investor Relations and Business Development. Thank you. You may begin.

Good morning and thank you for joining. Today, we will be discussing our financial and operating results for the third quarter of 2024, which we released yesterday after market closed. You can access our earnings release and presentation in the investor relations section of our website. We filed our Form 10-Q with the SEC yesterday. I'm joined here this morning by Vitesse's Chairman and CEO, Bob Garrity, our President, Brian Cree, and our CFO, Jimmy Henderson. On today's call, Bob will provide opening remarks on the quarter, then Brian will give you an operations update, and Jimmy will review our financial results. After the conclusion of our prepared remarks, the executive team will be available to answer questions. Before we begin, let's cover our safe harbor language. Please be advised that our remarks today, including the answers to your questions, may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to the risks and uncertainties, some of which are beyond our control, that could cause actual results to be materially different from the expectations contemplated by these forward-looking statements. Those risks include, among others, matters that we've described in our earnings release and periodic filings. We disclaim any obligation to update these forward-looking statements, except as may be required by applicable securities laws. During our conference call, we may discuss certain non-GAAP financial measures, including adjusted net income, net debt, adjusted EBITDA, net debt to adjusted EBITDA ratio, and free cash flow. Reconciliations of these measures to the closest GAAP measures can be found in the earnings release that we issued yesterday. Now, I will turn the call over to our Chairman and CEO, Bob Garrity.

Thanks, Ben, and good morning, everyone. Thanks for participating in today's call. Vitesse's return of capital strategy continued in the third quarter. We paid a dividend of 52.5 cents per share in September and recently declared another 52.5 cent dividend to be paid in December. We have a strict return hurdle for our capital allocation in all price environments. We don't have a budget for our CapEx. We can flex our CapEx to meet those strict return hurdles. This resulting capital efficiency buttresses our return of capital model. It allows us to flourish in high price environments and to be resilient when prices decline. This responsive strategy protects the dividend while positioning us in a downturn to take advantage of opportunities. Improving capital efficiency is exemplified in our revised 2024 guidance and our preliminary 2025 outlook. In our revised 2024 guidance, we reduced CapEx by 18% while keeping our production guidance within the prior range. In 2025, we expect 7% production growth on 2% less capex at the midpoints. When oil prices are high, as they were over the summer, we tend to win less deals. But when oil prices decrease to where they are now, our opportunities increase. We will continue to be opportunistic. And again, we are not held to a fixed capital budget. I'll now turn the call over to our President, Brian Cree, to discuss our operations.