Vitesse Energy, Inc.

Greetings. Welcome to the Vitesse Energy second quarter 2026 earnings call. At this time, all participants are in 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 the Director, Investor Relations and Business Development at Vitesse, Ben Messier. Thank you. You may begin.

Ben Messier Good morning, everyone, and thanks for joining. Today we will be discussing our second quarter 2026 results. Our 10Q and earnings release were released yesterday after market close, and a newly redesigned investor presentation can be found on the Vitesse website. We encourage everyone to spend time with the new presentation. It lays out Vitesse's business model, capital allocation framework, and dividend philosophy in greater detail, and we will touch on many of these themes this morning. I'm joined this morning by our CEO and President, Jamie Benard, and our CFO, Jimmy Henderson. Before we begin, please be reminded that this call may contain estimates, projections, and other forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are subject to several risks and uncertainties, many of which are beyond our control. These risks and uncertainties can cause actual results to differ materially from our current expectations. Please review our earnings release and risk factors discussed in our filings with the SEC for additional information. In addition, today's discussion may reference non-GAAP financial measures. For reconciliation of historical non-GAAP financial measures to the most directly comparable GAAP measure, please reference our 10Q and earnings release. Now we'll turn the call over to Vitesse's CEO and President, Jamie Benard.

Thanks, Ben. Good morning, everyone, and thank you for joining today's call. I want to start this morning by addressing something directly. Over the past several months, following this year's resizing of our dividend and leadership transition, we've received a number of questions about whether Vitesse's strategy has changed. The answer is simple. It is not. Our priorities are what they've always been, pay a durable dividend funded by free cash flow, allocate capital only where returns exceed our hurdle rates, and maintain a strong conservative balance sheet. I'd like to spend a few minutes this morning on why we have such conviction in this strategy. The commitment starts with the dividend, which is our primary use of cash. Last week, our board declared a third quarter cash dividend at an annualized rate of $1.75 per share. This marks the 15th consecutive quarter, every quarter since our January 23, 2023 spinoff, without interruption, that we've declared a dividend, bringing the total cumulative dividends declared to $7.6375 per share. That's half our current share price returned to shareholders in under four years. I also want to be clear about how we think about the dividend, because it's the primary output of our entire business model, not a residual. We size the dividend at a level that free cash flow can cover and allow for economic reinvestment. The current dividend was set with exactly that durability in mind, and every dollar of reinvestment we make is screened to support it. We then hedge to protect cash flows. After the dividend, we allocate capital strictly by rate of return. Priorities are organic CapEx on our existing acreage, then near-term drilling opportunities, then producing property acquisitions. Throughout this process, we maintain a conservative balance sheet targeting a net debt to adjusted EBITDA ratio of less than one times. Our organic acreage conversion continues to drive results and is our highest return opportunity. As of June 30, 2026, we had 19.4 net wells in our development pipeline, including 6.4 net wells that were either drilling or completing, and another 13 net locations that had been permitted for development. Every well proposal is a standalone election underwritten at strip prices through Luminous, our proprietary data platform. And since 2023, 93% of the wells proposed on our acreage have cleared our return hurdles. We also consistently evaluate and underwrite opportunities for acquiring larger producing properties. Our combination of non-op expertise with operating capabilities provides enhanced flexibility in our investment strategy. We remain focused on pursuing only those opportunities that meet our rigorous return thresholds, are accretive to net asset value and distributable cash flow per share, and support the dividend. And we are selective at scale. Since 2013, the test has closed 175 acquisitions comprised of both near-term development and five larger producing property acquisitions, in total representing roughly $800 million of acquisition spend. Because field level work sits on our operating partners, new non-op assets integrate into Luminous without materially increasing G&A costs, thereby further driving shareholder value. This is the heart of the non-op model. It is why the business is built for durability. We own fractional interest in 7,868 productive wells across more than 30 leading operators in the Williston, Powder River, and DJ basins. An average working interest of roughly 3.6% per well. So no single well can make or break Vitesse's results. And the returns have been there. Since 2022, cash return on capital invested has averaged approximately 14%. well above our weighted average cost of capital. The trend towards three and four mile laterals in the Williston Basin continues across our acreage, driving greater efficiencies. These extended laterals reduce cost per foot for well participation while delivering higher EURs. Year to date, 2026, three mile or longer laterals constitute 69% of our AFEs, resulting in an average lateral length of nearly 15,000 feet, marking a 38% increase from 2022. On a per-foot basis, these longer laterals cost approximately 25% less than traditional two-mile laterals, significantly enhancing capital efficiency. Just as important, longer laterals decline more slowly, which flattens out our corporate base decline, reducing the maintenance capital required to hold production flat and leaves more cash flow for available for the dividend. And finally, our interests are aligned with you all's. As shareholders ourselves, every capital allocation decision we make is guided by a single objective, creating durable long-term value per share through a sustainable dividend disciplined capital allocation, and a strong balance sheet. I'll now turn the call over to our CFO, Jimmy Henderson.