Vitesse Energy (VTS) 10-Q 5 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-41546
Entity Registrant Name	Vitesse Energy, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-3617511
Entity Address, Address Line One	5619 DTC Parkway,
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Greenwood Village,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80111
City Area Code	(720)
Local Phone Number	361-2500
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	VTS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		29,504,804
Entity Central Index Key	0001944558
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash	$ 121	$ 552
Revenue receivable	46,319	44,915
Commodity derivatives (Note 6)	152	10,038
Prepaid expenses and other current assets	2,394	2,841
Total current assets	48,986	58,346
Oil and Gas Properties—Using the successful efforts method of accounting (Note 2)
Proved oil and gas properties	1,235,125	1,168,378
Less accumulated DD&A and impairment	(512,527)	(464,036)
Total oil and gas properties	722,598	704,342
Other Property and Equipment—Net	189	189
Other Assets
Commodity derivatives (Note 6)	277	1,109
Other noncurrent assets	6,378	1,984
Total other assets	6,655	3,093
Total assets	778,428	765,970
Current Liabilities
Accounts payable	13,613	27,692
Accrued liabilities (Note 7)	42,997	32,507
Commodity derivatives (Note 6)	2,527	0
Other current liabilities	30	204
Total current liabilities	59,167	60,403
Long-term Liabilities
Credit facility (Note 5)	115,000	81,000
Deferred tax liability (Note 11)	67,135	64,329
Asset retirement obligations	8,677	8,353
Other noncurrent liabilities	9,944	5,479
Total liabilities	259,923	219,564
Commitments and Contingencies (Note 9)
Equity (Note 10)
Preferred stock, $0.01 par value, 5,000,000 shares authorized; 0 shares issued at June 30, 2024 and December 31, 2023, respectively	0	0
Common stock, $0.01 par value, 95,000,000 shares authorized; 32,629,594 and 32,812,007 shares issued at June 30, 2024 and December 31, 2023, respectively	326	328
Additional paid-in capital	531,013	567,654
Accumulated deficit	(12,834)	(21,576)
Total equity	518,505	546,406
Total liabilities and equity	$ 778,428	$ 765,970

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	95,000,000	95,000,000
Common stock, issued (in shares)	32,629,594	32,812,007

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue
Total revenue	$ 66,598	$ 51,588	$ 127,792	$ 109,549
Operating Expenses
Lease operating expense	12,272	9,316	24,063	18,397
Production taxes	5,426	4,919	11,226	10,174
General and administrative	4,724	4,461	10,098	15,323
Depletion, depreciation, amortization, and accretion	25,315	18,748	48,860	37,220
Equity-based compensation (Note 10)	2,047	1,428	3,652	29,400
Total operating expenses	49,784	38,872	97,899	110,514
Operating Income (Loss)	16,814	12,716	29,893	(965)
Other (Expense) Income
Commodity derivative gain (loss), net	379	4,779	(13,445)	12,198
Interest expense	(2,585)	(1,115)	(4,788)	(2,295)
Other (expense) income	(2)	52	28	50
Total other (expense) income	(2,208)	3,716	(18,205)	9,953
Income Before Income Taxes	14,606	16,432	11,688	8,988
(Provision for) Benefit from Income Taxes	(3,678)	(6,812)	(2,946)	(47,183)
Net Income (Loss)	10,928	9,620	8,742	(38,195)
Net income attributable to Predecessor common unit holders	0	0	0	1,832
Net Income (Loss) Attributable to Vitesse Energy, Inc.	$ 10,928	$ 9,620	$ 8,742	$ (40,027)
Weighted average common shares outstanding–basic (in shares)	30,046,190	29,659,771	29,990,077	29,661,556
Weighted average common shares outstanding–diluted (in shares)	33,026,818	33,077,824	32,984,826	29,661,556
Net income (loss) per common share – basic (in USD per share)	$ 0.36	$ 0.29	$ 0.29	$ (1.35)
Net income (loss) per common share – diluted (in USD per share)	$ 0.33	$ 0.29	$ 0.27	$ (1.35)
Oil
Revenue
Total revenue	$ 64,127	$ 48,733	$ 121,491	$ 99,219
Natural gas
Revenue
Total revenue	$ 2,471	$ 2,855	$ 6,301	$ 10,330

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Predecessor Members' Equity	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022			0
Beginning balance at Dec. 31, 2022			$ 0
Beginning balance at Dec. 31, 2022	$ 564,423				$ 564,423
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(47,815)				1,832	$ (49,647)
Issuance of restricted stock units (in shares)		3,136,456
Issuance of restricted stock units		$ 31		$ (31)
Equity-based compensation	27,972			27,972
Common stock dividends declared	(16,405)			(16,405)
Issuance of common stock in exchange for Vitesse Energy, LLC (in shares)		25,914,891
Issuance of common stock in exchange for Vitesse Energy, LLC		$ 259		565,996	(566,255)
Issuance of common stock in exchange for Non-Founder MIU's (in shares)		163,544
Issuance of common stock in exchange for Non-Founder MIU's	4,559	$ 2		4,557
Acquisition of Vitesse Oil, LLC (in shares)		2,120,312
Acquisition of Vitesse Oil, LLC	30,628	$ 21		30,607
Issuance of Transitional Plan awards (in shares)		1,475,631
Issuance of Transitional Plan awards		$ 15		(15)
Repurchase of common stock (in shares)		(14,600)
Repurchase of common stock	(248)			(248)
Ending balance (in shares) at Mar. 31, 2023		32,796,234
Ending balance at Mar. 31, 2023	563,114	$ 328	$ 0	612,433		(49,647)
Ending balance (in shares) at Mar. 31, 2023			0
Beginning balance (in shares) at Dec. 31, 2022			0
Beginning balance at Dec. 31, 2022			$ 0
Beginning balance at Dec. 31, 2022	564,423				$ 564,423
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (38,195)
Issuance of common stock in exchange for Non-Founder MIU's (in shares)		163,544
Acquisition of Vitesse Oil, LLC (in shares)		2,120,312
Acquisition of Vitesse Oil, LLC				30,600
Repurchase of common stock (in shares)	(14,600)
Repurchase of common stock	$ (200)
Ending balance (in shares) at Jun. 30, 2023		32,812,900
Ending balance at Jun. 30, 2023	557,754	$ 328	$ 0	597,453		(40,027)
Ending balance (in shares) at Jun. 30, 2023			0
Beginning balance (in shares) at Mar. 31, 2023		32,796,234
Beginning balance (in shares) at Mar. 31, 2023			0
Beginning balance at Mar. 31, 2023	563,114	$ 328	$ 0	612,433		(49,647)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	9,620					9,620
Issuance of restricted stock units (in shares)		16,666
Issuance of restricted stock units	0			0
Equity-based compensation	1,428			1,428
Common stock dividends declared	(16,408)			(16,408)
Ending balance (in shares) at Jun. 30, 2023		32,812,900
Ending balance at Jun. 30, 2023	557,754	$ 328	$ 0	597,453		(40,027)
Ending balance (in shares) at Jun. 30, 2023			0
Beginning balance (in shares) at Dec. 31, 2023		32,812,007
Beginning balance (in shares) at Dec. 31, 2023			0
Beginning balance at Dec. 31, 2023	546,406	$ 328	$ 0	567,654		(21,576)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(2,186)					(2,186)
Issuance of restricted stock units (in shares)		19,403
Issuance of restricted stock units	(74)			(74)
Equity-based compensation	1,758			1,758
Common stock dividends declared	(16,249)			(16,249)
Stock exchanged for tax withholding and retired (in shares)		(332,840)
Stock exchanged for tax withholding and retired	(6,939)	$ (3)		(6,936)
Ending balance (in shares) at Mar. 31, 2024		32,498,570
Ending balance at Mar. 31, 2024	522,716	$ 325	$ 0	546,153		(23,762)
Ending balance (in shares) at Mar. 31, 2024			0
Beginning balance (in shares) at Dec. 31, 2023		32,812,007
Beginning balance (in shares) at Dec. 31, 2023			0
Beginning balance at Dec. 31, 2023	546,406	$ 328	$ 0	567,654		(21,576)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 8,742
Repurchase of common stock (in shares)	0
Ending balance (in shares) at Jun. 30, 2024		32,629,594
Ending balance at Jun. 30, 2024	$ 518,505	$ 326	$ 0	531,013		(12,834)
Ending balance (in shares) at Jun. 30, 2024			0
Beginning balance (in shares) at Mar. 31, 2024		32,498,570
Beginning balance (in shares) at Mar. 31, 2024			0
Beginning balance at Mar. 31, 2024	522,716	$ 325	$ 0	546,153		(23,762)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	10,928					10,928
Issuance of restricted stock units (in shares)		131,024
Issuance of restricted stock units	0	$ 1		(1)
Equity-based compensation	2,047			2,047
Common stock dividends declared	(17,186)			(17,186)
Ending balance (in shares) at Jun. 30, 2024		32,629,594
Ending balance at Jun. 30, 2024	$ 518,505	$ 326	$ 0	$ 531,013		$ (12,834)
Ending balance (in shares) at Jun. 30, 2024			0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities
Net income (loss)	$ 8,742	$ (38,195)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation, amortization, and accretion	48,860	37,220
Unrealized loss (gain) on derivative instruments	13,244	(9,860)
Equity-based compensation	3,652	29,400
Deferred income taxes	2,806	47,183
Amortization of debt issuance costs	387	322
Changes in operating assets and liabilities that provided (used) cash:
Revenue receivable	(1,403)	17,706
Prepaid expenses and other current assets	643	(2,059)
Accounts payable	(1,431)	2,204
Accrued liabilities	(920)	(5,703)
Other	0	25
Net cash provided by Operating Activities	74,580	78,243
Cash Flows from Investing Activities
Acquisition of oil and gas properties	(19,917)	(4,230)
Development of oil and gas properties	(49,914)	(39,034)
Purchase of property and equipment	(45)	(20)
Net cash used in Investing Activities	(69,876)	(43,284)
Cash Flows from Financing Activities
Proceeds from revolving credit facility	35,500	12,000
Repayments of revolving credit facility	(1,500)	(19,000)
Repayments of Vitesse Oil revolving credit facility	0	(5,000)
Dividends paid	(31,920)	(28,989)
Repurchases of common stock	0	(248)
Stock exchanged for tax withholding	(6,940)	0
Debt issuance costs	(275)	(369)
Net cash used in Financing Activities	(5,135)	(41,606)
Net (Decrease) in Cash	(431)	(6,647)
Cash—Beginning of period	552	10,007
Cash—End of period	121	3,360
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	4,376	2,132
Cash paid for income taxes	0	1,292
Supplemental Disclosure of Noncash Activity
Oil and gas properties included in accounts payable and accrued liabilities	43,391	33,118
Asset retirement obligations capitalized to oil and gas properties	0	392
Issuance of common stock to acquire Vitesse Oil	$ 0	$ 30,628

Nature of Business

Nature of Business	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business Vitesse Energy, Inc. (“Vitesse” or the “Company”) was incorporated under the General Corporation Law of the State of Delaware on August 5, 2022 as a wholly owned subsidiary of an affiliate of Jefferies Financial Group Inc. (“JFG”) for the purpose of effecting the Spin-Off of Vitesse Energy, LLC (the “Predecessor”) by JFG. On January 13, 2023, JFG completed the legal and structural separation of the Predecessor from JFG. To effect the separation, first, JFG and Jefferies Capital Partners (“JCP”), among others, undertook certain Pre-Spin-Off Transactions described below: ■ Certain members of management of the Predecessor transferred all of their equity interest in the Predecessor to JFG as repayment for loans from affiliates of JFG; ■ JFG and other holders of the Predecessor’s equity interests transferred all of their interest in the Predecessor to Vitesse in exchange for newly issued shares of common stock, par value $0.01 per share (“common stock”), of Vitesse; ■ Vitesse Oil, LLC ("Vitesse Oil") equity holders transferred their interests in Vitesse Oil to Vitesse in exchange for newly issued shares of Vitesse common stock (the “Vitesse Oil Transaction”); ■ Compensation agreements and compensation plans of the Predecessor were eliminated and replaced with new compensation plans of Vitesse, including a long-term incentive plan; ■ Vitesse entered into a Revolving Credit Facility, which amended and restated the Predecessor’s credit facility, and used the proceeds to repay in full and terminate the Vitesse Oil Revolving Credit Facility and repay the Predecessor’s credit facility; and ■ The Predecessor entered into a Separation and Distribution Agreement and Tax Matters Agreement with JFG related to the Spin-Off. JFG and JCP then distributed the Vitesse outstanding common stock held by each to their respective shareholders, and Vitesse became an independent, publicly traded company. The Company’s common stock began trading on the New York Stock Exchange on January 17, 2023 under the symbol “VTS.” The issued and outstanding member interests of the Predecessor and Vitesse Oil together represented substantially all of those businesses or investments of JFG and JCP that acquire, develop, manage and monetize non-operated oil and natural gas working, royalty and mineral interests in the United States. Immediately prior to the completion of the Spin-Off, the Company succeeded to the operations of the Predecessor. As the Predecessor and the Company were under common control, and because the Company was not a substantive entity prior to the Spin-Off, for accounting purposes the Company has succeeded to the operations of the Predecessor. The Vitesse Oil Transaction is accounted for as an asset acquisition by the Company as Vitesse Oil and the Company were not under common control. The Predecessor is a Delaware limited liability company formed on April 29, 2014. Prior to the Spin-Off, the membership interests in the Predecessor were held approximately 97.5% by affiliates of JFG and approximately 2.5% by 3B Energy, LLC (“3B”), an entity whose members are comprised of certain executives of the Company. Financial information presented for periods ended prior to January 13, 2023 is that of the Predecessor, which was organized as a tax partnership. Therefore, for periods prior to January 13, 2023 the financial statements of the Company do not reflect the impact of income taxes. As noted above, as a result of the Spin-Off, the Predecessor became a wholly owned subsidiary of Vitesse, which is organized as a taxable corporation. Therefore, the financial statements of the Company reflect the impact of income taxes applied to the consolidated results of operations of the Company, including the initial basis differences between tax and financial accounting for our assets and liabilities at the Spin-Off resulting in a one-time charge of $44.1 million to income tax expense. Financial information presented for periods ended on and after January 13, 2023 is that of the Company, which reflects the consolidated results of the Predecessor and Vitesse Oil. The business purpose of the Company is to acquire, own, explore, develop, manage, produce, exploit, and dispose of oil and gas properties. The Company is focused on returning capital to stockholders through owning and acquiring non-operated working interest and royalty interest ownership. Currently, the Company’s ownership is primarily in the core of the Bakken and Three Forks formations in the Williston Basin of North Dakota and Montana. The Company also owns non-operated interests in oil and gas properties in the Central Rockies, including the Denver-Julesburg Basin and the Powder River Basin.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Principles of Consolidation The accompanying unaudited condensed consolidated interim financial statements (the “financial statements”) include the accounts of the Company and its subsidiaries, including the Predecessor, Vitesse Oil, Vitesse Management Company LLC (“Vitesse Management”) and Vitesse Oil, Inc. Intercompany balances and transactions have been eliminated in consolidation. Interim Financial Statements These financial statements in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, these financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective interim periods. Certain information and note disclosures normally included in our annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from these financial statements pursuant to such rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading. Results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. These financial statements and other information included in this Quarterly Report on Form 10-Q should be read in conjunction with the 2023 audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. Segment and Geographic Information The Company operates in a single reportable segment. The Company’s chief operating decision maker is the Chief Executive Officer. All of the Company’s operations are conducted in the continental United States. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Depletion, depreciation, and amortization (“DD&A”) and the evaluation of proved oil and gas properties for impairment are determined using estimates of oil and gas reserves. There are numerous uncertainties in estimating the quantity of reserves and in projecting the future rates of production and timing of development expenditures, which includes lack of control over future development plans as a non-operator. Oil and gas reserve engineering is a subjective process of estimating underground accumulations of oil and gas that cannot be measured in an exact way. In addition, significant estimates include, but are not limited to, estimates relating to certain crude oil and natural gas revenues and expenses, fair value of assets acquired and liabilities assumed in business combinations, valuation of unit-based compensation, and valuation of commodity derivative instruments. Further, these estimates and other factors, including those outside of the Company’s control, such as the impact of lower commodity prices, may have a significant adverse impact to the Company’s business, financial condition, results of operations and cash flows. Cash and Cash Equivalents The Company considers all investments with an original maturity of three months or less when purchased to be cash equivalents. As of the balance sheet date and periodically throughout the quarter, balances of cash exceeded the federally insured limit. As of June 30, 2024 and December 31, 2023, the Company held no cash equivalents. Oil and Gas Properties The Company follows the successful efforts method of accounting for oil and gas activities. Under this method of accounting, costs associated with the acquisition, drilling, and equipping of successful exploratory wells and costs of successful and unsuccessful development wells are capitalized and depleted, net of estimated salvage values, using the units-of-production method on the basis of a reasonable aggregation of properties within a common geological structural feature or stratigraphic condition, such as a reservoir or field. The Company’s proved oil and gas reserve information was computed by applying the average first-day-of-the-month oil and gas price during the 12-month period ended on the balance sheet date. During the three and six months ended June 30, 2024, the Company recorded depletion expense of $25.1 million and $48.5 million, respectively. The Company’s depletion rate per Boe for the three and six months ended June 30, 2024 was $20.45 in both periods. During the three and six months ended June 30, 2023, the Company recorded depletion expense of $18.6 million, and $36.9 million, respectively. The Company’s depletion rate per Boe for the three and six months ended June 30, 2023 was $17.98 and $17.82, respectively. Exploration, geological and geophysical costs, delay rentals, and drilling costs of unsuccessful exploratory wells are charged to expense as incurred. The sale of a partial interest in a proved property is accounted for as a cost recovery, and no gain or loss is recognized as long as this treatment does not significantly affect the units-of-production amortization rate. A gain or loss is recognized for all other sales of proved properties. Costs associated with unevaluated exploratory wells are excluded from the depletable base until the determination of proved reserves, at which time those costs are reclassified to proved oil and gas properties and subject to depletion. If it is determined that the exploratory well costs were not successful in establishing proved reserves, such costs are expensed at the time of such determination. The Company reviews its oil and gas properties for impairment whenever events and circumstances indicate a decline in the recoverability of their carrying value. The Company estimates the expected future cash flows of its oil and gas properties and compares such cash flows to the carrying amount of the proved oil and gas properties to determine if the amount is recoverable. If the carrying amount exceeds the estimated undiscounted future cash flows, the Company will adjust its proved oil and gas properties to estimated fair value. The factors used to estimate fair value include estimates of reserves, future commodity prices adjusted for basis differentials, future production estimates, anticipated capital expenditures, and a discount rate commensurate with the risk associated with realizing the projected cash flows. The discount rate is a rate that management believes is representative of current market conditions and includes estimates for a risk premium and other operational risks. There were no proved oil and gas property impairments during the three and six months ended June 30, 2024 and 2023. Equity-Based Compensation The Company recognizes equity-based compensation expense associated with its long-term incentive plan (“LTIP”) awards using the straight-line method over the requisite service period, which is generally the vesting period of the award except when provisions are present that accelerate vesting, based on their grant date fair values. The Company has elected to account for forfeitures of equity awards as they occur. Revenue Recognition The Company’s revenue is derived from the sale of its produced oil and natural gas from wells in which the Company has non-operated revenue or royalty interests. The Company’s oil and natural gas are produced and sold primarily in the core of the Williston Basin in North Dakota and Montana. The sales of produced oil and natural gas are made under contracts that the operators of the wells have negotiated with customers, which typically include variable consideration based on monthly pricing tied to local indices and volumes delivered. Revenue is recorded at the point in time when control of the produced oil and natural gas transfers to the customer. Statements and payment may not be received via the operator of the wells for one The Company does not disclose the value of unsatisfied performance obligations as it applies the practical exemption which applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required. Concentrations of Credit Risk For both the three and six months ended June 30, 2024, four operators accounted for 60 percent of oil and natural gas revenue. For the three and six months ended June 30, 2023, three and four operators accounted for 50 percent and 57 percent, respectively, of oil and natural gas revenue. As of June 30, 2024 and December 31, 2023, three operators accounted for 56 percent of oil and natural gas revenue receivable. The Company’s oil and natural gas revenue receivable is generated from the sale of oil and natural gas by operators on its behalf. The Company monitors the financial condition of its operators. Income Taxes Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of current taxes plus deferred income taxes related to certain income and expenses recognized in different periods for financial and income tax reporting purposes. Deferred income tax liabilities represent the future income tax consequences of those differences, which will be taxable when liabilities are settled. Deferred income taxes may also include tax credits and net operating losses that are available to offset future income taxes. Deferred income taxes are measured by applying currently enacted tax rates. The Company accounts for uncertainty in income taxes for tax positions taken or expected to be taken in a tax return. Only tax positions that meet the more-likely-than-not recognition threshold are recognized. The Company does not have any uncertain tax positions recorded as of June 30, 2024 and December 31, 2023. Deferred Finance Charges Costs associated with the revolving credit facility are deferred and amortized to interest expense over the term of the related financing. The amount of deferred financing costs incurred, and the amortization of deferred financing costs, was immaterial for all periods presented. Derivative Financial Instruments The Company enters into derivative contracts to manage its exposure to oil and gas price volatility. Commodity derivative contracts may take the form of swaps, puts, calls, or collars. Cash settlements from the Company’s commodity price risk management activities are recorded in the month the contracts mature. Any realized gains and losses on settled derivatives, as well as mark-to-market gains or losses, are aggregated and recorded to Commodity derivative gain (loss), net on the statements of operations. The Company recognizes all derivative instruments on the balance sheets as either assets or liabilities measured at fair value. Subsequent changes in the derivatives’ fair value are recognized currently in earnings unless specific hedge accounting criteria are met. Gains and losses on derivative hedging instruments must be recorded in either other comprehensive income or current earnings, depending on the nature and designation of the instrument. The Company has elected to not designate any derivative instruments as accounting hedges, and therefore marks all commodity derivative instruments to fair value and records changes in fair value in earnings. Amounts associated with deferred premiums on derivative instruments are recorded as a component of the derivatives’ fair values (see Note 6). New Accounting Pronouncements In November 2023, FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures. The ASU updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The new guidance will be effective for the Company’s year ending December 31, 2024. The Company does not believe the new guidance will have a material impact on its consolidated financial statements and related disclosures. In December 2023, FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The ASU establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. The new guidance will be effective for the Company’s year ending December 31, 2025. The Company does not believe the new guidance will have a material impact on its consolidated financial statements and related disclosures.

Asset Acquisitions

Asset Acquisitions	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Asset Acquisitions	Asset Acquisitions The Company acquires proved developed and proved undeveloped oil and gas properties that are proximate or complementary to existing properties and leases for strategic purposes. During the three and six months ended June 30, 2024, the Company purchased proved oil and gas properties in multiple transactions for an aggregate purchase price of $13.2 million and $19.9 million, respectively. During the six months ended June 30, 2023, the Company purchased proved oil and gas properties and proved leaseholds in multiple transactions for an aggregate purchase price of $4.2 million. In addition, as part of the Spin-Off, $35.6 million of oil and gas properties and $5.0 million of net liabilities of Vitesse Oil were contributed in exchange for 2,120,312 shares of common stock of the Company for total consideration of $30.6 million.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Accounting standards require certain assets and liabilities be reported at fair value in the consolidated financial statements and provide a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the inputs and valuation techniques used to measure fair value. Fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets and liabilities in active markets and other inputs, such as interest rates, yield curves, and forward commodity price curves, that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset or liability. These Level 3 fair value measurements are based primarily on management’s own estimates using pricing models, discounted cash flow methodologies, or similar techniques taking into account the characteristics of the asset or liability. Significant Level 3 inputs include estimated future cash flows used in determining the fair value of purchased oil and gas properties. In instances where inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The Company’s assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset or liability. Recurring Fair Value Measurements As of June 30, 2024, the Company’s derivative financial instruments are composed of commodity swaps. The fair value of the swap agreements is determined under the income valuation technique using a discounted cash flow model. The fair values of options are determined under the income valuation technique using an option pricing model along with the stated amount of deferred premiums if applicable. The valuation models require a variety of inputs, including contractual terms, published forward commodity prices, volatilities for options, and discount rates, as appropriate. The Company’s estimates of fair value of derivatives include consideration of the counterparty’s creditworthiness, the Company’s creditworthiness, and the time value of money. The consideration of these factors results in an estimated exit price for each derivative asset or liability under a marketplace participant’s view. All of the significant inputs are observable, either directly or indirectly; therefore, the Company’s commodity derivative instruments are included within Level 2 of the fair value hierarchy (see Note 6). Nonrecurring Fair Value Measurements Nonrecurring measurements include the fair value of impaired proved oil and gas properties. The Company determines the estimated fair value of the impaired proved oil and gas properties by using a discounted cash flow approach with unobservable Level 3 inputs (see Note 2) at the time of impairment. The Company uses the income valuation technique to estimate the fair value of asset retirement obligations, at initial recognition, arising from the development of proved properties using the amounts and timing of expected future dismantlement costs and credit-adjusted risk-free rates. Accordingly, the fair value is based on unobservable inputs and, therefore, is included within Level 3 of the fair value hierarchy. The significant unobservable inputs include the gross cost of abandoning oil and gas wells; the economic lives of the properties; the inflation rate; and the credit-adjusted risk-free rate of the Company. Financial Instruments Not Measured at Fair Value The carrying amounts of the majority of the Company’s financial instruments, namely cash, receivables, accounts payable and accrued liabilities approximate their fair values due to the short-term nature of these instruments. The Company’s credit facility (see Note 5) has a recorded value that approximates fair market value, as it bears interest at a floating rate that approximates a current market rate.

Credit Facility

Credit Facility	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Credit Facility	Credit Facility Revolving Credit Facility In connection with the Spin-Off in January 2023, the Company entered into a secured revolving credit facility with Wells Fargo Bank, N.A., as administrative agent, and a syndicate of banks, as lenders (the “Revolving Credit Facility”). The Revolving Credit Facility amends and restates the revolving credit facility of the Predecessor (the “Prior Revolving Credit Facility”). The Predecessor, as predecessor borrower under the Prior Revolving Credit Facility, assigned the liens and existing rights, liabilities and obligations under the Prior Revolving Credit Facility to the Company pursuant to the Revolving Credit Facility. The Revolving Credit Facility will mature on April 29, 2026. The Revolving Credit Facility permits borrowing on a revolving credit basis with availability equal to the least of (1) the aggregate elected commitments, (2) the borrowing base and (3) the maximum credit amount of $500.0 million. The borrowing base under the Revolving Credit Facility is subject to regular, semi-annual redeterminations on or about April 1 and October 1 of each year based on, among other things, the value of the Company’s proved oil and natural gas reserves, as determined by the lenders in their discretion. As of June 30, 2024 and December 31, 2023, the Company’s borrowing base was $245.0 million at both dates with an aggregate elected commitment of $245.0 million and $180.0 million of which $115.0 million and $81.0 million was outstanding, respectively. At the Company’s option, borrowings under the Revolving Credit Facility bear interest at a rate unchanged from the Prior Revolving Credit Facility, which is either an adjusted forward-looking term rate based on SOFR (“Term SOFR”) or an adjusted base rate (“Base Rate”) (the highest of the administrative agent’s prime rate, the federal funds rate plus 0.50% or the 30-day Term SOFR rate plus 1.0%), plus an applicable margin expected to range from 1.75% to 2.75% with respect to Base Rate borrowings and 2.75% to 3.75% with respect to Term SOFR borrowings, in each case based on the current commitment utilization percentage. Interest is calculated and paid monthly in arrears. Additionally, the Company incurs an unused credit facility fee, paid quarterly, of 0.50% of the unutilized commitment regardless of the borrowing base utilization percentage. As of June 30, 2024 and December 31, 2023, the interest rate on the outstanding balance under the Revolving Credit Facility was 8.44% and 8.46%, respectively. Consistent with the Prior Revolving Credit Facility, the Revolving Credit Facility is guaranteed by all of the Company’s subsidiaries and is collateralized by a first priority lien on substantially all assets of Vitesse and its subsidiaries, including a first priority lien on properties representing a minimum of 85% of the total present value of the Company’s proved oil and natural gas properties. The Revolving Credit Facility contains various affirmative, negative and financial maintenance covenants. These covenants limit the Company’s ability to, among other things, incur or guarantee additional debt, make distributions to equity holders, make certain investments and acquisitions, incur certain liens or permit them to exist, enter into certain types of transactions with affiliates, merge or consolidate with another company and transfer, sell or otherwise dispose of assets. Under the Revolving Credit Facility, the Company is permitted to make cash distributions without limit to our equity holders if (i) no event of default or borrowing base deficiency (i.e., outstanding debt (including loans and letters of credit) exceeds the borrowing base) then exists or would result from such distribution and (ii) after giving effect to such distribution, (a) total outstanding credit usage does not exceed 80% of the least of (the following collectively referred to as “Commitments”): (1) $500.0 million (2) then effective borrowing base, and (3) the then-effective aggregate amount of the aggregate elected commitments and (b) as of the date of such distribution, the EBITDAX Ratio does not exceed 1.50 to 1.00. If the EBITDAX Ratio does not exceed 2.25 to 1.00, and if total outstanding credit usage does not exceed 80% of the Commitments, the Company may also make distributions if free cash flow (as defined under the Revolving Credit Facility) is greater than $0 and the Company has delivered a certificate to lenders attesting to the foregoing. The Revolving Credit Facility contains covenants requiring us to maintain the following financial ratios tested on a quarterly basis (terms below are as defined in the Revolving Credit Facility): (1) a consolidated Total Funded Debt to consolidated EBITDAX ratio of not greater than 3.0 to 1.0; and (2) a ratio of consolidated current assets to consolidated current liabilities of not less than 1.0 to 1.0. These financial covenants are consistent with the Prior Revolving Credit Facility. The Revolving Credit Facility also contains covenants that require that the Company enter into swap agreements covering not less than 40% of reasonably anticipated PDP production for the following four quarters when the Utilization Percentage, as defined in the Revolving Credit Facility, is less than 50% and covering at least 50% of reasonably anticipated PDP production for the following eight quarters if the Utilization Percentage is 50% or greater. The Revolving Credit Facility contains customary events of default, including non-payment, breach of covenants, materially incorrect representations, cross default, bankruptcy and change in control. If an event of default exists under the Revolving Credit Facility, the lenders will be able to terminate the lending commitments, accelerate the maturity of the Revolving Credit Facility and exercise other rights and remedies with respect to the collateral. The Company was in compliance with all financial covenants of the Revolving Credit Facility at June 30, 2024. Amendments and redeterminations: ■ On May 2, 2023, the Company entered into an amendment to the Revolving Credit Facility in conjunction with the regular semi-annual borrowing base redetermination that reduced the borrowing base to $245 million (primarily related to lower commodity prices), reaffirmed elected commitments at $170 million and reduced hedging requirements in certain circumstances, among other items; ■ On November 3, 2023, in conjunction with the regular semi-annual borrowing base redetermination, the Company’s borrowing based was reaffirmed and the elected commitments were increased to $180 million; ■ On January 17, 2024, the Company entered into an amendment to the Revolving Credit Facility that increased the elected commitments to $210 million and added a fifth lender to the syndicate of banks. ■ On May 20, 2024, in conjunction with the regular semi-annual borrowing base redetermination, the Company entered into an amendment to the Revolving Credit Facility that increased the elected commitments to $245 million and added a sixth lender to the syndicate of banks.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company periodically enters into various commodity hedging instruments to mitigate a portion of the effect of oil and natural gas price fluctuations. The Company classifies commodity derivative assets and liabilities as current or noncurrent commodity derivative assets or current or noncurrent commodity derivative liabilities, whichever the case may be. The following table summarizes the classification and fair value amounts of all commodity derivative instruments in the balance sheet as of June 30, 2024, as well as the gross recognized derivative assets, liabilities, and amounts offset in the balance sheet: (in thousands) GROSS RECOGNIZED FAIR VALUE ASSETS/ LIABILITIES GROSS AMOUNTS OFFSET NET RECOGNIZED FAIR VALUE ASSETS/ LIABILITIES Commodity derivative assets: Current derivative assets $ 914 $ (762) $ 152 Noncurrent derivative assets 277 — 277 Total $ 1,191 $ (762) $ 429 Commodity derivative liabilities: Current derivative liabilities $ 3,289 $ (762) $ 2,527 Total $ 3,289 $ (762) $ 2,527 The following table summarizes the classification and fair value amounts of all commodity derivative instruments in the balance sheet as of December 31, 2023, as well as the gross recognized derivative assets, liabilities, and amounts offset in the balance sheet: (in thousands) GROSS RECOGNIZED FAIR VALUE ASSETS/ LIABILITIES GROSS AMOUNTS OFFSET NET RECOGNIZED FAIR VALUE ASSETS/ LIABILITIES Commodity derivative assets: Current derivative assets $ 10,038 $ — $ 10,038 Noncurrent derivative assets 1,109 — 1,109 Total $ 11,147 $ — $ 11,147 As of June 30, 2024, the Company had the following crude oil swaps: INDEX SETTLEMENT PERIOD VOLUME HEDGED (Bbls) WEIGHTED AVERAGE ROUNDED FIXED PRICE WTI-NYMEX Q3 2024 507,500 78 WTI-NYMEX Q4 2024 490,000 78 WTI-NYMEX Q1 2025 375,000 74 WTI-NYMEX Q2 2025 360,000 75 WTI-NYMEX Q3 2025 90,000 75 WTI-NYMEX Q4 2025 90,000 75 Due to the volatility of oil prices, the estimated fair values of the Company’s commodity derivative instruments are subject to large fluctuations from period to period. The counterparties in the Company’s derivative instruments either do not require collateral or also participate in the Revolving Credit Facility; and thus have the right of offset for any derivative liabilities, with the Revolving Credit Facility secured by the Company’s oil and gas assets. For further discussion related to the fair value of the Company’s derivatives, see Note 4.

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities at June 30, 2024 and December 31, 2023 are summarized as follows: JUNE 30, DECEMBER 31, (in thousands) 2024 2023 Accrued capital expenditures $ 32,500 $ 22,800 Accrued lease operating expenses, net 3,981 3,258 Accrued compensation 1,766 3,647 Accrued dividends 3,676 1,967 Other accrued liabilities 1,074 835 Total $ 42,997 $ 32,507

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions 3B acquired common units in the Predecessor which were funded by two Initial Loans with related parties (see Note 10). As part of the funding of the Predecessor, 3B entered into two different promissory notes with VE Holding LLC, an entity owned by JFG. The promissory notes allowed 3B to borrow up to $7.875 million and $3.5 million, initially accruing interest at 10.0 percent and 3.5 percent, respectively, and had maturity dates of May 7, 2021 (the “Initial Loans”). Initially, repayment of the $3.5 million promissory note was fully guaranteed by one of the members of 3B. Each of the two Initial Loans were collateralized by all of the common units held by 3B. In 2021, the $3.5 million promissory note was amended to remove the guarantee, change the interest rate to 10.0 percent and extend the maturity date to December 31, 2023. At the same time the $7.875 million promissory note was amended to extend the maturity date to December 31, 2023. The Initial Loans between 3B and VE Holding LLC were held outside of the Predecessor and were not a liability of the Predecessor. The 3B common units and related loans were liquidated and terminated in connection with the Spin-Off. In connection with the Predecessor Company Agreement, in July 2018 certain executives entered into two separate promissory notes aggregating to $10.0 million with VE Holding LLC (the “2018 Notes”), which were collateralized by the MIUs granted to the respective executive. The 2018 Notes accrued interest at 3.0 percent per annum payable annually on December 31 and matured the earlier of July 1, 2024, an MIU exchange, or an acceleration event. The 2018 Notes could have been prepaid at any time but were subject to mandatory prepayment upon the issuance of any distributions from the Predecessor related to the MIUs held by such executives. Additionally, the 2018 Notes were considered full recourse to each respective executive for a limited time, with such recourse reduced by one-third each December 31 through 2020. As the 2018 Notes were between VE Holding LLC and the executives, they did not represent liabilities of the Predecessor. The Founder MIUs and related promissory notes were liquidated and terminated in connection with the Spin-Off. On July 1, 2016, the Predecessor entered into a separate services agreement with Vitesse Management and JETX Energy, LLC (“JETX”), formerly known as Juneau Energy, LLC, another entity owned by JFG with common management. Per this services agreement, Vitesse Management is to provide JETX certain administrative services and supervise, administer, and manage the business affairs and operations of JETX and its subsidiaries for a service provider fee of $0.2 million per month. The term of this service agreement extends for an unlimited amount of time; however, it is subject to termination by either Vitesse Management or JETX if provided written consent following the first anniversary or a final exit event. During the three and six months ended June 30, 2024, the Company recorded its net share of fees from JETX of $0.7 million and $1.4 million, respectively. During the three and six months ended June 30, 2023, the Company recorded its net share of fees from JETX of $0.7 million and $1.3 million, respectively. These fees are classified as a reduction to general and administrative expenses on the accompanying statements of operations.

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation From time to time, the Company may be involved in litigation relating to claims arising out of its operations in the normal course of business. As of the date of this report, management of the Company was unaware of any material legal proceedings against the Company. The Company maintains insurance to cover certain actions.

Equity

Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity	Equity Authorized Capital Stock The Amended and Restated Certificate of Incorporation authorized capital stock consisting of 95,000,000 shares of common stock, par value $0.01 per share and 5,000,000 shares of preferred stock, par value $0.01 per share. Common Stock During the six months ended June 30, 2024, the following transactions related to our common stock occurred: ■ 841,998 RSUs vested and were released as common stock, of which 332,840 were exchanged for tax withholding and retired by the Company. During the six months ended June 30, 2023 the following transactions related to our common stock occurred: ■ 3B transferred all of its Predecessor equity interests to JFG as repayment for the Initial Loans; ■ JFG distributed the remaining Predecessor equity interests to its shareholders in the Spin-Off, which amounted to 25,628,162 shares of common stock in the Company; ■ the Transitional Equity Award Adjustment Plan (the “Transitional Plan”), as discussed further below, was implemented and resulted in the following issuances to current and former directors and employees of JFG: ◦ 286,729 restricted stock awards; ◦ 1,475,631 restricted stock units, gross of fractional shares to be settled in cash; ■ Predecessor MIUs granted to Predecessor employees other than the Predecessor’s two founders were exchanged for 163,544 shares of common stock; ■ Vitesse Oil was contributed in exchange for 2,120,312 common shares; ■ 14,600 shares of common stock were repurchased and retired as part of our Stock Repurchase Program, as discussed further below. Preferred Stock Our Amended and Restated Certificate of Incorporation authorizes our board of directors to designate and issue from time to time one or more series of preferred stock without stockholder approval. Our board of directors may fix and determine the designation, relative rights, preferences and limitations of the shares of each such series of preferred stock. There are no present plans to issue any shares of preferred stock and there are currently no shares outstanding. Long-Term Incentive Plan The Company’s long-term incentive plan (“LTIP”) provides for the granting of various forms of equity-based awards, including stock option awards, stock appreciation rights awards, restricted stock awards, restricted stock unit awards, performance awards, cash awards and other stock-based awards to employees, directors and consultants of the Company. Under the LTIP, 3,960,000 shares were initially available to be awarded and as of June 30, 2024, there were 553,222 shares available to be granted. Restricted Stock Units The following is a summary of RSU activity during the six months ended June 30, 2024 and 2023: Shares of restricted stock unit awards Weighted-Average Price on Date of Grant Outstanding at January 1, 2024 3,152,247 $ 14.99 Granted 69,403 21.48 Vested (792,000) 14.40 Forfeited (50,000) 14.40 Outstanding at March 31, 2024 2,379,650 $ 15.39 Granted 131,024 22.91 Vested (49,998) 18.77 Forfeited — — Outstanding at June 30, 2024 2,460,676 $ 15.72 Shares of restricted stock unit awards Weighted-Average Price on Date of Grant Outstanding at January 1, 2023 — $ — Granted 3,136,456 14.43 Vested — — Forfeited — — Outstanding at March 31, 2023 3,136,456 $ 14.43 Granted 16,666 22.57 Vested — — Forfeited — — Outstanding at June 30, 2023 3,153,122 $ 14.47 For restricted stock units, the Company recognizes the grant date fair-value of awards over the requisite service period as stock-based compensation expense on a straight-line basis except when provisions are present that accelerate vesting. Restricted stock units are considered issued but not outstanding when granted. Accumulated accrued stock based compensation expense and any accrued dividends are reversed in the period when units are forfeited and the units are no longer considered issued. During the three and six months ended June 30, 2024, the Company recognized $1.9 million and $3.4 million of equity-based compensation expense relating to these restricted stock units, respectively. During the three months ended June 30, 2023, the Company recognized $1.4 million of equity-based compensation expense relating to these restricted stock units. During the six months ended June 30, 2023, the Company recognized $29.4 million of equity-based compensation expense relating to these restricted stock units of which $26.8 million, or 1,863,000 restricted stock units, was for awards that had a retirement provision and were granted to retirement-eligible employees and therefore resulted in immediate recognition of expense. As of June 30, 2024, there is $15.4 million of unrecognized equity-based compensation expense related to unvested restricted stock unit awards. The cost is expected to be recognized through February 2027, over a weighted-average period of 2.16 years. Performance Stock Units PSUs are contingent shares that may be earned over three-year performance periods. The number of PSUs to be earned is subject to a market condition, which is based on a comparison of the total shareholder return (“TSR”) achieved with respect to shares of the Company’s common stock against the TSR achieved by a defined peer group at the end of the applicable performance period. Depending on the Company’s TSR performance relative to the defined peer group, award recipients may earn between 0% and 200% of the target amount of PSUs detailed in the applicable grant notice. As the vesting criterion is linked to changes in the Company's share price, it is considered a market condition for purposes of calculating the grant-date fair value of the awards. The Company recognizes the grant date fair-value of PSUs over the requisite service period as equity-based compensation expense on a straight-line basis. Compensation expense for share-settled awards is not reversed if market conditions are not met. Accumulated accrued equity-based compensation expense and dividends are reversed in the period if the units are forfeited. The grant date fair value of PSUs was determined using a Monte Carlo simulation model. The Monte Carlo simulation model uses assumptions regarding random projections and must be repeated numerous times to achieve a probabilistic assessment. Significant assumptions used in this simulation include the Company’s expected volatility, risk-free interest rate based on U.S. Treasury yield curve rates with maturities consistent with the forecast period, and the volatilities for each of the Company’s peers. The assumptions used in valuing the PSUs granted were as follows: Grant date February 23, 2024 Forecast period (years) 2.85 Risk-free rates 4.4% Expected equity volatility 55% Stock price on grant date $21.48 Grant date fair value $22.02 The following is a summary of PSU activity during the six months ended June 30, 2024: Shares of performance stock unit awards (at target) Weighted-Average Price on Date of Grant Outstanding at January 1, 2024 — $ — Granted 104,104 22.02 Vested — — Forfeited — — Outstanding at March 31, 2024 104,104 $ 22.02 Granted — — Vested — — Forfeited — — Outstanding at June 30, 2024 104,104 $ 22.02 During the three and six months ended June 30, 2024, the Company recognized $0.2 million and $0.3 million of equity-based compensation expense relating to these performance stock units, respectively. As of June 30, 2024, there is $2.0 million of unrecognized equity-based compensation expense related to unvested PSU awards. The cost is expected to be recognized through December 2026, over a weighted-average period of 2.5 years. Transitional Equity Award Adjustment Plan JFG’s outstanding compensatory equity awards were adjusted into equity incentive awards denominated in part in shares of Vitesse common stock in connection with the Spin-Off. All adjusted awards are subject to generally the same vesting, exercisability, expiration, settlement and other material terms and conditions as applied to the applicable original JFG award immediately before the Spin-Off, except that equity awards relating to our common stock were subject to accelerated vesting, exercisability and in some cases settlement in the event of a change in control of the Company. All of the Transitional Plan equity awards discussed below were granted by JFG and therefore do not result in any compensation cost to the Company. Transitional Plan Options Each JFG stock option that did not remain an option to purchase shares of only JFG common stock was converted into both a post-Spin-Off option to purchase shares of JFG common stock and an option to purchase shares of Vitesse common stock. The exercise price of such JFG stock option and the exercise price and number of shares subject to such Vitesse stock option was adjusted so that (i) the aggregate intrinsic value of such post-Spin-Off JFG stock option and Vitesse stock option immediately after the Spin-Off equals the aggregate intrinsic value of the JFG stock option as measured immediately before the Spin-Off and (ii) the aggregate exercise price of such post-Spin-Off JFG stock option and Vitesse stock option equals the aggregate exercise price of the JFG stock option immediately before the Spin-Off, subject to rounding. Upon completion of the Spin-Off, 457,866 options were granted and none were exercised during the three and six months ended June 30, 2024 and 2023. The intrinsic option value of the options was $6.7 million at June 30, 2024 and the maximum number of shares of common stock that could be issued under the plan is 457,866. Transitional Plan Restricted Units Each JFG restricted stock unit award and performance stock unit award (other than those that will remain awards denominated in shares of only JFG stock, which includes the portion of any performance stock unit award that may be earned above the designated target level), including any additional stock units accrued as a result of dividend equivalents, was adjusted by the grant of a Vitesse restricted stock unit award. Upon completion of the Spin-Off, restricted stock units were granted in respect of these JFG awards. These restricted stock unit awards are capped at 1,475,631, gross of fractional shares to be settled in cash, and at June 30, 2024 and December 31, 2023 103,653 have a remaining performance, service or vesting condition to satisfy. These restricted stock unit awards generally accrue dividends declared on common stock but have deferred issuance dates through January 2, 2099. During the three and six months ended June 30, 2024, zero and 1,000 restricted stock units were released as common stock, net of shares cashed out as fractional units, respectively. During the three and six months ended June 30, 2023, zero and 603,249 restricted stock units were released as common stock, net of shares cashed out as fractional units, respectively. Transitional Plan Restricted Stock Awards Holders of a JFG restricted stock award received 286,729 shares of our common stock upon completion of the Spin-Off, which shares are subject to the provisions of the Transitional Plan, including generally the same risk of forfeiture and other conditions as applied to the original JFG restricted stock award. These restricted stock awards have no remaining performance or service conditions to satisfy, or any other vesting condition, and are paid dividends on common stock as declared but have deferred issuance dates through September 28, 2029. During the three and six months ended June 30, 2024, 2,915 and 52,106 restricted stock awards were released as common stock, net of shares cashed out as fractional units, respectively. During the three and six months ended June 30, 2023, 11,454 and 50,744 restricted stock awards were released as common stock, net of shares cashed out as fractional units, respectively. The remaining restricted stock units and restricted stock awards are scheduled to be released as common stock as follows: Year Restricted stock units Restricted stock awards Total 2024 114,727 5,474 120,201 2025 93,580 17,262 110,842 2026 323,138 48,619 371,757 2027 837 54,269 55,106 2028 838 32,988 33,826 Thereafter 130,985 19,793 150,778 Total 664,105 178,405 842,510 The Transitional Plan governs the terms and conditions of the new Vitesse awards issued as an adjustment to JFG awards at the effective time of the Spin-Off, but will not be used to make any grants following the Spin-Off. Stock Repurchase Program In February, 2023, the Board approved a stock repurchase program authorizing the repurchase of up to $60 million of the Company’s common stock. Under the Stock Repurchase Program, we may repurchase shares of our common stock from time to time in open market transactions or such other means as will comply with applicable rules, regulations and contractual limitations. The Board of Directors may limit or terminate the Stock Repurchase Program at any time without prior notice. The extent to which the Company repurchases its shares of common stock, and the timing of such repurchases, will depend upon market conditions and other considerations as may be considered in the Company’s sole discretion. During the six months ended June 30, 2024, the Company did not repurchase any common stock. During the six months ended June 30, 2023, the Company repurchased 14,600 shares for $0.2 million and the shares were subsequently retired. Net Income (Loss) Per Common Share The components of basic and diluted net income (loss) per share attributable to common stockholders are as follows: FOR THE THREE MONTHS ENDED FOR THE SIX MONTHS ENDED JUNE 30, JUNE 30, (in thousands except share and per share amounts) 2024 2023 2024 2023 Numerator for earnings per common share: Net income (loss) attributable to Vitesse Energy, Inc. $ 10,928 $ 9,620 $ 8,742 $ (40,027) Allocation of earnings to participating securities (1) — (932) — — Net income (loss) attributable to common shareholders $ 10,928 $ 8,688 $ 8,742 $ (40,027) Adjustment to allocation of earnings to participating securities related to diluted shares — 932 — — Net income (loss) attributable to common shareholders for diluted EPS $ 10,928 $ 9,620 $ 8,742 $ (40,027) Denominator for earnings per common share: Weighted average common shares outstanding - basic 29,485,574 28,787,389 29,429,456 28,691,356 Weighted average Transitional Share RSUs outstanding with no future service required 560,616 872,382 560,621 970,200 Denominator for basic earnings per common share 30,046,190 29,659,771 29,990,077 29,661,556 LTIP RSUs 2,436,305 3,143,599 2,450,426 — LTIP PSUs 156,156 — 156,156 — Transitional Share options 284,514 274,454 284,514 — Transitional Share RSUs with remaining performance/service obligation 103,653 — 103,653 — Denominator for diluted earnings per common share 33,026,818 33,077,824 32,984,826 29,661,556 Net income (loss) per common share: Basic $ 0.36 $ 0.29 $ 0.29 $ (1.35) Diluted $ 0.33 $ 0.29 $ 0.27 $ (1.35) Shares excluded from diluted earnings per share due to anti-dilutive effect: LTIP RSUs — — — 3,135,174 Transitional Share options — — — 274,454 (1) Certain unvested LTIP RSUs represent participating securities because they participate in nonforfeitable dividends with the common equity holders of the Company. Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. These unvested LTIP RSUs do not participate in undistributed net losses as they are not contractually obligated to do so.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and six months ended June 30, 2024 the Company recorded income tax expense of $3.7 million and $2.9 million, respectively. The provision for income taxes for the three and six months ended June 30, 2024 differs from the amount that would be provided by applying the U.S. federal statutory rate of 21% to pre-tax book loss primarily due to (i) §162(m) limitations on certain covered employee compensation and (ii) state income taxes. For the three and six months ended June 30, 2023 the Company recorded income tax expense of $6.8 million and $47.2 million, respectively. Our provision for income taxes for the three and six months ended June 30, 2023 differs from the amount that would be provided by applying the U.S. federal statutory rate of 21% to pre-tax book loss primarily due to (i) deferred tax expense reflected as a discrete item related to the change in tax status of Vitesse Energy from a partnership to a corporation as part of the Spin-Off, (ii) §162(m) limitations on certain covered employee compensation, and (iii) state income taxes. Vitesse Energy's change in tax status resulted in the recording of a $44.1 million deferred tax liability and deferred tax expense for the tax-effected excess of the historical financial reporting basis over their tax basis on the date of the Spin-Off. In addition, the Company also recorded a $2.4 million deferred tax liability in connection with its acquisition of Vitesse Oil as part of the Spin-Off.

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases In June 2024, the Company’s office space lease commenced and resulted in a $4.7 million right-of-use asset and related lease obligation that are recorded within Other noncurrent assets Other noncurrent liabilities

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 30, 2024, Vitesse’s Board of Directors declared a regular quarterly cash dividend for Vitesse’s common stock of $0.525 per share for stockholders of record as of September 16, 2024, which will be paid on September 30, 2024. Other than the above disclosure or other subsequent events disclosed elsewhere in the notes to the financial statements, there were no material subsequent events.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 10,928	$ (2,186)	$ 9,620	$ (47,815)	$ 8,742	$ (38,195)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying unaudited condensed consolidated interim financial statements (the “financial statements”) include the accounts of the Company and its subsidiaries, including the Predecessor, Vitesse Oil, Vitesse Management Company LLC (“Vitesse Management”) and Vitesse Oil, Inc. Intercompany balances and transactions have been eliminated in consolidation.
Segment and Geographic Information	Segment and Geographic Information The Company operates in a single reportable segment. The Company’s chief operating decision maker is the Chief Executive Officer. All of the Company’s operations are conducted in the continental United States.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Depletion, depreciation, and amortization (“DD&A”) and the evaluation of proved oil and gas properties for impairment are determined using estimates of oil and gas reserves. There are numerous uncertainties in estimating the quantity of reserves and in projecting the future rates of production and timing of development expenditures, which includes lack of control over future development plans as a non-operator. Oil and gas reserve engineering is a subjective process of estimating underground accumulations of oil and gas that cannot be measured in an exact way. In addition, significant estimates include, but are not limited to, estimates relating to certain crude oil and natural gas revenues and expenses, fair value of assets acquired and liabilities assumed in business combinations, valuation of unit-based compensation, and valuation of commodity derivative instruments. Further, these estimates and other factors, including those outside of the Company’s control, such as the impact of lower commodity prices, may have a significant adverse impact to the Company’s business, financial condition, results of operations and cash flows.
Cash and Cash Equivalents	The Company considers all investments with an original maturity of three months or less when purchased to be cash equivalents. As of the balance sheet date and periodically throughout the quarter, balances of cash exceeded the federally insured limit.
Oil and Gas Properties	Oil and Gas Properties The Company follows the successful efforts method of accounting for oil and gas activities. Under this method of accounting, costs associated with the acquisition, drilling, and equipping of successful exploratory wells and costs of successful and unsuccessful development wells are capitalized and depleted, net of estimated salvage values, using the units-of-production method on the basis of a reasonable aggregation of properties within a common geological structural feature or stratigraphic condition, such as a reservoir or field. The Company’s proved oil and gas reserve information was computed by applying the average first-day-of-the-month oil and gas price during the 12-month period ended on the balance sheet date. During the three and six months ended June 30, 2024, the Company recorded depletion expense of $25.1 million and $48.5 million, respectively. The Company’s depletion rate per Boe for the three and six months ended June 30, 2024 was $20.45 in both periods. During the three and six months ended June 30, 2023, the Company recorded depletion expense of $18.6 million, and $36.9 million, respectively. The Company’s depletion rate per Boe for the three and six months ended June 30, 2023 was $17.98 and $17.82, respectively. Exploration, geological and geophysical costs, delay rentals, and drilling costs of unsuccessful exploratory wells are charged to expense as incurred. The sale of a partial interest in a proved property is accounted for as a cost recovery, and no gain or loss is recognized as long as this treatment does not significantly affect the units-of-production amortization rate. A gain or loss is recognized for all other sales of proved properties. Costs associated with unevaluated exploratory wells are excluded from the depletable base until the determination of proved reserves, at which time those costs are reclassified to proved oil and gas properties and subject to depletion. If it is determined that the exploratory well costs were not successful in establishing proved reserves, such costs are expensed at the time of such determination. The Company reviews its oil and gas properties for impairment whenever events and circumstances indicate a decline in the recoverability of their carrying value. The Company estimates the expected future cash flows of its oil and gas properties and
Equity-Based Compensation	Equity-Based Compensation The Company recognizes equity-based compensation expense associated with its long-term incentive plan (“LTIP”) awards using the straight-line method over the requisite service period, which is generally the vesting period of the award except when provisions are present that accelerate vesting, based on their grant date fair values. The Company has elected to account for forfeitures of equity awards as they occur.
Revenue Recognition	Revenue Recognition The Company’s revenue is derived from the sale of its produced oil and natural gas from wells in which the Company has non-operated revenue or royalty interests. The Company’s oil and natural gas are produced and sold primarily in the core of the Williston Basin in North Dakota and Montana. The sales of produced oil and natural gas are made under contracts that the operators of the wells have negotiated with customers, which typically include variable consideration based on monthly pricing tied to local indices and volumes delivered. Revenue is recorded at the point in time when control of the produced oil and natural gas transfers to the customer. Statements and payment may not be received via the operator of the wells for one The Company does not disclose the value of unsatisfied performance obligations as it applies the practical exemption which applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required.
Concentrations of Credit Risk	Concentrations of Credit Risk For both the three and six months ended June 30, 2024, four operators accounted for 60 percent of oil and natural gas revenue. For the three and six months ended June 30, 2023, three and four operators accounted for 50 percent and 57 percent, respectively, of oil and natural gas revenue. As of June 30, 2024 and December 31, 2023, three operators accounted for 56 percent of oil and natural gas revenue receivable. The Company’s oil and natural gas revenue receivable is generated from the sale of oil and natural gas by operators on its behalf. The Company monitors the financial condition of its operators.
Income Taxes	Income Taxes Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of current taxes plus deferred income taxes related to certain income and expenses recognized in different periods for financial and income tax reporting purposes. Deferred income tax liabilities represent the future income tax consequences of those differences, which will be taxable when liabilities are settled. Deferred income taxes may also include tax credits and net operating losses that are available to offset future income taxes. Deferred income taxes are measured by applying currently enacted tax rates. The Company accounts for uncertainty in income taxes for tax positions taken or expected to be taken in a tax return. Only tax positions that meet the more-likely-than-not recognition threshold are recognized. The Company does not have any uncertain tax positions recorded as of June 30, 2024 and December 31, 2023.
Deferred Finance Charges	Deferred Finance Charges Costs associated with the revolving credit facility are deferred and amortized to interest expense over the term of the related financing. The amount of deferred financing costs incurred, and the amortization of deferred financing costs, was immaterial for all periods presented.
Derivative Financial Instruments	Derivative Financial Instruments The Company enters into derivative contracts to manage its exposure to oil and gas price volatility. Commodity derivative contracts may take the form of swaps, puts, calls, or collars. Cash settlements from the Company’s commodity price risk management activities are recorded in the month the contracts mature. Any realized gains and losses on settled derivatives, as well as mark-to-market gains or losses, are aggregated and recorded to Commodity derivative gain (loss), net on the statements of operations. The Company recognizes all derivative instruments on the balance sheets as either assets or liabilities measured at fair value. Subsequent changes in the derivatives’ fair value are recognized currently in earnings unless specific hedge accounting criteria are met. Gains and losses on derivative hedging instruments must be recorded in either other comprehensive income or current earnings, depending on the nature and designation of the instrument. The Company has elected to not designate any derivative instruments as accounting hedges, and therefore marks all commodity derivative instruments to fair value and records changes in fair value in earnings. Amounts associated with deferred premiums on derivative instruments are recorded as a component of the derivatives’ fair values (see Note 6).
New Accounting Pronouncements	New Accounting Pronouncements In November 2023, FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures. The ASU updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The new guidance will be effective for the Company’s year ending December 31, 2024. The Company does not believe the new guidance will have a material impact on its consolidated financial statements and related disclosures. In December 2023, FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The ASU establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. The new guidance will be effective for the Company’s year ending December 31, 2025. The Company does not believe the new guidance will have a material impact on its consolidated financial statements and related disclosures.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Location and Fair Value Amounts of all Commodity Derivative Instruments in Balance Sheet	The following table summarizes the classification and fair value amounts of all commodity derivative instruments in the balance sheet as of June 30, 2024, as well as the gross recognized derivative assets, liabilities, and amounts offset in the balance sheet: (in thousands) GROSS RECOGNIZED FAIR VALUE ASSETS/ LIABILITIES GROSS AMOUNTS OFFSET NET RECOGNIZED FAIR VALUE ASSETS/ LIABILITIES Commodity derivative assets: Current derivative assets $ 914 $ (762) $ 152 Noncurrent derivative assets 277 — 277 Total $ 1,191 $ (762) $ 429 Commodity derivative liabilities: Current derivative liabilities $ 3,289 $ (762) $ 2,527 Total $ 3,289 $ (762) $ 2,527 (in thousands) GROSS RECOGNIZED FAIR VALUE ASSETS/ LIABILITIES GROSS AMOUNTS OFFSET NET RECOGNIZED FAIR VALUE ASSETS/ LIABILITIES Commodity derivative assets: Current derivative assets $ 10,038 $ — $ 10,038 Noncurrent derivative assets 1,109 — 1,109 Total $ 11,147 $ — $ 11,147
Schedule of Crude Oil Swaps	As of June 30, 2024, the Company had the following crude oil swaps: INDEX SETTLEMENT PERIOD VOLUME HEDGED (Bbls) WEIGHTED AVERAGE ROUNDED FIXED PRICE WTI-NYMEX Q3 2024 507,500 78 WTI-NYMEX Q4 2024 490,000 78 WTI-NYMEX Q1 2025 375,000 74 WTI-NYMEX Q2 2025 360,000 75 WTI-NYMEX Q3 2025 90,000 75 WTI-NYMEX Q4 2025 90,000 75

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities at June 30, 2024 and December 31, 2023 are summarized as follows: JUNE 30, DECEMBER 31, (in thousands) 2024 2023 Accrued capital expenditures $ 32,500 $ 22,800 Accrued lease operating expenses, net 3,981 3,258 Accrued compensation 1,766 3,647 Accrued dividends 3,676 1,967 Other accrued liabilities 1,074 835 Total $ 42,997 $ 32,507

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Long-Term Incentive Plan	The following is a summary of RSU activity during the six months ended June 30, 2024 and 2023: Shares of restricted stock unit awards Weighted-Average Price on Date of Grant Outstanding at January 1, 2024 3,152,247 $ 14.99 Granted 69,403 21.48 Vested (792,000) 14.40 Forfeited (50,000) 14.40 Outstanding at March 31, 2024 2,379,650 $ 15.39 Granted 131,024 22.91 Vested (49,998) 18.77 Forfeited — — Outstanding at June 30, 2024 2,460,676 $ 15.72 Shares of restricted stock unit awards Weighted-Average Price on Date of Grant Outstanding at January 1, 2023 — $ — Granted 3,136,456 14.43 Vested — — Forfeited — — Outstanding at March 31, 2023 3,136,456 $ 14.43 Granted 16,666 22.57 Vested — — Forfeited — — Outstanding at June 30, 2023 3,153,122 $ 14.47 The following is a summary of PSU activity during the six months ended June 30, 2024: Shares of performance stock unit awards (at target) Weighted-Average Price on Date of Grant Outstanding at January 1, 2024 — $ — Granted 104,104 22.02 Vested — — Forfeited — — Outstanding at March 31, 2024 104,104 $ 22.02 Granted — — Vested — — Forfeited — — Outstanding at June 30, 2024 104,104 $ 22.02
Schedule of Assumptions used in Valuing the PSUs Granted	The assumptions used in valuing the PSUs granted were as follows: Grant date February 23, 2024 Forecast period (years) 2.85 Risk-free rates 4.4% Expected equity volatility 55% Stock price on grant date $21.48 Grant date fair value $22.02
Schedule of Shares Released in Future	The remaining restricted stock units and restricted stock awards are scheduled to be released as common stock as follows: Year Restricted stock units Restricted stock awards Total 2024 114,727 5,474 120,201 2025 93,580 17,262 110,842 2026 323,138 48,619 371,757 2027 837 54,269 55,106 2028 838 32,988 33,826 Thereafter 130,985 19,793 150,778 Total 664,105 178,405 842,510
Schedule of Basic and Diluted Net Income (Loss)	The components of basic and diluted net income (loss) per share attributable to common stockholders are as follows: FOR THE THREE MONTHS ENDED FOR THE SIX MONTHS ENDED JUNE 30, JUNE 30, (in thousands except share and per share amounts) 2024 2023 2024 2023 Numerator for earnings per common share: Net income (loss) attributable to Vitesse Energy, Inc. $ 10,928 $ 9,620 $ 8,742 $ (40,027) Allocation of earnings to participating securities (1) — (932) — — Net income (loss) attributable to common shareholders $ 10,928 $ 8,688 $ 8,742 $ (40,027) Adjustment to allocation of earnings to participating securities related to diluted shares — 932 — — Net income (loss) attributable to common shareholders for diluted EPS $ 10,928 $ 9,620 $ 8,742 $ (40,027) Denominator for earnings per common share: Weighted average common shares outstanding - basic 29,485,574 28,787,389 29,429,456 28,691,356 Weighted average Transitional Share RSUs outstanding with no future service required 560,616 872,382 560,621 970,200 Denominator for basic earnings per common share 30,046,190 29,659,771 29,990,077 29,661,556 LTIP RSUs 2,436,305 3,143,599 2,450,426 — LTIP PSUs 156,156 — 156,156 — Transitional Share options 284,514 274,454 284,514 — Transitional Share RSUs with remaining performance/service obligation 103,653 — 103,653 — Denominator for diluted earnings per common share 33,026,818 33,077,824 32,984,826 29,661,556 Net income (loss) per common share: Basic $ 0.36 $ 0.29 $ 0.29 $ (1.35) Diluted $ 0.33 $ 0.29 $ 0.27 $ (1.35) Shares excluded from diluted earnings per share due to anti-dilutive effect: LTIP RSUs — — — 3,135,174 Transitional Share options — — — 274,454 (1) Certain unvested LTIP RSUs represent participating securities because they participate in nonforfeitable dividends with the common equity holders of the Company. Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. These unvested LTIP RSUs do not participate in undistributed net losses as they are not contractually obligated to do so.

Nature of Business (Details)

Nature of Business (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 13, 2023	Feb. 18, 2020	Jun. 30, 2024	Dec. 31, 2023
Entity Information [Line Items]
Common stock, par value (in USD per share)			$ 0.01	$ 0.01
Income tax expense (benefit) spin-off	$ 44.1
Vitesse Energy, LLC | Jefferies Financial Group
Entity Information [Line Items]
Membership interest		97.50%
Vitesse Energy, LLC | 3B Energy, LLC
Entity Information [Line Items]
Membership interest		2.50%

Significant Accounting Polici_3

Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Cash equivalents	$ 0	$ 0

Significant Accounting Polici_4

Significant Accounting Policies - Oil and Gas Properties (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) $ / bbl	Jun. 30, 2023 USD ($) $ / bbl	Jun. 30, 2024 USD ($) $ / bbl	Jun. 30, 2023 USD ($) $ / bbl
Accounting Policies [Abstract]
Depletion expense	$ 25,100,000	$ 18,600,000	$ 48,500,000	$ 36,900,000
Depletion rate (in dollars per barrels of oil equivalent) | $ / bbl	20.45	17.98	20.45	17.82
Impairment of oil and gas properties	$ 0	$ 0	$ 0	$ 0

Significant Accounting Polici_5

Significant Accounting Policies - Revenue Recognition (Details)	6 Months Ended
	Jun. 30, 2024
Minimum
Revenue from External Customer [Line Items]
Revenue from contract with customer, payment term	1 month
Maximum
Revenue from External Customer [Line Items]
Revenue from contract with customer, payment term	6 months

Significant Accounting Polici_6

Significant Accounting Policies - Concentrations of Credit Risk (Details) - Operator Concentration Risk	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue | Three Operators
Concentration Risk [Line Items]
Concentration risk		50%
Revenue | Four Operators
Concentration Risk [Line Items]
Concentration risk	60%		60%	57%
Accounts Receivable | Three Operators
Concentration Risk [Line Items]
Concentration risk			56%		56%

Asset Acquisitions (Details)

Asset Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Asset Acquisition [Line Items]
Payments to acquire oil and gas properties	$ 13,200		$ 19,917	$ 4,230
Acquisition of Vitesse Oil, LLC		$ 30,628
Common Stock
Asset Acquisition [Line Items]
Acquisition of Vitesse Oil, LLC (in shares)		2,120,312		2,120,312
Acquisition of Vitesse Oil, LLC		$ 21
Additional Paid-In Capital
Asset Acquisition [Line Items]
Acquisition of Vitesse Oil, LLC		$ 30,607		$ 30,600
Vitesse Oil
Asset Acquisition [Line Items]
Asset acquisition, proved oil and gas property				35,600
Asset acquisition, net liabilities				$ 5,000

Credit Facility (Details)

Credit Facility (Details) - Revolving Credit Facility - Credit Facility - Line of Credit $ in Thousands	1 Months Ended	6 Months Ended
	Jan. 31, 2023	Jun. 30, 2024 USD ($) quarter	May 20, 2024 USD ($)	Jan. 17, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 03, 2023 USD ($)	May 02, 2023 USD ($)	Jan. 13, 2023 USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity								$ 500,000
Current borrowing capacity		$ 245,000			$ 245,000		$ 245,000
Elected commitment		245,000	$ 245,000	$ 210,000	180,000	$ 180,000	$ 170,000
Revolving credit facility		$ 115,000			$ 81,000
Commitment fee percentage	0.50%
Interest rate at the end of the period		8.44%			8.46%
Minimum percentage of proved present value of proved oil and natural gas properties		85%
Maximum outstanding credit usage percentage		80%
Debt instrument, EBITDAX ratio		1.50
Amount of FCF (greater than)		$ 0
Total funded debt to consolidated EBITDAX ratio		3
Consolidated current assets to consolidated current liabilities ratio		1
Utilization percentage, not less than		40%
Debt instrument, covenant term, number of covered quarters, scenario one | quarter		4
Utilization percentage (less than)		50%
Utilization percentage, covering at least		50%
Debt instrument, covenant term, number of covered quarters, scenario two | quarter		8
Utilization percentage		50%
Federal Funds Rate
Line of Credit Facility [Line Items]
Spread on margin rate	0.50%
Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Spread on margin rate	1%
Minimum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Spread on margin rate	2.75%
Minimum | Adjusted Base Rate
Line of Credit Facility [Line Items]
Spread on margin rate	1.75%
Maximum
Line of Credit Facility [Line Items]
Debt instrument, EBITDAX ratio		2.25
Maximum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Spread on margin rate	3.75%
Maximum | Adjusted Base Rate
Line of Credit Facility [Line Items]
Spread on margin rate	2.75%

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Location and Fair Value Amounts of all Commodity Derivative Instruments in Balance Sheet (Details) - Commodity Contract - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commodity derivative assets:
GROSS RECOGNIZED FAIR VALUE ASSETS/ LIABILITIES	$ 1,191	$ 11,147
GROSS AMOUNTS OFFSET	(762)	0
NET RECOGNIZED FAIR VALUE ASSETS/ LIABILITIES	429	11,147
Commodity derivative liabilities:
GROSS RECOGNIZED FAIR VALUE ASSETS/ LIABILITIES	3,289
GROSS AMOUNTS OFFSET	(762)
NET RECOGNIZED FAIR VALUE ASSETS/ LIABILITIES	2,527
Current derivative assets
Commodity derivative assets:
GROSS RECOGNIZED FAIR VALUE ASSETS/ LIABILITIES	914	10,038
GROSS AMOUNTS OFFSET	(762)	0
NET RECOGNIZED FAIR VALUE ASSETS/ LIABILITIES	152	10,038
Noncurrent derivative assets
Commodity derivative assets:
GROSS RECOGNIZED FAIR VALUE ASSETS/ LIABILITIES	277	1,109
GROSS AMOUNTS OFFSET	0	0
NET RECOGNIZED FAIR VALUE ASSETS/ LIABILITIES	$ 277	$ 1,109

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Crude Oil Swaps (Details) - Designated as Hedging Instrument	6 Months Ended
	Jun. 30, 2024 $ / bbl bbl
Crude Oil Swap, Settlement Period Q3 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount, volume | bbl	507,500
Rounded swap fixed rate | $ / bbl	78
Crude Oil Swap, Settlement Period Q4 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount, volume | bbl	490,000
Rounded swap fixed rate | $ / bbl	78
Crude Oil Swap One, Settlement Period Q1 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount, volume | bbl	375,000
Rounded swap fixed rate | $ / bbl	74
Crude Oil Swap Two, Settlement Period Q2 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount, volume | bbl	360,000
Rounded swap fixed rate | $ / bbl	75
Crude Oil Swap Three, Settlement Period Q3 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount, volume | bbl	90,000
Rounded swap fixed rate | $ / bbl	75
Crude Oil Swap Four, Settlement Period Q4 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount, volume | bbl	90,000
Rounded swap fixed rate | $ / bbl	75

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued capital expenditures	$ 32,500	$ 22,800
Accrued lease operating expenses, net	3,981	3,258
Accrued compensation	1,766	3,647
Accrued dividends	3,676	1,967
Other accrued liabilities	1,074	835
Total	$ 42,997	$ 32,507

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Jul. 01, 2016 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2021 USD ($)	Jul. 31, 2018 USD ($) promissory_note	May 31, 2017 USD ($) loan
Related Party Transaction [Line Items]
Total revenue		$ 66,598	$ 51,588	$ 127,792	$ 109,549
VE Holding LLC | 2018 Notes | Related Party
Related Party Transaction [Line Items]
Number of promissory note | promissory_note							2
Promissory note							$ 10,000
Accrued interest rate							3%
Annual reduction in recourse, percentage							0.33%
JETX Energy, LLC | Related Party
Related Party Transaction [Line Items]
Monthly service provider fee	$ 200
JETX Energy, LLC | Related Party | Services Agreement
Related Party Transaction [Line Items]
Total revenue		$ 700	$ 700	$ 1,400	$ 1,300
3B Energy, LLC | VE Holding LLC | Related Party
Related Party Transaction [Line Items]
Notes payable, related party | loan								2
3B Energy, LLC | VE Holding LLC | Initial Loans, Promissory Note 1 | Related Party
Related Party Transaction [Line Items]
Promissory note						$ 7,875		$ 7,875
Accrued interest rate								10%
3B Energy, LLC | VE Holding LLC | Initial Loans, Promissory Note 2 | Related Party
Related Party Transaction [Line Items]
Promissory note						$ 3,500		$ 3,500
Accrued interest rate						10%		3.50%

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended				6 Months Ended
	Jan. 13, 2023 shares	Jun. 30, 2024 USD ($) $ / shares shares	Mar. 31, 2024 shares	Jun. 30, 2023 USD ($) founder shares	Mar. 31, 2023 USD ($) shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) founder shares	Dec. 31, 2023 $ / shares shares	Feb. 28, 2023 USD ($)	Dec. 31, 2022 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, authorized (in shares)		95,000,000				95,000,000		95,000,000
Common stock, par value (in USD per share) | $ / shares		$ 0.01				$ 0.01		$ 0.01
Preferred stock, authorized (in shares)		5,000,000				5,000,000		5,000,000
Preferred stock, par value (in USD per share) | $ / shares		$ 0.01				$ 0.01		$ 0.01
Distribution of predecessor equity interests (in shares)							25,628,162
Predecessor, number of founders | founder				2			2
Stock repurchased and retired (in shares)						0	14,600
Equity-based compensation | $		$ 2,047		$ 1,428		$ 3,652	$ 29,400
Authorized stock repurchase amount | $									$ 60,000
Stock repurchased and retired | $					$ 248		$ 200
Transitional Equity Award Adjustment Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum shares authorized (in shares)		457,866				457,866
Options granted in period (in shares)	457,866
Options exercised (in shares)		0		0		0	0
Intrinsic value | $		$ 6,700				$ 6,700
Long-Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum shares authorized (in shares)		3,960,000				3,960,000
Number of shares available for grant (in shares)		553,222				553,222
Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock exchanged for tax withholding and retired (in shares)			332,840
Issuance of common stock in exchange for Non-Founder MIU's (in shares)					163,544		163,544
Acquisition of Vitesse Oil, LLC (in shares)					2,120,312		2,120,312
Stock repurchased and retired (in shares)					14,600
Issuance of Transitional Plan awards (in shares)					1,475,631
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested (in shares)						841,998
Stock exchanged for tax withholding and retired (in shares)						332,840
Restricted stock units | Transitional Equity Award Adjustment Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	1,475,631						1,475,631
Nonvested at period end (in shares)		103,653				103,653		103,653
Restricted stock units | Long-Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested (in shares)		49,998	792,000	0	0
Granted (in shares)		131,024	69,403	16,666	3,136,456
Equity-based compensation | $		$ 1,900		$ 1,400		$ 3,400	$ 29,400
RSUs accelerated cost amount | $						$ 26,800
RSUs accelerated cost amount (in shares)						1,863,000
Unrecognized compensation costs | $		$ 15,400				$ 15,400
Compensation cost expected to be recognized (in years)		2 years 1 month 28 days
Nonvested at period end (in shares)		2,460,676	2,379,650	3,153,122	3,136,456	2,460,676	3,153,122	3,152,247		0
Restricted stock units | Common Stock | Transitional Equity Award Adjustment Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of Transitional Plan awards (in shares)		0		0		1,000	603,249
Restricted stock awards | Transitional Equity Award Adjustment Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	286,729						286,729
Restricted stock awards | Common Stock | Transitional Equity Award Adjustment Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of Transitional Plan awards (in shares)		2,915		11,454		52,106	50,744
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance stock units, service period						3 years
Performance Shares | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PSU granted percentage of earnings						0%
Performance Shares | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PSU granted percentage of earnings						200%
Performance Shares | Long-Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested (in shares)		0	0
Granted (in shares)		0	104,104
Equity-based compensation | $		$ 200				$ 300
Unrecognized compensation costs | $		$ 2,000				$ 2,000
Compensation cost expected to be recognized (in years)						2 years 6 months
Nonvested at period end (in shares)		104,104	104,104			104,104		0

Equity - Summary of RSU Activit

Equity - Summary of RSU Activity (Details) - Restricted stock units - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Shares of restricted stock unit awards
Vested (in shares)					(841,998)
Long-Term Incentive Plan
Shares of restricted stock unit awards
Outstanding, beginning balance (in shares)	2,379,650	3,152,247	3,136,456	0	3,152,247	0
Granted (in shares)	131,024	69,403	16,666	3,136,456
Vested (in shares)	(49,998)	(792,000)	0	0
Forfeited (in shares)	0	(50,000)	0	0
Outstanding, ending balance (in shares)	2,460,676	2,379,650	3,153,122	3,136,456	2,460,676	3,153,122
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, weighted average price on date of grant, beginning balance ( in USD per share)	$ 15.39	$ 14.99	$ 14.43	$ 0	$ 14.99	$ 0
Granted, weighted average price on date of grant (in USD per share)	22.91	21.48	22.57	14.43
Vested, weighted average price on date of grant (in USD per share)	18.77	14.40	0	0
Forfeited, weighted average price on date of grant (in USD per share)	0	14.40	0	0
Outstanding, weighted average price on date of grant, ending balance ( in USD per share)	$ 15.72	$ 15.39	$ 14.47	$ 14.43	$ 15.72	$ 14.47

Equity - Schedule of Assumption

Equity - Schedule of Assumptions used in Valuing the PSUs Granted (Details) - Performance Shares	Feb. 23, 2024 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Forecast period (years)	2 years 10 months 6 days
Risk-free rates	4.40%
Expected equity volatility	55%
Stock price on grant date (in dollars per share)	$ 21.48
Grant date fair value (in dollars per share)	$ 22.02

Equity - Summary of PSU Activit

Equity - Summary of PSU Activity (Details) - Performance Shares - Long-Term Incentive Plan - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024
Shares of restricted stock unit awards
Outstanding, beginning balance (in shares)	104,104	0	0
Granted (in shares)	0	104,104
Vested (in shares)	0	0
Forfeited (in shares)	0	0
Outstanding, ending balance (in shares)	104,104	104,104	104,104
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, weighted average price on date of grant, beginning balance ( in USD per share)	$ 22.02	$ 0	$ 0
Granted, weighted average price on date of grant (in USD per share)	0	22.02
Vested, weighted average price on date of grant (in USD per share)	0	0
Forfeited, weighted average price on date of grant (in USD per share)	0	0
Outstanding, weighted average price on date of grant, ending balance ( in USD per share)	$ 22.02	$ 22.02	$ 22.02

Equity - Shares Released in Fut

Equity - Shares Released in Future (Details)	Jun. 30, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock released in future (in shares)	842,510
2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock released in future (in shares)	120,201
2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock released in future (in shares)	110,842
2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock released in future (in shares)	371,757
2027
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock released in future (in shares)	55,106
2028
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock released in future (in shares)	33,826
Thereafter
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock released in future (in shares)	150,778
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock released in future (in shares)	664,105
Restricted stock units | 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock released in future (in shares)	114,727
Restricted stock units | 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock released in future (in shares)	93,580
Restricted stock units | 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock released in future (in shares)	323,138
Restricted stock units | 2027
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock released in future (in shares)	837
Restricted stock units | 2028
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock released in future (in shares)	838
Restricted stock units | Thereafter
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock released in future (in shares)	130,985
Restricted stock awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock released in future (in shares)	178,405
Restricted stock awards | 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock released in future (in shares)	5,474
Restricted stock awards | 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock released in future (in shares)	17,262
Restricted stock awards | 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock released in future (in shares)	48,619
Restricted stock awards | 2027
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock released in future (in shares)	54,269
Restricted stock awards | 2028
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock released in future (in shares)	32,988
Restricted stock awards | Thereafter
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock released in future (in shares)	19,793

Equity - Net Income (Loss) Per

Equity - Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator for earnings per common share:
Net income (loss) attributable to Vitesse Energy, Inc.	$ 10,928	$ 9,620	$ 8,742	$ (40,027)
Allocation of earnings to participating securities	0	(932)	0	0
Net income (loss) attributable to common shareholders	10,928	8,688	8,742	(40,027)
Adjustment to allocation of earnings to participating securities related to diluted shares	0	932	0	0
Net income (loss) attributable to common shareholders for diluted EPS	$ 10,928	$ 9,620	$ 8,742	$ (40,027)
Denominator for earnings per common share:
Weighted average common shares outstanding - basic (in shares)	29,485,574	28,787,389	29,429,456	28,691,356
Weighted average Transitional Share RSUs outstanding with no future service required (in shares)	560,616	872,382	560,621	970,200
Denominator for basic earnings per common share (in shares)	30,046,190	29,659,771	29,990,077	29,661,556
Denominator for diluted earnings per common share (in shares)	33,026,818	33,077,824	32,984,826	29,661,556
Net income (loss) per common share:
Basic (in USD per share)	$ 0.36	$ 0.29	$ 0.29	$ (1.35)
Diluted (in USD per share)	$ 0.33	$ 0.29	$ 0.27	$ (1.35)
LTIP RSUs
Denominator for earnings per common share:
Share-based payment arrangements (in shares)	2,436,305	3,143,599	2,450,426	0
LTIP PSUs
Denominator for earnings per common share:
Share-based payment arrangements (in shares)	156,156	0	156,156	0
Transitional Share options
Denominator for earnings per common share:
Share-based payment arrangements (in shares)	284,514	274,454	284,514	0
Transitional Share RSUs with remaining performance/service obligation
Denominator for earnings per common share:
Share-based payment arrangements (in shares)	103,653	0	103,653	0
LTIP RSUs
Net income (loss) per common share:
Shares excluded from diluted earnings per share due to anti-dilutive effect (in shares)	0	0	0	3,135,174
Transitional Share options
Net income (loss) per common share:
Shares excluded from diluted earnings per share due to anti-dilutive effect (in shares)	0	0	0	274,454

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 13, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense		$ 3,678	$ 6,812	$ 2,946	$ 47,183
Deferred tax liability, spin-off	$ 44,100
Deferred tax expense (benefit) spin-off	44,100
Deferred tax liability, acquisition	$ 2,400

Leases (Details)

Leases (Details) $ in Millions	Jun. 30, 2024 USD ($)
Leases [Abstract]
Right-of-use assets	$ 4.7
Lease obligations	$ 4.7
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities

Subsequent Events (Details)

Subsequent Events (Details)	Jul. 30, 2024 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Cash dividend (in USD per share)	$ 0.525