Vitesse (VTS) 17th Annual Midwest IDEAS Conference summary

Business model and asset overview

• Operates as an upstream E&P company with interests in 7,900 wells across the Williston, Delaware, and Powder River Basins.

• Focuses on four pillars: owning assets, acquiring more, converting to free cash flow, and returning capital to shareholders.

• Maintains a diversified portfolio with an average working interest of 3.6% per well, reducing concentration risk.

• Closed over 175 acquisitions since 2013, emphasizing disciplined capital allocation and scalability.

• Recently acquired operated acreage in the Williston Basin, expanding operational flexibility.

Capital allocation and financial discipline

• Prioritizes an 11% dividend yield, with capital allocation focused on supporting and sustaining this payout.

• Maintains leverage below 1x, only exceeding temporarily for acquisitions with a plan to return to target within six months.

• Deploys excess free cash flow into high-return opportunities, including organic development and accretive acquisitions.

• All investments must be accretive to dividend-producing properties and support returns-based capital allocation.

• Uses hedging to lock in returns and minimize commodity risk, with a significant portion of production hedged through 2029.

Acquisition strategy and market approach

• Targets acquisitions in the Williston, Powder River, and DJ Basins, focusing on producing properties to avoid regulatory risk.

• Remains disciplined in competitive markets, avoiding overbidding and sticking to strict investment criteria.

• Prefers accretive acquisitions that can be immediately hedged to secure returns and support the dividend.

• Recent Powder River Basin acquisition was completed using 100% shares, with the seller retaining stockholder status.

• Avoids paying for undeveloped acreage in riskier regulatory environments, focusing on current production.