Oil stocks to watch as US oil output expected to rise in 2023

June 07, 2023 04:37 AM PDT | By Akanksha Vashisht
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  • U.S. Energy Information Administration (EIA) revised its forecast on the U.S. crude oil production 6% higher at 12.6 million barrels per day for 2023.
  • Vitesse Energy reported a net loss of US$ 47.8 million and an adjusted net income of US$ 15.6 million.
  • Energy Transfer reported revenues of US$ 18.995 billion for the March 2023 quarter.

The U.S. Energy Information Administration (EIA), in its latest announcement, revealed that it expects U.S. crude oil production to be 12.6 million barrels per day for 2023. This marks a 0.6% change over the previous forecast of 12.5 million barrels per day.

The announcement came after OPEC+ announced production cuts through 2024, which hints at the possibility of lower global oil inventories. EIA also suggested that reduced global supply of oil would put an upward pressure on crude oil prices.

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On that note, here are two oil stocks investors can examine- Vitesse Energy Inc. and Energy Transfer LP.

Vitesse Energy Inc. (NYSE: VTS)

Vitesse Energy acquires and operates oil and gas properties and also owns non-operated interests in such properties. Notably, Vitesse has non-operated working and royalty interest ownership primarily in Bakken Field in North Dakota and Montana.

For the first quarter 2023, Vitesse reported total revenue of US$ 58.7 million and an adjusted net income of US$ 15.6 million. The adjusted EBITDA for the period was US$ 40.1 million, marking a 6% increase over the previous quarter and from Q1 2022.

Image source: ©2023 Kalkine®; Data source: Company Reports

Alongside these results, Vitesse also announced its second quarterly cash dividend of US$ 0.50 per common share, which is to be paid on June 30, 2023.

Vitesse’s average oil and gas production in Q1 2023 was 11,524 boe per day, 20% higher than that in Q1 2022. Out of the total revenue, oil represented an 87% share in Q1 2023.

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Energy Transfer LP (NYSE: ET)

Energy Transfer owns and operates crude oil and natural gas facilities. The company also gathers and processes for oil and it owns the Lake Charles gas liquefaction facility. ET has one of the largest fractionation facilities in the US.

Energy Transfer’s financial results for the quarter ended March 31, 2023, showcased revenues of US$ 18.995 billion. This was lower than the company’s revenue in Q1 2023 of US$ 20.49 billion. The adjusted EBITDA for the quarter was US$ 3.433 billion, which remained flat compared to US$ 3.430 billion in Q1 2022.

Image source: ©2023 Kalkine®; Data source: Company Reports

The net income to partners for the quarter was US$ 1.11 billion, while the distribution cash flow attributable to partners was US$ 2.01 billion during the quarter. ET expects adjusted EBITDA for the full year 2023 to be between US$ 13.05 billion and US$ 13.45 billion.


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