VTS on NYSE

Vitesse Energy, Inc.

American crude petroleum and natural gas company based in Wilmington2

In its 2026 annual report the company says: “We are an independent energy company focused on returning capital to stockholders through owning interests, predominantly as a non-operator, in oil and natural gas wells.”48 Its shares trade on NYSE under the symbol VTS.2

Price unavailable

Last updated Oct 20, 2026.

Overview

Compare with BLUE DOLPHIN ENERGY CO, Amplify Energy or RING ENERGY, INC., or pick any stock.

  • TickerVTS on NYSE2
  • IndustryCrude Petroleum & Natural Gas2
  • HeadquartersWilmington, United States2
  • Incorporated inDE3
  • Business address5619 Dtc Parkway, Suite 700, Greenwood Village, Co 801113
  • Filer category, Emerging growth company3
  • Legal formLimited Liability Company2
  • LEI5493007WQU87J137VH142
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 55244662

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

6.3%Operating margin5
9.2%Net margin5
13.2%Revenue growth, 20255
4.0%Return on equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Oil brought in 89% of the revenue Vitesse Energy, Inc. broke down this way in fiscal 2025.

  1. Oil$244.4M589%up 6% from 2024
  2. Natural Gas$29.6M511%up 150% from 2024
Products and services by year
Products and services202320242025
Oil$218.4M$230.2M$244.4M
Natural Gas$15.5M$11.8M$29.6M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs87¢$238.9M
  • Income tax4¢$9.8M
  • Profit9¢$25.3M

Out of $274.0M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid54¢$92.1M
  • Kept or used elsewhere46¢$78.2M

Out of $170.3M of cash from operations.5

Financial statements

Revenue6785$274.0M in 2025+182% since 2020
0$100.0M$200.0M$300.0M2020: $97.2M$97.2M20202021: $167.8M$167.8M2021+73%2022: $281.9M$281.9M2022+68%2023: $233.9M$233.9M2023−17%2024: $242.0M$242.0M2024+3%2025: $274.0M$274.0M2025+13%
Operating income6785$17.1M in 2025
-$50.0M0$50.0M$100.0M$150.0M$200.0M2020: -$33.8M-$33.8M20202021: $53.9M$53.9M20212022: $153.9M$153.9M2022+185%2023: $34.9M$34.9M2023−77%2024: $41.0M$41.0M2024+18%2025: $17.1M$17.1M2025−58%
Net income6785$25.3M in 2025
-$50.0M0$50.0M$100.0M$150.0M2020: -$8.9M-$8.9M20202021: $18.1M$18.1M20212022: $118.9M$118.9M2022+556%2023: -$19.7M-$19.7M20232024: $21.1M$21.1M20242025: $25.3M$25.3M2025+20%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Total revenue$274.0M$242.0M$233.9M
Lease operating expense$69.5M$47.6M$39.5M
Production taxes$23.4M$21.5M$21.6M
General and administrative$24.3M$23.5M$23.9M
Depletion, depreciation, amortization, and accretion$129.4M$100.3M$81.7M
Equity-based compensation$10.2M$8.1M$32.2M
Total operating expenses$256.9M$201.0M$199.1M
Operating Income$17.1M$41.0M$34.9M
Commodity derivative gain (loss), net$27.9M-$2.3M$12.5M
Interest expense-$10.2M-$10.0M-$5.3M
Other income$221.0K$89.0K$140.0K
Total other (expense) income$17.9M-$12.2M$7.3M
Income Before Income Taxes$35.1M$28.7M$42.2M
(Provision for) Benefit from Income Taxes-$9.8M-$7.7M-$61.9M
Net Income (Loss)$25.3M$21.1M-$19.7M
Net income attributable to Predecessor common unit holders$0$0$1.8M
Net Income (Loss) Attributable to Vitesse Energy, Inc.$25.3M$21.1M-$21.6M
Weighted average common shares basic (in shares)37.6M shares30.0M shares29.6M shares
Weighted average common shares diluted (in shares)39.6M shares32.9M shares29.6M shares
Net income (loss) per common share basic (in USD per share)$0.67$0.70-$0.73
Net income (loss) per common share diluted (in USD per share)$0.64$0.64-$0.73

Compare Vitesse Energy, Inc. with another company

Corporate structure

Vitesse Energy, Inc. sits at the top of its group. 5 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Vitesse Energy, Inc.

  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Vitesse Energy, Inc., latest Mar 27, 2026 (4 filings since Feb 13, 2024)
  • FR XIII PetroShale Holdings L.P. Filed SCHEDULE 13D on Vitesse Energy, Inc., latest Mar 14, 2025
  • Joseph S. Steinberg Filed SCHEDULE 13D/A on Vitesse Energy, Inc., latest Mar 11, 2025 (3 filings since Jan 23, 2023)
  • Vitesse Energy, Inc. Wilmington, Delaware, United States
    • Lucero Energy ULC Subsidiary · Alberta, Canada
    • PetroShale (US), Inc. Subsidiary · Delaware, United States
    • Vitesse Management Company LLC Subsidiary · Delaware, United States
    • Vitesse Oil, Inc. Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Vitesse Energy, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$123.0K5 Dec 31, 2025$182.0K5 Dec 31, 2024−32.4%
Operating-lease assets (leased space)$4.1M5 Dec 31, 2025$4.4M5 Dec 31, 2024−6.8%
Oil and gas properties$833.9M5 Dec 31, 2025$752.0M5 Dec 31, 2024+10.9%

Leadership

Who has led Vitesse Energy, Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (13)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Lucero Energy ULC Alberta, CA4
  • PetroShale (US), Inc. Delaware4
  • Vitesse Energy, LLC Delaware4
  • Vitesse Management Company LLC Delaware4
  • Vitesse Oil, Inc. Delaware4
  • Vitesse Oil, LLC Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 5, 20268-K Executive or director change28
  2. Aug 3, 20268-K Results of operations; Regulation FD disclosure29
  3. Jun 10, 20268-K Shareholder vote30
  4. May 4, 2026New chief executive Jamie Brett Benard becomes CEO12
  5. May 4, 20268-K Results of operations; Regulation FD disclosure31
  6. Apr 10, 20268-K Unregistered sale of shares; Other events32
  7. Apr 1, 2026New chief executive Brian Cree becomes CEO11
  8. Mar 26, 20268-K Executive or director change; Regulation FD disclosure33
  9. Mar 13, 20268-K Executive or director change; Regulation FD disclosure34
  10. Mar 2, 20268-K Results of operations; Regulation FD disclosure35
  11. Nov 3, 20258-K Results of operations; Regulation FD disclosure36
  12. Aug 4, 20258-K Results of operations; Regulation FD disclosure37
  13. Jun 4, 20258-K Other events38
  14. May 6, 20258-K Executive or director change; Shareholder vote39
  15. Jan 6, 2023New chief executive Robert W. Gerrity becomes CEO13
  16. Apr 29, 2014Founded Vitesse Energy, Inc. is founded2

Calendar

Coming up

  1. Nov 2, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported ($0.03) a share, on Nov 3, 2025.40

When it reported results

  1. Aug 3, 2026Reported quarterly or annual results29
  2. May 4, 2026Reported quarterly or annual results31
  3. Mar 2, 2026Reported quarterly or annual results35
  4. Nov 3, 2025Reported quarterly or annual results36
  5. Aug 4, 2025Reported quarterly or annual results37
  6. May 5, 2025Reported quarterly or annual results41
  7. Mar 12, 2025Reported quarterly or annual results42
  8. Nov 4, 2024Reported quarterly or annual results43

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

247 filings to the SEC since October 2021: 5 annual reports, 11 quarterly reports, 37 major events, 112 insider forms, 9 large holders, 73 other. The latest 20:

  1. Oct 5, 20268-K EDGAR
  2. Aug 17, 2026144 EDGAR
  3. Aug 14, 2026144 EDGAR
  4. Aug 10, 20264 EDGAR
  5. Aug 3, 202610-Q EDGAR
  6. Aug 3, 20268-K EDGAR
  7. Jun 29, 2026144 EDGAR
  8. Jun 17, 20264 EDGAR
  9. Jun 10, 20268-K EDGAR
  10. Jun 10, 2026144 EDGAR
  11. Jun 8, 20264 EDGAR
  12. Jun 8, 20264 EDGAR
  13. Jun 8, 20264 EDGAR
  14. Jun 8, 20264 EDGAR
  15. Jun 8, 20264 EDGAR
  16. Jun 8, 20264 EDGAR
  17. Jun 2, 2026144 EDGAR
  18. Jun 1, 20264 EDGAR
  19. May 28, 2026144 EDGAR
  20. May 27, 2026144 EDGAR

The 247 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

39 open-market trades by officers, directors and large owners since October 2021: 19 buys and 20 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 15, 2026STEINBERG JOSEPH SDirectorBuy40,882$16.16$660.7KForm 4
May 28, 2026STEINBERG JOSEPH SDirectorBuy59,118$17.00$1.0MForm 4
Mar 31, 2026Cree BrianPresident & Interim CEOSale50,000$18.51$925.5KForm 4
Mar 31, 2026O Leary DanDirectorBuy10,000$18.56$185.6KForm 4
Mar 31, 2026Henderson James PChief Financial OfficerBuy5,000$18.67$93.3KForm 4
Mar 30, 2026Cree BrianPresident & Interim CEOSale70,142$18.65$1.3MForm 4
Mar 30, 2026Henderson James PChief Financial OfficerBuy5,000$18.71$93.5KForm 4
Feb 24, 2026Gerrity Robert WChief Executive OfficerSale9,951$22.35$222.4KForm 4
Feb 24, 2026Cree BrianPresident & Interim CEOSale5,282$22.33$117.9KForm 4
Feb 24, 2026Henderson James PChief Financial OfficerSale2,366$22.31$52.8KForm 4
Jan 21, 2026Gerrity Robert WChief Executive OfficerSale36,785$19.67$723.6KForm 4
Jan 21, 2026Cree BrianPresident & Interim CEOSale1,440$19.69$28.4KForm 4
Jan 20, 2026Gerrity Robert WChief Executive OfficerSale45,463$19.29$877.0KForm 4
Jan 20, 2026Cree BrianPresident & Interim CEOSale18,000$19.33$347.9KForm 4
Jan 16, 2026Gerrity Robert WChief Executive OfficerSale31,460$19.39$610.0KForm 4
Jan 16, 2026Cree BrianPresident & Interim CEOSale19,824$19.37$384.0KForm 4
Jan 15, 2026Gerrity Robert WChief Executive OfficerSale28,994$19.83$575.0KForm 4
Jan 15, 2026Cree BrianPresident & Interim CEOSale16,190$19.82$320.9KForm 4
Jan 14, 2026Gerrity Robert WChief Executive OfficerSale90,737$20.14$1.8MForm 4
Jan 14, 2026Morella MikeVP - Chief Accounting OfficerSale5,202$20.13$104.7KForm 4

All 39 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Robert W. GerrityChief Executive Officer$570.0K$3.2M47
2025Brian J. CreePresident62$440.0K$2.1M47
2025James P. HendersonChief Financial Officer60$400.0K$1.5M47
2024Robert W. GerrityChief Executive Officer$570.0K$3.3M47
2024Brian J. CreePresident62$440.0K$1.9M47
2024James P. HendersonChief Financial Officer60$400.0K$1.5M47

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Kimmeridge Energy Management Company, LLC1,935,698$50.5M6.0%New
First Reserve GP XIII Ltd2,911,384$45.9M100.0%No change
BlackRock, Inc.2,599,228$41.0M0.0%+320,231
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.1,814,429$28.6M0.0%+1,121,614
State Street Corp1,619,762$25.5M0.0%+177,156
Punch & Associates Investment Management, Inc.1,586,924$25.0M1.2%+253,204
Dimensional Fund Advisors LP1,409,056$22.2M0.0%−3,109
Vanguard Capital Management LLC1,390,997$21.9M0.0%+133,205
Vanguard Portfolio Management LLC1,126,802$17.8M0.0%−473,168
American Century Companies Inc1,054,700$16.6M0.0%+9,335
Elgethun Capital Management938,964$14.8M2.1%+898,450
Geode Capital Management, LLC830,367$13.1M0.0%+109,715
Gabelli Funds LLC513,533$8.1M0.1%+238,729
Goldman Sachs Group Inc416,164$6.6M0.0%+96,854
First Trust Advisors LP366,658$5.8M0.0%+28,773
Cannell Capital LLC361,693$5.7M4.0%New
Morgan Stanley349,506$5.5M0.0%−33,503
Lee Danner & Bass Inc337,470$5.3M0.3%−9,000
Ameriprise Financial Inc302,299$4.8M0.0%−179,244
Northern Trust Corp283,170$4.5M0.0%+42,662
Marshall Wace, Llp263,151$4.1M0.0%+187,537
Charles Schwab Investment Management Inc260,648$4.1M0.0%+27,050
Jpmorgan Chase & Co202,256$3.2M0.0%+4,304
Vanguard Fiduciary Trust Co202,764$3.2M0.0%+20,667
Beck Mack & Oliver LLC197,940$3.1M0.1%−352

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jun 23, 2025J. French HillRepublican, HouseSale$1,001 - $15,000+51.3%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Vitesse Energy, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARVitesse Energy, Inc.1
  • CIK0001944558
  • Employer ID (EIN)88-361751148
  • Filer statusAccelerated filer an emerging growth company; not a smaller reporting company; not a shell company48
  • Incorporated inDelaware48
  • Fiscal year endsDecember 311
  • Industry code (SIC)1311 Crude Petroleum & Natural Gas1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address5619 Dtc Parkway, Suite 700, Greenwood Village, CO 801111
  • Phone720.361.25001
  • Shares outstanding42,104,317 as of Jul 31, 202610
  • Public float$638.0M as of Jun 30, 202548
  • AuditorDeloitte & Touche LLP, Denver, Colorado PCAOB ID 34; no auditor attestation of internal control over financial reporting48
  • On EDGAR sinceAug 30, 20221
  • Filings248 in all: 4 (93), 8-K (37), 144 (27), 3 (18), 10-Q (11), UPLOAD (8), CORRESP (7), DEFA14A (6)1
    All 32 form types

    10-K (4), SCHEDULE 13G/A (4), 10-12B/A (3), ARS (3), DEF 14A (3), DRSLTR (2), EFFECT (2), S-3 (2), S-8 (2), SC 13G (2), 10-12B (1), 10-K/A (1), 144/A (1), 5 (1), CERT (1), DEFM14A (1), DRS (1), DRS/A (1), PREM14A (1), SC 13D (1), SC 13D/A (1), SCHEDULE 13D (1), SCHEDULE 13D/A (1), SEC STAFF ACTION (1)

  • Latest filingsAnnual report (10-K) Mar 2, 2026
    Quarterly report (10-Q) Aug 3, 2026
    Proxy statement (DEF 14A) Apr 17, 2026
    Latest 8-K (8-K) Oct 5, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per shareVTSThe New York Stock Exchange

From the cover page of the 10-K filed Mar 2, 2026 (Section 12(b) of the Exchange Act).48

Risk factors and legal proceedings

The risks Vitesse Energy, Inc. names in Item 1A of its 10-K filed Mar 2, 2026: 48 risks under these headings, as written.48

  • Risks Relating to Our Common Stock
  • Risks Relating to Our Business
  • Risks Relating to Our Indebtedness
  • Risks Relating to Legal and Regulatory Matters
  • Risks Relating to Tax Matters
  • An active, liquid trading market for our common stock may not continue, which may limit your ability to sell your shares.
  • Vitesse is an emerging growth company and the information we provide stockholders may be different from information provided by other public companies, which may result in a less active trading market for our common stock and higher volatility in our stock price.
  • Although we expect to continue to pay dividends, we cannot provide assurance that we will pay dividends on our common stock, and our indebtedness may limit our ability to pay dividends on our common stock.
  • Certain provisions in our Amended and Restated Certificate of Incorporation, Amended and Restated Bylaws and Delaware law may discourage takeovers.
  • Stockholders percentage ownership in Vitesse may be diluted in the future.
  • Our Amended and Restated Certificate of Incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.
  • Oil and natural gas prices are volatile. Extended declines in oil and natural gas prices have adversely affected, and could in the future adversely affect, our business, financial position, results of operations and cash flow.
The other 41 risks
  • Drilling for and producing oil and natural gas are high risk activities with many uncertainties that could adversely affect our financial condition or results of operations.
  • Due to previous declines in oil and natural gas prices, we have in the past taken writedowns of our oil and natural gas properties. We may be required to record further writedowns of our oil and natural gas properties in the future.
  • We have incurred net losses in the past, in part due to fluctuations in oil and gas prices, and we may incur such losses again in the future.
  • Our estimated proved reserves are based on many assumptions that may prove to be inaccurate. Any material inaccuracies in these reserve estimates or underlying assumptions will materially affect the quantities and present value of our total reserves.
  • Our future success depends on our ability to replace reserves.
  • The present value of future net cash flows from our proved reserves is not necessarily the same as the current market value of our estimated proved reserves.
  • Our business depends on transportation and processing facilities and other assets that are owned by third parties.
  • Seasonal weather conditions, extreme climatic events, and shifts in meteorological conditions, which may be impacted by climate change, may adversely affect our and our operators’ ability to conduct drilling and completion activities and to sell oil and natural gas for periods of time or affect demand for oil and gas, in some of the areas where our properties are located.
  • The successful development and operation of our non-operated assets relies extensively on third parties, which could have an adverse effect on our financial condition and results of operations.
  • The inability of one or more of our operators to meet their financial obligations to us may adversely affect our financial results.
  • We could experience periods of higher costs as activity levels fluctuate or if oil and natural gas prices rise or as a result of macro-economic factors. These increases could reduce our profitability, cash flow, and ability to complete development activities as planned.
  • The development of our proved undeveloped reserves may take longer and may require higher levels of capital expenditures than we anticipate. Therefore, these undeveloped reserves may not be ultimately developed or produced.
  • Our acquisition strategy will subject us to certain risks associated with the inherent uncertainty in evaluating properties for which we have limited information.
  • Our business plan requires the expenditure of significant capital, which we may be unable to obtain on favorable terms or at all.
  • We may be unable to successfully integrate any assets we may acquire in the future into our business or achieve the anticipated benefits of such acquisitions.
  • The majority of our producing properties are located in the Williston Basin, making us vulnerable to risks associated with operating in one major geographic area.
  • The loss of any member of our management team, upon whose knowledge, relationships with industry participants, leadership and technical expertise we rely, could diminish our ability to conduct our operations and harm our ability to execute our business plan.
  • Deficiencies of title to our leased interests could significantly affect our financial condition.
  • We conduct business in a highly competitive industry.
  • Certain economic and geopolitical conditions, and the negative global and economic impact resulting from such conditions or any other geopolitical tensions, could materially adversely affect our business, financial condition, and results of operations.
  • Our derivatives activities could adversely affect our profitability, cash flow, results of operations and financial condition.
  • Asset retirement costs are difficult to predict and may be substantial. Unplanned costs could divert resources from other projects.
  • We depend on computer and telecommunications systems, and failures in our systems or cybersecurity threats, attacks or other disruptions could significantly disrupt our business operations.
  • Decarbonization measures and related governmental initiatives, technological advances, increased competitiveness of alternative energy sources and negative shift in market perception towards the oil and natural gas industry could reduce demand for oil and natural gas.
  • Increased attention to ESG matters, including climate change, may impact our business and access to capital.
  • Any significant reduction in the borrowing base under our Revolving Credit Facility may negatively impact our liquidity and could adversely affect our business and financial results.
  • Our Revolving Credit Facility and other agreements governing indebtedness may contain operating and financial restrictions that may restrict our business and financing activities.
  • We may not be able to generate enough cash flow to meet our debt obligations or to pay dividends to our stockholders.
  • Our ability to pay dividends to our stockholders is restricted by requirements under our Revolving Credit Facility.
  • Variable rate indebtedness could subject us to interest rate risk, which could cause our debt service obligations to increase significantly.
  • Restrictions on our ability to acquire federal leases and more stringent regulations affecting our operators’ exploration and production activities on federal lands may adversely impact our business.
  • Potential future legislation or the imposition of new or increased taxes or fees may generally affect the taxation of oil and natural gas exploration and development companies and may adversely affect our operations and cash flows.
  • Our business involves the selling and shipping of oil by rail, which involves risks of derailment, accidents and liabilities associated with cleanup and damages, as well as potential regulatory changes that may adversely impact our business, financial condition or results of operations.
  • Our derivative activities expose us to potential regulatory risks.
  • Legislative and regulatory developments could have an adverse effect on our ability to use derivative instruments to reduce the effect of volatile oil and natural gas price, interest rate and other risks associated with our business.
  • Failure to comply with federal, state and local environmental laws and regulations could result in substantial penalties and adversely affect our business.
  • Federal and state legislative and regulatory initiatives relating to hydraulic fracturing could result in increased costs and additional operating restrictions or delays.
  • The adoption of climate change legislation or regulations restricting emissions of carbon dioxide, methane, and other greenhouse gases could result in increased operating costs and reduced demand for the oil and natural gas we produce.
  • Regulatory requirements to reduce gas flaring and to further restrict emissions could have an adverse effect on our operations.
  • We could have an indemnification obligation to Jefferies in certain circumstances if the Distribution were determined not to qualify for tax-free treatment for U.S. federal tax purposes.
  • Taxable gain or loss on the sale of our common stock could be more or less than expected.

Legal proceedings

From time to time we are subject to legal, administrative and environmental proceedings before various courts, arbitration panels and governmental agencies concerning claims arising in the ordinary course of business. These proceedings include certain contract disputes, additional environmental reviews and investigations, audits and pending judicial matters. Based on our current knowledge, we believe that the amount or range of reasonably possible losses will not, either individually or in the aggregate, materially adversely affect our business, financial condition and results of operations.

The results of any litigation cannot be predicted with certainty, and an unfavorable resolution in any legal proceedings could materially affect our business, financial condition and results of operations. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

For additional information regarding our legal proceedings, refer to Note 11 (“Commitments and Contingencies”) to the Consolidated Financial Statements.

The opening of Item 3, Legal Proceedings.48

Sources

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