Thank you for joining us. Next presenting company we have is Vitesse Energy. VTS is the ticker symbol. They're based outside of Denver, Colorado. Vitesse is actually a brand new client of Three Part Advisors. So if anyone would like a follow-up meeting or call, please reach out to me directly. Happy to set that up, and I'll introduce now Jimmy Henderson, who's the CFO, and Ben Messier is Director of Investor Relations. We're happy to have them here, and with that, I'll just turn it over to Jimmy.
All right. Thanks, Jeff. Thanks, Three Part Advisors for having us and having us as a new client. It's a great relationship. So I just want to give a little intro to what Vitesse is all about. We're kind of a different animal in the oil and gas energy world. So just gonna kind of talk through the fundamentals of what we do and our strategy and kind of how we, our mantra, and if time allows, we'll maybe talk about how things might be changing, or at least my perspective on, with the outcome of the elections and how things might be looking a little bit different going forward, as Jeff said, Ben Messier here is our Director of IR as well as Business Development. So he's a great resource.
If anybody wants to reach out directly, that'd be great, so Vitesse is, we think of ourselves, we are absolutely an oil and gas company. We invest in oil and gas operations. We have a small ownership and a lot of wells. So we kind of distribute it across a lot of different operators and a geographic area, almost all in North Dakota, so the Bakken Play, the Bakken Shale Play of North Dakota. So it's a very long duration asset. What the way that this company has evolved over time, we had over 10 years of being a private company as a Jefferies financial affiliate, where we built up the company to what we have today. So it really gives us a leg up on being able to participate in operations.
So we have 80% of our assets are undeveloped at this point, meaning have wells, have every drilling location drilled, so we've got a long time out in front of us just of drilling on our existing asset. We are very focused on our dividend. That is number one, two, and three of our strategies: dividend, dividend, dividend, as our boss Bob would say. And so every decision that we make is this investment decision supporting our dividend, allowing us to eventually grow the dividend so that everything, every decision we make on a day-to-day basis is based on that. And because we are oil-weighted, being in the Bakken Play of North Dakota, where over 90% of our revenue is oil, we think of it being inflation protected, because generally oil's a very good trade against inflation. And lastly on this slide, leverage to technology.
I think we all see the praises of the oil and gas industry a lot about what amazing things that we do to, to generate income, to keep production flowing, to do what we do better every day as an industry, and we're leveraged to that. We participate in operations that improve, amazingly year after year after year, so those are the fundamentals of what Vitesse is about. When we think about how we invest money, you know, we kind of think of this from a financial standpoint. We're an oil and gas company, yes, but we want to invest your money in a way that generates returns to allow us to pay our dividend, so we think about how do we spend money, the free cash flow that we have, how do we allocate it? First, as I've said several times now, pay the dividend. It's a fixed dividend.
Now it's $52.5 per quarter. And I think right now we're somewhere around a 7.5% yield with the current stock price. So that comes right off the top and gets paid out every quarter. Now we've been a public company for about a year and a half now. We have increased the dividend a couple of quarters ago. So not a long track record as a public company, but as a private company, we had reached the point of being in free cash flow situation, and we just continued that as a public company. And then we invest in what we call organic capital. So drilling on our existing acreage position in North Dakota. So as a small non-operated owner and leasehold, we get authorizations for expenditures or AFEs weekly from operators that are coming in and drilling on lands where we have an ownership.
And we can make the decision one by one, do we participate on that? So on the organic spending, we participate in almost 100%. That's the highest rate of return investment we have. We acquired the acreage years and years ago. Now it's being developed, part of that 80% of undeveloped acreage, asset that we have. So that gets the next chunk of capital spending from our free cash flow. And then we can augment that with more acquisitions. We can, if we feel like things are slowing down on our organic side, or we get really good opportunities with good rates of return, we can buy into other people's operations and buy them out of wells. So it's a very robust market. We can pick and choose. We can raise and lower our rate of return hurdle, decide whether to invest in that.
That's really how we can flex our spending. When we think about different pricing regimes, prices go down, we can pull back on our near-term development acquisitions, still spend on organic because it's likely very high rate of return still. That's how we adjust our spending to make sure we can pay the dividend. Then we talk about asset acquisitions. We're always looking for the bigger next big thing. We've done very few of these in the history of the company. I think probably three or four over about a 10-year period. But we're always looking for that next big opportunity that raises the company another level, gives us more scale and in size that allows us to generate some efficiencies. But those are few and far between. We call them fat pitch opportunities.
When you see us do announce something big like that, you're going to think, yeah, that was a really good investment, allows them to take this to another level. But that we spend a lot of time looking at things, but it's really hard to pull off something that is accretive to all the important measures, certainly the dividend. We do have a share buyback authorization. I can tell you that we're not very active. We haven't been active in share buyback really since we spun out a year and a half ago. We just haven't, we've had better opportunity to spend elsewhere and our stock price has performed well enough. We haven't felt like we need to invest in share buybacks and just continue to focus solely on the dividend.
Debt pay down we've got here is the last thing, but that's not because we don't think it's important. It's just our debt's fairly low right now. We're about 0.67 x debt to EBITDA for the last quarter. Our mantra is to stay below one times. That gives us a lot of flexibility and different price environments. If prices really drop, you know, sub $60, we might use a little bit of debt to continue to pay our dividend as long as we feel like it's just not a long-term downturn. It also gives us the ability to invest in more acquisitions that we might have. Just kind of keep dry powder and be very flexible with our balance sheet and keep it strong.
So that's this is what we think about every day on every decision that we make. This is really fundamental to the company right here. And I really like this slide. From an asset overview, again, we're an oil and gas company. We do think of ourselves as a financial investor, but we still have to come back to how do we look as an oil and gas company because that's the industry that we're in. We're currently producing right around 13,000 MBO per day. So 13,000 barrels of oil equivalents. Almost all of that. So 68% of that is oil from a volume metric standpoint, but from a revenue standpoint, because the difference in pricing and oil, we're over 90% oil at this point.
As I mentioned before, over 200 remaining locations on our acreage, our currently owned acreage to be developed, which is. It's great to have that long-term asset. We don't make, we don't try to sugarcoat it. We cannot really change how that asset is developed because we're reliant on operators to drill those wells and produce that oil. But the great thing about the Bakken is we're in a very good status quo situation where the rig count has been very consistent year to year, at least post-COVID. And so we kind of know how the operators are going to behave and how quickly that asset is developed. At year-end last year, we had the present value at a 10% discount of our proved developed producing assets for $521 million. So you can kind of think that's what's in the bank.
All of our additional development on top of that is what gives us our total valuation. When you add in the 1 P, what we call the proved but undeveloped wells, that now brings that up to $682 million. Again, that's at the end of last year in a different price environment. With the 200 locations, we've got over 25 years of drilling on our existing acreage. So again, a very long duration asset. This is just a depiction of our existing acreage. So all the yellow on this map is acreage where we have an ownership. We don't have 100% of each one of these yellow blocks. We could have 0.1% or 10%. It just varies depending on how much leasehold we own in each area.
So that's what gives us, when we talk about organic drilling, anytime an operator proposes a well and drills on one of these plots of land, we have an ownership in it. It can vary very much from one drilling spacing unit to the next. But that's what gives us our ownership. We have over 30 operators, exposure to a lot of different operators in the field. You can see from the chart now with Chord's consolidation as they, Whiting and Oasis merged, and then they went on to buy Enerplus. They're now our biggest operators with 23% of our acreage. We're big fans of Chord. I think they're very focused on the Bakken. They're a pure play player, and this is what they do, and they do it well.
So, and then ownership in over 7,000 wells across the basin. We kind of think of ourselves as an ETF for the Bakken. If you like the Bakken like we do, it's a great place to have exposure and continue to develop the company. We do have interest in over 7,000 producing wells. The significance of that, it gives us a lot of information to make our day-to-day decisions. We have a slide in here a little later that we have a system called Luminus that we've developed that takes all that information, information that's scraped from public sources like the North Dakota Industrial Commission. They have great, every operator is required to report certain information. So we can pull that off, add that to all the proprietary information we have.
We have data on how each operator behaves, how their cost overruns have been or how they adhere to AFEs, how they bill us, how they pay us. We can take all that information and make these decisions on a day-to-day basis about how we're going to spend our money very efficiently and underwrite them in a very accurate manner. Weekly we'll get together and say, okay, here's the AFEs we received. Where are they? Pull in all this data and make a decision about whether or not to participate. Or if we're looking at acquisitions, we can do the same thing. Here's what is being offered to us, and then we can make a decision as to whether to invest on it or not.
Source of great information as well as obviously the product production that provides us cash flow. This is again about Luminus and about how it's scalable and how it gives us the information that allows us to make decisions on a day-to-day basis. From an investment standpoint, a lot of these highlights I've touched on already. We have significant free cash flow. We have enough free cash flow to work through that matrix of pay the dividend and how much do we spend on CapEx to maintain and grow our production if that's our focus. Clearly, dividend payer said it several times that that's the strategy of the company from the beginning. High quality, long duration asset, history of economic acquisitions.
Again, everything, every dollar we spend, we're looking at what is return on invested capital that we can achieve and continue to maintain the dividend. Prudent risk management, clearly keeping our debt levels low, having exposure across a wide array of operators and geographic area. Then we hedge, and I haven't touched on that a bit. We hedge as much as we can for about a year out. So we're limited under our credit facility to a certain level, but we'll try to protect our free cash flow for about a year out and then maybe a little bit less in the second year. So we're always rolling that forward and trying to take advantage of that to protect our ability to pay the dividend and make our capital investments. Very process-oriented, spoken about how our Luminous informs our decision-making on a daily basis.
Lastly, with a strong investor alignment coming out of Jefferies, the top three shareholders of Jefferies are actually top three shareholders of Vitesse. A little over 20% of our outstanding shares are owned by them. Two of them are on our board and the third one of its related to them. We basically call them insiders. Very focused ownership. We're very strong alignment with our investor base. Just a quick word on if you're not familiar with the story from the beginning, we were a private company backed by Jefferies for, I think, 13-14 years. About a year and a half ago, January 23, we were spun out from Jefferies and that's how we became public. Jefferies no longer has an ownership, so you don't have private equity overhang that you typically see when a company goes public.
We were, in that span, distributed to all the shareholders of Jefferies and became widely held outside. And just so happens that the three top guys at Jefferies were the three top shareholders of Jefferies. They're the top three shareholders of Jefferies and became our top three shareholders. So that's the only link to Jefferies that we currently have. So it's not a traditional private equity backed situation. We might not have that overhang and selling shareholders, going forward. Got a few minutes here. So I've maybe touched a little bit on. I get, we're getting a question a lot about how do you see the world changing with the outcome of the elections. And this is a little bit of my personal viewpoint on it, but I think it's shared pretty much industry wide. You know, our industry has done well in any regime.
It really has. We've probably done a little bit better actually in a Democratic environment than Republican. But it hasn't. When I hear Trump say, "Drill, baby, drill," it's like, well, we're already drilling pretty well. We're doing all right in the U.S. I think to me what it does is it allows decisions to be made on a more fundamental view of energy needs and energy dominance as a nation over a long-term period. It doesn't have near the catchy phrase of "Drill, baby, drill," but I think it really should be energy dominance for the long-term. I think decisions like building pipelines and getting more efficient system of regulatory oversight will benefit us as an energy much more than trying to ramp up drilling past what we're already doing.
I think we're doing really well as an industry right now with a focus on return of capital to shareholders and not trying to grow, just kind of maintain where we're at. It works really well for Vitesse's strategy, and I think it works really well for the industry and for the U.S. in the long-term. So, that's sort of my view on it is I think it has long-term ramifications much more so than just week to week, and monthly increases and what we do as an industry. So with that, maybe I can turn it over to the little Q&A, and if anything I didn't touch on that you want me to elaborate on more, I'm happy to do it.
In regards to the dividend, just kind of the overall philosophy, I mean, you're pretty young in terms of being a public company. Would you say that you're aggressive in growing that dividend, year over year going forward, or just keep it flat?
We'd love to grow the dividend. Absolutely. It's a tough one. We did raise it one time since we've been public, just a couple of quarters ago. We raised it by 5%. The biggest lever on that is, are we able to make investments above and beyond the development of our organic acreage and allow production to grow and to generate more free cash flow?
I'd love to sit here and tell you that we're going to continue to have those, the ability to make those high return investments, but they are sort of lumpy in nature when they come and when they don't. We've had great success over the last year and a half making those incremental investments, but I can't tell you that we'll continue to have them year after year, so I hope so. I hope that we can find, continue to find those things, allow us to grow and increase the dividend where we want to at least do the things that support the existing dividend, so it's a hard one to answer. Yeah, sure, we'd love to grow the dividend, make investments, continue to grow it, but I can't promise that we can always do that stuff. Yes, sir.
How much oil do you need to protect that dividend?
We're probably good to $60 oil. And I say that, and you can't. It's a really hard thing to model out. So if you take the current environment and cost, $60 gets pretty tight, no doubt about it. We're probably borrowing a little bit to pay the dividend. But we have been through that environment over the course of the life of the company. And we know that when you get down to those lower levels, costs come down. You have just costs of drilling, completing wells comes down, activity decreases. So we're probably, even if you took today's cost, today's activity, $60 is pretty tough, but we know that things will adjust to that and our free cash flow will continue to be supported and allow us to pay the dividend.
So you kind of have a lot of moving parts, but we think we're good down to that level and we probably we'd cut back on our near-term development acquisition. So we have free up some cash flow to pay the dividend, not what you want to do for a long term, but we can certainly get through downturn cycles and continue to pay it. So we think about that a lot and certainly over the last few months when we've seen volatility in oil prices, like what does this look at $50-$55? What needs to be adjusted? And we just kind of cut back on spending, maybe borrow a little bit, not get too far over our skis on debt. We're able to sustain through that.
Of course, over a long period of time, you're in the 50s, at some point you're going to have to make an adjustment, but we feel like we have enough, levers to pull that we can sustain through, through cyclical downturns. Sir.
Your company has a lot of data in-house and you mentioned you're using it to make day-to-day decisions. Is there an AI modeling opportunity there at some point?
Yeah, we, it's getting there. We're, we're starting to develop that capability. And yeah, we, we can't right now say Luminous, what are Chord's wells like in this area? But we can, we can get that answer, but it's not as, not the same kind of interrelation to it. And we're evolving towards that though. Right now it's just a lot of, we have the data and we're able to cut, slice and dice and get to the information we need. It's not quite as interactive as AI would be, but it's coming. It's just that capability of even small companies like this to do AI type things is coming quickly. So we're getting there.
Just for your own decisions or can you influence other decisions too and translate it into value that way?
Yeah, it's interestingly, I can kind of give an anecdote on that. We, we're working with another operator, a private company, and they actually asked us, so refracs are a really big thing in the Bakken and we're seeing people going back in existing wells and opening up new fractures and I'm starting to see more and more of that. So, this operator came to us and said, "Can you help us understand the economics of refracs and what you're seeing out of all your operators and how they're doing?"
So, kind of sort of on a no-names basis, we were able to provide them data to show the economics of refracs and how they really are beneficial, and they then started their own refract program kind of on the heels of that, so yes, we can because we have all this data and we, we're exposed to every operator and most of these operators only have their information or they might have non-op information from where they participate, but we've got a lot more, and so it has worked for us at least in that instance of sharing that data and then we participate with them on their activity.
So it benefits us at the end of the day. That worked out well there. That's just happened recently, so it's right on top of my mind. Jeff, you got questions? You've heard the story enough. Thank you. It's a great story. Really love what we've got. And we, it's just, it's different. It's hard for, in our niche, we get kind of lumped into this non-operated public company oil and gas. There's maybe four publicly traded companies that are non-op, but they're all so very different. So I think that's the hard thing is how do you look at us compared to other oil and gas companies? We're all very different and we have a different niche from the others, but very nimble and very investor focused. So I think you can appreciate that from what we've talked about today.
Look forward to speaking with everybody in the future. Thanks a lot.