Amen Properties Reports Results for First Quarter of 2022 and Announces Dividend

Rhea-AI Summary

Amen Properties, Inc. (AMEN) reported significant financial growth for Q1 2022, posting $927 thousand in revenue and $725 thousand in net income, up from $422 thousand and $154 thousand respectively in Q1 2021. This surge is attributed to rising demand and prices for oil. The Board approved a quarterly dividend of $10.00 per share, payable on July 7 to shareholders of record by June 30. Additionally, the company will stop hedging its oil and gas royalty revenues, highlighting the need for shareholders to consider their own risk management strategies.

Positive

• Revenue increased to $927 thousand from $422 thousand year-over-year.
• Net income rose to $725 thousand from $154 thousand year-over-year.
• Quarterly dividend of $10.00 per share reinforces shareholder returns.

Negative

• The decision to end hedging exposes shareholders to potential revenue fluctuations in oil and gas prices.

DALLAS--(BUSINESS WIRE)-- Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its quarter ended March 31, 2022. The Company posted revenue of $927 thousand and net income of $725 thousand. These results compare to revenue of $422 thousand and net income of $154 thousand for the same quarter in 2021. The Company’s improvement in revenue and profitability resulted primarily from increased demand and prices for oil.

Amen also announced that the Company’s Board of Directors has approved the payment of a quarterly dividend of $10.00 per share. The dividend will be paid to shareholders of record on June 30 with a payment date of July 7.

Finally, Amen reiterated that its Board has approved a plan whereby the Company will no longer hedge the revenue stream associated with its oil and gas royalties. “Shareholders of Amen need to understand that they hold an un-hedged long oil and gas position and should pursue their own hedging strategy if they are uncomfortable with that risk,” said Kris Oliver, Amen’s Chief Financial Officer.

The Company’s 2022 first quarter report is available for viewing or download from the company’s web site – www.amenproperties.com.

About Amen Properties:

Amen Properties owns a portfolio of cash-producing properties including real estate and oil and gas interests.

Cautionary Statement:

This document contains forward-looking statements, which involve a number of risks and uncertainties that could cause our actual results to differ materially from those reflected in the forward-looking statements. Forward-looking statements can be identified by use of the words "expect," "project," "may," "might," potential," and similar terms. AMEN Properties, Inc. ("Amen", "we" or the "Company") cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Amen's control. These factors include, but are not limited to, our ability to implement our strategic initiatives, economic, political and market conditions and price fluctuations, government and industry regulation, U.S. and global competition and other factors. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220620005578/en/

Press and Investor Relations Contact:

Kris Oliver

(972) 999-0494

Source: Amen Properties, Inc.

FAQ

What were Amen Properties' financial results for Q1 2022?

Amen Properties reported $927 thousand in revenue and $725 thousand in net income for Q1 2022.

When is the dividend payment date for Amen Properties?

The dividend payment date for Amen Properties is July 7, 2022.

How much is the quarterly dividend announced by Amen Properties?

Amen Properties announced a quarterly dividend of $10.00 per share.

What changes has Amen Properties made regarding revenue hedging?

Amen Properties will no longer hedge its oil and gas royalty revenues.

What factors contributed to Amen Properties' financial growth?

The growth in Amen Properties' financials is primarily attributed to increased demand and prices for oil.