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Amen Properties Reports Results for First Quarter of 2024 and Announces Dividend

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Amen Properties has reported its financial results for Q1 2024, showing a revenue increase to $1.3 million from $495 thousand in Q1 2023.

Net income rose to $702 thousand compared to $510 thousand last year. These improvements are attributed to higher commodity prices.

The Board has approved a $10.00 per share quarterly dividend, payable on July 1, 2024, to shareholders recorded on June 24, 2024.

The Board also decided to stop hedging the company's oil and gas royalties revenue, encouraging shareholders to consider their own hedging strategies.

Positive
  • Revenue increased from $495 thousand in Q1 2023 to $1.3 million in Q1 2024.
  • Net income rose from $510 thousand to $702 thousand year-over-year.
  • Improvement in financial performance is primarily due to increased commodity prices.
  • A $10.00 per share quarterly dividend has been approved by the Board.
  • Dividend payment date is July 1, 2024, for shareholders recorded by June 24, 2024.
Negative
  • The company will no longer hedge its oil and gas royalties revenue, increasing risk exposure.
  • Shareholders may need to pursue their own hedging strategies if uncomfortable with this change.

DALLAS--(BUSINESS WIRE)-- Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for the first quarter of 2024. The Company posted revenue of $1.3 million and net income of $702 thousand. These results compare to revenue of $495 thousand and net income of $510 thousand for same period in 2023. The Company’s improvement in revenue and profitability resulted primarily from increased commodity prices.

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 24, 2024, with a payment date of July 1, 2024.

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 2024 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.

Press and Investor Relations Contact:

Kris Oliver

(972) 664-4597

Source: Amen Properties, Inc.

FAQ

What were Amen Properties' Q1 2024 revenue and net income?

Amen Properties reported a Q1 2024 revenue of $1.3 million and net income of $702 thousand.

How did Amen Properties' Q1 2024 financial results compare to Q1 2023?

In Q1 2024, Amen Properties' revenue increased to $1.3 million from $495 thousand in Q1 2023, and net income rose to $702 thousand from $510 thousand.

What dividend did Amen Properties announce for Q1 2024?

Amen Properties announced a $10.00 per share quarterly dividend for Q1 2024.

When will Amen Properties pay the Q1 2024 dividend?

The Q1 2024 dividend will be paid on July 1, 2024, to shareholders recorded on June 24, 2024.

What is the new policy regarding Amen Properties' oil and gas royalties revenue?

Amen Properties' Board has decided to stop hedging the revenue from its oil and gas royalties.

What should shareholders of Amen Properties consider with the new hedging policy?

Shareholders should consider their own hedging strategies if they are uncomfortable with the increased risk from the new policy.

AMEN PROPERTIES INC

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