Amen Properties Reports Results for Fourth Quarter of 2023 and Announces Dividend

Rhea-AI Summary

Amen Properties, Inc. (AMEN) announced financial results for 2023, with revenue of $3.7 million and net income of $2.0 million, down from $4.1 million and $3.4 million in 2022 due to lower commodity prices. The Board approved a $10.00 quarterly dividend and a $3.85 special dividend for tithing. Amen will no longer hedge oil and gas royalties.

Positive

• Revenue of $3.7 million and net income of $2.0 million for 2023
• Decline in revenue and profitability attributed to lower commodity prices
• Board approved $10.00 quarterly dividend and $3.85 special dividend for tithing
• Company will no longer hedge oil and gas royalties

Negative

• Decrease in revenue and profitability compared to 2022
• Shareholders exposed to un-hedged oil and gas position

DALLAS--(BUSINESS WIRE)-- Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its fiscal year ended December 31, 2023. The Company posted revenue of $3.7 million and net income of $2.0 million. These results compare to revenue of $4.1 million and net income of $3.4 million for 2022. The Company’s decline in revenue and profitability resulted primarily from a decrease in 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. Additionally, the Board approved payment of a special dividend of $3.85 per share to satisfy the Company’s tithing obligation for 2023. Both dividends will be paid to shareholders of record on March 29 with a payment date of April 12.

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 2023 annual 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/20240322126632/en/

Press and Investor Relations Contact:

Kris Oliver

(972) 664-4597

Source: Amen Properties, Inc.

FAQ

What were Amen Properties, Inc.'s revenue and net income for 2023?

Amen Properties, Inc. reported revenue of $3.7 million and net income of $2.0 million for 2023.

Why did Amen Properties, Inc.'s revenue and profitability decline in 2023?

The decline in revenue and profitability was primarily due to a decrease in commodity prices.

What dividends did Amen Properties, Inc. announce for its shareholders?

Amen Properties, Inc. approved a $10.00 quarterly dividend and a $3.85 special dividend for tithing.

What change did Amen Properties, Inc. make regarding hedging?

Amen Properties, Inc. decided to no longer hedge the revenue stream associated with its oil and gas royalties.