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

Rhea-AI Summary

Amen Properties, Inc. (AMEN) reported a strong performance for Q2 2022, with revenue reaching $1.0 million, a significant increase from $621 thousand in Q2 2021. The company also achieved a net income of $1.2 million, up from $471 thousand year-over-year. The improvement is attributed to heightened demand and prices for oil. Additionally, the Board approved a $10.00 per share quarterly dividend, payable on September 30, 2022. Amen will no longer hedge its oil and gas royalty revenue, highlighting the associated risk.

Positive

• Revenue of $1.0 million, up from $621 thousand in Q2 2021.
• Net income increased to $1.2 million from $471 thousand year-over-year.
• Approved quarterly dividend of $10.00 per share.

Negative

• Company will no longer hedge oil and gas royalty revenue, exposing shareholders to increased risk.

DALLAS--(BUSINESS WIRE)-- Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its quarter ended June 30, 2022. The Company posted revenue of $1.0 million and net income of $1.2 million. These results compare to revenue of $621 thousand and net income of $471 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 September 23 with a payment date of September 30.

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 second 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/20220915005388/en/

Press and Investor Relations Contact:

Kris Oliver

(972) 999-0494

Source: Amen Properties, Inc.

FAQ

What were Amen Properties' financial results for Q2 2022?

Amen Properties reported revenue of $1.0 million and net income of $1.2 million for Q2 2022.

What is the dividend amount for Amen Properties in 2022?

The approved quarterly dividend is $10.00 per share.

What is the payment date for Amen Properties' dividend?

The dividend will be paid on September 30, 2022.

Why is Amen Properties no longer hedging its revenue?

The company decided to stop hedging its oil and gas royalties, increasing risk for shareholders.