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

Rhea-AI Summary

Amen Properties, Inc. announces Q2 2023 financial results with revenue of $1.2M and net income of $637K, a decline compared to Q2 2022. Board approves quarterly dividend of $10.00 per share. Company will no longer hedge oil and gas royalties.

Positive

• Revenue of $1.2M and net income of $637K for Q2 2023
• Approval of quarterly dividend of $10.00 per share

Negative

• Decline in profitability compared to Q2 2022
• Company will no longer hedge oil and gas royalties

DALLAS--(BUSINESS WIRE)-- Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its quarter ended June 30, 2023. The Company posted revenue of $1.2 million and net income of $637 thousand for the quarter. These results compare to revenue of $1.0 million and net income of $1.2 million for the same quarter in 2022. The Company’s decline in profitability versus 2022 resulted from a decrease in investment income.

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 October 6 with a payment date of October 13.

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 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/20230922017300/en/

Press and Investor Relations Contact:

Kris Oliver

(972) 664-4597

Source: Amen Properties, Inc.