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

Rhea-AI Summary

Amen Properties, Inc. (AMEN) reported financial results for Q3 2022, achieving $1.2 million in revenue and $1.1 million in net income, up from $1.1 million and $641 thousand respectively in Q3 2021. This increase is attributed to improved investment income and rising demand for oil and gas. The Board also declared a $12.50 quarterly dividend per share, payable on December 30 to shareholders of record on December 23. Additionally, Amen will discontinue hedging its oil and gas revenue, encouraging shareholders to manage their own risk.

Positive

• Revenue increased by $100 thousand compared to Q3 2021.
• Net income rose by $459 thousand from the previous year.
• Dividend payment of $12.50 per share enhances shareholder value.

Negative

• Discontinuation of revenue hedging increases risk exposure for shareholders.

DALLAS--(BUSINESS WIRE)-- Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its quarter ended September 30, 2022. The Company posted revenue of $1.2 million and net income of $1.1 million. These results compare to revenue of $1.1 million and net income of $641 thousand for the same quarter in 2021. The Company’s improvement in revenue and profitability resulted primarily from improved investment income and increased demand for oil and gas.

Amen also announced that the Company’s Board of Directors has approved the payment of a quarterly dividend of $12.50 per share. The dividend will be paid to shareholders of record on December 23 with a payment date of December 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 third 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/20221212005195/en/

Press and Investor Relations Contact:

Kris Oliver

(972) 999-0494

Source: Amen Properties, Inc.

FAQ

What were Amen Properties' financial results for Q3 2022?

Amen Properties reported $1.2 million in revenue and $1.1 million in net income for Q3 2022.

When will Amen Properties pay its dividend?

The dividend will be paid on December 30 to shareholders of record on December 23.

What is the amount of the quarterly dividend declared by Amen Properties?

Amen Properties declared a quarterly dividend of $12.50 per share.

What changes did Amen Properties make regarding revenue hedging?

Amen Properties announced it will no longer hedge its oil and gas revenue, increasing risk for shareholders.