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

Rhea-AI Summary

Amen Properties, Inc. (Pink Sheets: AMEN) reported a decline in revenue and net income for the quarter ended September 30, 2023, compared to the same period in 2022. The company's revenue was $932 thousand with a net income of $495 thousand, down from $1.2 million in revenue and $1.1 million in net income in 2022. The decline in profitability was attributed to decreases in commodity prices. Additionally, the Board of Directors approved a quarterly dividend of $10.00 per share, to be paid to shareholders of record on December 27. The company also announced a decision to no longer hedge the revenue stream associated with its oil and gas royalties, advising shareholders to pursue their own hedging strategy if they are uncomfortable with the risk. The full report is available for viewing or download from the company’s website – www.amenproperties.com.

Positive

• The company continues to provide dividends to its shareholders, demonstrating a commitment to rewarding investors.
• The decision to no longer hedge the revenue stream associated with its oil and gas royalties may expose the company and its shareholders to increased risk, which could impact future financial performance.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its quarter ended September 30, 2023. The Company posted revenue of $932 thousand and net income of $495 thousand for the quarter. These results compare to revenue of $1.2 million and net income of $1.1 million for the same quarter in 2022. The Company’s decline in profitability versus 2022 resulted from declines 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. The dividend will be paid to shareholders of record on December 27 with a payment date of January 5.

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 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/20231213677948/en/

Press and Investor Relations Contact:

Kris Oliver

(972) 664-4597

Source: Amen Properties, Inc.

FAQ

What are the financial results of Amen Properties, Inc. (AMEN) for the quarter ended September 30, 2023?

The company reported revenue of $932 thousand and net income of $495 thousand for the quarter, down from $1.2 million in revenue and $1.1 million in net income in 2022.

What dividend has Amen Properties, Inc. (AMEN) approved for its shareholders?

The company's Board of Directors approved a quarterly dividend of $10.00 per share, to be paid to shareholders of record on December 27.

Where can I find the full report of Amen Properties, Inc. (AMEN) for the 2023 third quarter?

The full report is available for viewing or download from the company’s website – www.amenproperties.com.

Why has Amen Properties, Inc. (AMEN) decided to no longer hedge the revenue stream associated with its oil and gas royalties?

The company announced the decision to no longer hedge the revenue stream associated with its oil and gas royalties, advising shareholders to pursue their own hedging strategy if they are uncomfortable with the risk.