Welcome to our dedicated page for Mexco Energy Corporation news (Ticker: MXC), a resource for investors and traders seeking the latest updates and insights on Mexco Energy Corporation stock.
Mexco Energy Corporation (symbol: MXC) is an independent oil and energy company headquartered in Midland, Texas. Specializing in the exploration, development, and production of natural gas and crude oil, Mexco Energy operates primarily within the Permian Basin, one of the most prolific oil-producing regions in the United States.
The company's operations are concentrated in two primary areas:
- Delaware Basin: This area includes Lea and Eddy Counties in New Mexico and Loving County in Texas.
- Midland Basin: Covering Reagan, Upton, Midland, Martin, Howard, and Glasscock Counties in Texas.
Mexco Energy Corporation generates revenue through the sale of oil, natural gas, and oil and gas royalty interests. The company continues to focus on expanding its production capabilities while maintaining a strong financial position to support ongoing and future projects.
Recent achievements for Mexco Energy include the successful development of several high-yield wells in the Midland Basin, which have significantly bolstered the company's production output. Mexco has also entered into key partnerships with various energy firms to optimize exploration and drilling techniques, ensuring sustained growth and profitability.
The company's commitment to innovation and efficiency in oil and gas extraction processes positions it as a significant player in the energy sector. Mexco Energy remains dedicated to sustainable practices and responsible resource management, aiming to meet the growing energy demands while minimizing environmental impact.
MGC Pharmaceuticals Ltd. (LSE: MXC, OTC: MGCLF) announced that its product ArtemiC™ is now listed as an OTC drug in the US, according to the FDA National Drug Code (NDC) Database. This milestone, facilitated by US partner AMCPharma USA, allows ArtemiC™ to enter US Pharmacy Benefit Management (PBM) networks by April 2023. AMC has placed a US$2 million order, with deliveries scheduled for Q3 and Q4 2023. ArtemiC™, which has shown effectiveness in treating moderate COVID-19 and chronic inflammatory diseases, was developed with Grat Bio® SNEDD technology, ensuring high bioavailability and safety.
Mexco Energy Corporation (NYSE American: MXC) reported a net income of $1,244,785 or $0.56 per diluted share for Q3 fiscal 2023, up from $753,302 or $0.35 in Q3 fiscal 2022. Operating revenues reached $2,581,210. For the first nine months, net income rose 102% to $3,755,173, with revenues increasing 67% to $7,355,975. The average sales price of oil was $94.06 per barrel, a 35% increase. The company plans to drill approximately 50 wells at a cost of $4 million, a 214% increase compared to last year, with no debt and $1.5 million cash on hand.
Mexco Energy Corporation (NYSE American: MXC) reported a net income of $1,211,716 or $0.55 per diluted share for Q2 fiscal 2023, up from $708,828 or $0.33 per diluted share a year earlier. Total operating revenues rose to $2,324,792. For the first half of fiscal 2023, net income was $2,510,388, a 127% increase, with revenues growing 69% to $4,774,765, driven by increased production volumes and rising oil and gas prices. The company plans to drill approximately 48 horizontal wells at an estimated cost of $4.3 million, a 237% increase from the previous year.
MEXCO Energy Corporation (NYSE American: MXC) reported a net income of $1,298,672, or $0.59 per diluted share, for the quarter ending June 30, 2022, marking a 340% increase from the previous year. The operating revenues surged by 94% to $2,449,973, driven by an 18% rise in production volumes and substantial increases in oil and gas prices—71% for oil ($109.62/barrel) and 122% for natural gas ($6.61/Mcf). The company plans to drill 52 horizontal wells at a total cost of $3,800,000, representing a 198% increase over last fiscal year.
Mexco Energy Corporation (NYSE American: MXC) reported strong financial results for the fiscal year ending March 31, 2022, with a net income of $2.86 million or $1.36 per diluted share, up from $155,932 or $0.08 per diluted share in 2021. Operating revenues surged by 135% to $6.59 million, driven by a 22% increase in production and a 93% rise in prices. The company expects to participate in the drilling of 52 horizontal wells in FY 2023 at a cost of $3.6 million. At March 31, 2022, the estimated present value of proved reserves was $31 million, reflecting a 10% rise in oil reserves.
Mexco Energy Corporation (NYSE American: MXC) reported a net income of $1,857,136, or $0.89 per diluted share, for the nine months ending December 31, 2021, contrasting with a net loss of $261,143, or $(0.13) per diluted share, in the same period of 2020. Operating revenues soared 159% to $4,413,023, driven by increased oil (22%) and natural gas (9%) production, and higher average sales prices. For Q3 FY2022, net income rose to $753,302, while revenues jumped 128% to $1,595,344. The company plans to drill 43 wells at an estimated cost of $1.2 million in FY2022.
Mexco Energy Corporation (NYSE American: MXC) reported a net income of $1,103,834 for the six months ending September 30, 2021, translating to $0.52 per diluted share, a significant recovery from a net loss of $341,640 in the same period of 2020. Operating revenues soared 180% to $2,817,679, driven by a 29% rise in oil production and a 9% increase in natural gas production. The average sales price of oil and natural gas also saw impressive gains, increasing 110% and 201% respectively. Additionally, the company has eliminated its bank debt, enhancing its financial position.
Mexco Energy Corporation (NYSE American: MXC) reported a remarkable increase in operating revenues for Q1 fiscal 2022, rising 241% to $1,264,198 compared to $370,456 in Q1 fiscal 2021. This surge resulted from a 34% boost in oil production and a 13% rise in natural gas output, alongside significant price increases for both commodities. Net income for the quarter reached $395,006, or $0.19 per diluted share, contrasting with a net loss of $299,670, or $0.15 per diluted share, a year earlier. The company plans to drill 36 horizontal wells at an estimated cost of $1,250,000 for the fiscal year.
Mexco Energy Corporation (NYSE American: MXC) reported operating revenues of $2,799,004 for fiscal year 2021, a 2% increase from 2020, driven by 14% higher oil production and 10% higher natural gas production despite a 23% drop in oil prices. The net income for the year was $155,932 or $0.08 per diluted share, recovering from a net loss of $99,478 in 2020. However, proved reserves fell by 27% for oil and 5% for natural gas, primarily due to lower prices and write-offs related to reserve limitations.
Mexco Energy Corporation (NYSE American: MXC) reported a net income of $80,497 for Q3 FY2021, up from $35,196 in Q3 FY2020. Operating revenues were $699,894, showing a decrease from $769,778 in Q2 FY2020, despite a 13% increase in oil and 8% in gas production, along with a 29% rise in gas prices, offset by a 28% decrease in oil prices. For the nine months ended December 31, 2020, the net loss was $261,143, compared to $101,777 in the prior year. The company participated in the drilling of 20 wells in FY2021, with eight completed and producing oil and gas.
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