Welcome to our dedicated page for Riley Exploration Permian news (Ticker: REPX), a resource for investors and traders seeking the latest updates and insights on Riley Exploration Permian stock.
Riley Exploration Permian, Inc. (NYSE American: REPX) is a growth-focused, independent energy company specializing in the exploration, acquisition, and production of oil and natural gas. The company's primary operations are situated in the prolific Permian Basin, with a particular emphasis on the horizontal development of the San Andres formation. Utilizing advanced evaluation techniques, technical expertise, and extensive operational experience, Riley Permian is a leader in maximizing the value of oil and natural gas assets.
Riley Permian's portfolio includes significant properties in Texas and New Mexico, as well as additional interests in Kansas and Tennessee. Recently, the company has showcased its growth trajectory through strategic acquisitions and robust organic development programs. Notably, the company achieved a 49% increase in oil production and a 62% rise in total production year-over-year in 2023, largely due to the New Mexico Acquisition.
Financially, Riley Permian reported revenues of $375 million for the full year 2023, with a net income of $112 million. The company has also demonstrated fiscal responsibility by reducing total debt and increasing dividends by 9%. As of December 31, 2023, Riley Permian's total proved reserves surged by 39%, underlining the company's strong asset base and future growth potential.
In terms of operations, the company continues to enhance its drilling activities. In the fourth quarter of 2023 alone, Riley Permian drilled and completed several horizontal wells across Texas and New Mexico. The company's innovative Enhanced Oil Recovery (EOR) pilot project in Texas, which utilizes CO2 injection, highlights its commitment to cutting-edge technology and efficient resource extraction.
Beyond its core oil and gas operations, Riley Permian is also advancing its energy infrastructure through the RPC Power LLC joint venture. This baseload power generation facility uses natural gas to power operations in Yoakum County, Texas. The company plans an expansion of this project to support the ERCOT grid with 100MW of natural gas-fueled generation and battery energy storage systems by 2025.
Looking ahead, Riley Permian's 2024 objectives include a 10% growth in oil production while strategically reducing capital expenditures. The company continues to optimize its operations and implement cost-saving measures to ensure sustainable growth and value creation for its shareholders.
For more information, please visit www.rileypermian.com.
Riley Exploration Permian (NYSE: REPX) has announced significant amendments to its senior secured revolving credit facility. The key changes include extending the facility maturity from April 2026 to December 2028, a 7% increase in borrowing base and commitment levels from $375 million to $400 million, and an expansion of the lending syndicate to nine total lenders. As of December 13, 2024, the company had drawn $117 million on the facility, leaving $283 million in available credit.
Riley Permian (REPX) reported Q3 2024 financial results with total production averaging 23.4 MBoe/d (66% oil). The company generated $72.1 million in operating cash flow and $37.8 million in Free Cash Flow. Revenue totaled $102.3 million with net income of $25.7 million ($1.21 per diluted share). The company reduced debt by $35.0 million and paid dividends of $0.36 per share. Notable operational updates include completing installation of 20 MW electrical generation capacity and discontinuing the EOR Project, resulting in a $30.2 million impairment charge.
Riley Exploration Permian (NYSE American: REPX) has announced a 6% increase in its quarterly cash dividend to $0.38 per share, payable on November 7, 2024, to stockholders of record as of October 24, 2024. This represents an increase from the previous $0.36 per share dividend distributed in the four preceding quarters. Additionally, the company has scheduled its third quarter 2024 earnings release for November 6, 2024, after U.S. financial markets close.
A conference call for investors and analysts is planned for November 7, 2024, at 9:00 a.m. CT to discuss the results and host a Q&A session. An updated company presentation will be available on Riley Permian's website prior to the call. A replay of the call will be accessible until November 21, 2024.
Riley Exploration Permian (NYSE American: REPX) reported its Q2 2024 results, showcasing a strong financial and operational performance. The company achieved a total equivalent production of 21.3 MBoe/d, including 14.7 MBbls/d of oil. Key financial highlights include $105.4 million in revenue, $51.6 million in operating cash flow, and $33.5 million in net income, equating to $1.59 per diluted share.
The company generated Free Cash Flow of $38.3 million and paid $7.5 million in dividends. Debt reduction was substantial, with $20 million repaid. An additional $25.4 million raised through equity helped facilitate the acquisition of 13,900 net acres in New Mexico.
Management highlighted cost efficiencies in drilling and completion activities, contributing to improved free cash flow. The company expanded its power joint venture, RPC Power , increasing its ownership to 50% and planning new energy projects for ERCOT.
Guidance for Q3 and full-year 2024 includes projections for drilling, completions, and production, maintaining a focus on operational efficiency and financial prudence.
Riley Exploration Permian (NYSE American: REPX) has declared a quarterly cash dividend of $0.36 per share, payable on August 8, 2024, to shareholders of record as of July 25, 2024. The company will release its Q2 2024 financial results on August 7, 2024, post-market close. Riley Permian's management will host a conference call on August 8, 2024, at 9:00 a.m. CT to discuss these results and conduct a Q&A session. The call details and a presentation will be available on the company's website, with a replay accessible until August 22, 2024.
Conduit Power and Riley Permian have announced an expansion of their joint venture, RPC Power. This agreement will enable the construction of new power generation and storage assets for the sale of energy and ancillary services to ERCOT, the Texas power grid operator. RPC Power, initially formed in March 2023, uses Riley Permian's natural gas to power oilfield operations in Yoakum County, Texas. The expansion includes plans for 100MW of natural gas-fueled generation and battery storage systems across multiple West Texas facilities, targeting commercial operations in 2025. Conduit will manage these facilities, while Riley Permian will increase its stake to 50% and supply up to 10 MMcf/d of natural gas. This initiative aims to improve grid resiliency, flexibility, and profitability, leveraging West Texas's abundant natural gas and addressing power supply shortfalls.
Riley Exploration Permian, Inc. (NYSE American: REPX) reported strong financial and operational results for the first quarter of 2024. The company achieved 20.4 MBoe/d of total equivalent production, generated $56 million of operating cash flow, and reduced debt by $15 million. Riley Permian closed on an acquisition in New Mexico, adding valuable development inventory. Despite a loss on derivatives, the company reported net income of $19 million. The company issued shares, raising approximately $25.9 million. Overall, Riley Permian's performance showed growth and strategic expansion.
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