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 (AMEX: REPX) announced their plans to release financial and operating results for the first quarter of 2023 on May 8, 2023, after market close. Following this, a conference call will be held on May 9, 2023, at 9:00 a.m. CT, allowing investors and analysts to discuss these results and engage in a Q&A session. Interested parties can join by calling provided toll-free and toll dial-in numbers. A replay of the call will be available until May 23, 2023. Riley Exploration operates in the oil and natural gas sector, focusing on acquisition, exploration, and production.
Riley Exploration Permian, Inc. (NYSE American: REPX) has declared a cash dividend of $0.34 per share on its common stock. This dividend is scheduled for payment on May 9, 2023, to stockholders of record as of April 25, 2023. The announcement emphasizes the company’s commitment to returning value to its shareholders while continuing its focus on the acquisition, exploration, and production of oil and natural gas. This move reflects a strong cash position and signals ongoing confidence in the company's operations amidst market fluctuations.
Riley Exploration Permian, Inc. (NYSE American: REPX) has successfully completed its acquisition of New Mexico oil and natural gas assets from Pecos Oil & Gas, LLC for $330 million. The transaction was financed through $200 million in new senior unsecured notes, maturing in April 2028, and borrowings from its existing credit facility. The company also increased its credit facility's borrowing base by $100 million to $325 million. This acquisition enhances Riley's asset base and growth potential in the oil and gas sector.
Riley Exploration Permian, Inc. (NYSE American: REPX) will participate in the 35th Annual Roth Conference from March 12-14, 2023, at The Ritz Carlton, Laguna Niguel, CA. Management will engage with investors through 1-on-1 meetings on March 13 and 14. The company, focused on the acquisition, exploration, development, and production of oil and natural gas, aims to highlight its growth strategy at the conference. For investor inquiries, contact Rick D'Angelo at 405-438-0126 or via email at IR@rileypermian.com. For more information, visit www.rileypermian.com.
Riley Exploration Permian (NYSE American: REPX) reported a strong performance for Q4 2022, achieving an average oil production of 10.0 MBbls/d, a 37% year-over-year increase. The company posted net income of $27 million ($1.37 per share) despite a 10% decrease in Adjusted EBITDAX to $46 million driven by lower commodity prices. For the full year, net income reached $118 million, reflecting a robust 31% increase in oil production. The company announced a $330 million acquisition of oil assets in New Mexico, with expectations for continued growth and operational efficiency. 2023 guidance anticipates oil production of 12.8 - 13.4 MBbls/d.
Riley Exploration Permian and Conduit Power have entered a joint venture to develop on-site power generation utilizing captured flared natural gas in Yoakum County, Texas. The project aims to enhance operational efficiency by providing 20 megawatts of power, with Phase 1 delivering 10 MW expected by June 2023 and Phase 2 slated for late 2023 or early 2024. The initiative is designed to improve the reliability of power, reduce operational costs, and lower carbon emissions from the flaring process. The partnership aims to create a resilient power source amid an increasingly volatile power grid.
Riley Exploration Permian, Inc. (NYSE American: REPX) has announced a definitive agreement to acquire oil and gas assets from Pecos Oil & Gas, LLC for $330 million. The transaction will be funded through borrowings and the issuance of $200 million in senior unsecured notes. The assets include 11,700 net acres in Eddy County, NM, with current production of 7.2 MBoe/d. This acquisition is expected to significantly boost the company's Adjusted EBITDAX by ~50% and Free Cash Flow by ~70% in 2023 while maintaining the current share count. The deal is set to close in early Q2 2023.
Riley Exploration Permian, Inc. (NYSE American: REPX) has announced the release of its fourth quarter and full year 2022 financial results on March 8, 2023, after U.S. market close. A conference call is scheduled for March 9, 2023, at 9:00 a.m. CT to discuss the results and answer investor questions. Participants can dial in using the provided toll-free and toll numbers. A presentation will be made available on the company's website prior to the call. A replay of the call will be accessible until March 23, 2023.
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