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 American: REPX) will participate in several upcoming investor conferences. Key events include the 2022 Louisiana Energy Conference on June 2-3 in New Orleans, with a panel presentation on June 3 at 8:00 am CT. They will also attend the 12th Annual LD Micro Invitational from June 7-9 in Los Angeles, featuring a presentation on June 7 at 3:30 PT. Lastly, they will join the 8th Annual Roth London Conference on June 22-23 in London for 1-on-1 meetings.
Riley Exploration Permian reported Q2 FY2022 results with an average oil production of 7.5 MBbls per day, a 24% increase year-over-year. Despite a net loss of $7 million, the adjusted net income was $19 million, with operating cash flow of $30 million. The company generated $34 million in Adjusted EBITDAX and paid $6 million in dividends. Proved reserves stand at 73 MMBoe, with a PV-10 value of $1,090 million. Future guidance includes increased production volumes for Q3 and FY2022, with capital expenditures planned at $102-111 million for the year.
Riley Exploration Permian announced an amendment to its senior secured revolving credit facility, extending the maturity from September 2023 to April 2026. The borrowing base increased by 14%, from $175 million to $200 million. The amendment also relaxed minimum hedging requirements, allowing for more flexible hedging decisions. As of April 29, 2022, the company had $63 million drawn on the facility with $137 million available. The new hedge requirements cover 25% of forecasted PDP production volumes for the next 24 months, down from 50%.
Riley Exploration Permian (NYSE American: REPX) plans to release its fiscal second-quarter 2022 financial and operating results on May 11, 2022, post-market close. Management will host a conference call on May 12, 2022, at 10:00 a.m. CT, to discuss the results and conduct a Q&A session. Participants can join by dialing 1 (888) 330-2214 (toll-free) or 1 (646) 960-0161 (toll). A replay will be available until May 26, 2022. The company is focused on oil and natural gas acquisition, exploration, and production.
Riley Exploration Permian, Inc. (NYSE American: REPX) has announced a cash dividend of $0.31 per share on its common stock. This dividend will be paid on May 5, 2022 to stockholders of record by the close of business on April 21, 2022. The declaration reflects the company's commitment to returning value to its shareholders while focusing on growth in oil and natural gas production.
On March 17, 2022, Riley Exploration Permian (NYSE American: REPX) announced a stock distribution of 400,000 shares made by Yorktown Energy Partners V to its partners after market close on March 16, 2022. Post-distribution, Yorktown V holds 215,784 shares (1.1% of total shares), while entities managed by Yorktown Partners own approximately 30% of Riley Permian. CEO Bobby D. Riley noted that the public float has increased to about 3.99 million shares, enhancing liquidity for investors.
Riley Exploration Permian (REPX) reported a strong fiscal first quarter for 2022, highlighting a 31% increase in production to 9.9 MBoe per day, with 73% from oil. The company achieved a net income of $21.4 million and generated $27.1 million in Adjusted EBITDAX. Operating cash flow was reported at $21.7 million, with capital expenditures totaling $20.7 million. The company declared dividends of $0.31 per share, amounting to $6.1 million. Positive developments include progress on their EOR project and upcoming capital spending guidance of $26-$32 million.
Riley Exploration Permian (NYSE American: REPX) announced the appointment of Rebecca L. Bayless to its Board of Directors, expanding the Board from five to six members, effective January 25, 2022. Bayless brings over 25 years of experience in the oil and gas sector, having held crucial financial roles in successful E&P companies. The Company plans to release its financial results for Q1 2022 on February 14, 2022, followed by a conference call on February 15, 2022, at 10:00 a.m. CT.
Riley Exploration Permian (NYSE American: REPX) declared a quarterly cash dividend of $0.31 per share, payable on February 9, 2022, to shareholders of record by January 26, 2022. This decision reflects the company's commitment to returning value to its investors as it continues its focus on the growth and development of oil and natural gas resources.
Riley Exploration Permian reported a net loss of $65.7 million for fiscal year 2021, despite generating $89.9 million of Adjusted EBITDAX and $26 million of Free Cash Flow. Total production increased by 22% to 3.15 MMBoe year-over-year. In Q4, production rose 35% to 9.6 MBoe per day, with a net income of $15.7 million. Dividends paid totaled $5.5 million, representing 21% of operating cash flow. Future guidance includes projected Q1 2022 oil production of 7.0 to 7.3 MBbls per day and a capital expenditure forecast of $26 to $32 million.
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