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Company Overview
Riley Exploration Permian Inc. (REPX) is an independent oil and natural gas company that specializes in the exploration, acquisition, development, and production of hydrocarbon resources. With a primary focus on high-growth energy exploration opportunities in the Permian Basin, the firm leverages advanced technical expertise and sophisticated evaluation techniques to identify and develop valuable assets. The Company is renowned for its expertise in horizontal drilling, particularly in formations such as the San Andres, which underscores its commitment to operational excellence and field development efficiency.
Operational Excellence and Technical Expertise
At the core of Riley Exploration Permian's success is its robust technical foundation and operational experience. The Company applies state-of-the-art horizontal drilling methods and well completion techniques to maximize recovery of oil and natural gas from its properties. By utilizing cutting-edge evaluation processes and embracing innovative drilling practices, Riley Permian maintains a competitive edge in a challenging and dynamic industry. This technical emphasis enables the organization to manage complex reservoirs effectively, thereby optimizing production and extending asset life.
Strategic Operations and Geographic Focus
Riley Exploration Permian has established a strong operational presence in key regions that include, but are not limited to, proprietary assets in Kansas, Tennessee, and expansive positions throughout the Permian Basin. The extensive portfolio not only provides geographical diversification but also allows the Company to optimize production strategies across different asset types. The firm’s emphasis on horizontally drilling in geologically favorable zones is a testament to its strategic approach to asset development, delivering robust production profiles while maintaining procedural and operational rigor.
Acquisitions and Capital Efficient Development
The Company is recognized for its disciplined approach to acquisitions and capital allocation. By targeting high-quality acreage with significant development potential, Riley Permian enhances its resource base and operational flexibility without overextending its capital resources. This approach includes the prudent use of proceeds from asset sales and public offerings to fund strategic acquisitions, facilitate debt repayment, and finance ongoing capital expenditures that reinforce the strength of its development pipeline.
Integration of Joint Ventures and Midstream Initiatives
In addition to its traditional exploration and production activities, Riley Exploration Permian actively pursues strategic partnerships and joint ventures that enhance its operational footprint. A notable example is its collaboration to form a joint venture focused on building power generation and storage assets. This initiative not only leverages the Company’s produced natural gas but also diversifies its revenue mix by integrating midstream and upstream operations. Such diversified efforts contribute to a more resilient business model while highlighting the Company’s commitment to operational innovation and enhanced asset utilization.
Market Position and Competitive Advantages
Riley Exploration Permian is strategically positioned within the oil and gas sector due to its specialized focus on the Permian Basin and its advanced drilling technologies. The Company’s methodological approach to identifying and developing resource-rich formations distinguishes it from its peers. Its competitive advantages are further underscored by a culture of technical rigor and operational discipline, ensuring that it can generate production efficiencies and maintain robust asset performance in an increasingly competitive market environment.
Commitment to Expertise and Transparency
With a strong emphasis on transparency and technical proficiency, Riley Exploration Permian continuously provides detailed insights into its development strategies and operational performance. Investors and market analysts benefit from the Company’s comprehensive approach to asset management, which is built on years of industry experience and a deep understanding of geological assessments and drilling dynamics. This commitment to operational clarity and consistent communication reinforces the Company’s reputation as a knowledgeable and reliable player in the energy sector.
Conclusion
In summary, Riley Exploration Permian Inc. stands as a sophisticated and knowledgeable independent oil and gas company. Its focus on strategic asset development through advanced horizontal drilling, geographical diversification, and integrated joint ventures positions it well within the competitive landscape. The Company’s technical expertise, coupled with its capital-efficient development strategies, underscores its ability to navigate the complexities of energy production while delivering reliable operational performance.
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.
Riley Exploration Permian (NYSE American: REPX) is set to release its fiscal fourth quarter and full year 2021 financial results on December 13, 2021, after market close. Following this, a conference call for investors and analysts will take place on December 14, 2021, at 11:00 a.m. CT, where management will discuss the results and conduct a Q&A session. Interested parties can join via a toll-free number or internationally. An updated presentation will be available before the call. For more details, visit www.rileypermian.com.
Riley Exploration Permian (NYSE American: REPX) announced an increase in its borrowing base from $135 million to $175 million through an amendment to its senior secured revolving credit facility. This adjustment follows a semi-annual redetermination and reflects the company’s growth in proved reserves amid rising commodity prices. Chairman and CEO Bobby Riley expressed gratitude for lender support and the positive liquidity profile this increase provides, enhancing the company's capacity for development activities in the Permian Basin.
Riley Exploration Permian (REPX) announced updates regarding its enhanced oil recovery (EOR) pilot project and declared a cash dividend of $0.31 per share, payable on November 4, 2021. The agreements include a connection to the Cortez Pipeline and a CO2 purchase agreement with Kinder Morgan, facilitating the EOR project in Yoakum County, Texas. This initiative aims to enhance CO2 pipeline infrastructure access. The dividend reflects a 10% increase, showcasing the company's commitment to returning capital to shareholders.
Riley Exploration Permian (REPX) reported a net loss of $21.5 million for Q3 2021, despite a 35% increase in total net equivalent production year-over-year, reaching 9.1 MBoe/d. The company generated $58.8 million in cash flow from continuing operations in the first nine months of 2021, with total oil and gas sales of $100.6 million. EOR program development is underway, supported by a $47 million capital raise in July 2021. The latest cash dividend of $0.28 per share reflects a 5.8% yield. Forward guidance for Q4 2021 anticipates oil production averaging 6.6 to 7.2 MBbls per day.
Riley Exploration Permian, Inc. (NYSE American: REPX) will release its fiscal third quarter 2021 financial results on August 12, 2021, after market close. A conference call for investors and analysts is scheduled for August 13, 2021, at 8:00 a.m. CT, where management will discuss the results and hold a Q&A session. Interested participants can join via specific toll-free numbers. An updated presentation will be available on the company's website prior to the call. For further information, visit www.rileypermian.com.
Riley Exploration Permian, Inc. (NYSE American: REPX) has declared a cash dividend of $0.28 per share on its common stock. The dividend will be payable on August 6, 2021 to stockholders of record as of July 23, 2021. This announcement reflects the company's ongoing commitment to enhancing shareholder value through consistent cash returns. Riley Permian focuses on growth in reserves, production, and cash flow via strategic activities in the Permian Basin.
Riley Exploration Permian has priced its public offering of 1,666,667 shares of common stock at $30.00 per share, aiming to raise approximately $50 million before expenses. A 30-day option allows underwriters to purchase an additional 250,000 shares. The offering will close on July 2, 2021. The company plans to allocate $25 million of the proceeds to enhance its oil recovery pilot program in Yoakum County, Texas, with the remainder directed towards general corporate purposes like debt refinancing and capital expenditures.
Riley Exploration Permian, Inc. (NYSE American: REPX) has initiated an underwritten public offering of common stock, with a 30-day option for underwriters to purchase an additional 15% of shares. The company plans to allocate approximately $25 million from the offering proceeds to its enhanced oil recovery (EOR) pilot program in Yoakum County, Texas, focusing on utilizing anthropogenic CO2. Remaining funds will support general corporate purposes, including debt repayment and capital expenditures.
Riley Exploration Permian (REPX) reported second-quarter results for fiscal 2021, highlighting a revenue increase despite challenges from severe storms. Total equivalent sales volumes rose to 8.3 MBoe/day, an 11% year-over-year increase. The company generated $38.1 million in Cash Flow from Operations but posted a Net Loss of $48.5 million. Adjusted Net Income was $8.6 million. Capital expenditures were reduced by 49% to $17.1 million. A dividend of $0.28 per share was announced, reinforcing its commitment to shareholder returns. The EOR pilot program has commenced, aimed at enhancing oil recovery while utilizing CO2.
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