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) 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.
Riley Exploration Permian, Inc. (NYSE American: REPX) will announce its fiscal second quarter 2021 financial results on May 11, 2021, post-market. A conference call for investors is set for May 12, 2021, at 9:00 a.m. CT, allowing discussion on the results and a Q&A session. Interested participants can join via provided toll-free numbers. An updated company presentation will be available on their website ahead of the call, and a replay will be accessible until May 26, 2021. Riley Permian focuses on growing reserves, production, and cash flow in the Permian Basin.
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