Riley Permian Reports Fourth Quarter Results and Provides 2023 Guidance
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.
- Net income increased to $118 million for 2022, up from a loss of $36 million in 2021.
- Q4 2022 oil production reached 10.0 MBbls/d, exceeding guidance by 6%.
- Announced a $330 million acquisition expected to enhance production and operational efficiency.
- Adjusted EBITDAX declined by 10% quarter-over-quarter to $46 million.
- Operating cash flow decreased by 28% over the prior quarter to $40 million.
- Cash capital expenditures before acquisitions were 30% lower than previously guided.
FOURTH QUARTER 2022 HIGHLIGHTS
- Averaged oil production of 10.0 MBbls/d, exceeding the high end of guidance and representing an increase of
37% as compared year-over-year to the fourth quarter 2021 - Reported net income of
$27 million $1.37 $7 million $41 million - Generated
$46 million $40 million 10% and28% , respectively, over the prior quarter, driven primarily by lower commodity pricing - Incurred total accrual (activity-based) capital expenditures before acquisitions of
$27 million $30 million - Paid dividends of
$0.34 $7 million
FULL YEAR 2022 HIGHLIGHTS
- Increased net oil production by
31% year-over-year to 8.8 MBbls/d and total net equivalent production by25% year-over-year to 11.5 MBoe/d - Reported net income of
$118 million $6.04 $204 million - Generated
$176 million $170 million $56 million - Invested total cash capital expenditures before acquisitions of
$113 million 66% of operating cash flow from continuing operations, down from88% in 2021 - Paid
$25 million 44% of Free Cash Flow(1) - Reported total proved developed reserves of 47 MMBoe and total proved reserves of 72 MMBoe based on NYMEX pricing
- Completed change in fiscal year end to
December 31st fromSeptember 30th during the calendar third quarter 2022
In
(1) | A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at www.rileypermian.com. | ||||
2023 GUIDANCE HIGHLIGHTS
Riley Permian is providing 2023 guidance including pro forma combined guidance for the pending New Mexico Acquisition based on an expected close date early in the second quarter of 2023
- Full year 2023(1) guidance for oil production of 12.8 - 13.4 MBbls/d (18.4 - 19.2 MBoe/d)
- Full year 2023(1) guidance for activity-based investing expenditures before acquisitions of
$160 $180 million - First quarter 2023 guidance for oil production of 9.8 - 10.2 MBbls/d (13.2 - 13.8 MBoe/d)
- First quarter 2023 guidance for activity-based investing expenditures before acquisitions of
$47 $54 million
"2022 was another record year for Riley Permian, with our out-performance continuing through the fourth quarter," said Riley Permian Chairman and CEO,
(1) | Full year 2023 guidance information here reflects Riley Permian for the first quarter of 2023 and Riley Permian with the New Mexico Acquisition for the second, third and fourth quarters of 2023 based on assumption that the New Mexico Acquisition closes early in the second quarter of 2023. | ||||
Selected Operating and Financial Data | ||||||||||
(Unaudited) | ||||||||||
Three Months Ended | Year Ended | |||||||||
|
|
|
|
| ||||||
Select Financial Data (in thousands): | ||||||||||
Oil and natural gas sales, net | $ 77,446 | $ 87,471 | $ 56,650 | $ 319,343 | $ 182,872 | |||||
Net income (loss) | $ 26,807 | $ 59,817 | $ 21,398 | $ 118,011 | $ (36,328) | |||||
Adjusted EBITDAX(2) | $ 45,876 | $ 51,240 | $ 27,074 | $ 176,396 | $ 97,274 | |||||
Production Data, net: | ||||||||||
Oil (MBbls) | 916 | 866 | 669 | 3,217 | 2,462 | |||||
Natural gas (MMcf) | 990 | 985 | 844 | 3,229 | 2,985 | |||||
Natural gas liquids (MBbls) | 141 | 140 | 105 | 444 | 411 | |||||
Total (MBoe) | 1,222 | 1,170 | 915 | 4,199 | 3,371 | |||||
Daily combined volumes (Boe/d) | 13,283 | 12,717 | 9,940 | 11,505 | 9,237 | |||||
Daily oil volumes (Bbls/d) | 9,957 | 9,413 | 7,271 | 8,814 | 6,744 | |||||
Average Realized Prices: | ||||||||||
Oil ($ per Bbl) | $ 80.60 | $ 92.40 | $ 75.67 | $ 92.86 | $ 67.00 | |||||
Natural gas ($ per Mcf) | 1.92 | 4.28 | 3.20 | 3.33 | 3.38 | |||||
Natural gas liquids ($ per Bbl) | 12.10 | 23.13 | 31.64 | 22.22 | 19.08 | |||||
Total average price ($ per Boe) | $ 63.38 | $ 74.76 | $ 61.94 | $ 76.05 | $ 54.24 | |||||
Average Realized Prices, including the effects of derivative settlements(3): | ||||||||||
Oil ($ per Bbl) | $ 67.02 | $ 75.80 | $ 54.05 | $ 71.75 | $ 52.55 | |||||
Natural gas ($ per Mcf) | 0.28 | 1.57 | 1.37 | 1.06 | 2.74 | |||||
Natural gas liquids ($ per Bbl)(4) | 12.10 | 23.13 | 31.64 | 22.22 | 19.08 | |||||
Total average price ($ per Boe) | $ 51.87 | $ 60.20 | $ 44.43 | $ 58.13 | $ 43.14 | |||||
Cash Costs ($ per Boe)(2) | $ 13.77 | $ 16.98 | $ 15.85 | $ 16.52 | $ 15.60 | |||||
Cash Margin ($ per Boe)(2) | $ 49.61 | $ 57.78 | $ 46.09 | $ 59.53 | $ 38.64 | |||||
Cash Margin, including derivative settlements ($ per Boe)(2) | $ 38.10 | $ 43.22 | $ 28.58 | $ 41.61 | $ 27.54 | |||||
(1) | Calculated by adding the results of our prior fiscal year ended | ||||
(2) | A non-GAAP financial measure as defined in the supplemental financial tables available on the Company's website at www.rileypermian.com. | ||||
(3) | The Company's calculation of the effects of derivative settlements includes losses on the settlement of its commodity derivative contracts. These losses are included under other income (expense) on the Company's consolidated statements of operations. | ||||
(4) | During the periods presented, the Company did not have any NGL derivative contracts in place. | ||||
OPERATIONS AND DEVELOPMENT ACTIVITY UPDATE
Riley Permian averaged oil production of 10.0 MBbls per day for the three months ended
The Company turned to sales 1 gross (1.0 net) horizontal well during the fourth quarter and 15 gross (11.8 net) horizontal wells during the year ended
The Company incurred
FINANCIAL RESULTS
For the three months ended
For the year ended
Fourth quarter 2022 average realized prices, before derivative settlements were
Riley Permian's total Cash Costs(1) for the fourth quarter of 2022 were
During the fourth quarter 2022, the Company raised the common dividend by
As of
(1) | A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at www.rileypermian.com. | ||||
RESERVES
Estimated proved reserves increased
FIRST QUARTER AND FULL YEAR 2023 OUTLOOK AND GUIDANCE
Riley Permian is providing 2023 guidance based on currently scheduled development activity and current market conditions, including combined guidance for the pending New Mexico Acquisition based on an expected close date early in the second quarter of 2023.
Activity and Investing Guidance | Q1 2023 | Full Year 2023 (1) (Reporting) | ||
Forecasted Contribution of New Mexico Acquisition to Period | — % | 75 % | ||
Texas Activity | ||||
Gross operated wells drilled | 7 - 9 | 13 - 15 | ||
Average working interest on gross operated wells drilled | ||||
New Mexico Activity | ||||
Gross operated wells drilled | — | 7 - 9 | ||
Average working interest on gross operated wells drilled | NA | |||
Investing Expenditures by Category (Accrual, in millions) | ||||
E&P(2) | ||||
Joint Venture investment | ||||
Total | ||||
E&P Capital Expenditures by Region(2) (Accrual) | ||||
— % | ||||
(1) | Full year 2023 guidance information here reflects Riley Permian for the first quarter of 2023 and Riley Permian with the New Mexico Acquisition for the second, third and fourth quarters of 2023 based on assumption that the New Mexico Acquisition closes early in the second quarter of 2023. | ||||
(2) | Expenditures are before acquisitions. | ||||
FIRST QUARTER AND FULL YEAR 2023 OUTLOOK AND GUIDANCE, Continued
Production, Realizations and Cost Guidance | Q1 2023 | Full Year 2023 (1) (Reporting) | Full Year 2023 (2) (Illustrative Pro Forma) | |||
Forecasted Contribution of New Mexico Acquisition to Period | — % | 75 % | 100 % | |||
Net Production | ||||||
Total (MBoe/d) | 13.2 - 13.8 | 18.4 - 19.2 | 20.1 - 21.2 | |||
Oil (MBbl/d) | 9.8 - 10.2 | 12.8 - 13.4 | 13.8 - 14.6 | |||
Oil (%) | ||||||
Natural gas (%) | ||||||
NGL (%) | 14 % | |||||
Basis Differentials and Fees | ||||||
Oil ($ per Bbl) | ( | ( | ||||
Natural gas ($ per Mcf) | ( | ( | ||||
NGL (% of WTI) | ||||||
Operating and Corporate Costs | ||||||
Lease operating expense, including workover expense ($ per Boe) | ||||||
Production tax (% of revenue) | ||||||
Cash G&A(3) ($ per Boe) | ||||||
Cash payments for income taxes ($ in millions) | ||||||
(1) | Full year 2023 guidance information here reflects Riley Permian for the first quarter of 2023 and Riley Permian with the New Mexico Acquisition for the second, third and fourth quarters of 2023 based on assumption that the New Mexico Acquisition closes early in the second quarter of 2023. | ||||
(2) | Pro forma full year 2023 guidance information reflects combined Riley Permian with the New Mexico Acquisition as if the New Mexico Acquisition closed on | ||||
(3) | A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at www.rileypermian.com. | ||||
CONFERENCE CALL
Riley Permian management will host a conference call for investors and analysts on
U.S. /Canada Toll Free, (888) 330-2214- International, +1 (646) 960-0161
- Conference ID number 5405646
An updated company presentation, which will include certain items to be discussed on the call, will be posted prior to the call on the Company's website (www.rileypermian.com). A replay of the call will be available until
- (800) 770-2030 or (647) 362-9199
- Conference ID number 5405646
About Riley Exploration Permian, Inc.
Riley Permian is a growth-oriented, independent oil and natural gas company focused on the acquisition, exploration, development and production of oil, natural gas and natural gas liquids. For more information, please visit www.rileypermian.com.
Investor Contact:
405-438-0126
IR@rileypermian.com
Cautionary Statement Regarding Forward Looking Information
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements contained in this release that are not historical facts are forward-looking statements that represent management's beliefs and assumptions based on currently available information. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, need for financing, competitive position and potential growth opportunities. Our forward-looking statements do not consider the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believes," "intends," "may," "should," "anticipates," "expects," "could," "plans," "estimates," "projects," "targets," "forecasts" or comparable terminology or by discussions of strategy or trends. You should not place undue reliance on these forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this release are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved or occur, and actual results could differ materially and adversely from those anticipated or implied by the forward-looking statements.
Among the factors that could cause actual future results to differ materially are the risks and uncertainties the Company is exposed to. While it is not possible to identify all factors, we continue to face many risks and uncertainties including, but not limited to: the volatility of oil, natural gas and NGL prices; the scope, duration, and reoccurrence of any epidemics or pandemics (including, specifically, the coronavirus disease 2019 ("COVID-19") pandemic and any related variants), including reactive or proactive measures taken by governments, regulatory agencies and businesses related to the pandemic, and the effects of COVID-19 on the oil and natural gas industry, pricing and demand for oil and natural gas and supply chain logistics; regional supply and demand factors, any delays, curtailment delays or interruptions of production, and any governmental order, rule or regulation that may impose production limits; cost and availability of gathering, pipeline, refining, transportation and other midstream and downstream activities; severe weather and other risks that lead to a lack of any available markets; our ability to successfully complete mergers, acquisitions and divestitures; the risk that the Company's EOR project may not perform as expected or produce the anticipated benefits; risks relating to our operations, including development drilling and testing results and performance of acquired properties and newly drilled wells; any reduction in our borrowing base on our revolving credit facility from time to time and our ability to repay any excess borrowings as a result of such reduction; the impact of our derivative strategy and the results of future settlement; our ability to comply with the financial covenants contained in our credit agreement; conditions in the capital, financial and credit markets and our ability to obtain capital needed for development and exploration operations on favorable terms or at all; the loss of certain tax deductions; risks associated with executing our business strategy, including any changes in our strategy; inability to prove up undeveloped acreage and maintain production on leases; risks associated with concentration of operations in one major geographic area; legislative or regulatory changes, including initiatives related to hydraulic fracturing, emissions, and disposal of produced water, which may be negatively impacted by regulation or legislation; the ability to receive drilling and other permits or approvals and rights-of-way in a timely manner (or at all), which may be restricted by governmental regulation and legislation; risks related to litigation; evolving geopolitical and military hostilities in other areas of the world; and cybersecurity threats, technology system failures and data security issues. Additional factors that could cause results to differ materially from those described above can be found in Riley Permian's Annual Report on Form 10-K for the year ended
The forward-looking statements in this press release are made as of the date hereof and are based on information available at that time. The Company does not undertake, and expressly disclaims, any duty to update or revise our forward-looking statements based on new information, future events or otherwise.
Cautionary Statement Regarding Guidance
The estimates and guidance presented in this release are based on assumptions of current and future capital expenditure levels, prices for oil, natural gas and NGLs, available liquidity, indications of supply and demand for oil, well results, and operating costs. The guidance provided in this release does not constitute any form of guarantee or assurance that the matters indicated will be achieved. While we believe these estimates and the assumptions on which they are based are reasonable as of the date on which they are made, they are inherently uncertain and are subject to, among other things, significant business, economic, operational, and regulatory risks, and uncertainties, some of which are not known as of the date of the statement. Guidance and estimates, and the assumptions on which they are based, are subject to material revision. Actual results may differ materially from estimates and guidance. Please read the "Cautionary Statement Regarding Forward Looking Information" section above, as well as "Risk Factors" in our annual report on Form 10-K and our quarterly reports on Form 10-Q, which are incorporated herein.
CONSOLIDATED BALANCE SHEETS | ||||
(In thousands, except share amounts) | ||||
Assets | ||||
Current Assets: | ||||
Cash and cash equivalents | $ 13,301 | $ 8,317 | ||
Accounts receivable | 25,551 | 18,002 | ||
Prepaid expenses and other current assets | 3,236 | 4,122 | ||
Inventory | 8,886 | 780 | ||
Current derivative assets | 20 | 83 | ||
Total current assets | 50,994 | 31,304 | ||
Oil and natural gas properties, net (successful efforts) | 440,102 | 359,131 | ||
Other property and equipment, net | 20,023 | 3,174 | ||
Non-current derivative assets | — | 267 | ||
Other non-current assets, net | 4,175 | 2,293 | ||
Total Assets | $ 515,294 | $ 396,169 | ||
Liabilities and Shareholders' Equity | ||||
Current Liabilities: | ||||
Accounts payable | $ 3,939 | $ 7,737 | ||
Accounts payable - related parties | 324 | 164 | ||
Accrued liabilities | 35,582 | 12,874 | ||
Revenue payable | 17,750 | 11,370 | ||
Current derivative liabilities | 16,472 | 30,984 | ||
Other current liabilities | 2,238 | 947 | ||
Total Current Liabilities | 76,305 | 64,076 | ||
Non-current derivative liabilities | 12 | 9,515 | ||
Asset retirement obligations | 2,724 | 2,261 | ||
Revolving credit facility | 56,000 | 65,000 | ||
Deferred tax liabilities | 45,756 | 17,384 | ||
Other non-current liabilities | 1,051 | 95 | ||
Total Liabilities | 181,848 | 158,331 | ||
Commitments and Contingencies | ||||
Shareholders' Equity: | ||||
Preferred stock, | — | — | ||
Common stock, | 20 | 20 | ||
Additional paid-in capital | 274,643 | 271,737 | ||
Retained earnings (Accumulated deficit) | 58,783 | (33,919) | ||
Total Shareholders' Equity | 333,446 | 237,838 | ||
Total Liabilities and Shareholders' Equity | $ 515,294 | $ 396,169 | ||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
Three Months Ended | Year Ended | |||||||
2022 | 2021 | 2022 | 2021(1) | |||||
(In thousands) | ||||||||
Revenues: | ||||||||
Oil and natural gas sales, net | $ 77,446 | $ 56,650 | $ 319,343 | $ 182,872 | ||||
Contract services - related parties | 600 | 600 | 2,400 | 2,400 | ||||
Total Revenues | 78,046 | 57,250 | 321,743 | 185,272 | ||||
Costs and Expenses: | ||||||||
Lease operating expenses | 8,753 | 7,419 | 32,458 | 24,826 | ||||
Production and ad valorem taxes | 4,419 | 3,005 | 19,273 | 10,352 | ||||
Exploration costs | 492 | 611 | 2,032 | 9,753 | ||||
Depletion, depreciation, amortization and accretion | 9,946 | 6,867 | 32,113 | 26,892 | ||||
Impairment of oil and natural gas properties | 7,325 | — | 7,325 | — | ||||
General and administrative: | ||||||||
Administrative costs | 4,929 | 3,633 | 18,496 | 15,155 | ||||
Unit-based compensation expense | — | — | — | 276 | ||||
Share-based compensation expense | 1,165 | 951 | 3,439 | 7,055 | ||||
Cost of contract services - related parties | 187 | 150 | 450 | 479 | ||||
Transaction costs | — | 1,258 | 2,638 | 3,941 | ||||
Total Costs and Expenses | 37,216 | 23,894 | 118,224 | 98,729 | ||||
Income From Operations | 40,830 | 33,356 | 203,519 | 86,543 | ||||
Other Income (Expense): | ||||||||
Interest income (expense), net | 870 | (896) | (1,090) | (4,195) | ||||
Loss on derivatives | (7,179) | (5,193) | (51,574) | (80,479) | ||||
Total Other Expense | (6,309) | (6,089) | (52,664) | (84,674) | ||||
Net Income from Continuing Operations Before Income Taxes | 34,521 | 27,267 | 150,855 | 1,869 | ||||
Income tax expense | (7,714) | (5,869) | (32,844) | (19,400) | ||||
Net Income (Loss) from Continuing Operations | 26,807 | 21,398 | 118,011 | (17,531) | ||||
Discontinued Operations: | ||||||||
Loss from discontinued operations | — | — | — | (18,738) | ||||
Income tax expense on discontinued operations | — | — | — | (59) | ||||
Loss on Discontinued Operations | — | — | — | (18,797) | ||||
Net Income (Loss) | 26,807 | 21,398 | 118,011 | (36,328) | ||||
Dividends on preferred units | — | — | — | (574) | ||||
Net Income (Loss) Attributable to Common Shareholders/Unitholders | $ 26,807 | $ 21,398 | $ 118,011 | $ (36,902) | ||||
Net Income (Loss) per Share/Unit from Continuing Operations: | ||||||||
Basic | $ 1.37 | $ 1.10 | $ 6.04 | $ (1.02) | ||||
Diluted | $ 1.35 | $ 1.09 | $ 5.99 | $ (1.02) | ||||
Weighted Average Common Shares/Units Outstanding: | ||||||||
Basic | 19,621 | 19,470 | 19,553 | 17,806 | ||||
Diluted | 19,849 | 19,569 | 19,686 | 17,806 | ||||
(1) | Calculated by adding the results of our prior fiscal year ended | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Year Ended | |||||||
2022 | 2021 | 2022 | 2021 | |||||
(In thousands) | ||||||||
Cash Flows from Operating Activities: | ||||||||
Net income (loss) | $ 26,807 | $ 21,398 | $ 118,011 | $ (36,328) | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
Loss from discontinued operations | — | — | — | 18,797 | ||||
Oil and gas lease expirations | 488 | 588 | 1,953 | 9,511 | ||||
Depletion, depreciation, amortization and accretion | 9,946 | 6,867 | 32,113 | 26,892 | ||||
Impairment of proved properties | 7,325 | — | 7,325 | — | ||||
Loss on derivatives | 7,179 | 5,193 | 51,574 | 80,479 | ||||
Settlements on derivative contracts | (14,059) | (16,014) | (75,257) | (37,491) | ||||
Amortization of deferred financing costs | 183 | 282 | 731 | 780 | ||||
Unit-based compensation expense | — | — | — | 276 | ||||
Share-based compensation expense | 1,262 | 951 | 3,946 | 7,055 | ||||
Deferred income tax expense | 5,170 | 5,756 | 28,372 | 19,108 | ||||
Changes in operating assets and liabilities | (4,365) | (3,294) | 1,520 | 2,834 | ||||
Net Cash Provided by Operating Activities - Continuing Operations | 39,936 | 21,727 | 170,288 | 91,913 | ||||
Cash Flows from Investing Activities: | ||||||||
Additions to oil and natural gas properties | (29,561) | (29,011) | (111,662) | (79,258) | ||||
Acquisitions of oil and natural gas properties | — | — | — | (445) | ||||
Acquisitions of land | (15,342) | — | (15,342) | — | ||||
Additions to other property and equipment | (171) | (117) | (1,252) | (1,513) | ||||
— | — | — | 859 | |||||
(45,074) | (29,128) | (128,256) | (80,357) | |||||
CONSOLIDATED STATEMENTS OF CASH FLOWS – (Continued) | ||||||||
Three Months Ended | Year Ended | |||||||
2022 | 2021 | 2022 | 2021 | |||||
(In thousands) | ||||||||
Cash Flows from Financing Activities: | ||||||||
Deferred financing costs | (220) | (274) | (1,942) | (360) | ||||
Proceeds from revolving credit facility | 18,000 | 5,000 | 22,000 | 8,500 | ||||
Repayment under revolving credit facility | (10,000) | — | (31,000) | (41,000) | ||||
Payment of common share/unit dividends | (6,809) | (6,056) | (25,066) | (20,624) | ||||
Proceeds from issuance of common stock | — | — | — | 50,000 | ||||
Public offering costs | — | — | — | (3,316) | ||||
Payment of preferred unit dividends | — | — | — | (1,491) | ||||
Common stock repurchased for tax withholding | (440) | (19) | (1,040) | (533) | ||||
Purchase of common units under long-term incentive plan | — | — | — | (191) | ||||
Net Cash Provided by (Used in) Financing Activities - Continuing Operations | 531 | (1,349) | (37,048) | (9,015) | ||||
Net Increase (Decrease) in Cash and Cash Equivalents from Continuing Operations | (4,607) | (8,750) | 4,984 | 2,541 | ||||
Cash Flows from Discontinued Operations: | ||||||||
Operating activities | — | — | — | 7 | ||||
Investing activities | — | — | — | 3,892 | ||||
Net Increase in Cash and Cash Equivalents from Discontinued Operations | — | — | — | 3,899 | ||||
Net Increase (Decrease) in Cash and Cash Equivalents | (4,607) | (8,750) | 4,984 | 6,440 | ||||
Cash and Cash Equivalents, Beginning of Period | 17,908 | 17,067 | 8,317 | 1,877 | ||||
Cash and Cash Equivalents, End of Period | $ 13,301 | $ 8,317 | $ 13,301 | $ 8,317 | ||||
OIL, NATURAL GAS AND NGL RESERVES
SEC Pricing | NYMEX Pricing(1) | |||||||
Reserves as of | Proved | Total Proved | Proved | Total Proved | ||||
Oil (MBbls) | 29,632 | 48,882 | 28,270 | 45,151 | ||||
Natural gas (MMcf) | 59,314 | 86,018 | 56,492 | 79,762 | ||||
Natural gas liquids (MBbls) | 9,604 | 14,454 | 9,170 | 13,393 | ||||
Total (MBoe) | 49,122 | 77,673 | 46,855 | 71,838 | ||||
PV-10(2) (in thousands) | $ 1,010,251 | $ 1,401,148 | $ 652,817 | $ 802,174 | ||||
(1) | See table below for the NYMEX pricing used to prepare internal reserve estimates. | ||||
(2) | A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at www.rileypermian.com. | ||||
Oil | Natural Gas | ||
($ per Bbl) | ($ per Mcf) | ||
Calendar year 2023 | $ 79.07 | $ 4.24 | |
Calendar year 2024 | $ 73.89 | $ 4.27 | |
Calendar year 2025 | $ 69.77 | $ 4.39 | |
Calendar year 2026 | $ 66.55 | $ 4.46 | |
Calendar year 2027 | $ 63.87 | $ 4.50 | |
After 2027 | $ 63.87 | $ 4.50 |
OIL, NATURAL GAS AND NGL RESERVES, Continued
NSAI prepared the estimates of the Company's proved reserves as of
SEC Pricing | NYMEX Pricing(1) | |||||||
Reserves as of | Proved | Total Proved | Proved | Total Proved | ||||
Oil (MBbls) | 27,096 | 47,021 | 26,964 | 46,848 | ||||
Natural gas (MMcf) | 47,974 | 77,486 | 47,728 | 77,185 | ||||
Natural gas liquids (MBbls) | 7,949 | 13,471 | 7,910 | 13,423 | ||||
Total (MBoe) | 43,041 | 73,406 | 42,829 | 73,135 | ||||
PV-10(2) (in thousands) | $ 616,231 | $ 879,143 | $ 589,287 | $ 808,676 | ||||
(1) | See table below for the NYMEX pricing used to prepare internal reserve estimates. | ||||
(2) | A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at www.rileypermian.com. | ||||
Oil | Natural Gas | ||
($ per Bbl) | ($ per Mcf) | ||
Calendar year 2022 | $ 72.23 | $ 3.69 | |
Calendar year 2023 | $ 66.39 | $ 3.36 | |
Calendar year 2024 | $ 62.66 | $ 3.13 | |
Calendar year 2025 | $ 60.12 | $ 3.07 | |
After 2025 | $ 59.19 | $ 3.33 |
Reserve estimates above do not include any value for probable or possible reserves that may exist, nor do they include any value for undeveloped acreage. The reserve estimates represent our net revenue interest in our properties, all of which are located within the continental
DERIVATIVE CONTRACTS
The following table summarizes the open financial derivatives as of
Weighted Average Price | ||||||||
Period (1) | Notional | Fixed | Put | Call | ||||
($ per unit) | ||||||||
Oil Swaps (Bbl) | ||||||||
Q1 2023 | 225,000 | $ 53.65 | $ — | $ — | ||||
Q2 2023 | 315,000 | $ 62.78 | $ — | $ — | ||||
Q3 2023 | 216,000 | $ 63.04 | $ — | $ — | ||||
Q4 2023 | 189,000 | $ 62.51 | $ — | $ — | ||||
2024 | 240,000 | $ 71.60 | $ — | $ — | ||||
Oil Collars (Bbl) | ||||||||
Q1 2023 | 210,000 | $ — | $ 70.95 | $ 89.96 | ||||
Q2 2023 | 300,000 | $ — | $ 71.50 | $ 88.98 | ||||
Q3 2023 | 330,000 | $ — | $ 68.64 | $ 88.85 | ||||
Q4 2023 | 330,000 | $ — | $ 68.64 | $ 88.85 | ||||
2024 | 1,293,000 | $ — | $ 61.02 | $ 86.39 | ||||
2025 | 315,000 | $ — | $ 60.00 | $ 77.98 | ||||
Natural Gas Swaps (MMBtu) | ||||||||
Q1 2023 | — | $ — | $ — | $ — | ||||
Q2 2023 | 450,000 | $ 2.60 | $ — | $ — | ||||
Q3 2023 | 450,000 | $ 2.60 | $ — | $ — | ||||
Q4 2023 | 400,000 | $ 3.23 | $ — | $ — | ||||
2024 | 1,500,000 | $ 3.43 | $ — | $ — | ||||
2025 | 375,000 | $ 4.05 | $ — | $ — | ||||
Natural Gas Collars (MMBtu) | ||||||||
Q1 2023 | — | $ — | $ — | $ — | ||||
Q2 2023 | 300,000 | $ — | $ 2.55 | $ 3.20 | ||||
Q3 2023 | 300,000 | $ — | $ 2.55 | $ 3.20 | ||||
Q4 2023 | 300,000 | $ — | $ 3.12 | $ 4.07 | ||||
2024 | 1,065,000 | $ — | $ 3.19 | $ 4.14 | ||||
2025 | 255,000 | $ — | $ 3.65 | $ 4.95 | ||||
Oil Basis (Bbl) | ||||||||
Q1 2023 | 240,000 | $ 1.28 | $ — | $ — | ||||
Q2 2023 | 360,000 | $ 1.28 | $ — | $ — | ||||
Q3 2023 | 360,000 | $ 1.28 | $ — | $ — | ||||
Q4 2023 | 360,000 | $ 1.28 | $ — | $ — | ||||
2024 | 960,000 | $ 0.87 | $ — | $ — | ||||
(1) | Q1 2023 derivative positions shown include January and | ||||
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