Financial Data and Key Metrics Changes - Third quarter 2024 operating cash flow was $72.1 million, with $60.5 million before changes in working capital, which increased by 5% quarter-over-quarter due to higher oil production volumes and lower total unit costs [22] - Net income decreased by 24% or $8 million quarter-over-quarter, while adjusted net income, excluding impairment and hedging gains, was down by 5% [27] - Free cash flow for the year reached $99 million, which is 2.7 times the same metric for the first nine months of 2023, corresponding to approximately a 21% yield on equity value [25][28] Business Line Data and Key Metrics Changes - Net production grew from 1.34 million to 1.42 million barrels of oil quarter-over-quarter, a 6% increase, while equivalent production rose 11% from 1.94 million to 2.16 million barrels of oil equivalent [16] - Lease operating expenses were $8.60 per BOE, remaining stable compared to the previous quarter and down 7% year-over-year [19] - The company drilled 12, completed 3, and turned in line 6 gross operated wells in Q3, with a total of 9 DUCs generated for future completions [14] Market Data and Key Metrics Changes - The company successfully implemented its New Mexico plans, completing its first 2 Red Lake wells, with 9 more planned for drilling this year [18] - The company achieved a 42% increase in gas produced sent to sales compared to the previous quarter, driven by enhancements from its midstream provider [17] Company Strategy and Development Direction - The company plans to invest in infrastructure to support future growth, including a gathering and compression system in New Mexico, with a capital spend of approximately $12 million [20] - The company aims for 10% year-over-year oil volume growth while cutting capital spending by 10%, with current guidance suggesting a 14% to 15% increase in full-year 2024 oil production over 2023 [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth despite macroeconomic volatility, with a focus on maintaining capital efficiency and operational excellence [36] - The company is hedged approximately 40% on total oil production for the next year, providing some cushion against price volatility [38] Other Important Information - The company paid down $35 million in debt this quarter, reducing total debt to $300 million, with a debt-to-total enterprise value of 34% [27][28] - The company has returned $98 million to shareholders since 2021, with an annual dividend growth rate of 11% [6] Q&A Session Summary Question: Capital efficiency and upcoming D&C plan - Management indicated that the strategy for 2025 would likely remain similar, with potential adjustments based on oil price environments [36][38] Question: Power-focused joint venture - Management discussed the two phases of the power JV, with the first phase focused on powering operations and the second on selling power to ERCOT, highlighting progress in permitting and interconnection agreements [41][42] Question: Infrastructure investment details - Management elaborated on the infrastructure investment for the Red Lake asset, emphasizing the importance of a compressor station for reliable gas takeaway and future development [46][47] Question: Economic benefits of the compression system - Management confirmed that the new compression system would enhance operational reliability and potentially lower operating costs [49][50] Question: Impact of CO2 pilot discontinuation - Management clarified that discontinuing the CO2 pilot would not significantly impact operating costs, with some savings expected from avoided CO2 contract costs [54]

分组1 - Riley Exploration Permian, Inc. reported quarterly earnings of $1.43 per share, missing the Zacks Consensus Estimate of $1.56 per share, and down from $1.58 per share a year ago, representing an earnings surprise of -8.33% [1] - The company posted revenues of $102.34 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 0.67%, and down from $108.29 million year-over-year [2] - Over the last four quarters, the company has surpassed consensus EPS estimates just once and topped consensus revenue estimates two times [2] 分组2 - The stock has added about 0.6% since the beginning of the year, underperforming the S&P 500's gain of 21.2% [3] - The current consensus EPS estimate for the coming quarter is $1.58 on revenues of $103.89 million, and for the current fiscal year, it is $5.68 on revenues of $411.99 million [7] - The Zacks Industry Rank for Oil and Gas - Exploration and Production - United States is currently in the bottom 8% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [8]

Financial Performance - Total revenues for the three months ended September 30, 2024, were $102,339,000, a decrease of 5.4% from $108,294,000 for the same period in 2023[13] - Net income for the three months ended September 30, 2024, was $25,663,000, compared to $8,647,000 for the same period in 2023, representing a significant increase[13] - Oil and natural gas sales for the nine months ended September 30, 2024, totaled $307,106,000, up 12.3% from $273,418,000 for the same period in 2023[13] - The company’s basic net income per share for the three months ended September 30, 2024, was $1.22, compared to $0.44 for the same period in 2023, reflecting a substantial increase[13] - Net income for the nine months ended September 30, 2024, was $77,969,000, compared to $73,566,000 for the same period in 2023, representing an increase of about 6.5%[16] - The company reported a net gain on derivatives of $24,217 thousand for the three months ended September 30, 2024, compared to a loss of $35,345 thousand for the same period in 2023[51] - The company reported a net income of $10.745 million for the three months ended September 30, 2023, with a basic net income per share of $0.55[41] Assets and Liabilities - Total current assets increased to $75,326,000 as of September 30, 2024, compared to $63,266,000 as of December 31, 2023, reflecting a growth of 19.1%[12] - Total assets reached $997,875,000 as of September 30, 2024, an increase from $945,711,000 as of December 31, 2023, indicating a growth of 5.5%[12] - Total liabilities decreased to $490,470,000 as of September 30, 2024, down from $524,116,000 as of December 31, 2023, a reduction of 6.4%[12] - The company’s retained earnings increased to $197,229,000 as of September 30, 2024, up from $142,463,000 as of December 31, 2023, a growth of 38.5%[12] - Total shareholders' equity increased to $507,405,000 as of September 30, 2024, up from $421,595,000 at the end of Q1 2024, reflecting a growth of approximately 20.3%[14] - Total accrued liabilities decreased to $25.716 million as of September 30, 2024, down from $33.159 million as of December 31, 2023, indicating a reduction of 22.4%[28] Expenses - The company reported lease operating expenses of $18,532,000 for the three months ended September 30, 2024, compared to $16,898,000 for the same period in 2023, an increase of 9.7%[13] - The company’s total costs and expenses for the three months ended September 30, 2024, were $84,861,000, compared to $50,065,000 for the same period in 2023, an increase of 69.5%[13] - The total interest expense for the nine months ended September 30, 2024, was $26.7 million, up from $21.5 million for the same period in 2023, indicating a 24.1% increase[83] Cash Flow - Cash provided by operating activities was $179,896,000 for the nine months ended September 30, 2024, compared to $141,372,000 for the same period in 2023, indicating a growth of approximately 27.1%[16] - The company reported a net cash used in investing activities of $113,325,000 for the nine months ended September 30, 2024, compared to $448,492,000 in the same period of 2023, indicating a significant reduction in cash outflow[16] - The company’s cash balance at the end of the period was $13,322,000, up from $10,366,000 at the end of September 2023, reflecting an increase of approximately 28.3%[17] Investments and Acquisitions - The company completed the 2023 New Mexico Acquisition for $324.7 million, funded by $200 million in Senior Notes and borrowings, acquiring approximately 10,600 net acres and 18 net horizontal wells[37] - The 2024 New Mexico Asset Acquisition was completed for approximately $19.1 million, adding 13,900 contiguous net acres to the company's existing holdings[42] - The company has invested a total of $22.5 million in the joint venture RPC Power, with an additional commitment of up to $20 million for future capital needs[60] - The company increased its ownership interest in RPC Power from 35% to 50% and has a remaining commitment to invest up to an additional $20 million for the 2024 and 2025 capital budget[102] Derivatives and Swaps - As of September 30, 2024, the company had oil swaps for Q4 2024 with a notional volume of 435,000 Bbl at a weighted fixed price of $74.90 per Bbl[47] - The company has natural gas swaps for Q4 2024 with a notional volume of 510,000 Mcf at a weighted fixed price of $3.62 per Mcf[47] - The total fair value of current derivative assets was $15,774 thousand as of September 30, 2024, compared to $8,948 thousand on December 31, 2023, showing a significant increase[50] Compliance and Governance - The company expects no material impact from recent accounting standards issued by the FASB regarding segment reporting and income tax disclosures[35][36] - Disclosure controls and procedures were evaluated as effective as of September 30, 2024, by the CEO and CFO[168] - There were no changes in internal control over financial reporting that materially affected the Company during the three months ended September 30, 2024[169] - The Company believes that any potential liabilities from legal proceedings will not have a material adverse effect on its financial condition[171]

Financial Performance - Revenues totaled $102.3 million, with net income of $25.7 million, or $1.21 per diluted share[4]. - Total revenues for the three months ended September 30, 2024, were $102,339 thousand, a decrease of 5.4% compared to $108,294 thousand for the same period in 2023[23]. - Net income for the three months ended September 30, 2024, was $25,663 thousand, significantly up from $8,647 thousand in the prior year, representing a 196.5% increase[23]. - Basic net income per share for the three months ended September 30, 2024, was $1.22, compared to $0.44 for the same period in 2023, an increase of 177.3%[23]. - Generated operating cash flow of $72.1 million and Free Cash Flow of $37.8 million, contributing to a year-to-date Free Cash Flow of $99 million[2][3]. - Net cash provided by operating activities for the three months ended September 30, 2024, was $72,130 thousand, compared to $52,652 thousand for the same period in 2023, an increase of 37.0%[24]. - The company incurred total costs and expenses of $84,861 thousand for the three months ended September 30, 2024, compared to $50,065 thousand in the same period last year, an increase of 69.6%[23]. Production and Operations - Total equivalent production averaged 23.4 MBoe/d, with oil production at 15.5 MBbls/d, representing a 6% increase in oil volumes quarter-over-quarter[5]. - The company plans to drill 7 to 9 gross operated wells in Q4 2024, with expected total equivalent production of 23.5 to 24.5 MBoe/d[15]. - Capital expenditures for Q4 2024 are projected to be between $32 million and $42 million, with $18 million to $21 million allocated for drilling and completions[15][16]. - Installed capacity for electrical generation equipment reached 20 MW, enhancing operational efficiency in Texas[11]. Assets and Liabilities - Total current assets increased to $75,326,000 as of September 30, 2024, up from $63,266,000 at December 31, 2023, representing a growth of approximately 19.5%[22]. - Oil and natural gas properties, net, rose to $871,996,000, compared to $846,901,000 at the end of 2023, indicating an increase of about 3%[22]. - Total assets reached $997,875,000, up from $945,711,000, reflecting a growth of approximately 5.5%[22]. - Current liabilities increased to $107,244,000 from $94,345,000, marking an increase of about 13.7%[22]. - Shareholders' equity grew to $507,405,000, compared to $421,595,000 at the end of 2023, representing an increase of approximately 20.3%[22]. - The company reported a significant increase in accounts receivable, net, which rose to $41,034,000 from $35,126,000, a growth of about 16.5%[22]. - The company has a current portion of long-term debt of $20,000,000, unchanged from the previous period[22]. Debt and Impairments - The company reduced total debt by $35.0 million, with total debt standing at $288.6 million as of September 30, 2024[9][10]. - The company recorded a $30.2 million impairment related to the discontinuation of its EOR Project, including a $28.9 million non-cash impairment[9]. Risk Factors - The company cautions that forward-looking statements are subject to risks and uncertainties, including oil price volatility and regulatory changes, which could materially affect future results[19]. Derivative Instruments - As of November 1, 2024, the company has oil swaps for Q4 2024 with a notional volume of 435,000 Bbl at a weighted average fixed price of $74.90 per unit[25]. - The company has natural gas swaps for Q4 2024 with a notional volume of 510,000 Mcf at a weighted average fixed price of $3.62 per unit[25]. - The company has oil collars for Q4 2024 with a notional volume of 390,000 Bbl, with a floor price of $61.92 and a ceiling price of $83.39[25]. - The company has natural gas collars for Q4 2024 with a notional volume of 405,000 MMBtu, with a floor price of $3.50 and a ceiling price of $4.45[25]. - The company entered into a fixed-to-floating interest rate swap in March 2024, resulting in a gain of approximately $1 million on a notional amount of $80 million[26]. - The company has open interest rate derivative positions with a long position of $30,000 thousand at a fixed rate of 3.180% for the period October 2024 - April 2026[27]. - The company has a short position of $80,000 thousand at a fixed rate of 4.910% for the period October 2024 - December 2024[27]. - The company has natural gas swaps for 2025 with a notional volume of 1,875,000 Mcf at a weighted average fixed price of $3.60 per unit[25]. - The company has oil collars for 2025 with a notional volume of 1,700,000 Bbl, with a floor price of $63.28 and a ceiling price of $76.59[25]. - The company has oil basis swaps for Q4 2024 with a notional volume of 330,000 Bbl at a fixed price of $0.97[25].

OKLAHOMA CITY, Nov. 6, 2024 /PRNewswire/ -- Riley Exploration Permian, Inc. (NYSE American: REPX) ("Riley Permian" or the "Company"), today reported financial and operating results for the third quarter ended September 30, 2024.THIRD QUARTER 2024 HIGHLIGHTS Averaged 23.4 MBoe/d of total equivalent production (oil production of 15.5 MBbls/d) Generated $72.1 million of operating cash flow or $60.5 million before changes in working capital(1) Incurred total accrual (activity-based) capital expenditures before ...

OKLAHOMA CITY, Oct. 10, 2024 /PRNewswire/ -- Riley Exploration Permian, Inc. (NYSE American: REPX) ("Riley Permian" or the "Company") today announced that its Board of Directors has approved a cash dividend on the Company's common stock in the amount of $0.38 per share. The dividend is payable on November 7, 2024 to stockholders of record as of the close of business on October 24, 2024. This represents a 6% increase from the previous dividend of $0.36 per share that was distributed the four quarters prior, ...

We are currently offering a free two-week trial to Distressed Value Investing . Join our community to receive exclusive research about various companies and other opportunities along with full access to my portfolio of historic research that now includes over 1,000 reports on over 100 companies. Riley Exploration Permian (NYSE: REPX ) continues to deliver good production results, with its Q2 2024 production coming in near the high-end of guidance. It also increased its full-year oil production expectations ...

Riley Exploration Permian, Inc. (NYSE:REPX) Q2 2024 Earnings Conference Call August 8, 2024 10:00 AM ET Company Participants Philip Riley - CFO Bobby Riley - Chairman and CEO John Suter - COO Conference Call Participants John White - ROTH Capital Jeff Robertson - Water Tower Research Noel Parks - Tuohy Brothers Operator Hello and thank you for standing by. My name is Virgina and I’ll be your conference operator today. At this time, I’d like to welcome everyone to Riley Exploration Permian, Inc. Second Quart ...

Riley Exploration Permian, Inc. (REPX) came out with quarterly earnings of $1.61 per share, missing the Zacks Consensus Estimate of $1.74 per share. This compares to earnings of $1.37 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -7.47%. A quarter ago, it was expected that this company would post earnings of $1.50 per share when it actually produced earnings of $1.61, delivering a surprise of 7.33%. Over the last four quart ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-15555 Riley Exploration Permian, Inc. (Exact name of registrant as specified in its charter) Delaware 87-0267438 (State or other jurisdiction of incorporation or organization) ...