Oil Reserves and Production - As of March 31, 2019, oil constituted approximately 54% of total proved reserves and approximately 72% of revenues for fiscal 2019[21] - The Permian Basin accounts for 70% of discounted future net cash flows from proved reserves and 78% of net revenues[22] - Delaware Basin properties accounted for 45% of gross revenues and 56% of net revenues for fiscal 2019[23] - Midland Basin properties accounted for 20% of gross revenues and 25% of net revenues for fiscal 2019[24] - Oil production for fiscal 2019 was 35,359 barrels, an increase from 34,743 barrels in 2018[28] - Approximately 10% of discounted future net cash flows from Delaware Basin properties are attributable to proven undeveloped reserves[23] Customer and Revenue Concentration - Major customer Company A accounted for 42% of revenues in fiscal 2019[33] - The largest credit risk associated with any single purchaser was 5 per barrel in average oil price for fiscal 2019 would have changed oil and gas revenue by 1 per mcf change in average gas price for fiscal 2019 would have resulted in a revenue change of $295,133[188] Operational Aspects - The company owns partial interests in approximately 6,100 producing wells across multiple states[27] - The company did not incur any material capital expenditures for remediation or pollution control activities for the year ended March 31, 2019[38] - As of March 31, 2019, the company had two full-time and three part-time employees[50] Pipeline and Pricing Influences - Temporary pipeline capacity constraints in the Permian Basin have adversely affected prices for crude oil and natural gas[185] - Price fluctuations are influenced by global demand, supply levels, production quotas, weather conditions, and political and economic conditions in oil-producing countries[186] Debt and Credit Status - As of March 31, 2019, the company had no outstanding loan balance on its credit agreement[182]
Mexco Energy (MXC) - 2019 Q4 - Annual Report