REPX(REPX)2024-11-06 21:55Financial Performance - Total revenues for the three months ended September 30, 2024, were 108,294,000 for the same period in 2023[13] - Net income for the three months ended September 30, 2024, was 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 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 0.44 for the same period in 2023, reflecting a substantial increase[13] - Net income for the nine months ended September 30, 2024, was 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 35,345 thousand for the same period in 2023[51] - The company reported a net income of 0.55[41] Assets and Liabilities - Total current assets increased to 63,266,000 as of December 31, 2023, reflecting a growth of 19.1%[12] - Total assets reached 945,711,000 as of December 31, 2023, indicating a growth of 5.5%[12] - Total liabilities decreased to 524,116,000 as of December 31, 2023, a reduction of 6.4%[12] - The company’s retained earnings increased to 142,463,000 as of December 31, 2023, a growth of 38.5%[12] - Total shareholders' equity increased to 421,595,000 at the end of Q1 2024, reflecting a growth of approximately 20.3%[14] - Total accrued liabilities decreased to 33.159 million as of December 31, 2023, indicating a reduction of 22.4%[28] Expenses - The company reported lease operating expenses of 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 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 21.5 million for the same period in 2023, indicating a 24.1% increase[83] Cash Flow - Cash provided by operating activities was 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 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 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 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 22.5 million in the joint venture RPC Power, with an additional commitment of up to 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 3.62 per Mcf[47] - The total fair value of current derivative assets was 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]