REPX(US:REPX)2024-11-06 21:55Financial 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]