REPX(US:REPX)2025-05-07 20:51Production and Operations - Total equivalent production averaged 24.4 MBoe/d, with oil production at 15.6 MBbls/d, reflecting a 2% decrease quarter-over-quarter[5] - The company anticipates net production of 27.6 to 28.5 MBoe/d for Q3 and Q4 2025, with oil production expected to be between 17.1 and 17.6 MBbls/d[24] - In Q2 2025, Riley Permian plans to drill between 8.9 and 10.0 wells, with a total production forecast of 24.0 to 24.7 MBoe/d[24] - The company expects to complete 2.0 wells in Q2 2025, with a full-year completion guidance of 11.3 to 13.3 wells[24] Financial Performance - Revenues for the quarter totaled $102 million, with net income of $29 million or $1.36 per diluted share[8] - Total revenues for Q1 2025 were $102,457,000, an increase of 2% from $99,744,000 in Q1 2024[35] - Net income for Q1 2025 was $28,633,000, representing a 53% increase compared to $18,758,000 in Q1 2024[35] - Basic and diluted net income per share for Q1 2025 was $1.36, up from $0.94 in Q1 2024[35] - Generated $50 million in operating cash flow and $36 million in Total Free Cash Flow, with Adjusted EBITDAX at $71 million[8] Capital Expenditures and Investments - Capital expenditures before acquisitions totaled $24 million, with $19 million allocated to upstream activities[9] - Capital expenditures for drilling completions and capitalized workovers are projected to be between $20 million and $24 million in Q2 2025, with total capital expenditures for the year estimated at $81 million to $100 million[24] - Announced the acquisition of Silverback Exploration for $142 million, adding 5 MBoe/d of production and over 300 gross undeveloped locations[19] Debt and Equity - Reduced total debt by $21 million, achieving a debt-to-Adjusted EBITDAX ratio of 0.9x, with total debt outstanding at $259 million[10] - Total liabilities decreased to $462.561 million as of March 31, 2025, compared to $482.886 million at the end of 2024[33] - Shareholders' equity increased to $532.383 million as of March 31, 2025, up from $510.615 million at the end of 2024[33] Costs and Expenses - Total costs and expenses increased to $52,955,000 in Q1 2025 from $49,177,000 in Q1 2024, reflecting a rise of 5.7%[35] - Operating costs are expected to be between $8.00 and $9.00 per Boe for lease operating expenses and workover expenses[24] - Interest expense is projected to be between $6 million and $8 million for Q2 2025[24] Cash Flow and Liquidity - Net cash provided by operating activities for Q1 2025 was $50,381,000, down from $56,125,000 in Q1 2024[37] - Cash used in investing activities was $25,403,000 in Q1 2025, a decrease from $42,608,000 in Q1 2024[37] - The company reported a net decrease in cash of $4,267,000, ending the period with $8,857,000 in cash[37] Market and Pricing - Average realized prices were $70.12 per barrel of oil and $0.71 per Mcf of natural gas, with a $6 million loss on derivatives reported[8] - The company has oil swaps for Q2 2025 with a notional volume of 555,000 barrels at a fixed price of $71.95 per barrel[38] - The company has natural gas swaps for Q2 2025 with a notional volume of 495,000 Mcf at a fixed price of $3.34 per Mcf[38] Strategic Initiatives - The company is focused on growth through upstream, midstream, and power activities in Texas and New Mexico[26] - The company is advancing midstream infrastructure in New Mexico, with a planned 20-inch natural gas pipeline capacity of 150 MMcf/d[6] - RPC Power provided approximately 56% of the electric power needs for the Champions field, with ongoing projects aimed at selling power into ERCOT[12] Guidance and Forecasts - Modified 2025 investment guidance by reducing the midpoint by 50% and total production guidance by 3%[3] - The company entered into floating-to-fixed interest rate swaps with a notional amount of $30,000,000 at a fixed rate of 3.18%[40]