REPX(US:REPX)2025-11-05 21:32Production and Operations - Total equivalent production averaged 32.3 MBoe/d, with oil production at 18.4 MBbls/d, representing a 21% increase in daily oil volumes and a 33% increase in total equivalent volumes quarter-over-quarter [4] - Net production for Q4 2025 is projected to be between 32.9 MBoe/d and 33.9 MBoe/d, with oil production between 18.7 MBbls/d and 19.7 MBbls/d [26] - The company expects to complete between 3.0 and 5.0 wells in Q4 2025 and between 16.3 and 18.3 wells for the full year [26] Financial Performance - Revenues for the third quarter totaled $107 million, with net income of $16 million, or $0.77 per diluted share [9] - Total revenues for Q3 2025 were $106,852,000, an increase of 4.9% compared to $102,339,000 in Q3 2024 [37] - Net income for Q3 2025 was $16,340,000, a decrease of 36.1% from $25,663,000 in Q3 2024 [37] - Basic net income per share for Q3 2025 was $0.77, down from $1.22 in Q3 2024 [37] Cash Flow and Expenditures - The company generated $64 million in operating cash flow and $25 million in total free cash flow during the quarter [4] - Total capital expenditures for the quarter were $29 million, with $18 million in total accrued capital expenditures [10] - Total capital expenditures for full-year 2025 are estimated to be between $119 million and $140 million, with upstream capital expenditures ranging from $89 million to $95 million [26] - Cash provided by operating activities for the nine months ended September 30, 2025, was $147,671,000, down 17.9% from $179,896,000 in the same period of 2024 [39] - Net cash used in investing activities for Q3 2025 was $142,372,000, compared to $25,669,000 in Q3 2024 [39] Debt and Equity - As of September 30, 2025, total debt increased to $375 million, primarily due to the acquisition financing [11] - The company reported a current portion of long-term debt of $20,000 thousand, unchanged from December 31, 2024 [35] - Shareholders' equity rose to $566,497 thousand as of September 30, 2025, compared to $510,615 thousand at the end of 2024 [35] Costs and Expenses - Total costs and expenses for Q3 2025 were $77,990,000, a decrease of 9.1% from $84,861,000 in Q3 2024 [37] - Lease operating expenses increased to $26,874,000 in Q3 2025, up 45.0% from $18,532,000 in Q3 2024 [37] - Operating costs for Q4 2025 include lease operating expenses projected at $8.50 to $9.50 per Boe and administrative costs at $2.75 to $3.25 per Boe [26] Acquisitions and Investments - The acquisition of Silverback Exploration II, LLC was completed for $120 million in cash, contributing to increased production and reduced costs [3] - The company plans to invest $1 million in Power JV for the full year 2025 [26] Derivatives and Risk Management - The company reported a $2 million gain on derivatives, with average realized prices of $63.94 per barrel of oil [9] - As of October 31, 2025, the company has 679,947 Bbl of WTI Oil Swaps for Q4 2025 at a weighted average price of $66.93/Bbl [40] - The company holds 480,000 Bbl of WTI Oil Collars for Q4 2025 with a floor price of $63.10/Bbl and a ceiling price of $77.07/Bbl [40] - The company has 965,000 MMBtu of NYMEX Natural Gas Swaps for Q4 2025 at a weighted average price of $3.74/MMBtu [40] - The company maintains 400,000 MMBtu of NYMEX Natural Gas Collars for Q4 2025 with a floor price of $3.30/MMBtu and a ceiling price of $4.00/MMBtu [40] - The company has open interest rate derivative positions totaling $30,000,000 at a fixed rate of 3.18% for the period October 2025 - April 2026 [42] - The company also holds $50,000,000 in interest rate derivatives at a fixed rate of 3.04% for the same period [42] - For the period October 2026 - April 2027, the company has a long position of $45,000,000 at a fixed rate of 3.90% [42] Infrastructure Development - The company is advancing its midstream infrastructure in New Mexico, with a planned 2026 in-service date for a new pipeline [14] - RPC Power served approximately 70% of the company's load for its Champions field, with plans for increased capacity in 2026 [17]