REPX(US:REPX)2025-11-05 21:35Financial Performance - Total revenues for the three months ended September 30, 2025, were $106.85 million, a 4.9% increase from $102.34 million in the same period of 2024[15] - Net income for the three months ended September 30, 2025, was $16.34 million, compared to $25.66 million in the same period of 2024, reflecting a decrease of 36.3%[15] - Net income for the nine months ended September 30, 2025, was $75,443,000, compared to $77,969,000 for the same period in 2024, reflecting a decrease of approximately 3.3%[20] - The company reported a basic net income per share of $0.77 for the three months ended September 30, 2025, down from $1.22 in the same period of 2024[15] - Segment net income for Q3 2025 was $16.3 million, down 36.4% from $25.7 million in Q3 2024[111] Revenue and Sales - Oil and natural gas sales, net, for the nine months ended September 30, 2025, totaled $294.70 million, down 4.0% from $307.11 million in the same period of 2024[15] - Total oil and natural gas sales for the three months ended September 30, 2025, were $106.852 million, compared to $102.339 million for the same period in 2024, representing a 4.9% increase[37] - Oil and natural gas sales for the nine months ended September 30, 2025, were $294.7 million, with a potential $29.5 million impact from a 10% change in realized pricing[185] Expenses and Liabilities - Lease operating expenses increased to $26.87 million for the three months ended September 30, 2025, compared to $18.53 million in the same period of 2024, representing a 45.0% increase[15] - Total liabilities increased to $624.84 million as of September 30, 2025, compared to $482.89 million at December 31, 2024, an increase of 29.4%[13] - The total interest expense for the nine months ended September 30, 2025, was $23.4 million, a decrease of 12.6% from $26.7 million in the same period of 2024[98] Assets and Equity - Total current assets rose to $79.38 million as of September 30, 2025, up from $68.13 million at December 31, 2024, marking a 16.3% increase[13] - The company’s retained earnings increased to $250.93 million as of September 30, 2025, up from $200.36 million at December 31, 2024, a growth of 25.2%[13] - Total shareholders' equity as of September 30, 2025, was $566,497,000, an increase from $507,405,000 as of September 30, 2024, representing a growth of about 11.6%[18] - Total assets as of September 30, 2025, were $1.19 billion, unchanged from the previous year[111] Cash Flow and Investments - Cash provided by operating activities for the nine months ended September 30, 2025, was $147,671,000, down from $179,896,000 in 2024, indicating a decline of approximately 17.9%[20] - The company incurred $55,230,000 in additions to oil and natural gas properties during the nine months ended September 30, 2025, compared to $76,372,000 in 2024, a decrease of about 27.7%[20] - The company made net assets acquisitions in business combinations totaling $117,827,000 during the nine months ended September 30, 2025[20] Dividends - The company declared dividends totaling $24,840,000 for the nine months ended September 30, 2025, compared to $22,839,000 in 2024, reflecting an increase of about 8.8%[20] - For the three months ended September 30, 2025, the company declared dividends totaling approximately $8.4 million, compared to $8.1 million for the same period in 2024, representing a year-over-year increase of 3.7%[101] - A cash dividend of $0.40 per share was declared on October 7, 2025, payable on November 6, 2025[121] Debt and Financing - Long-term debt increased to $347.04 million as of September 30, 2025, compared to $249.49 million at December 31, 2024, reflecting a 39.1% increase[13] - The Credit Facility outstanding borrowings increased to $225 million as of September 30, 2025, compared to $115 million as of December 31, 2024, reflecting a 95.7% increase[91] - The Company issued $200 million in senior unsecured notes at a 6% discount, with a maturity date in April 2028[92] Legal and Regulatory - The company continues to face risks related to oil and natural gas price volatility, production interruptions, and regulatory changes impacting operations[9] - The company is subject to various legal claims but does not expect any material adverse effects on its financial position[113] Acquisitions and Projects - The acquisition of Silverback Exploration II, LLC was completed for approximately $123 million, with $120 million paid in cash and $3 million for estimated earnout payments[40] - The fair value of oil and natural gas properties acquired in the Silverback Acquisition was estimated at $139.996 million[43] - The company’s total oil and natural gas properties, net, increased to $1.002617 billion as of September 30, 2025, from $860.797 million at the end of 2024, marking a 16.5% increase[51] - The company signed a long-term gas purchase agreement with a new midstream counterparty, including a monetary cap of $18.7 million for construction costs[120] Derivative Contracts - As of September 30, 2025, the net fair value of the company's derivative contracts is $10.726 million[60] - The fair value of oil and natural gas derivative contracts as of September 30, 2025, was a net asset of $11 million[185] - The company has current derivative assets of $15.656 million and non-current derivative assets of $7.429 million as of September 30, 2025[60]