REPX(US:REPX)2026-03-04 22:02Production and Guidance - Total production averaged 35.5 MBoe/d in Q4 2025, with oil production at 20.1 MBbls/d[5] - Full-year 2026 production guidance is set at 35.0 - 37.0 MBoe/d, with oil production guidance of 21.0 - 22.0 MBbls/d[5] - Net production for Q1 2026 is estimated to be between 33.2 MBoe/d and 34.0 MBoe/d, with oil production expected to be between 19.0 MBbls/d and 19.5 MBbls/d[26] - Daily combined volumes for Q4 2025 averaged 35,533 Boe/d, up from 32,337 Boe/d in Q3 2025 and 25,033 Boe/d in Q4 2024[21] Financial Performance - Generated $65 million in operating cash flow and $85 million in net income for Q4 2025, equating to $4.02 per diluted share[8] - Full-year 2025 revenues totaled $392 million, with net income of $161 million, or $7.59 per diluted share[14] - Total revenues for the year ended December 31, 2025, were $391,980,000, a decrease of 4.3% from $409,801,000 in 2024[37] - Net income for the three months ended December 31, 2025, was $85,397,000, compared to $10,928,000 for the same period in 2024, representing a significant increase[37] - Cash provided by operating activities for the year ended December 31, 2025, was $212,539,000, down from $246,274,000 in 2024[39] - The company reported a total free cash flow of $999,000 for Q4 2025, significantly down from $25,307,000 in Q3 2025 and $17,689,000 in Q4 2024[21] Capital Expenditures and Debt - Total accrued capital expenditures for 2025 were $120 million, with $83 million allocated for upstream activities[15] - Total capital expenditures for Q1 2026 are projected to be between $55 million and $65 million, with full-year 2026 guidance set between $190 million and $210 million[26] - The company reduced total debt by $120 million, achieving a year-end debt-to-Adjusted EBITDAX ratio of 1.0x[5][13] Reserves and Valuation - Proved reserves increased by 24 MMBoe or 19% year-over-year, totaling 147 MMBoe as of December 31, 2025[18] - The reserve replacement ratio for 2025 was 323%, with an organic reserve replacement ratio of 230%[18] - The company’s proved reserves as of December 31, 2025, were estimated using an average price of $65.34 per barrel for oil and $3.39 per Mcf for gas[40] - As of December 31, 2025, total proved reserves include 74,347 MBbls of oil and 206,657 MMcf of natural gas under SEC pricing[41] - The PV-10 value of total proved reserves as of December 31, 2025, is $1,392,016,000 under SEC pricing[41] Pricing and Sales - Average realized prices for oil in 2025 were $62.95 per barrel, with a total gain on derivatives of $36 million[14] - The average realized price for oil in Q4 2025 was $57.18 per Bbl, down from $63.94 in Q3 2025 and $68.50 in Q4 2024[21] - Oil and natural gas sales for Q4 2025 were $97,277,000, a decrease of 8.3% from $106,852,000 in Q3 2025 and a decrease of 5.5% from $102,695,000 in Q4 2024[21] Operational Expenses - The company incurred lease operating expenses of $87,506,000 for the year ended December 31, 2025, compared to $71,463,000 in 2024, an increase of 22.5%[37] - Upstream cash capital expenditures for Q4 2025 were $34,721,000, a substantial increase from $14,893,000 in Q3 2025 and $22,299,000 in Q4 2024[21] Stock and Derivatives - The company authorized a stock repurchase program of up to $100 million[5] - The company has open financial derivatives for oil and natural gas production, including 826,000 Bbls of oil swaps at an average price of $61.56 per Bbl for Q1 2026[50] - The company has a total notional amount of $30,000,000 in interest rate contracts with a fixed rate of 3.18% for March 2026 - April 2026[52] - The company’s oil WTI collars for Q1 2026 include a volume of 516,000 Bbls with a weighted average floor price of $59.55 per Bbl[50] - The company’s Henry Hub natural gas swaps for Q1 2026 include a volume of 1,005,000 MMBtu at an average price of $3.97 per MMBtu[50]