REPX(REPX)2022-08-10 20:10Production and Revenue - Total net equivalent production increased by 12% to 10.2 MBoe/d for the three months ended June 30, 2022, and by 20% to 10.0 MBoe/d for the nine months ended June 30, 2022, compared to the same periods in 2021[104]. - Oil sales revenue for the three months ended June 30, 2022, was $82.5 million, a 109% increase from $39.5 million in the same period in 2021[109]. - The average realized price for oil was $108.41 per Bbl for the three months ended June 30, 2022, compared to $64.55 per Bbl in the same period in 2021, reflecting a 68% increase[111]. - Natural gas revenues increased by $1.9 million to $2.9 million for the three months ended June 30, 2022, despite a 22% decrease in volumes[115]. - NGL revenues increased by $1.3 million to $2.4 million for the three months ended June 30, 2022, with realized prices increasing by $23.14 per Bbl[115]. Expenses and Costs - Lease operating expenses rose to $8.1 million for the three months ended June 30, 2022, compared to $5.8 million in the same period in 2021[119]. - Lease Operating Expenses (LOE) increased by $2.3 million for the three months ended June 30, 2022, compared to the same period in 2021, with $2.1 million attributed to higher workover expenses[121]. - For the nine months ended June 30, 2022, LOE increased by $6.0 million, primarily due to $4.7 million in costs associated with new wells and additional production volume[122]. - Production and ad valorem taxes rose by $3.5 million and $6.0 million for the three and nine months ended June 30, 2022, respectively, driven by increased oil and natural gas sales[124]. - Total exploration expense for the three months ended June 30, 2022, was $22,000, significantly lower than $2.785 million in the same period in 2021[125]. - Depletion, depreciation, amortization, and accretion expense increased by $0.1 million and $1.4 million for the three and nine months ended June 30, 2022, respectively, due to higher production[129]. - General and Administrative (G&A) expenses increased by $0.1 million for the three months ended June 30, 2022, but decreased by $0.7 million for the nine months ended June 30, 2022[131]. Cash Flow and Financing - Cash flow from operations generated was $97.0 million for the nine months ended June 30, 2022[104]. - The company exited the fiscal third quarter with $16.8 million in cash and $61.0 million drawn on its revolving credit facility[104]. - Net cash provided by operating activities increased by $38.1 million or 65% to $97.0 million for the nine months ended June 30, 2022, compared to $58.8 million for the same period in 2021[143]. - Net cash used in investing activities increased by $37.8 million or 96% to $77.2 million for the nine months ended June 30, 2022, primarily due to higher capital spending related to increased drilling and completion activity[144]. - Net cash used in financing activities increased by $1.9 million or 11% to $20.1 million for the nine months ended June 30, 2022, with $1.0 million utilized from the revolving credit facility for capital expenditures[145]. - The Company's borrowing base was $200 million with outstanding borrowings of $61 million on June 30, 2022, providing an available borrowing capacity of $139 million[146]. - The Company amended its Credit Agreement on April 29, 2022, increasing the borrowing base from $175 million to $200 million and extending the maturity date to April 2026[147]. Dividends and Shareholder Returns - The company paid cash dividends of $6.1 million during the three months ended June 30, 2022, with a latest dividend of $0.31 per share[104]. - The Company authorized and declared a quarterly dividend totaling approximately $6.2 million for the three months ended June 30, 2022[148]. Tax and Derivative Losses - The effective income tax rate for the nine months ended June 30, 2022, was 21.8%, compared to an effective rate of (38.0)% in the same period in 2021[138]. - The loss on derivatives for the three months ended June 30, 2022, was $12.363 million, a decrease from $35.396 million in the same period in 2021[134]. Working Capital and Commitments - As of June 30, 2022, the company had a working capital deficit of $55.6 million, compared to a deficit of $46.9 million as of September 30, 2021[141]. - The increase in revenues was $110.5 million, partially offset by an increase of $55.0 million on settlements for commodity derivative contracts and an increase in operating expenses of $15.2 million[143]. - The Company had a net paydown of $3.5 million on its revolving credit facility for the same period in 2021, contrasting with the current year's utilization[145]. - The Company has commitments with its primary midstream counterparty and has entered into purchase commitments throughout the nine months ended June 30, 2022[149].