Riley Permian Reports Fiscal 3rd Quarter 2022 Financial and Operating Results.
OKLAHOMA CITY: Riley Exploration Permian, Inc. (NYSE American: REPX) ("Riley Permian" or the "Company"), today reported financial and operating results for the fiscal third quarter ended June 30, 2022.
HIGHLIGHTS FOR THE FISCAL THIRD QUARTER ENDING JUNE 30, 2022
Averaged oil production of 8.4 MBbls per day, which exceeds the high end of guidance and represents an increase of 24% as compared year-over-year to the fiscal third quarter 2021 and 12% as compared quarter-over-quarter to the fiscal second quarter 2022
Reported net income of $39 million, which includes $13 million of non-cash gain on derivative contracts and income from operations of $63 million
Generated $45 million of Adjusted EBITDAX(1) and $44 million of operating cash flow, representing an increase of 29% and 47%, respectively, over the prior quarter
Incurred total accrual (activity-based) capital expenditures of $34 million and total cash capital expenditures of $37 million
Paid dividends of $0.31 per share for a total of $6 million
Reported proved reserves of 79 MMBoe (64% oil) with a standardized measure of future discounted cash flows of $1,046 million
PV-10 value(1) of total proved reserves and total proved developed reserves of $1,098 million and $807 million, respectively, as of June 30, 2022 based on NYMEX strip pricing
"In the fiscal third quarter, we generated record oil production, revenue and operating cash flow," said Riley Permian Chairman and CEO, Bobby Riley. "Our cash flow benefited from a decreased impact of financial hedges this past quarter, and we see a continuation of that trend for the quarters and year ahead. We are experiencing increased costs like many other companies in our industry, but we are proud of our team's efforts to control costs where we can. Based on the strength of our fiscal third quarter production, and given modest increased activity plans, we are increasing previously released midpoint guidance for oil production for the fiscal fourth quarter by 6% and for the fiscal year by 4%. Related, we are increasing our midpoint guidance for fiscal year capital expenditures by approximately 5%, driven by increased activity and cost increases. We continue to return a substantial portion of our cash flow to shareholders in the form of dividends, and we see opportunity to pay down our debt in the coming quarters, further strengthening our balance sheet."
(1) Non-GAAP financial measure, which is defined and reconciled below.
Selected Operating and Financial Data
(Unaudited)
Three Months Ended
Nine Months Ended
June 30, 2022
March 31, 2022
June 30, 2021
June 30, 2022
June 30, 2021
Select Financial Data (in thousands):
Oil and natural gas sales, net
$ 87,781
$ 66,645
$ 41,549
$ 211,076
$ 100,622
Net income (loss)
$ 38,555
$ (7,168)
$ (21,501)
$ 52,785
$ (81,320)
Adjusted EBITDAX(1)
$ 44,522
$ 34,439
$ 22,533
$ 106,035
$ 65,433
Production Data, net:
Oil (MBbls)
761
675
612
2,104
1,702
Natural gas (MMcf)
572
682
732
2,098
1,795
Natural gas liquids (MBbls)
70
93
94
268
272
Total (MBoe)
926
881
828
2,722
2,273
Daily combined volumes (Boe/d)
10,176
9,791
9,100
9,969
8,325
Daily oil volumes (Bbls/d)
8,363
7,497
6,726
7,707
6,234
Average Realized Prices:
Oil ($ per Bbl)
$ 108.41
$ 92.44
$ 64.55
$ 92.91
$ 54.29
Natural gas ($ per Mcf)
4.98
2.62
1.31
3.50
3.12
Natural gas liquids ($ per Bbl)
34.71
26.71
11.57
30.72
9.70
Total average price ($ per Boe)
$ 94.80
$ 75.63
$ 50.18
$ 77.55
$ 44.28
Average Realized Prices, including the effects
of derivative settlements(2):
Oil ($ per Bbl)
$ 77.31
$ 66.60
$ 51.84
$ 66.50
$ 51.16
Natural gas ($ per Mcf)
1.29
1.25
1.39
1.31
3.22
Natural gas liquids ($ per Bbl)(3)
34.71
26.71
11.57
30.72
9.70
Total average price ($ per Boe)
$ 66.97
$ 54.78
$ 40.86
$ 55.44
$ 42.02
Cash Costs ($ per Boe)(1)
$ 19.63
$ 16.46
$ 15.07
$ 17.33
$ 14.79
Cash Margin ($ per Boe)(1)
$ 75.17
$ 59.17
$ 35.11
$ 60.22
$ 29.49
Cash Margin, including derivative settlements
($ per Boe)(1)
$ 47.34
$ 38.32
$ 25.80
$ 38.11
$ 27.23
(1)
Non-GAAP financial measure, which is defined and reconciled below.
(2)
The Company's calculation of the effects of derivative settlements includes losses on the settlement of its...
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