REPX 2ND QTR

[Cliff_N]

This appears to be a miss on EPS. Expected consensus was $1.80 (Yahoo Finance), came in at $1.65. For first 6 months EPS was 3.25 vs. $1.60 in 2022.

Riley Permian Reports Second Quarter 2023 Results
OKLAHOMA CITY, August 7, 2023 -- Riley Exploration Permian, Inc. (NYSE American: REPX) (“Riley Permian” or the “Company”), today reported
financial and operating results for the second quarter ended June 30, 2023.
SECOND QUARTER 2023 HIGHLIGHTS
• Closed on the acquisition of oil and natural gas assets in New Mexico and successfully transitioned operations to the Company
• Averaged oil production of 15.1 MBbls/d (21.2 MBoe/d total equivalent production), representing an increase of 80% as compared year-over-year to
the second quarter 2022 and an increase of 52% as compared quarter-over-quarter to the first quarter of 2023
• Reported net income of $33 million, or $1.65 per diluted share, which includes $11 million of non-cash gain on derivative contracts and income from
operations of $45 million
• Generated $66 million of Adjusted EBITDAX and $56 million of operating cash flow
• Incurred total accrual (activity-based) capital expenditures before acquisitions of $39 million and total cash capital expenditures before acquisitions of
$48 million
• Paid dividends of $0.34 per share in the second quarter for a total of $7 million

[dan_s]

Production beat my forecast of 20,000 Boepd and 14,000 bbls of oil per day.

Adjusted net income compares to my forecast of $28.3 million. Always compare analysts forecasts to adjusted net income, not reported net income.

Operating cash flow beat my forecast of $50.4 million.

Natural gas and ngl prices were much lower than my forecast, but higher realized oil prices + higher oil production volumes caused total revenues to exceed my forecast. Riley is heavily weighted to oil.

Stock price is down today because of "noise" that is causing oil price to dip.

[dan_s]

Bobby Riley, Chairman and CEO of Riley Permian, stated, "We're pleased to report another successful quarter with record-high metrics across production and cash flow from operations.

Production results exceeded the high-end of guidance while capital expenditures were materially below guidance.

Results were driven by a combination of the closing of the New Mexico acquisition early in the quarter as well as continued execution with our legacy assets. Transition and integration efforts for the new assets have proceeded as planned, including initial drilling activity beginning in April."

Mr. Riley continued, "Looking ahead to the second half of 2023, and based on the strength of production in the first half of 2023, we see the opportunity to reduce activity and capital expenditures from our previously released guidance levels, while maintaining full-year average production levels per previous guidance. We're optimistic that this combination of factors may lead to materially increased Free Cash Flow for the year, as compared to what we forecasted following the first quarter of 2023".