Riley Permian Reports 2023 Results and Provides 2024 Guidance
March 6, 2024
OKLAHOMA CITY, March 6, 2024 /PRNewswire/ -- Riley Exploration Permian, Inc. (NYSE American: REPX) ("Riley Permian" or the "Company"), today reported financial and operating results for the fourth quarter and year ended December 31, 2023.
FOURTH QUARTER 2023 HIGHLIGHTS
Averaged 19.9 MBoe/d of total equivalent production (oil production of 13.6 MBbls/d)
Generated $66 million of operating cash flow or $54 million of operating cash flow before changes in working capital
Incurred total accrual (activity-based) and cash capital expenditures before acquisitions of $25 million and $21 million, respectively
Generated Free Cash Flow(1) of $33 million
Paid dividends of $0.36 per share in the fourth quarter for a total of $7 million
Reduced debt outstanding by $30 million
Initiated temporary operations on baseload power generation owned by our joint venture, RPC Power LLC
FULL YEAR 2023 HIGHLIGHTS
Averaged 18.6 MBoe/d of total equivalent production (oil production of 13.2 MBbls/d), which included contribution from the New Mexico Acquisition properties for three of four quarters in 2023
Generated $207 million of operating cash flow
Incurred $136 million for both total accrual (activity-based) and cash capital expenditures before acquisitions
Generated Free Cash Flow(1) of $70 million
Paid dividends of $1.38 per share for a total of $28 million
Reported proved reserves as of December 31, 2023 of 108 MMBoe (62% oil); proved developed ("PDP") reserves of 60 MMBoe (61% oil and 56% of proved reserves)
2024 GUIDANCE HIGHLIGHTS
Full year 2024 guidance for oil production of 14.0 – 15.0 MBbls/d, corresponding to approximately 10% year-over-year growth at the midpoint
Full year 2024 guidance for total production of 21.0 – 22.5 MBoe/d, corresponding to approximately 17% year-over-year growth at the midpoint, benefiting from the anticipated addition of natural gas processing capacity through the year
Full year 2024 guidance for activity-based investing expenditures before acquisitions of $115 - 130 million, corresponding to an approximate 10% year-over-year reduction at the midpoint