OKLAHOMA CITY, May 8, 2023 /PRNewswire/ -- Riley Exploration Permian, Inc. (NYSE American: REPX) ("Riley Permian" or the "Company"), today reported financial and operating results for the first quarter ended March 31, 2023.
FIRST QUARTER 2023 HIGHLIGHTS
Averaged oil production of 9.9 MBbls/d, representing an increase of 32% as compared year-over-year to the first quarter 2022, driven solely by organic growth
Reported net income of $32 million, or $1.60 per diluted share, which includes $11 million of non-cash gain on derivative contracts and income from operations of $36 million
Generated $44 million of Adjusted EBITDAX(1) and $33 million of operating cash flow
Incurred total accrual (activity-based) capital expenditures before acquisitions of $42 million and total cash capital expenditures before acquisitions of $35 million
Formed a joint venture to build a new power infrastructure for onsite generation using produced natural gas
Closed a previously announced a transformative acquisition of oil and natural gas assets in New Mexico in April
Paid dividends of $0.34 per share in the first quarter for a total of $7 million
Subsequent to quarter end and as previously disclosed, in April 2023, Riley Permian completed its acquisition of oil and natural gas assets (the "New Mexico Acquisition"), which are located in Eddy County and primarily target the Yeso trend.
"The Company remains focused on optimizing our core business, and the positive results of the first quarter of 2023 reinforce this objective. Despite extensive attention given to the successful completion of the New Mexico Acquisition, we met our previously announced guidance for operations and financials for the quarter. The New Mexico Acquisition marks a major milestone for the Company, and we are excited about the opportunities it brings for long-term growth and value creation for our shareholders," said Riley Permian Chairman and CEO, Bobby Riley.
Mr. Riley continued, "In addition to the ongoing development of our core assets, we have commenced development activities on the acquired New Mexico assets with plans to bring on additional wells early in the third quarter."