Riley Exploration Permian (REPX) Q2 Results - Aug 7
Posted: Wed Aug 07, 2024 6:42 pm
SECOND QUARTER 2024 HIGHLIGHTS < Slightly better than my Q2 forecast.
Averaged 21.3 MBoe/d of total equivalent production (oil production of 14.7 MBbls/d)
Generated $51.6 million of operating cash flow or $57.6 million before changes in working capital(1)
Incurred total accrual (activity-based) capital expenditures before acquisitions of $21.4 million and cash capital expenditures before acquisitions of $19.3 million
Generated Free Cash Flow(1) of $38.3 million
Paid dividends of $0.36 per share in the second quarter for a total of $7.5 million
Reduced debt outstanding by $20.0 million
Raised $25.4 million in net proceeds from an equity offering
Closed acquisition that added approximately 13,900 contiguous net acres to our New Mexico position
Signed agreements to expand the scope of our power joint venture RPC Power, LLC ("RPC Power") and increased our ownership position from 35% to 50%
MANAGEMENT COMMENTARY
"We continue to execute our annual plan with overall positive results," said Bobby D. Riley, Chief Executive Officer and Chairman of the Board. "It's early in the year to report on medium-term to longer-term well results, but thus far we are generally seeing outperformance on 2024 legacy well production results relative to our internal forecasts. We continue to experience favorable efficiencies and cost savings on our drilling and completion activity. Well cost savings represent our largest driver of free cash flow improvement this year. The team has also done a great job in smoothing development activity and spend, one of our core objectives coming into the year."
Averaged 21.3 MBoe/d of total equivalent production (oil production of 14.7 MBbls/d)
Generated $51.6 million of operating cash flow or $57.6 million before changes in working capital(1)
Incurred total accrual (activity-based) capital expenditures before acquisitions of $21.4 million and cash capital expenditures before acquisitions of $19.3 million
Generated Free Cash Flow(1) of $38.3 million
Paid dividends of $0.36 per share in the second quarter for a total of $7.5 million
Reduced debt outstanding by $20.0 million
Raised $25.4 million in net proceeds from an equity offering
Closed acquisition that added approximately 13,900 contiguous net acres to our New Mexico position
Signed agreements to expand the scope of our power joint venture RPC Power, LLC ("RPC Power") and increased our ownership position from 35% to 50%
MANAGEMENT COMMENTARY
"We continue to execute our annual plan with overall positive results," said Bobby D. Riley, Chief Executive Officer and Chairman of the Board. "It's early in the year to report on medium-term to longer-term well results, but thus far we are generally seeing outperformance on 2024 legacy well production results relative to our internal forecasts. We continue to experience favorable efficiencies and cost savings on our drilling and completion activity. Well cost savings represent our largest driver of free cash flow improvement this year. The team has also done a great job in smoothing development activity and spend, one of our core objectives coming into the year."