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Mar 31, 2024
Riley Exploration Q1 2024 Earnings Report
Riley Exploration Permian reported a strong start to the year with improved operational and financial performance, driven by increased production and efficient cost management.
Key Takeaways
Riley Exploration Permian reported first quarter 2024 results, highlighting a strong operational and financial performance. The company achieved an average total equivalent production of 20.4 MBoe/d, with oil production at 14.2 MBbls/d. Key financial results include revenues of $100 million, net income of $19 million, and adjusted EBITDAX of $70 million. The company also reduced its debt by $15 million and paid dividends of $0.36 per share.
Averaged 20.4 MBoe/d of total equivalent production (oil production of 14.2 MBbls/d).
Generated $56 million of operating cash flow or $58 million before changes in working capital.
Generated Free Cash Flow of $23 million.
Reduced debt outstanding by $15 million.
Riley Exploration
Riley Exploration
Forward Guidance
Riley Permian provided second quarter detailed guidance and reiterated previously disclosed full-year 2024 activity guidance based on currently scheduled development activity and current market conditions.
Positive Outlook
- Gross Operated Wells Drilled: 2-3 for Q2 2024, 21-23 for Full-Year 2024
- Gross Operated Wells Completed: 6-8 for Q2 2024, 22-24 for Full-Year 2024
- Gross Operated Wells Turned to Sales: 4-6 for Q2 2024, 24-26 for Full-Year 2024
- Total Net Production (MBoe/d): 20.3-21.3 for Q2 2024, 21.0-22.5 for Full-Year 2024
- Oil Net Production (MBbls/d): 14.4-14.8 for Q2 2024, 14.0-15.0 for Full-Year 2024
Challenges Ahead
- Oil Basis Differentials and Fees: $(2.75) - (2.25) per Bbl for Q2 2024
- Natural Gas Basis Differentials and Fees: $(2.50) - (1.75) per Mcf for Q2 2024
- NGL (% of WTI): 4% - 8% for Q2 2024
- Lease Operating Expense, including workover expense: $8.50-9.50 per Boe for Q2 2024
- Interest expense: $8.5-9.5 million for Q2 2024