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Mar 31, 2021
Riley Exploration Q2 2021 Earnings Report
Reported financial and operational results for the fiscal second quarter ended March 31, 2021.
Key Takeaways
Riley Exploration Permian reported a net loss of $48.5 million for the second quarter of 2021, but adjusted net income was $8.6 million. The company's oil production averaged 6.0 MBbls per day and equivalent production averaged 8.3 MBoe per day. They exited the quarter with $10.1 million in cash.
Closed reverse merger transaction with Tengasco on February 26, 2021
Increased total equivalent sales volumes to 8.3 MBoe per day for the second quarter 2021, an increase of 11% over the same period in 2020, despite significant reductions in capital expenditures and production outages due to two severe storms
Reported a Net Loss of $48.5 million for the three months ended March 31, 2021, with Adjusted Net Income of $8.6 million for the same period
Exited the second quarter with $10.1 million in cash and $97.5 million drawn on the credit facility
Riley Exploration
Riley Exploration
Forward Guidance
The Company expects fiscal 2021 capital expenditures to total approximately $54 million to $56 million, which we believe will be consistent with our capital allocation framework of reinvesting approximately 65-70% of EBITDAX3, and which we believe will be funded entirely by Cash Flow from Operations.