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Jun 30, 2023
Riley Exploration Q2 2023 Earnings Report
Reported successful second quarter with record-high metrics across production and cash flow from operations, driven by the New Mexico acquisition and continued execution with legacy assets.
Key Takeaways
Riley Exploration Permian reported a successful second quarter with record-high metrics in production and cash flow, driven by the acquisition of New Mexico assets and continued execution of legacy assets. Net income was $33 million, and adjusted EBITDAX was $66 million. Production exceeded guidance, while capital expenditures were below guidance.
Closed on the acquisition of oil and natural gas assets in New Mexico and successfully transitioned operations.
Averaged oil production of 15.1 MBbls/d (21.2 MBoe/d total equivalent production), representing an increase of 80% as compared year-over-year to the second quarter 2022.
Reported net income of $33 million, or $1.65 per diluted share, which includes $11 million of non-cash gain on derivative contracts and income from operations of $45 million.
Generated $66 million of Adjusted EBITDAX and $56 million of operating cash flow.
Forward Guidance
Riley Permian is providing third quarter 2023 and updated full-year 2023 guidance based on currently scheduled development activity and current market conditions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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