Loading...
•
Jun 30, 2024
Riley Exploration Q2 2024 Earnings Report
Riley Exploration Permian reported financial and operating results for the second quarter ended June 30, 2024.
Key Takeaways
Riley Exploration Permian reported revenues of $105.4 million and net income of $33.5 million, with average total equivalent production of 21.3 MBoe/d and oil production of 14.7 MBbls/d. The company generated $51.6 million in operating cash flow and $38.3 million in free cash flow, while reducing debt by $20.0 million and raising $25.4 million from an equity offering.
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
Generated Free Cash Flow of $38.3 million
Reduced debt outstanding by $20.0 million
Riley Exploration
Riley Exploration
Forward Guidance
Riley Permian is providing third quarter detailed guidance and reiterating, previously disclosed full-year 2024 activity guidance based on currently scheduled development activity and current market conditions.
Positive Outlook
- Gross Operated Wells Drilled Q3 2024: 10-12
- Gross Operated Wells Completed Q3 2024: 1-3
- Gross Operated Wells Turned to Sales Q3 2024: 4-7
- Total Net Production Q3 2024 (MBoe/d): 21.0 - 23.0
- Oil Net Production Q3 2024 (MBbls/d): 14.8 - 15.3
Challenges Ahead
- Lease operating expense, including workover expense Q3 2024 ($ per Boe): $8.50 - 9.50
- Production tax Q3 2024 (% of revenue): 6% - 8%
- Cash G&A Q3 2024 ($ per Boe): $3.00 - 3.50
- Interest expense Q3 2024 ($ in millions): $8.5 - 9.5
- Income Tax Cash Payment Q3 2024 ($ in millions): $5 - 7