Riley Exploration Q2 2024 Earnings Report
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