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Sep 30, 2023
Riley Exploration Q3 2023 Earnings Report
Riley Exploration Permian reported third quarter 2023 results, including average oil production of 14.0 MBbls/d and total equivalent production of 19.9 MBoe/d. The company generated $53 million of operating cash flow and $31 million of free cash flow.
Key Takeaways
Riley Exploration Permian reported financial and operating results for the third quarter ended September 30, 2023. The company averaged oil production of 14.0 MBbls/d and total equivalent production of 19.9 MBoe/d. They generated $53 million of operating cash flow and $31 million of free cash flow. The company reduced debt outstanding by $10 million.
Averaged oil production of 14.0 MBbls/d (19.9 MBoe/d total equivalent production)
Generated $53 million of operating cash flow or $63 million of operating cash flow before changes in working capital
Generated Free Cash Flow of $31 million
Reduced debt outstanding by $10 million
Forward Guidance
Riley Permian is providing fourth quarter 2023 guidance based on currently scheduled development activity and current market conditions.
Positive Outlook
- Total Net Production: 18.2 - 19.0 MBoe/d
- Oil Net Production: 13.0 - 13.5 MBbl/d
- Oil Basis Differentials and Fees: ($2.25) - ($1.25) per Bbl
- Natural Gas Basis Differentials and Fees: ($2.50) - ($2.00) per Mcf
- NGL (% of WTI): 8% - 12%
Challenges Ahead
- Lease operating expense, including workover expense: $8.50 - 9.50 per Boe
- Production tax: 6.0% - 8.0% of revenue
- Cash G&A: $3.00 - 3.50 per Boe
- Cash payments for income taxes: $3.0 - 4.0 million
- Texas Activity Gross operated wells drilled: 2-3
Historical Earnings Impact
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Avg. Return Before/After Earnings
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