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Sep 30, 2024
Riley Exploration Q3 2024 Earnings Report
Riley Exploration Permian reported strong results driven by higher production and improved commodity hedge settlements, while discontinuing the EOR Project.
Key Takeaways
Riley Exploration Permian reported Q3 2024 financial results, including revenues of $102.3 million, net income of $25.7 million, and adjusted EBITDAX of $71.7 million. The company averaged 23.4 MBoe/d of total equivalent production, with oil production of 15.5 MBbls/d. Riley Permian reduced debt by $35 million and generated $37.8 million in free cash flow.
Averaged 23.4 MBoe/d of total equivalent production with oil production of 15.5 MBbls/d.
Generated $72.1 million of operating cash flow.
Generated Free Cash Flow of $37.8 million.
Reduced the principal value of debt outstanding by $35.0 million.
Riley Exploration
Riley Exploration
Forward Guidance
Riley Permian provided fourth quarter guidance based on currently scheduled development activity and current market conditions.
Positive Outlook
- Total equivalent production is estimated to be 23.5 - 24.5 MBoe/d.
- Oil production is estimated to be 15.5 - 16.1 MBbls/d.
- Drilling and Completions and Capital Workovers expenditures are projected to be $18 - 21 million.
- Infrastructure and Other expenditures are projected to be $14 - 21 million.
- Total E&P Capex is projected to be $32 - 42 million.
Challenges Ahead
- Lease operating expense, including workover expense, is projected to be $8.00 - 9.00 per Boe.
- Production tax is projected to be 6% - 8% of revenue.
- Cash G&A is projected to be $2.50 - 3.00 per Boe.
- Interest expense is projected to be $7.5 - 8.5 million.
- Income Tax Cash Payment is projected to be $1.5 - 2.5 million.