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Sep 30, 2021
Riley Exploration Q4 2021 Earnings Report
Reported financial and operational results for the fiscal fourth quarter and year ended September 30, 2021.
Key Takeaways
Riley Permian reported a strong fiscal fourth quarter with a net income of $15.7 million and Adjusted EBITDAX of $24.5 million. The company increased production by 35% to 9.6 MBoe per day and realized a Cash Margin of $39.08 per Boe before derivative settlements.
Increased production by 35% to 9.6 MBoe per day compared to the same period in 2020.
Reported net income of $15.7 million with income from operations of $26.9 million.
Generated $24.5 million of Adjusted EBITDAX and $7.2 million of Free Cash Flow.
Realized a Cash Margin of $39.08 per Boe before derivative settlements or $26.41 per Boe after derivative settlements.
Forward Guidance
Based on current market conditions, the Company forecasts fiscal first quarter 2022 accrued capital expenditures before acquisitions to total approximately $26 million to $32 million. Riley Permian forecasts fiscal first quarter 2022 oil production to average 7.0 MBbls per day to 7.3 MBbls per day, with total equivalent production to average 9.5 MBoe per day to 10.0 MBoe per day.
Positive Outlook
- Forecasts fiscal first quarter 2022 oil production to average 7.0 MBbls per day to 7.3 MBbls per day.
- Estimates total equivalent production to average 9.5 MBoe per day to 10.0 MBoe per day for the first fiscal quarter of 2022.
- Projects full-year fiscal 2022 accrued capital expenditures before acquisitions to total approximately $85 million to $95 million.
- Believes this level of capital investment may correspond to full-year production growth of approximately 11% to 15% over full-year fiscal 2021 production levels.
- Expects first fiscal quarter of 2022 LOE of approximately $7.25 to $7.75 per Boe and cash G&A expenses of approximately $4.00 to $4.75 per Boe.
Challenges Ahead
- Forecasts fiscal first quarter 2022 accrued capital expenditures before acquisitions to total approximately $26 million to $32 million.
Historical Earnings Impact
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