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Dec 31, 2022
Riley Exploration Q4 2022 Earnings Report
Reported financial and operating results for the fourth quarter and year ended December 31, 2022.
Key Takeaways
Riley Exploration Permian reported a net income of $27 million, or $1.37 per share, for Q4 2022. The company's oil production averaged 10.0 MBbls/d, exceeding guidance, and Adjusted EBITDAX was $46 million.
Averaged oil production of 10.0 MBbls/d, exceeding the high end of guidance and representing an increase of 37% as compared year-over-year to the fourth quarter 2021
Reported net income of $27 million, or $1.37 per share, which includes $7 million of non-cash gain on derivative contracts and income from operations of $41 million
Generated $46 million of Adjusted EBITDAX and $40 million of operating cash flow, representing a decrease of 10% and 28%, respectively, over the prior quarter, driven primarily by lower commodity pricing
Paid dividends of $0.34 per share in the fourth quarter for a total of $7 million
Forward Guidance
Riley Permian is providing 2023 guidance including pro forma combined guidance for the pending New Mexico Acquisition based on an expected close date early in the second quarter of 2023
Positive Outlook
- Full year 2023 guidance for oil production of 12.8 - 13.4 MBbls/d (18.4 - 19.2 MBoe/d)
- Full year 2023 guidance for activity-based investing expenditures before acquisitions of $160 - $180 million
- First quarter 2023 guidance for oil production of 9.8 - 10.2 MBbls/d (13.2 - 13.8 MBoe/d)
- First quarter 2023 guidance for activity-based investing expenditures before acquisitions of $47 - $54 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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