Riley Exploration Permian Boosts Production by 62%

Riley Exploration Permian, Inc. has recently released its annual report, providing a detailed insight into the company's performance and operations. The independent oil and natural gas company focuses on the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids primarily in the Permian Basin in West Texas and Southeastern New Mexico. Its activities are centered on the San Andres Formation, with its acreage primarily located in Yoakum County, Texas, and Lea and Roosevelt Counties, New Mexico. The company was incorporated in 2016 and is headquartered in Oklahoma City, Oklahoma.

In the 10-K report, Riley Exploration Permian, Inc. highlighted several financial and operating highlights. The company increased its total net equivalent production by 62% to 18.6 thousand barrels of oil equivalent per day (MBoe/d) for the year ended December 31, 2023, compared to the previous year. Additionally, it brought 24 gross (18.2 net) horizontal wells online for production during the same period. The company realized an average combined price on production sold of $54.91 per Boe, before derivative settlements, in 2023, including $75.62 per barrel for oil. It generated cash flow from operations of $207.2 million and incurred total accrual (activity based) capital expenditures before acquisitions of $135.8 million for the year ended December 31, 2023. Moreover, it paid cash dividends on common shares amounting to $27.7 million during the same period. As of December 31, 2023, the company had $15.3 million in cash and $356.0 million in total debt.

The report also outlined various recent developments, including the New Mexico Acquisition completed on April 3, 2023, for an adjusted purchase price of $325 million. This acquisition was funded through a combination of borrowings under the company's Credit Facility and proceeds from the issuance of $200 million of Senior Notes. Additionally, Riley Exploration Permian, Inc. entered into an agreement to form a joint venture for constructing a new power infrastructure for onsite, baseload power generation using produced natural gas for its Champions Field.

Today the company's shares have moved -0.7% to a price of $24.07. For more information, read the company's full 10-K submission here.

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