Riley Exploration Permian, Inc. (NYSE:REPX ) Q4 2024 Earnings Conference Call March 6, 2025 10:00 AM ET Company Participants Philip Riley - CFO Bobby Riley - Chairman and CEO John Suter - COO Conference Call Participants Neal Dingmann - Truist Securities Derrick Whitfield - Texas Capital John White - ROTH Capital Noel Parks - Tuohy Brothers Jeff Robertson - Water Tower Research Operator Hello and thank you for standing by. My name is Regina and I will be your conference operator today.
OKLAHOMA CITY , March 5, 2025 /PRNewswire/ -- Riley Exploration Permian, Inc. (NYSE American: REPX) ("Riley Permian" or the "Company"), today reported financial and operating results for the fourth quarter and year ended December 31, 2024. FOURTH QUARTER 2024 HIGHLIGHTS Averaged 25.0 MBoe/d of total equivalent production (oil production of 15.9 MBbls/d) Generated $66 million of operating cash flow or $51 million before changes in working capital(1), $18 million of Total Free Cash Flow(1) and $29 million of Upstream Free Cash Flow(1) Incurred total accrual (activity-based) capital expenditures of $31 million ($20 million for upstream) Reduced debt outstanding by $20 million with a debt-to-Adjusted EBITDAX(1) ratio of 1.0x(2) Signed a gas purchase agreement as part of our larger New Mexico midstream development project FULL-YEAR 2024 HIGHLIGHTS Averaged 22.5 MBoe/d of total equivalent production (oil production of 15.1 MBbls/d) Generated $246 million of operating cash flow or $227 million before changes in working capital(1), $117 million of Total Free Cash Flow(1) and $128 million of Upstream Free Cash Flow(1) Completed the 2024 New Mexico Asset Acquisition adding 13,900 net acres adjacent to our existing acreage Began operations at our phase 1 self-generation power joint venture project; announced phase 2 project for selling power into ERCOT and increased our ownership in the joint venture from 35% to 50% 2025 GUIDANCE HIGHLIGHTS Full-year 2025 guidance for total production of 24.6 - 25.6 MBoe/d (oil production of 15.8 - 16.3 MBbls/d) Full-year 2025 guidance for activity-based investing expenditures before acquisitions of $188 - 232 million, including $110 - 130 million for upstream, $60 - 80 million for midstream and $18 - 22 million for our power joint venture ________________ (1) A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at www.rileypermian.com.
Riley's credit facility maturity was extended by more than two years, and it received a $25 million borrowing base increase. Riley expects to spend $130 million over the next two years on midstream infrastructure. These investments should help Riley's realized price for natural gas and NGLs, which were both slightly negative during the first three quarters of 2024.
OKLAHOMA CITY , Jan. 23, 2025 /PRNewswire/ -- Riley Exploration Permian, Inc. (NYSE American: REPX) ("Riley Permian" or the "Company"), plans to release financial and operating results for its fourth quarter and full year 2024 on March 5, 2025 after the U.S. financial markets close. In connection with the earnings release, Riley Permian management will host a conference call for investors and analysts on March 6, 2025 at 9:00 a.m.
OKLAHOMA CITY , Jan. 9, 2025 /PRNewswire/ -- Riley Exploration Permian, Inc. (NYSE American: REPX) ("Riley Permian" or the "Company") today announced that its Board of Directors has approved a cash dividend on the Company's common stock in the amount of $0.38 per share. The dividend is payable on February 6, 2025, to stockholders of record as of the close of business on January 23, 2025.
OKLAHOMA CITY , Dec. 18, 2024 /PRNewswire/ -- Riley Exploration Permian, Inc. (NYSE American: REPX) ("Riley Permian" or the "Company") today announced that it recently completed an amendment to its senior secured revolving credit facility ("Credit Facility"). Credit Facility Amendment Highlights: Extended the facility maturity from April 2026 to December 2028 Increased the borrowing base and commitment levels by 7% from $375 million to $400 million Increased the syndicate to nine total lenders As of December 13, 2024, the Company had $117 million drawn on the Credit Facility with $283 million of availability.
Riley Exploration Permian, Inc. (NYSE:REPX ) Q3 2024 Results Conference Call November 7, 2024 10:00 AM ET Company Participants Philip Riley - CFO Bobby Riley - Chairman and CEO John Suter - COO Conference Call Participants Neal Dingmann - Truist Securities John White - ROTH Capital Jeff Robertson - Water Tower Research Noel Parks - Tuohy Brothers Operator Good morning. My name is John, and I'll be your conference operator today.
Riley Exploration Permian, Inc. (REPX) came out with quarterly earnings of $1.43 per share, missing the Zacks Consensus Estimate of $1.56 per share. This compares to earnings of $1.58 per share a year ago.
OKLAHOMA CITY , Nov. 6, 2024 /PRNewswire/ -- Riley Exploration Permian, Inc. (NYSE American: REPX) ("Riley Permian" or the "Company"), today reported financial and operating results for the third quarter ended September 30, 2024. THIRD QUARTER 2024 HIGHLIGHTS Averaged 23.4 MBoe/d of total equivalent production (oil production of 15.5 MBbls/d) Generated $72.1 million of operating cash flow or $60.5 million before changes in working capital(1) Incurred total accrual (activity-based) capital expenditures before acquisitions of $30.0 million and cash capital expenditures before acquisitions of $22.7 million Generated Free Cash Flow(1) of $37.8 million Paid dividends of $0.36 per share for a total of $8.1 million Reduced the principal value of debt outstanding by $35.0 million Completed the installation of our remaining electrical generation equipment used to power a portion of our field operations in Texas, with a total of 20 MW of installed capacity MANAGEMENT COMMENTARY Bobby D.
Riley delivered Q2 2024 production results near the high-end of guidance. It also increased oil production expectations by 2% for the full year. Riley's oil cut is in the high-60s, but it is making minimal revenues from its natural gas and NGLs.