Riley Exploration PermianNYSE American: REPX

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.

Riley Exploration Permian, Inc. (REPX) came out with quarterly earnings of $1.61 per share, missing the Zacks Consensus Estimate of $1.74 per share. This compares to earnings of $1.37 per share a year ago.

OKLAHOMA CITY , Aug. 7, 2024 /PRNewswire/ -- Riley Exploration Permian, Inc. (NYSE American: REPX) ("Riley Permian" or the "Company"), today reported financial and operating results for the second quarter ended June 30, 2024. SECOND QUARTER 2024 HIGHLIGHTS Averaged 21.3 MBoe/d of total equivalent production (oil production of 14.7 MBbls/d) Generated $51.6 million of operating cash flow or $57.6 million before changes in working capital(1) Incurred total accrual (activity-based) capital expenditures before acquisitions of $21.4 million and cash capital expenditures before acquisitions of $19.3 million Generated Free Cash Flow(1) of $38.3 million Paid dividends of $0.36 per share in the second quarter for a total of $7.5 million Reduced debt outstanding by $20.0 million Raised $25.4 million in net proceeds from an equity offering Closed acquisition that added approximately 13,900 contiguous net acres to our New Mexico position Signed agreements to expand the scope of our power joint venture RPC Power, LLC ("RPC Power") and increased our ownership position from 35% to 50% MANAGEMENT COMMENTARY "We continue to execute our annual plan with overall positive results," said Bobby D.

OKLAHOMA CITY , July 11, 2024 /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 $0.36 per share. The dividend is payable on August 8, 2024 to stockholders of record as of the close of business on July 25, 2024.

Riley Exploration Permian, Inc. is a small independent oil and gas exploration company operating in the Permian Basin of West Texas. Riley Exploration Permian has a strong free cash flow generation and pays a dividend yield of 4.93%. Despite its small size and lower dividend yield compared to peers, Riley Exploration Permian has been growing its dividend at a decent pace and is trading at an attractive valuation.

Riley Exploration Permian, Inc. has approved a cash dividend of $0.36 per share for its common stock, payable on May 9, 2024 to shareholders of record as of April 25, 2024.

5.22% dividend yield, maintained even at $40/bbl WTI. Strong free cash flow, at $75/bbl WTI REPX expects $100 million in FCF for 2024. Estimated 18.3% production growth for 2024 without a meaningful increase in costs. Strong geographic position, operating in a lower-cost and lower-decline rate location compared to the median Permian field.

Riley Exploration Permian is projected to generate $119 million in 2024 free cash flow at the current strip. This free cash flow generation is combined with mid-to-high single-digit production growth from 2H 2023 levels. The Company's leverage should drop below 1.0x by late 2024.

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