Mexco Energy Corporation Reports Financial Results for first Six Months

Rhea-AI Summary

Mexco Energy (NYSE American: MXC) reported financial results for the first six months of fiscal 2025. The company achieved net income of $608,237 ($0.29 per diluted share) and operating revenues of $3,477,062, marking a 10% increase compared to the same period in fiscal 2024. The growth was driven by increased oil and natural gas production volumes and higher oil prices, partially offset by lower natural gas prices. Oil represented 87% of operating revenues. For Q2 fiscal 2025, net income was $317,198 ($0.15 per diluted share). The company plans to participate in drilling 30 and completing 19 horizontal wells at an estimated cost of $2.3 million, with $890,000 already spent.

Positive

• 10% increase in operating revenues to $3,477,062
• Net income growth to $608,237 ($0.29 per diluted share)
• Increased oil and natural gas production volumes
• Higher oil prices contributing to revenue growth
• Oil represents 87% of operating revenues

Negative

• Decrease in average natural gas prices
• Significant planned expenditure of $2.3 million for well drilling and completion

News Market Reaction

+2.14%

1 alert

+2.14% News Effect

On the day this news was published, MXC gained 2.14%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

MIDLAND, TX, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Mexco Energy Corporation (NYSE American: MXC) today reported net income of $608,237, or $0.29 per diluted share, for the six months ending September 30, 2024.

Operating revenues in the first six months of fiscal 2025 were $3,477,062, an increase of 10% when compared to the first six months of fiscal 2024. This increase was primarily due to an increase in oil and natural gas production volumes and an increase in average oil prices partially offset by a decrease in average natural gas prices. Oil contributed 87% of our operating revenues for the first six months of fiscal 2025.

Net income of $317,198, or $0.15 per diluted share, for the Company’s second quarter of fiscal 2025 compared with $269,433, or $0.12 per diluted share for the comparable quarter ending September 30, 2023. Operating revenues in the second quarter of fiscal 2025 were $1,749,227.

The Company currently expects to participate in the drilling of 30 and completion of 19 horizontal wells at an estimated aggregate cost of approximately $2.3 million for the fiscal year ending March 31, 2025, of which approximately $890,000 has been expended to date. The Company is evaluating other prospects for participation during this fiscal year.

During fiscal 2025, the Company has expended to date, approximately $1.5 million for royalty and mineral interest acquisitions in approximately 600 producing wells with additional potential development located in 37 counties in 9 states.

Mexco Energy Corporation, a Colorado corporation, is an independent oil and gas company located in Midland, Texas engaged in the acquisition, exploration, and development of oil and gas properties primarily in the Permian Basin. For more information on Mexco Energy Corporation, go to www.mexcoenergy.com.

In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Mexco Energy Corporation cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may impact the Company's actual results of operations. These risks include, but are not limited to, production variance from expectations, volatility of oil and gas prices, the need to develop and replace reserves, exploration risks, uncertainties about estimates of reserves, competition, government regulation, and mechanical and other inherent risks associated with oil and gas production. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company's Form 10-K for the fiscal year ended March 31, 2024. Mexco Energy Corporation disclaims any intention or obligation to revise any forward-looking statements.

For additional information, please contact: Tammy L. McComic, President and Chief Financial Officer of Mexco Energy Corporation, (432) 682-1119.

FAQ

What was Mexco Energy's (MXC) net income for the first six months of fiscal 2025?

Mexco Energy reported net income of $608,237, or $0.29 per diluted share, for the six months ending September 30, 2024.

How much did Mexco Energy's (MXC) operating revenues increase in the first six months of fiscal 2025?

Operating revenues increased by 10% to $3,477,062 compared to the same period in fiscal 2024.

What is Mexco Energy's (MXC) planned well development program for fiscal 2025?

The company plans to participate in drilling 30 horizontal wells and completing 19 wells at an estimated cost of $2.3 million for fiscal year 2025.