Welcome to our dedicated page for Mexco Energy Cor news (Ticker: MXC), a resource for investors and traders seeking the latest updates and insights on Mexco Energy Cor stock.
Mexco Energy Corporation reports developments as an independent oil and gas company engaged in acquiring, exploring, developing and producing crude oil and natural gas properties, primarily in the Permian Basin. Company updates commonly address operating revenue, net income, oil and natural gas production volumes, realized commodity prices and the contribution of oil sales to revenue.
Recurring announcements also cover participation in drilling and completion of horizontal wells, royalty and mineral interest acquisitions, limited liability company investment income, proved reserves disclosed with annual results, and board-authorized cash dividends on common shares.
MEXCO Energy Corporation (NYSE American: MXC) reported a net income of $1,298,672, or $0.59 per diluted share, for the quarter ending June 30, 2022, marking a 340% increase from the previous year. The operating revenues surged by 94% to $2,449,973, driven by an 18% rise in production volumes and substantial increases in oil and gas prices—71% for oil ($109.62/barrel) and 122% for natural gas ($6.61/Mcf). The company plans to drill 52 horizontal wells at a total cost of $3,800,000, representing a 198% increase over last fiscal year.
Mexco Energy Corporation (NYSE American: MXC) reported strong financial results for the fiscal year ending March 31, 2022, with a net income of $2.86 million or $1.36 per diluted share, up from $155,932 or $0.08 per diluted share in 2021. Operating revenues surged by 135% to $6.59 million, driven by a 22% increase in production and a 93% rise in prices. The company expects to participate in the drilling of 52 horizontal wells in FY 2023 at a cost of $3.6 million. At March 31, 2022, the estimated present value of proved reserves was $31 million, reflecting a 10% rise in oil reserves.
Mexco Energy Corporation (NYSE American: MXC) reported a net income of $1,857,136, or $0.89 per diluted share, for the nine months ending December 31, 2021, contrasting with a net loss of $261,143, or $(0.13) per diluted share, in the same period of 2020. Operating revenues soared 159% to $4,413,023, driven by increased oil (22%) and natural gas (9%) production, and higher average sales prices. For Q3 FY2022, net income rose to $753,302, while revenues jumped 128% to $1,595,344. The company plans to drill 43 wells at an estimated cost of $1.2 million in FY2022.
Mexco Energy Corporation (NYSE American: MXC) reported a net income of $1,103,834 for the six months ending September 30, 2021, translating to $0.52 per diluted share, a significant recovery from a net loss of $341,640 in the same period of 2020. Operating revenues soared 180% to $2,817,679, driven by a 29% rise in oil production and a 9% increase in natural gas production. The average sales price of oil and natural gas also saw impressive gains, increasing 110% and 201% respectively. Additionally, the company has eliminated its bank debt, enhancing its financial position.
Mexco Energy Corporation (NYSE American: MXC) reported a remarkable increase in operating revenues for Q1 fiscal 2022, rising 241% to $1,264,198 compared to $370,456 in Q1 fiscal 2021. This surge resulted from a 34% boost in oil production and a 13% rise in natural gas output, alongside significant price increases for both commodities. Net income for the quarter reached $395,006, or $0.19 per diluted share, contrasting with a net loss of $299,670, or $0.15 per diluted share, a year earlier. The company plans to drill 36 horizontal wells at an estimated cost of $1,250,000 for the fiscal year.
Mexco Energy Corporation (NYSE American: MXC) reported operating revenues of $2,799,004 for fiscal year 2021, a 2% increase from 2020, driven by 14% higher oil production and 10% higher natural gas production despite a 23% drop in oil prices. The net income for the year was $155,932 or $0.08 per diluted share, recovering from a net loss of $99,478 in 2020. However, proved reserves fell by 27% for oil and 5% for natural gas, primarily due to lower prices and write-offs related to reserve limitations.
Mexco Energy Corporation (NYSE American: MXC) reported a net income of $80,497 for Q3 FY2021, up from $35,196 in Q3 FY2020. Operating revenues were $699,894, showing a decrease from $769,778 in Q2 FY2020, despite a 13% increase in oil and 8% in gas production, along with a 29% rise in gas prices, offset by a 28% decrease in oil prices. For the nine months ended December 31, 2020, the net loss was $261,143, compared to $101,777 in the prior year. The company participated in the drilling of 20 wells in FY2021, with eight completed and producing oil and gas.
Mexco Energy Corporation (NYSE American: MXC) reported operating revenues of $636,042 for Q2 FY21, a 2% increase from $625,884 in Q2 FY20. This growth was driven by a 30% rise in oil production and a 22% increase in gas production, along with a 9% rise in gas pricing, despite a 27% drop in oil prices. The company reported a net loss of $41,970 compared to $82,787 a year prior. For the six months ending September 30, 2020, net loss reached $341,640, marking a deterioration from $136,973 in the previous year. Mexco plans to drill and complete 20 horizontal wells at a cost of $1,200,000.
Mexco Energy Corporation (NYSE American: MXC) reported a net loss of $299,670 for Q1 of fiscal 2021, contrasting with a loss of $54,186 in Q1 2020. Operating revenues fell 47% to $370,456, primarily due to a 56% drop in oil prices and a 29% decrease in gas prices. However, production volumes increased by 9% for oil and 11% for gas. The company plans to invest approximately $950,000 in drilling 20 horizontal wells in the fiscal year ending March 2021, alongside $280,000 for completing 22 previously drilled wells.
Mexco Energy Corporation (MXC) reported its fiscal year 2020 results, showing operating revenues of $2,738,540, a 2% increase from 2019 despite a 25% rise in oil production. However, the company faced a net loss of $99,478, compared to a loss of $12,946 the previous year. Oil reserves decreased by 3% to 1.007 million barrels, while natural gas reserves fell by 10% to 4.850 billion cubic feet. The estimated present value of proved reserves stood at approximately $22 million. The company drilled 58 wells at a total cost of $1,455,000.