Welcome to our dedicated page for Mexco Energy news (Ticker: MXC), a resource for investors and traders seeking the latest updates and insights on Mexco Energy 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 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.