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Riley Exploration Permian, Inc. - REPX STOCK NEWS

Welcome to our dedicated page for Riley Exploration Permian news (Ticker: REPX), a resource for investors and traders seeking the latest updates and insights on Riley Exploration Permian stock.

Riley Exploration Permian, Inc. (NYSE American: REPX) is a growth-focused, independent energy company specializing in the exploration, acquisition, and production of oil and natural gas. The company's primary operations are situated in the prolific Permian Basin, with a particular emphasis on the horizontal development of the San Andres formation. Utilizing advanced evaluation techniques, technical expertise, and extensive operational experience, Riley Permian is a leader in maximizing the value of oil and natural gas assets.

Riley Permian's portfolio includes significant properties in Texas and New Mexico, as well as additional interests in Kansas and Tennessee. Recently, the company has showcased its growth trajectory through strategic acquisitions and robust organic development programs. Notably, the company achieved a 49% increase in oil production and a 62% rise in total production year-over-year in 2023, largely due to the New Mexico Acquisition.

Financially, Riley Permian reported revenues of $375 million for the full year 2023, with a net income of $112 million. The company has also demonstrated fiscal responsibility by reducing total debt and increasing dividends by 9%. As of December 31, 2023, Riley Permian's total proved reserves surged by 39%, underlining the company's strong asset base and future growth potential.

In terms of operations, the company continues to enhance its drilling activities. In the fourth quarter of 2023 alone, Riley Permian drilled and completed several horizontal wells across Texas and New Mexico. The company's innovative Enhanced Oil Recovery (EOR) pilot project in Texas, which utilizes CO2 injection, highlights its commitment to cutting-edge technology and efficient resource extraction.

Beyond its core oil and gas operations, Riley Permian is also advancing its energy infrastructure through the RPC Power LLC joint venture. This baseload power generation facility uses natural gas to power operations in Yoakum County, Texas. The company plans an expansion of this project to support the ERCOT grid with 100MW of natural gas-fueled generation and battery energy storage systems by 2025.

Looking ahead, Riley Permian's 2024 objectives include a 10% growth in oil production while strategically reducing capital expenditures. The company continues to optimize its operations and implement cost-saving measures to ensure sustainable growth and value creation for its shareholders.

For more information, please visit www.rileypermian.com.

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Riley Exploration Permian (NYSE American: REPX) has declared a quarterly cash dividend of $0.36 per share, payable on August 8, 2024, to shareholders of record as of July 25, 2024. The company will release its Q2 2024 financial results on August 7, 2024, post-market close. Riley Permian's management will host a conference call on August 8, 2024, at 9:00 a.m. CT to discuss these results and conduct a Q&A session. The call details and a presentation will be available on the company's website, with a replay accessible until August 22, 2024.

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Conduit Power and Riley Permian have announced an expansion of their joint venture, RPC Power. This agreement will enable the construction of new power generation and storage assets for the sale of energy and ancillary services to ERCOT, the Texas power grid operator. RPC Power, initially formed in March 2023, uses Riley Permian's natural gas to power oilfield operations in Yoakum County, Texas. The expansion includes plans for 100MW of natural gas-fueled generation and battery storage systems across multiple West Texas facilities, targeting commercial operations in 2025. Conduit will manage these facilities, while Riley Permian will increase its stake to 50% and supply up to 10 MMcf/d of natural gas. This initiative aims to improve grid resiliency, flexibility, and profitability, leveraging West Texas's abundant natural gas and addressing power supply shortfalls.

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Riley Exploration Permian, Inc. (NYSE American: REPX) reported strong financial and operational results for the first quarter of 2024. The company achieved 20.4 MBoe/d of total equivalent production, generated $56 million of operating cash flow, and reduced debt by $15 million. Riley Permian closed on an acquisition in New Mexico, adding valuable development inventory. Despite a loss on derivatives, the company reported net income of $19 million. The company issued shares, raising approximately $25.9 million. Overall, Riley Permian's performance showed growth and strategic expansion.

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Riley Exploration Permian, Inc. (REPX) declares a cash dividend of $0.36 per share, payable on May 9, 2024, to stockholders of record as of April 25, 2024. The company will release its first-quarter financial and operating results on May 8, 2024, followed by a conference call on May 9, 2024, for investors and analysts.
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Riley Exploration Permian, Inc. (REPX) management team to participate in a fireside chat with Water Tower Research to discuss business strategy and growth plans.
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Riley Exploration Permian, Inc. (REPX) announced the pricing of its underwritten public offering of 2,100,000 shares of common stock at $27.00 per share. The Offering includes shares from the Company and Selling Stockholders, with an option for additional shares. The expected closing date is provided.
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Riley Exploration Permian, Inc. (REPX) has initiated a public offering of 2,100,000 shares of common stock, with 700,000 shares from the company and 1,400,000 shares from certain stockholders. The underwriters may have an option to purchase an additional 315,000 shares. The proceeds will be used for various corporate purposes, including acquisitions and debt repayment.
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Riley Exploration Permian, Inc. (REPX) reports strong financial and operating results for Q4 and FY 2023. Highlights include increased production, operating cash flow, Free Cash Flow, and reduced debt. The company achieved significant growth in oil production and total production. 2024 guidance projects further growth in production and reduction in capital expenditures.
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Riley Exploration Permian, Inc. (REPX) is set to announce its financial and operating results for Q4 and full year 2023 on March 6, 2024. The company will host a conference call on March 7, 2024, to discuss the results and conduct a Q&A session.
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Riley Exploration Permian, Inc. (REPX) has approved a cash dividend of $0.36 per share for its common stock, payable on February 8, 2024, to stockholders of record as of January 25, 2024. The company also reduced its outstanding debt by $30 million in the fourth quarter of 2023, with a remaining principal balance of $185 million on its senior unsecured notes and outstanding borrowings of $185 million under its credit facility as of December 31, 2023.
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FAQ

What is Riley Exploration Permian's primary business focus?

Riley Exploration Permian, Inc. is focused on the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids, primarily in the Permian Basin.

Where are Riley Permian's main operations located?

Riley Permian's key operations are located in Texas and New Mexico, with additional properties in Kansas and Tennessee.

What significant achievements did Riley Permian report for 2023?

In 2023, Riley Permian reported a 49% increase in oil production and a 62% rise in total production, alongside a 39% increase in total proved reserves.

How is Riley Permian leveraging technology in its operations?

Riley Permian utilizes advanced evaluation techniques, technical expertise, and innovative projects like the CO2 Enhanced Oil Recovery (EOR) pilot to optimize resource extraction and operational efficiency.

What are Riley Permian's financial highlights for 2023?

For 2023, Riley Permian reported revenues of $375 million and a net income of $112 million, alongside significant debt reduction and a 9% increase in dividends.

What are Riley Permian's growth plans for 2024?

Riley Permian aims to achieve a 10% growth in oil production in 2024 while reducing capital expenditures by 10%, focusing on efficient operations and cost-saving measures.

How does Riley Permian contribute to energy infrastructure?

Through its joint venture RPC Power LLC, Riley Permian is developing power generation assets that use natural gas, including a project to support the ERCOT grid with 100MW of generation and battery energy storage systems by 2025.

What is the status of Riley Permian's recent acquisition activities?

Recently, Riley Permian closed an acquisition in Eddy County, New Mexico, adding approximately 13,900 total net acres and enhancing its development inventory.

How can investors stay informed about Riley Permian's updates?

Investors can stay informed through Riley Permian's official website, press releases, and quarterly reports. The company also hosts regular conference calls for investors and analysts.

Who can I contact for investor relations inquiries?

For investor relations inquiries, you can contact Rick D'Angelo at 405-438-0126 or via email at IR@rileypermian.com.

Riley Exploration Permian, Inc.

NYSE:REPX

REPX Rankings

REPX Stock Data

642.01M
21.54M
27.64%
52%
1.14%
Crude Petroleum and Natural Gas Extraction
Mining, Quarrying, and Oil and Gas Extraction
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United States of America
OKLAHOMA CITY