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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.
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.
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.
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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