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. (REPX) delivers oil and natural gas exploration updates through this comprehensive news hub. Track official announcements covering operational milestones, technical developments, and strategic initiatives in the Permian Basin.
Access timely updates on capital projects, drilling innovations, and partnership formations that demonstrate REPX's leadership in horizontal drilling. Investors will find earnings reports, acquisition details, and joint venture announcements essential for monitoring the company's growth strategy.
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Riley Exploration Permian (NYSE American: REPX) has announced a 6% increase in its quarterly cash dividend to $0.38 per share, payable on November 7, 2024, to stockholders of record as of October 24, 2024. This represents an increase from the previous $0.36 per share dividend distributed in the four preceding quarters. Additionally, the company has scheduled its third quarter 2024 earnings release for November 6, 2024, after U.S. financial markets close.
A conference call for investors and analysts is planned for November 7, 2024, at 9:00 a.m. CT to discuss the results and host a Q&A session. An updated company presentation will be available on Riley Permian's website prior to the call. A replay of the call will be accessible until November 21, 2024.
Riley Exploration Permian (NYSE American: REPX) reported its Q2 2024 results, showcasing a strong financial and operational performance. The company achieved a total equivalent production of 21.3 MBoe/d, including 14.7 MBbls/d of oil. Key financial highlights include $105.4 million in revenue, $51.6 million in operating cash flow, and $33.5 million in net income, equating to $1.59 per diluted share.
The company generated Free Cash Flow of $38.3 million and paid $7.5 million in dividends. Debt reduction was substantial, with $20 million repaid. An additional $25.4 million raised through equity helped facilitate the acquisition of 13,900 net acres in New Mexico.
Management highlighted cost efficiencies in drilling and completion activities, contributing to improved free cash flow. The company expanded its power joint venture, RPC Power , increasing its ownership to 50% and planning new energy projects for ERCOT.
Guidance for Q3 and full-year 2024 includes projections for drilling, completions, and production, maintaining a focus on operational efficiency and financial prudence.
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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