Riley Exploration Permian Inc ( (REPX) ) has released its Q4 earnings. Here is a breakdown of the information Riley Exploration Permian Inc presented to its investors.
Riley Exploration Permian, Inc. is an independent oil and natural gas company focused on the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids, primarily operating in the Permian Basin. The company is known for its strategic growth initiatives and efficient capital management.
Riley Permian reported robust financial and operational results for 2024, with significant growth in production and cash flow. The company achieved a 22% increase in total production and a 67% rise in Total Free Cash Flow, surpassing its initial targets. Key accomplishments include the completion of a New Mexico asset acquisition and the initiation of a self-generation power joint venture project.
Financially, Riley Permian generated $410 million in revenues for the year, with a net income of $89 million. The company successfully reduced its total debt by $90 million and increased its shareholder equity by 21%. Additionally, the company reported a 15% increase in proved reserves, with a reserve replacement ratio of 293%.
Looking ahead to 2025, Riley Permian plans to strategically invest in its operations, with a focus on expanding its New Mexico gas midstream project and advancing its power projects. The company has set a production guidance of 24.6 – 25.6 MBoe/d and plans to invest between $188 – 232 million in capital expenditures.
Riley Permian’s management remains optimistic about the company’s long-term growth prospects, emphasizing continued efficiency improvements and strategic investments to secure future growth. The company’s focus on operational control and market fundamentals positions it well for sustained success in the coming years.