Riley Exploration Permian Inc ( (REPX) ) has released its Q3 earnings. Here is a breakdown of the information Riley Exploration Permian Inc presented to its investors.
Riley Exploration Permian Inc., a growth-oriented independent oil and natural gas company, focuses on the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids in the Permian Basin.
In its third quarter 2024 earnings report, Riley Permian highlighted strong operational performance with total revenues reaching $102.3 million and a net income of $25.7 million. The company saw a considerable increase in production and continued to generate significant free cash flow despite challenging market conditions.
Key financial metrics reveal that Riley Permian averaged 23.4 MBoe/d in total equivalent production, with oil contributing 15.5 MBbls/d. The company generated $72.1 million in operating cash flow and successfully reduced its debt by $35 million during the quarter. Additionally, it completed the installation of electrical generation equipment, enhancing its operational efficiency.
Strategically, the company decided to discontinue its Enhanced Oil Recovery (EOR) Project, emphasizing primary production methods that promise higher production levels at lower costs. This decision aligns with Riley Permian’s focus on optimizing asset utilization and maintaining financial health.
Looking ahead, Riley Permian expects continued production growth and plans to focus on strategic capital investments. The management remains optimistic about the company’s future performance, supported by its ongoing efforts to improve operational efficiencies and reduce debt levels.
