Significant Production and Revenue Growth
Second quarter production averaged just under 18 MBoe per day, an increase of approximately 19% on a Boe basis and 46% on oil, leading to a 33% increase in revenue and 76% increase in adjusted EBITDA compared to the same period last year.
Successful Cherokee Development Program
The first well from the Cherokee development program reported a 30-day IP of approximately 2,300 Boe per day with 49% oil.
Strong Financial Position
The company maintained no debt and ended the quarter with over $104 million in cash. The share repurchase program has approximately $69 million remaining authorized.
Dividend Increase and Shareholder Returns
The Board declared a $0.12 per share dividend, a 9% increase. Year-to-date, the company paid a total of $4.36 per share in dividends since 2023.
Cost Management and Efficiency
Adjusted G&A for the quarter was $2.4 million or $1.48 per Boe, compared to $2.5 million or $1.85 per Boe in the previous year.