Successful Silverback Acquisition
Riley Permian closed the Silverback acquisition, realizing synergies by reducing costs and increasing production by 50% above the underwriting case for September and October.
Record Production Increase
Total net oil production increased by 22% quarter-over-quarter and 19% compared to the same quarter last year. Total equivalent production increased by 34% quarter-over-quarter and 38% compared to the same quarter last year.
Dividend Increase
The company paid its 19th consecutive quarterly dividend and increased the dividend to $0.40 per share, up 5% from the previous quarter.
Cost Management
Despite a significant increase in production, LOE per BOE was maintained near $9, with only a 6% increase over Q2 and a 5% increase over the same quarter last year.
Free Cash Flow Generation
Generated $100 million of upstream free cash flow year-to-date, approximately flat compared to the previous year despite a 14% lower realized oil price.