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 compared to the same period last year.
Adjusted EBITDA Surge
Adjusted EBITDA increased by 76% relative to the same period last year, reaching $22.8 million compared to $12.9 million in the prior year period.
Strong Cash Position and No Debt
The company maintains more than $104 million in cash, which represents over $2.80 per share, with no debt obligations, allowing for full funding of capital expenditures from cash flow.
Dividend Increase and Share Repurchase
A $0.12 per share dividend was declared, a 9% increase, with a share repurchase program in place having roughly $69 million remaining authorized.
Successful Initial Well in Cherokee Development
The first well from the Cherokee development program produced an IP of approximately 2,300 Boe per day, outperforming expectations.