Riley Exploration Permian Generates $108 Million in Revenues and 14,000 Barrels of Daily Oil Production
Riley Exploration Permian, an Oklahoma City-based oil and gas company, has released its financial and operating results for the third quarter of 2023. Despite facing disruptions to midstream infrastructure operated by third parties, the company reported a strong performance with $108 million in revenues and an average oil production of 14,000 barrels per day.
The company’s net cash provided by operating activities, including changes in working capital, reached $53 million, while net income amounted to $9 million, or 43 cents per diluted share. Riley Exploration Permian also generated $53 million in operating cash flow. When excluding changes in working capital, the operating cash flow was $63 million. Meanwhile, the company incurred total activity-based and cash capital expenditures of $30 million and $31 million, respectively. Additionally, Riley Exploration Permian achieved free cash flow of $31 million.
Notably, the company rewarded its shareholders by paying dividends of 34 cents per share, totaling $7 million in the third quarter. Furthermore, it announced a 6% dividend increase to 36 cents per share, payable in the fourth quarter of 2023. In addition to prioritizing shareholder value, Riley Exploration Permian reduced its outstanding debt by $10 million during the period.
Chairman and CEO Bobby Riley expressed satisfaction with the company’s performance, considering the challenges posed by the midstream infrastructure disruptions. Riley emphasized the company’s commitment to strategic growth, operational efficiency, and return on capital while actively reducing the debt incurred for the acquisition of New Mexico assets earlier in the year.
Riley Exploration Permian’s ability to generate substantial revenues and maintain a steady oil production despite external disruptions is a testament to its resilience and strategic focus. With a robust operational backbone, the company is well-positioned to navigate challenging industry dynamics and deliver value to its shareholders.
