The New Mexico Acquisition marks a major milestone for the Company, and we are excited about the opportunities it brings for long-term growth and value creation for our shareholders," said Riley Permian Chairman and CEO, Bobby Riley. Despite extensive attention given to the successful completion of the New Mexico Acquisition, we met our previously announced guidance for operations and financials for the quarter. "The Company remains focused on optimizing our core business, and the positive results of the first quarter of 2023 reinforce this objective. Subsequent to quarter end and as previously disclosed, in April 2023, Riley Permian completed its acquisition of oil and natural gas assets (the "New Mexico Acquisition"), which are located in Eddy County and primarily target the Yeso trend. Paid dividends of $0.34 per share in the first quarter for a total of $7 million Incurred total accrual (activity-based) capital expenditures before acquisitions of $42 million and total cash capital expenditures before acquisitions of $35 millionįormed a joint venture to build a new power infrastructure for onsite generation using produced natural gasĬlosed a previously announced a transformative acquisition of oil and natural gas assets in New Mexico in April Generated $44 million of Adjusted EBITDAX (1) and $33 million of operating cash flow Reported net income of $32 million, or $1.60 per diluted share, which includes $11 million of non-cash gain on derivative contracts and income from operations of $36 million Averaged oil production of 9.9 MBbls/d, representing an increase of 32% as compared year-over-year to the first quarter 2022, driven solely by organic growth
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