• |
Increased total net equivalent production by 35% to 9.1 MBoe/d for the three months ended June 30, 2021, as compared to the same period in 2020, or by 10% quarter-over-quarter compared to fiscal second quarter 2021
|
• |
Generated cash flow from continuing operations of $58.8 million for the nine months ended June 30, 2021
|
• |
Reported a net loss of $21.5 million for the three months ended June 30, 2021, with Income from Operations of $19.3 million for the same period
|
• |
Reduced Cash Costs(1) per Boe by 7% quarter-over-quarter; realized a Cash Margin(1) of $35.11/Boe before derivative settlements or $25.80/Boe after derivative settlements
|
• |
Total cash capital expenditures before acquisitions of $40.1 million for the nine months ended June 30, 2021, which corresponds to 61% of Adjusted EBITDAX(1) |
• |
Generated Free Cash Flow(1) of $18.8 million for the nine months ended June 30, 2021
|
• |
Completed $47 million net capital raise in July 2021 with issuance of 1.67 million shares: secured funding for acceleration of Enhanced Oil Recovery ('EOR') program and increased estimated trading float by 77%
|
• |
Exited the third quarter with $6.9 million in cash and $97.5 million drawn on our credit facility; subsequently reduced credit facility borrowings to $62 million in July 2021
|
• |
Paid cash common dividends of $0.28 per share or $5.0 million in total on May 7, 2021
|
• |
Announced latest dividend, subsequent to the fiscal third quarter, of $0.28 per share or $5.5 million in total, which was paid August 6, 2021; current dividend(2) implies a 5.8% annualized yield based on the August 6, 2021 closing price of $19.27 per share
|
(1) |
Non-GAAP financial measure, which is defined and reconciled below.
|
(2) |
Future dividends subject to approval by the board of directors.
|
Three Months Ended June 30,
|
Nine Months Ended June 30,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
Select Financial Data (in thousands):
| ||||||||||||||||
Oil and natural gas sales, net
|
$
|
41,549
|
$
|
4,969
|
$
|
100,622
|
$
|
57,824
| ||||||||
Net Income (Loss)
|
(21,501
|
)
|
(27,984
|
)
|
(81,320
|
)
|
40,228
| |||||||||
Adjusted EBITDAX(1) |
$
|
22,533
|
$
|
14,602
|
$
|
65,433
|
$
|
54,130
| ||||||||
Production Data, net (in thousands):
| ||||||||||||||||
Oil (MBbls)
|
612
|
487
|
1,702
|
1,564
| ||||||||||||
Natural gas (MMcf)
|
732
|
400
|
1,795
|
1,162
| ||||||||||||
Natural gas liquids (MBbls)
|
94
|
61
|
272
|
181
| ||||||||||||
Total (MBoe)(2) |
828
|
615
|
2,273
|
1,939
| ||||||||||||
Daily combined volumes (BOE/d)(2)(3) |
9,100
|
6,757
|
8,325
|
7,077
| ||||||||||||
Daily oil volumes (BO/d)(3) |
6,726
|
5,350
|
6,234
|
5,706
| ||||||||||||
Average Prices:(2)(4) | ||||||||||||||||
Oil ($ per Bbl)
|
$
|
64.55
|
$
|
12.63
|
$
|
54.29
|
$
|
38.08
| ||||||||
Natural gas ($ per Mcf)
|
1.31
|
(1.85
|
)
|
3.12
|
(0.87
|
)
| ||||||||||
Natural gas liquids ($ per Bbl)
|
11.57
|
(7.31
|
)
|
9.70
|
(3.94
|
)
| ||||||||||
Combined ($ per BOE), before derivative settlements
|
$
|
50.18
|
$
|
8.08
|
$
|
44.28
|
$
|
29.82
| ||||||||
Oil, including derivative settlements ($ per Bbl)
|
$
|
51.84
|
$
|
42.76
|
$
|
51.16
|
$
|
50.98
| ||||||||
Natural gas, including derivative settlements ($ per MMbtu)
|
1.39
|
(1.85
|
)
|
3.22
|
(0.87
|
)
| ||||||||||
Natural gas liquids, including derivative settlements ($ per Bbl)(5) |
11.57
|
(7.31
|
)
|
9.70
|
(3.94
|
)
| ||||||||||
Average price, including derivative settlements ($ per BOE)
|
$
|
40.86
|
$
|
31.95
|
$
|
42.02
|
$
|
40.22
| ||||||||
Cash Costs per BOE
|
$
|
15.07
|
$
|
10.31
|
$
|
14.79
|
$
|
14.61
| ||||||||
Cash Margin per BOE, before derivative settlements
|
$
|
35.11
|
$
|
(2.23
|
)
|
$
|
29.49
|
$
|
15.21
| |||||||
Cash Margin per BOE, after derivative settlements
|
$
|
25.80
|
$
|
21.62
|
$
|
27.23
|
$
|
25.61
|
(1) |
Non-GAAP financial measure, which is defined and reconciled below.
|
(2) |
One BOE is equal to six Mcf of natural gas or one Bbl of oil or NGL based on the approximate energy equivalency. This is an energy content correlation and does not reflect value or price relationship between the commodities.
|
(3) |
For the three months ended June 30, 2021 and 2020, respectively average net sales (BOE/d) was derived by dividing the total MBoe by 91 days. For the nine months ended June 30, 2021 and 2020, respectively, average net sales (BOE/d) was derived by dividing the total MBoe by 273 days and 274 days.
|
(4) |
Average prices shown in table reflect prices both before and after the effects of REPX's settlements of our commodity derivative contracts. REPX's calculation of such effects includes both gains or losses on cash settlements for commodity derivatives. The impact of these cash settlements are included in other income and expense on the Company's Statement of Operations.
|
(5) |
The Company uses commodity based derivative contracts to reduce exposure to fluctuations in crude oil and natural gas prices. As of June 30, 2021, the Company was not engaged in any natural gas liquids derivative contracts.
|
(1) |
Non-GAAP financial measure, which is defined and reconciled below.
|
• |
U.S./Canada Toll Free, (844) 965-3268
|
• |
International, +1 (639) 491-2298
|
• |
Conference ID number 4234539
|
• |
U.S./Canada Toll Free, (800) 585-8367
|
• |
International, +1 (416) 621-4642
|
• |
Conference ID number 4234539
|
June 30, 2021
|
September 30, 2020
| |||||||
(In thousands, except share amounts)
| ||||||||
Assets
| ||||||||
Current Assets:
| ||||||||
Cash and cash equivalents
|
$
|
6,894
|
$
|
1,660
| ||||
Accounts receivable
|
15,673
|
10,128
| ||||||
Accounts receivable - related parties
|
1,995
|
55
| ||||||
Prepaid expenses and other current assets
|
2,460
|
1,752
| ||||||
Current derivative assets
|
226
|
18,819
| ||||||
Total Current Assets
|
27,248
|
32,414
| ||||||
Oil and natural gas properties, net (successful efforts)
|
328,882
|
310,726
| ||||||
Other property and equipment, net
|
2,761
|
1,801
| ||||||
Non-current derivative assets
|
107
|
3,102
| ||||||
Other non-current assets, net
|
3,828
|
2,949
| ||||||
Total Assets
|
$
|
362,826
|
$
|
350,992
| ||||
Liabilities, Series A Preferred Units, and Members'/Shareholders' Equity
| ||||||||
Current Liabilities:
| ||||||||
Accounts payable
|
$
|
8,735
|
$
|
4,739
| ||||
Income taxes payable
|
140
|
-
| ||||||
Accrued liabilities
|
17,148
|
8,746
| ||||||
Revenue payable
|
7,438
|
4,432
| ||||||
Advances from joint interest owners
|
266
|
254
| ||||||
Current derivative liabilities
|
36,251
|
-
| ||||||
Other current liabilities
|
544
|
392
| ||||||
Total Current Liabilities
|
70,522
|
18,563
| ||||||
Non-current derivative liabilities
|
11,236
|
-
| ||||||
Asset retirement obligations
|
2,337
|
2,268
| ||||||
Revolving credit facility
|
97,500
|
101,000
| ||||||
Deferred tax liabilities
|
16,570
|
1,834
| ||||||
Other non-current liabilities
|
33
|
418
| ||||||
Total Liabilities
|
198,198
|
124,083
| ||||||
Series A Preferred Units
|
-
|
60,292
| ||||||
Commitments and Contingencies
| ||||||||
Members' Equity
|
-
|
166,617
| ||||||
Shareholders' Equity:
| ||||||||
Preferred stock, $0.0001 par value, 25,000,000 shares designated; 0 shares issued and outstanding
|
-
|
-
| ||||||
Common stock, $0.001 par value, 240,000,000 shares authorized; 18,021,521 and 0 shares issued and outstanding at June 30, 2021 and September 30, 2020, respectively
|
18
|
-
| ||||||
Additional paid-in capital
|
223,918
|
-
| ||||||
Accumulated deficit
|
(59,308
|
)
|
-
| |||||
Total Shareholders' Equity
|
164,628
|
-
| ||||||
Total Liabilities, Series A Preferred Units, and Members'/Shareholders' Equity
|
$
|
362,826
|
$
|
350,992
|
Three Months Ended March 31,
|
Nine Months Ended March 31,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
(In thousands, except per share/unit amounts)
| ||||||||||||||||
Revenues:
| ||||||||||||||||
Oil and natural gas sales, net
|
$
|
41,549
|
$
|
4,969
|
$
|
100,622
|
$
|
57,824
| ||||||||
Contract services - related parties
|
600
|
1,050
|
1,800
|
3,150
| ||||||||||||
Total Revenues
|
42,149
|
6,019
|
102,422
|
60,974
| ||||||||||||
Costs and Expenses:
| ||||||||||||||||
Lease operating expenses
|
5,754
|
3,760
|
17,323
|
15,517
| ||||||||||||
Production taxes
|
2,029
|
293
|
5,027
|
2,808
| ||||||||||||
Exploration costs
|
2,785
|
6,757
|
8,682
|
9,231
| ||||||||||||
Depletion, depreciation, amortization and accretion
|
7,082
|
5,028
|
19,323
|
16,020
| ||||||||||||
General and administrative:
| ||||||||||||||||
Administrative costs
|
4,030
|
1,936
|
9,176
|
8,669
| ||||||||||||
Unit-based compensation expense
|
-
|
291
|
689
|
650
| ||||||||||||
Share-based compensation expense
|
779
|
-
|
5,353
|
-
| ||||||||||||
Cost of contract services - related parties
|
91
|
97
|
330
|
403
| ||||||||||||
Transaction costs
|
321
|
15
|
3,534
|
42
| ||||||||||||
Total Costs and Expenses
|
22,871
|
18,177
|
69,437
|
53,340
| ||||||||||||
Income (Loss) From Operations
|
19,278
|
(12,158
|
)
|
32,985
|
7,634
| |||||||||||
Other Income (Expense):
| ||||||||||||||||
Interest expense
|
(1,171
|
)
|
(1,302
|
)
|
(3,571
|
)
|
(4,086
|
)
| ||||||||
Gain (loss) on derivatives
|
(35,396
|
)
|
(14,205
|
)
|
(74,208
|
)
|
36,999
| |||||||||
Total Other Income (Expense)
|
(36,567
|
)
|
(15,507
|
)
|
(77,779
|
)
|
32,913
| |||||||||
Net Income (Loss) From Continuing Operations Before Income Taxes
|
(17,289
|
)
|
(27,665
|
)
|
(44,794
|
)
|
40,547
| |||||||||
Income tax expense
|
(3,245
|
)
|
(319
|
)
|
(16,953
|
)
|
(319
|
)
| ||||||||
Net Income (Loss) From Continuing Operations
|
(20,534
|
)
|
(27,984
|
)
|
(61,747
|
)
|
40,228
|
Three Months Ended June 30,
|
Nine Months Ended June 30,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
(In thousands, except per share/unit amounts)
| ||||||||||||||||
Discontinued Operations:
| ||||||||||||||||
Loss from discontinued operations
|
(882
|
)
|
-
|
(19,513
|
)
|
-
| ||||||||||
Income tax benefit on discontinued operations
|
(85
|
)
|
-
|
(60
|
)
|
-
| ||||||||||
Loss on discontinued operations
|
(967
|
)
|
-
|
(19,573
|
)
|
-
| ||||||||||
Net Income (Loss)
|
(21,501
|
)
|
(27,984
|
)
|
(81,320
|
)
|
40,228
| |||||||||
Dividends on preferred units
|
-
|
(890
|
)
|
(1,491
|
)
|
(2,631
|
)
| |||||||||
Net Income (Loss) Attributable to Common Shareholders/Unitholders
|
$
|
(21,501
|
)
|
$
|
(28,874
|
)
|
$
|
(82,811
|
)
|
$
|
37,597
| |||||
Net Income (Loss) per Share/Unit from Continuing Operations:
| ||||||||||||||||
Basic
|
$
|
(1.15
|
)
|
$
|
(2.32
|
)
|
$
|
(4.25
|
)
|
$
|
3.02
| |||||
Diluted
|
$
|
(1.15
|
)
|
$
|
(2.32
|
)
|
$
|
(4.25
|
)
|
$
|
2.43
| |||||
Net Loss per Share/Unit from Discontinued Operations:
| ||||||||||||||||
Basic
|
$
|
(0.05
|
)
|
$
|
-
|
$
|
(1.32
|
)
|
$
|
-
| ||||||
Diluted
|
$
|
(0.05
|
)
|
$
|
-
|
$
|
(1.32
|
)
|
$
|
-
| ||||||
Net Income (Loss) per Share/Unit:
| ||||||||||||||||
Basic
|
$
|
(1.20
|
)
|
$
|
(2.32
|
)
|
$
|
(5.57
|
)
|
$
|
3.02
| |||||
Diluted
|
$
|
(1.20
|
)
|
$
|
(2.32
|
)
|
$
|
(5.57
|
)
|
$
|
2.43
| |||||
Weighted Average Common Share/Units Outstanding:
| ||||||||||||||||
Basic
|
17,786
|
12,469
|
14,872
|
12,454
| ||||||||||||
Diluted
|
17,786
|
12,469
|
14,872
|
16,571
|
Nine Months Ended June 30,
| ||||||||
2021
|
2020
| |||||||
(In thousands)
| ||||||||
Cash Flows from Operating Activities:
| ||||||||
Net income (loss)
|
$
|
(81,320
|
)
|
$
|
40,228
| |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
| ||||||||
Loss from discontinued operations
|
19,573
|
-
| ||||||
Oil and gas lease expirations
|
8,615
|
7,288
| ||||||
Depletion, depreciation, amortization and accretion
|
19,323
|
16,020
| ||||||
(Gain) Loss on derivatives
|
74,208
|
(36,999
|
)
| |||||
Settlements on derivative contracts
|
(5,133
|
)
|
20,161
| |||||
Amortization of deferred financing costs
|
483
|
484
| ||||||
Unit-based compensation expense
|
689
|
650
| ||||||
Share-based compensation expense
|
5,353
|
-
| ||||||
Deferred income tax expense
|
17,185
|
319
| ||||||
Changes in operating assets and liabilities:
| ||||||||
Accounts receivable
|
(5,545
|
)
|
5,643
| |||||
Accounts receivable - related parties
|
(1,940
|
)
|
159
| |||||
Prepaid expenses and other current assets
|
(534
|
)
|
(424
|
)
| ||||
Other non-current assets
|
-
|
82
| ||||||
Other liabilities
|
(6
|
)
|
-
| |||||
Accounts payable and accrued liabilities
|
5,042
|
(2,784
|
)
| |||||
Income taxes payable
|
(170
|
)
|
-
| |||||
Revenue payable
|
3,006
|
(1,199
|
)
| |||||
Advances from joint interest owners
|
12
|
(119
|
)
| |||||
Net Cash Provided By Operating Activities - Continuing Operations
|
58,841
|
49,509
| ||||||
Cash Flows From Investing Activities:
| ||||||||
Additions to oil and natural gas properties
|
(38,882
|
)
|
(41,228
|
)
| ||||
Acquisition of oil and natural gas properties
|
(171
|
)
|
(4,806
|
)
| ||||
Additions to other property and equipment
|
(1,172
|
)
|
(168
|
)
| ||||
Tengasco acquired cash
|
859
|
-
| ||||||
Net Cash Used In Investing Activities - Continuing Operations
|
(39,366
|
)
|
(46,202
|
)
| ||||
Cash Flows From Financing Activities:
| ||||||||
Deferred financing costs
|
(135
|
)
|
(293
|
)
| ||||
Proceeds from revolving credit facility
|
5,500
|
14,000
| ||||||
Repayment under revolving credit facility
|
(9,000
|
)
|
(7,000
|
)
| ||||
Payment of common share/unit dividends
|
(12,834
|
)
|
(12,500
|
)
| ||||
Payment of preferred unit dividends
|
(1,491
|
)
|
-
| |||||
Purchase of common units under long-term incentive plan
|
(191
|
)
|
(322
|
)
| ||||
Net Cash Used In Financing Activities - Continuing Operations
|
(18,151
|
)
|
(6,115
|
)
| ||||
Net Increase (Decrease) in Cash and Cash Equivalents from Continuing Operations
|
1,324
|
(2,808
|
)
|
Nine Months Ended June 30,
| ||||||||
2021
|
2020
| |||||||
(In thousands)
| ||||||||
Cash Flows from Discontinued Operations:
| ||||||||
Operating activities
|
18
|
-
| ||||||
Investing activities
|
3,892
|
-
| ||||||
Net Increase in Cash and Cash Equivalents from Discontinued Operations
|
3,910
|
-
| ||||||
Net Increase (Decrease) in Cash and Cash Equivalents
|
5,234
|
(2,808
|
)
| |||||
Cash and Cash Equivalents, Beginning of Period
|
1,660
|
3,726
| ||||||
Cash and Cash Equivalents, End of Period
|
$
|
6,894
|
$
|
918
| ||||
Supplemental Disclosure of Cash Flow Information
| ||||||||
Cash Paid For:
| ||||||||
Interest
|
$
|
2,864
|
$
|
3,129
|
I. |
Adjusted Net Income:We define 'Adjusted Net Income' as Net Loss plus, when applicable, unrealized loss on derivative contracts; impairment expense; transaction costs; the loss of discontinued operations; income tax expense related to a change in tax status; and the associated changes in estimated income tax.
|
II. |
Adjusted EBITDAX: The non-GAAP financial measure of Adjusted EBITDAX (as defined below), as calculated by us below, is intended to provide readers with meaningful information that supplements our financial statements prepared in accordance with GAAP. Further, these non-GAAP measures should only be considered in conjunction with financial statements and disclosures prepared in accordance with GAAP and should not be considered in isolation or as a substitute for GAAP measures, such as net income or loss, operating income or loss or any other GAAP measure of financial position or results of operations. Adjusted EBITDAX is presented herein and reconciled from the GAAP measure of net income (loss) because of its wide acceptance by the investment community as a financial indicator.
|
III. |
Cash G&A:Cash G&A is defined as general and administrative expense less share-based and unit-based compensation and contract services-related parties revenue plus cost of contract services-related parties.
|
IV. |
Cash Costs and Cash Margin:Cash Costs is a non-GAAP financial measure that we use as an indicator of our total cash-based cost of production and operations. We define 'Cash Costs' as lease operating expenses plus production taxes, cash G&A, and interest expense. Management believes that Cash Costs is an important financial measure for use in evaluating the Company's operating and financial performance. Cash Costs should be considered in addition to, rather than as a substitute for, Total Costs and Expenses.
|
V. |
Free Cash Flow:Free Cash Flow is a measure that we use as an indicator of our ability to fund our development activities and generate excess cash for other corporate purposes. We define Free Cash Flow as Cash Flow from Continuing Operations, less capital expenditures before acquisitions.
|
Three Months Ended June 30, 2021
| ||||||||
Amounts
|
Amounts per Share
| |||||||
(In thousands)
| ||||||||
Net Loss
|
$
|
(21,501
|
)
|
$
|
(1.21
|
)
| ||
Loss on discontinued operations
|
(967
|
)
|
(0.05
|
)
| ||||
Unrealized loss on derivatives
|
27,684
|
1.56
| ||||||
Transaction costs
|
321
|
0.02
| ||||||
Income tax expense adjusted for the above adjustments
|
(1,163
|
)
|
(0.07
|
)
| ||||
Income tax expense
|
3,245
|
0.18
| ||||||
Adjusted Net Income
|
$
|
7,619
|
$
|
0.43
| ||||
Weighted average common shares outstanding:
| ||||||||
Basic
|
17,786
| |||||||
Diluted
|
17,786
|
Three Months Ended
June 30,
|
Nine Months Ended
June 30,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
(In thousands)
| ||||||||||||||||
Net Income (Loss)
|
$
|
(21,501
|
)
|
$
|
(27,984
|
)
|
$
|
(81,320
|
)
|
$
|
40,228
| |||||
Loss on discontinued operations
|
967
|
-
|
19,573
|
-
| ||||||||||||
Exploration expense
|
2,785
|
6,757
|
8,682
|
9,231
| ||||||||||||
Depletion, depreciation, amortization and accretion
|
7,082
|
5,028
|
19,323
|
16,020
| ||||||||||||
Unit-based compensation expense
|
-
|
291
|
689
|
650
| ||||||||||||
Share-based compensation expense
|
779
|
-
|
5,353
|
-
| ||||||||||||
Interest expense
|
1,171
|
1,302
|
3,571
|
4,086
| ||||||||||||
Unrealized (gain)/loss on derivatives
|
27,684
|
28,874
|
69,075
|
(16,838
|
)
| |||||||||||
Income tax expense
|
3,245
|
319
|
16,953
|
319
| ||||||||||||
Transaction costs
|
321
|
15
|
3,534
|
42
| ||||||||||||
Restructuring costs
|
-
|
-
|
-
|
392
| ||||||||||||
Adjusted EBITDAX
|
$
|
22,533
|
$
|
14,602
|
$
|
65,433
|
$
|
54,130
|
Three Months Ended June 30,
|
Nine Months Ended June 30,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
(In thousands)
| ||||||||||||||||
Administrative costs
|
$
|
4,030
|
$
|
1,936
|
$
|
9,176
|
$
|
8,669
| ||||||||
Plus: Costs of contract services - related parties
|
91
|
97
|
330
|
403
| ||||||||||||
Less: Contract services revenues - related parties
|
600
|
1,050
|
1,800
|
3,150
| ||||||||||||
Total Cash G&A
|
$
|
3,521
|
$
|
983
|
$
|
7,706
|
$
|
5,922
|
Three Months Ended June 30,
|
Nine Months Ended June 30,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
(In thousands, except per BOE)
| ||||||||||||||||
Cash Costs:
| ||||||||||||||||
Lease Operating Expenses
|
$
|
5,754
|
$
|
3,760
|
$
|
17,323
|
$
|
15,517
| ||||||||
Production Taxes
|
2,029
|
293
|
5,027
|
2,808
| ||||||||||||
Cash G&A(1) |
3,521
|
983
|
7,706
|
5,922
| ||||||||||||
Interest Expense
|
1,171
|
1,302
|
3,571
|
4,086
| ||||||||||||
Total Cash Costs
|
$
|
12,475
|
$
|
6,338
|
$
|
33,627
|
$
|
28,333
| ||||||||
Total Production (MBoe)(2)(3) |
828
|
615
|
2,273
|
1,939
| ||||||||||||
Cash Margin (per BOE):
| ||||||||||||||||
Average Realized Price, before derivative settlements
|
$
|
50.18
|
$
|
8.08
|
$
|
44.28
|
$
|
29.82
| ||||||||
Less:
| ||||||||||||||||
Lease Operating Expenses
|
6.95
|
6.11
|
7.62
|
8.00
| ||||||||||||
Production Taxes
|
2.45
|
0.48
|
2.21
|
1.45
| ||||||||||||
Cash G&A
|
4.25
|
1.60
|
3.39
|
3.05
| ||||||||||||
Interest Expense
|
1.42
|
2.12
|
1.57
|
2.11
| ||||||||||||
Total Cash Costs (per BOE)
|
$
|
15.07
|
$
|
10.31
|
$
|
14.79
|
$
|
14.61
| ||||||||
Cash Margin per BOE, before derivative settlements
|
$
|
35.11
|
$
|
(2.23
|
)
|
$
|
29.49
|
$
|
15.21
| |||||||
Realized gain (loss) on derivatives per BOE
|
$
|
(9.31
|
)
|
$
|
23.85
|
$
|
(2.26
|
)
|
$
|
10.40
| ||||||
Cash Margin per BOE, after derivative settlements
|
$
|
25.80
|
$
|
21.62
|
$
|
27.23
|
$
|
25.61
|
(1) |
A non-GAAP financial measure which is reconciled above.
|
(2) |
Represents reported sales volumes.
|
(3) |
Barrels of oil equivalent have been calculated on the basis of six thousand cubic feet (Mcf) of natural gas equals one barrel of oil equivalent (BOE).
|
Three Months Ended
|
Nine Months Ended
| |||||||||||||||
June 30, 2021
|
June 30, 2020
|
June 30, 2021
|
June 30, 2020
| |||||||||||||
(In thousands)
| ||||||||||||||||
Cash Flow from Operations - Continuing Operations
|
$
|
20,695
|
$
|
13,257
|
$
|
58,841
|
$
|
49,509
| ||||||||
Additions to Oil & Natural Gas Properties
|
(21,749
|
)
|
(7,516
|
)
|
(38,882
|
)
|
(41,228
|
)
| ||||||||
Additions to Other Properties and Equipment
|
(792
|
)
|
(115
|
)
|
(1,172
|
)
|
(168
|
)
| ||||||||
Free Cash Flow
|
$
|
(1,846
|
)
|
$
|
5,626
|
$
|
18,787
|
$
|
8,113
|
Attachments
- Original document
- Permalink
Disclaimer
Riley Exploration Permian Inc. published this content on 12 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2021 21:29:12 UTC.