Q2 2024 Riley Exploration Permian Inc Earnings Call Transcript
Key Points
- Riley Exploration Permian Inc (REPX) reported significant free cash flow generation, with $38 million in the second quarter and $62 million year-to-date.
- The company successfully closed an asset acquisition in Eddy County, New Mexico, for $18.1 million, adding producing properties and development locations.
- Riley Exploration Permian Inc (REPX) expanded its Power joint venture, increasing ownership to 50% and planning to generate and sell electricity to ERCOT.
- The company achieved a 5% quarter-over-quarter increase in total equivalent production and a 4% increase in oil production.
- Riley Exploration Permian Inc (REPX) reported well cost savings as a major driver of free cash flow improvement, with drilling times down by 20% year-over-year.
- Natural gas and NGL realized prices turned slightly negative for the quarter, driven by weaker market fundamentals.
- Midstream counterparty fees led to slightly negative revenue for natural gas and NGLs.
- The company experienced a modest 1% decline in operating cash flow quarter-over-quarter.
- Despite higher oil prices, total oil and gas hedge negative settlements were a concern, although they improved by 77% year-over-year.
- The credit facility utilization remains at 43%, indicating a need for continued debt management.
Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to Riley Exploration Permian Inc.'s second-quarter 2024 earnings conference call. (Operator Instructions)
I would now like to turn the conference over to Philip Riley, CFO. Please go ahead.
Good morning. Welcome to our conference call covering the second-quarter 2024 results. I'm Philip Riley, CFO. Joining me today is Bobby Riley, Chairman and CEO; and John Suter, COO. Yesterday, we published a variety of materials, which can be found on our website under the Investors section.
These materials in today's conference call contain certain projections and other forward-looking statements within the meaning of the federal securities laws. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in these statements.
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