Riley Permian Q4 net income $27M, oil production +37% YoY; announces $330M New Mexico acquisition

Riley Exploration Permian, Inc.

Net income of $27M ($1.37 EPS); adjusted EBITDAX $46M; oil production 10.0 MBbls/d, above guidance.
Full year 2022 oil production 8.8 MBbls/d (+31% YoY); net income $118M; operating cash flow $170M.
Entered $330M cash acquisition of Pecos Oil & Gas assets in Eddy County, NM, expected close early Q2 2023.
2023 combined guidance: oil 12.8-13.4 MBbls/d (pro forma), capex $160-180M; Q1 standalone oil 9.8-10.2 MBbls/d.
Quarterly dividend raised 10% to $0.34/share; credit facility borrowing base increased to $225M.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Riley Exploration Permian, Inc. updated its the fourth quarter and year ended December 31, 2022 guidance (reaffirmed).

Period: the fourth quarter and year ended December 31, 2022
Guidance: reaffirmed
Result: reported results

Exact text from the filing

On March 8, 2023, Riley Exploration Permian, Inc. (the “Company”) announced its financial condition and results of operations for the fourth quarter and year ended December 31, 2022.

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Source: SEC EDGAR

accession 0001001614-23-000010

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