Mexco Energy Q1 net income falls 64% to $466k; revenue down 29%

MEXCO ENERGY CORP

2023-Q1 EPS reported $0.21 revenue$1,748,419

Net income of $465,614 ($0.21/diluted share) vs $1,298,672 ($0.59) in prior-year quarter.
Operating revenue $1.75M, down 29% YoY; average oil price -33%, natural gas price -69%.
Oil production +37%, natural gas production +9%; oil contributed 82% of revenues.
Plans to participate in 40 horizontal wells and complete 21 from prior year; estimated $2.2M spend.
Cash on hand $2.6M, no bank debt; evaluating increased opportunities.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MEXCO ENERGY CORP reported quarter ending June 30, 2023 results: revenue $1,748,419, net income $465,614, EPS $0.21.

Period: quarter ending June 30, 2023
Revenue: $1,748,419
Net income: $465,614
EPS: $0.21
Result: reported results

Exact text from the filing

June 30, 2023, compared to $1,298,672 or $0.59 per diluted share, for the comparable quarter ending June 30, 2022. Operating revenues in the first quarter of fiscal 2024 were $1,748,419, a decrease of 29% from the first quarter of fiscal 2023. This was due to a 33% decrease in the average sales price of oil and a 69% decrease in the average sales price of natural

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Source: SEC EDGAR

accession 0001493152-23-027634

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