Riley Exploration Permian Inc · Q2 2021 earnings

Briefing

Reported financial and operational results for the fiscal second quarter ended March 31, 2021.

Riley Exploration Permian reported a net loss of $48.5 million for the second quarter of 2021, but adjusted net income was $8.6 million. The company's oil production averaged 6.0 MBbls per day and equivalent production averaged 8.3 MBoe per day. They exited the quarter with $10.1 million in cash.

• Closed reverse merger transaction with Tengasco on February 26, 2021
• Increased total equivalent sales volumes to 8.3 MBoe per day for the second quarter 2021, an increase of 11% over the same period in 2020, despite significant reductions in capital expenditures and production outages due to two severe storms
• Reported a Net Loss of $48.5 million for the three months ended March 31, 2021, with Adjusted Net Income of $8.6 million for the same period
• Exited the second quarter with $10.1 million in cash and $97.5 million drawn on the credit facility

Headline financials

Revenue & EPS history

The Company expects fiscal 2021 capital expenditures to total approximately $54 million to $56 million, which we believe will be consistent with our capital allocation framework of reinvesting approximately 65-70% of EBITDAX3, and which we believe will be funded entirely by Cash Flow from Operations.