NYSE$REPX
Riley Exploration Permian Inc · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Reported financial and operating results for the third quarter ended September 30, 2022.
Riley Exploration Permian reported a net income of $60 million, including a $35 million non-cash gain on derivative contracts, and an operating income of $59 million. The company's oil production averaged 9.4 MBbls per day, exceeding guidance and representing a 36% year-over-year increase. Adjusted EBITDAX was $51 million, and operating cash flow was $55 million, representing increases of 14% and 25%, respectively, over the prior quarter.
- Averaged oil production of 9.4 MBbls per day, a 36% increase year-over-year.
- Began water injection on the EOR project during the third quarter and CO2 injection during the fourth quarter.
- Reported net income of $60 million, including a $35 million non-cash gain on derivative contracts.
- Generated $51 million of Adjusted EBITDAX and $55 million of operating cash flow, representing increases of 14% and 25%, respectively, over the prior quarter.
Headline financials
Revenue & EPS history
Riley Exploration · Revenue · Quarterly
$88.4M
Forward guidance
The Company forecasts fourth quarter 2022 oil production to average 9.4 MBbls per day to 9.9 MBbls per day, with the midpoint average representing 2.5% quarter-over-quarter growth and 33% year-over-year growth. Based on estimates of available gas processing capacity, we forecast total equivalent production to average 12.6 MBoe per day to 13.2 MBoe per day for the fourth quarter. The Company forecasts fourth quarter 2022 LOE of approximately $9.0 million to $10.5 million and Cash G&A expenses of approximately $4.7 million to $5.2 million. Based on current market conditions, management forecasts accrual basis capital expenditures of $35.0 million to $41.0 million for the fourth quarter 2022, excluding amounts for corporate or land acquisitions or other opportunistic investments.
Tailwinds
- Forecasts fourth quarter 2022 oil production to average 9.4 MBbls per day to 9.9 MBbls per day.
- Midpoint average represents 2.5% quarter-over-quarter growth and 33% year-over-year growth
- Forecasts total equivalent production to average 12.6 MBoe per day to 13.2 MBoe per day for the fourth quarter.
- Forecasts fourth quarter 2022 LOE of approximately $9.0 million to $10.5 million
- Forecasts Cash G&A expenses of approximately $4.7 million to $5.2 million.
Headwinds
- Estimates and guidance are based on assumptions of current and future capital expenditure levels, prices for oil, natural gas and NGLs, available liquidity, indications of supply and demand for oil, well results, and operating costs.
- Guidance and estimates, and the assumptions on which they are based, are subject to material revision.
- Actual results may differ materially from estimates and guidance.
- The estimates and guidance presented in this release are based on assumptions of current and future capital expenditure levels, prices for oil, natural gas and NGLs, available liquidity, indications of supply and demand for oil, well results, and operating costs.
- The guidance provided in this release does not constitute any form of guarantee or assurance that the matters indicated will be achieved.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2022
+0.3%
Avg return
Earnings day
+8.7%
Avg return
5 days after
+11.4%
Avg return
30 days after
44%
28 / 64 earnings
Positive
+21.0%
Q1 2019
Best reaction
-18.3%
Q3 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -9.3% | -5.5% | -5.8% | |
| Q4 2025 | +8.7% | +8.1% | +23.4% | |
| Q3 2025 | -3.2% | +3.7% | +9.4% | |
| Q1 2025 | +6.8% | +18.4% | +8.9% | |
| Q4 2024 | +1.6% | -2.2% | -12.5% | |
| Q3 2024 | +16.8% | +22.9% | +16.3% | |
| Q2 2024 | +5.3% | +11.0% | +6.1% | |
| Q1 2024 | +5.4% | +0.9% | +0.3% | |
| Q4 2023 | +14.1% | +13.7% | +17.9% | |
| Q3 2023 | -18.3% | -16.8% | -18.9% | |
| Q2 2023 | -10.2% | -6.9% | -11.4% | |
| Q1 2023 | -14.3% | -16.6% | -3.7% | |
| Q4 2022 | +0.9% | -0.6% | +30.0% | |
| Q3 2022 | +0.9% | -3.9% | -10.3% | |
| Q2 2022 | -1.0% | +4.9% | +25.4% | |
| Q1 2022 | +7.5% | -5.3% | +10.5% | |
| Q4 2021 | +10.5% | +3.0% | +36.6% | |
| Q3 2021 | -12.2% | -13.2% | +6.0% | |
| Q2 2021 | -0.4% | -7.8% | +28.4% | |
| Q4 2020 | +15.2% | +28.4% | +46.9% | |
| Q3 2020 | -5.6% | +9.8% | +37.0% | |
| Q2 2020 | +1.2% | +2.4% | +14.3% | |
| Q1 2020 | -4.2% | +12.5% | +8.3% | |
| Q4 2017 | +0.0% | +20.0% | +17.8% | |
| Q4 2016 | +0.0% | +20.0% | +17.8% | |
| Q4 2018 | +0.0% | +20.0% | +17.8% | |
| Q4 2019 | +0.0% | +20.0% | +17.8% | |
| Q3 2019 | -10.0% | -5.1% | -22.0% | |
| Q2 2019 | -3.2% | -2.8% | -12.5% | |
| Q1 2019 | +21.0% | +6.8% | +3.9% | |
| Q3 2018 | +9.1% | +10.0% | -3.0% | |
| Q2 2018 | +0.8% | +4.0% | +3.0% | |
| Q1 2018 | -1.4% | -5.6% | +11.3% | |
| Q3 2017 | +3.3% | +3.3% | +23.0% | |
| Q2 2017 | +2.6% | -3.2% | +9.7% | |
| Q1 2017 | +0.0% | +169.2% | +74.4% | |
| Q3 2016 | +11.2% | +11.1% | +14.3% | |
| Q2 2016 | +2.6% | +2.6% | -4.3% | |
| Q1 2016 | -6.2% | — | — | |
| Q4 2015 | -5.6% | — | — | |
| Q3 2015 | +8.8% | — | — | |
| Q2 2015 | -0.2% | — | — | |
| Q1 2015 | -4.6% | — | — | |
| Q4 2014 | -2.9% | — | — | |
| Q3 2014 | -5.6% | — | — | |
| Q2 2014 | -4.9% | — | — | |
| Q4 2013 | -4.5% | — | — | |
| Q1 2014 | -4.5% | — | — | |
| Q3 2013 | -8.6% | — | — | |
| Q2 2013 | +1.5% | — | — | |
| Q1 2013 | -4.0% | — | — | |
| Q4 2012 | -4.0% | — | — | |
| Q3 2012 | -7.8% | — | — | |
| Q2 2012 | -3.7% | — | — | |
| Q1 2012 | -2.7% | — | — | |
| Q4 2009 | +4.8% | — | — | |
| Q4 2011 | +4.8% | — | — | |
| Q3 2011 | +7.7% | — | — | |
| Q4 2010 | +8.1% | — | — | |
| Q2 2011 | +8.1% | — | — | |
| Q1 2011 | -0.8% | — | — | |
| Q3 2010 | -6.9% | — | — | |
| Q2 2010 | -0.2% | — | — | |
| Q1 2010 | +2.1% | — | — |
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