Riley Exploration Permian, Inc. Files 2023 Annual Report (10-K)

Ticker: REPX · Form: 10-K · Filed: Mar 6, 2024 · CIK: 1001614

Riley Exploration Permian, Inc. 10-K Filing Summary
FieldDetail
CompanyRiley Exploration Permian, Inc. (REPX)
Form Type10-K
Filed DateMar 6, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.001, $325 m, $200 million
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Riley Exploration Permian, Oil and Gas, Annual Report, Financials

TL;DR

<b>Riley Exploration Permian, Inc. has submitted its comprehensive 2023 annual report (10-K) detailing its financial performance and operational activities.</b>

AI Summary

Riley Exploration Permian, Inc. (REPX) filed a Annual Report (10-K) with the SEC on March 6, 2024. Riley Exploration Permian, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company is engaged in the crude petroleum and natural gas industry. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial data points and operational details are included in the report. The report was filed on March 6, 2024.

Why It Matters

For investors and stakeholders tracking Riley Exploration Permian, Inc., this filing contains several important signals. This 10-K filing provides a detailed overview of Riley Exploration Permian's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and future outlook. The report contains specific financial figures, reserve data, and executive compensation details, offering transparency into the company's business and its management's remuneration.

Risk Assessment

Risk Level: medium — Riley Exploration Permian, Inc. shows moderate risk based on this filing. The company operates in the volatile crude petroleum and natural gas sector, which is subject to significant price fluctuations and regulatory changes, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's exposure to commodity price volatility and operational challenges.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Conformed period of report)
  • 2024-03-06 — Filing Date (Date the 10-K was filed)
  • 1311 — SIC Code (Standard Industrial Classification for Crude Petroleum & Natural Gas)
  • 870267438 — IRS Number (Company's IRS identification number)

Key Players & Entities

  • Riley Exploration Permian, Inc. (company) — Filer of the 10-K report
  • TENGASCO INC (company) — Former name of Riley Exploration Permian, Inc.
  • DE (jurisdiction) — State of incorporation
  • OK (jurisdiction) — State of business and mailing address

FAQ

When did Riley Exploration Permian, Inc. file this 10-K?

Riley Exploration Permian, Inc. filed this Annual Report (10-K) with the SEC on March 6, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Riley Exploration Permian, Inc. (REPX).

Where can I read the original 10-K filing from Riley Exploration Permian, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Riley Exploration Permian, Inc..

What are the key takeaways from Riley Exploration Permian, Inc.'s 10-K?

Riley Exploration Permian, Inc. filed this 10-K on March 6, 2024. Key takeaways: Riley Exploration Permian, Inc. filed its 10-K report for the fiscal year ending December 31, 2023.. The company is engaged in the crude petroleum and natural gas industry.. The filing covers the period from January 1, 2023, to December 31, 2023..

Is Riley Exploration Permian, Inc. a risky investment based on this filing?

Based on this 10-K, Riley Exploration Permian, Inc. presents a moderate-risk profile. The company operates in the volatile crude petroleum and natural gas sector, which is subject to significant price fluctuations and regulatory changes, as indicated by its SIC code and the nature of its business.

What should investors do after reading Riley Exploration Permian, Inc.'s 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's exposure to commodity price volatility and operational challenges. The overall sentiment from this filing is neutral.

How does Riley Exploration Permian, Inc. compare to its industry peers?

Riley Exploration Permian operates within the oil and gas exploration and production sector, a capital-intensive industry heavily influenced by global energy demand, geopolitical events, and commodity prices.

Are there regulatory concerns for Riley Exploration Permian, Inc.?

The oil and gas industry is subject to stringent regulations concerning environmental protection, safety standards, and resource management at federal, state, and local levels.

Risk Factors

  • Commodity Price Volatility [high — market]: The company's financial performance is highly dependent on the market prices of crude oil and natural gas, which are subject to significant fluctuations.
  • Environmental and Regulatory Compliance [medium — regulatory]: Operations are subject to extensive federal, state, and local environmental and safety regulations, which can impact costs and operational flexibility.
  • Reserve Estimation and Production Risks [medium — operational]: The accuracy of reserve estimates and the ability to successfully develop and produce reserves involve inherent uncertainties and risks.

Industry Context

Riley Exploration Permian operates within the oil and gas exploration and production sector, a capital-intensive industry heavily influenced by global energy demand, geopolitical events, and commodity prices.

Regulatory Implications

The oil and gas industry is subject to stringent regulations concerning environmental protection, safety standards, and resource management at federal, state, and local levels.

What Investors Should Do

  1. Analyze the company's reported oil and gas reserves and production volumes for 2023.
  2. Review the company's capital expenditures and exploration plans for the upcoming fiscal year.
  3. Assess the impact of commodity price forecasts on the company's future revenue and profitability.

Key Dates

  • 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
  • 2024-03-06: 10-K Filing Date — Official submission date of the annual report.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year ending December 31, 2023, providing a comprehensive update compared to previous quarterly or annual filings.

Filing Stats: 4,569 words · 18 min read · ~15 pages · Grade level 15.7 · Accepted 2024-03-06 17:07:10

Key Financial Figures

  • $0.001 — ich registered Common stock, par value $0.001 REPX NYSE American Indicate by check
  • $325 m — LLC, for an adjusted purchase price of $325 million, reflective of customary post-clo
  • $200 million — ity") and proceeds from the issuance of $200 million of unsecured senior notes ("Senior Note

Filing Documents

Risk Factors

Risk Factors 27 Item 1B. Unresolved Staff Comments 57 I tem 1C. C ybersecu rity 57 Item 3.

Legal Proceedings

Legal Proceedings 59 Item 4. Mine Safety Disclosures 59 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 60 Item 6.

Selected Financial Data

Selected Financial Data 61 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 61 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 71 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 71 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 72 Item 9A.

Controls and Procedures

Controls and Procedures 72 Item 9B. Other Information 74 Part III Item 10. Directors, Executive Officers and Corporate Governance 75 Item 11.

Executive Compensation

Executive Compensation 75 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 75 Item 13. Certain Relationships and Related Transactions, and Director Independence 75 Item 14. Principal Accountant Fees and Services 75 Part IV Item 15. Exhibits and Financial Statements Schedules 76 Item 16. Form 10-K Summary 79

Signatures

Signatures 80 2 Table of Contents DEFINITIONS As used in this Annual Report, unless otherwise noted or the context otherwise requires, we refer to Riley Exploration Permian, Inc., together with its subsidiaries, as "Riley Permian," "REPX," "the Company," "Registrant," "we," "our," or "us." In addition, this Annual Report includes certain terms commonly used in the oil and natural gas industry, and the following are abbreviations and definitions of certain terms used within this Annual Report on Form 10-K: Measurements. Bbl One barrel or 42 U.S. gallons liquid volume of oil or other liquid hydrocarbons Boe One stock tank barrel equivalent of oil, calculated by converting gas volumes to equivalent oil barrels at a ratio of 6 thousand cubic feet of gas to 1 barrel of oil and by converting NGL volumes to equivalent oil barrels at a ratio of 1 barrel of NGL to 1 barrel of oil Boe/d Stock tank barrel equivalent of oil per day Btu British thermal unit. One British thermal unit is the amount of heat required to raise the temperature of one pound of water by one degree Fahrenheit MBbl One thousand barrels of oil or other liquid hydrocarbons MBoe One thousand Boe MBoe/d One thousand Boe per day Mcf One thousand cubic feet of gas MMBoe One million Boe MMBtu One million British thermal units MMcf One million cubic feet of gas Abbreviations. ARO Asset Retirement Obligation ATM At-the-market equity sales program BLM Bureau of Land Management CO 2 Carbon Dioxide CWA Clean Water Act DD&A Depreciation, depletion and amortization EOR Enhanced Oil Recovery EPA Environmental Protection Agency ESG Environmental, social, and governance FASB Financial Accounting Standards Board FERC Federal Energy Regulatory Commission GHG Greenhouse Gas IRS Internal Revenue Service NGA Natural Gas Act of 1938 NGL Natural gas liquids NGPA Natural Gas Policy Act of 1978 NMOCD New Mexico Oil Conservation Division NYMEX New York Mercantile Exchange NYSE Ne

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