Riley Exploration Permian, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Riley Exploration Permian, Inc. (REPX) has filed its Q1 2024 10-Q report, detailing financial performance and operational updates.</b>

AI Summary

Riley Exploration Permian, Inc. (REPX) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Riley Exploration Permian, Inc. (REPX) filed a 10-Q for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. The filing was submitted on May 8, 2024. The company's principal business is Crude Petroleum & Natural Gas extraction.

Why It Matters

For investors and stakeholders tracking Riley Exploration Permian, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial statements and management's discussion of results for the first quarter of 2024, crucial for assessing the company's current performance and future outlook. The report includes details on oil and gas reserves, operational activities, and any significant events or transactions that occurred during the quarter, offering insights into the company's strategic direction and asset base.

Risk Assessment

Risk Level: medium — Riley Exploration Permian, Inc. shows moderate risk based on this filing. The company operates in the volatile oil and gas industry, which is subject to significant price fluctuations and regulatory changes, impacting financial performance and operational stability.

Analyst Insight

Review the Q1 2024 financial statements and management's discussion to understand the company's performance trends and identify any significant operational or financial developments.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-08 — Filing Date (10-Q filing)
• 1231 — Fiscal Year End (Company data)

Key Players & Entities

• Riley Exploration Permian, Inc. (company) — Filer of the 10-Q
• REPX (company) — Ticker symbol for Riley Exploration Permian, Inc.
• 2024-03-31 (date) — Reporting period end date
• 2024-05-08 (date) — Filing date
• Oklahoma City, OK (location) — Business and mailing address city and state
• 1311 (industry_code) — Standard Industrial Classification for Crude Petroleum & Natural Gas

FAQ

Risk Factors

• Commodity Price Volatility [high — market]: The company's financial results are significantly impacted by fluctuations in the prices of crude oil and natural gas, which are subject to global supply and demand dynamics, geopolitical events, and economic conditions.
• Environmental and Regulatory Compliance [medium — regulatory]: Operations are subject to stringent environmental laws and regulations, including those related to drilling, production, and emissions, which can lead to increased compliance costs and potential liabilities.
• Operational Risks and Challenges [medium — operational]: The company faces risks associated with exploration, drilling, and production activities, including potential equipment failures, unexpected geological conditions, and the ability to access and develop reserves efficiently.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance and condition during the preceding quarter.)

Crude Petroleum & Natural Gas

Industry classification for companies involved in the exploration, extraction, and production of oil and natural gas. (Defines the primary business sector of Riley Exploration Permian, Inc.)

Key Financial Figures

• $0.001 — ich registered Common stock, par value $0.001 REPX NYSE American Indicate by check

Filing Documents

• rep-20240331.htm (10-Q) — 1041KB
• q124311certificationofceop.htm (EX-31.1) — 10KB
• q124312certificationofcfop.htm (EX-31.2) — 9KB
• q1243211350certificationof.htm (EX-32.1) — 6KB
• q1243221350certificationof.htm (EX-32.2) — 5KB
• 0001001614-24-000024.txt (&nbsp;) — 6671KB
• rep-20240331.xsd (EX-101.SCH) — 51KB
• rep-20240331_cal.xml (EX-101.CAL) — 91KB
• rep-20240331_def.xml (EX-101.DEF) — 262KB
• rep-20240331_lab.xml (EX-101.LAB) — 624KB
• rep-20240331_pre.xml (EX-101.PRE) — 461KB
• rep-20240331_htm.xml (XML) — 912KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 6 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Operations 7 Condensed Consolidated Statements of Changes in Shareholders' Equity 8 Condensed Consolidated Statements of Cash Flows 9 Notes to the Condensed Consolidated Financial Statements 11 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 35

OTHER INFORMATION

Part II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 5. Other Information 36 Item 6. Exhibits 37

Signatures

Signatures 37 2 Table of Contents DEFINITIONS As used in this Quarterly Report on Form 10-Q (the "Quarter 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 Quarterly 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 Quarterly Report on Form 10-Q: 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 MMcf One million cubic feet of gas Abbreviations. ARO Asset Retirement Obligation ATM At-the-market equity sales program CME Chicago Mercantile Exchange Credit Facility A credit agreement among Riley Exploration - Permian, LLC, as borrower, and Riley Exploration Permian, Inc, as parent guarantor, with Truist Bank and certain lenders party thereto, as amended CO 2 Carbon Dioxide EOR Enhanced Oil Recovery FASB Financial Accounting Standards Board NGL Natural gas liquids NYSE New York Stock Exchange Oil Crude oil and condensate RRC Railroad Commission of Texas SEC Securities and Exchange Commission Senior Notes Unsecured 10.5% senior notes due April 2028 U.S. GAA

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements RILEY EXPLORATION PERMIAN, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 (In thousands, except share amounts) Assets Current Assets: Cash $ 6,564 $ 15,319 Accounts receivable 38,583 35,126 Prepaid expenses 5,698 1,625 Inventory 6,351 6,177 Current derivative assets 1,638 5,013 Total current assets 58,834 63,260 Oil and natural gas properties, net (successful efforts) 856,388 846,901 Other property and equipment, net 20,545 20,653 Non-current derivative assets 705 2,296 Other non-current assets, net 19,894 12,601 Total Assets $ 956,366 $ 945,711 Liabilities and Shareholders' Equity Current Liabilities: Accounts payable $ 12,016 $ 3,855 Accrued liabilities 20,684 33,159 Revenue payable 30,113 30,695 Current derivative liabilities 9,812 360 Current portion of long-term debt 20,000 20,000 Other current liabilities 7,131 6,276 Total Current Liabilities 99,756 94,345 Non-current derivative liabilities 2,763 — Asset retirement obligations 21,108 19,255 Long-term debt 321,842 335,959 Deferred tax liabilities 75,231 73,345 Other non-current liabilities 1,056 1,212 Total Liabilities 521,756 524,116 Commitments and Contingencies (Note 13) Shareholders' Equity: Preferred stock, $ 0.0001 par value, 25,000,000 shares authorized; 0 shares issued and outstanding — — Common stock, $ 0.001 par value, 240,000,000 shares authorized; 20,400,032 and 20,405,093 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 20 20 Additional paid-in capital 280,698 279,112 Retained earnings 153,892 142,463 Total Shareholders' Equity 434,610 421,595 Total Liabilities and Shareholders' Equity $ 956,366 $ 945,711 The accompanying notes are an integral part of these condensed consolidated financial statements. 6 Table of Contents RILEY EXPLORATION PERMIAN, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March

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View this 10-Q filing on SEC EDGAR