Riley Exploration Permian Files Q2 2024 10-Q

TL;DR

Riley Exploration Permian's Q2 2024 10-Q is in. Check financials for oil & gas performance.

AI Summary

Riley Exploration Permian, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of 2024, detailing revenues, expenses, and net income. Specific figures for oil and gas production, as well as any significant operational updates or financial transactions, are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational details for Riley Exploration Permian, crucial for understanding the company's current standing and future prospects in the energy sector.

Risk Assessment

Risk Level: medium — As an oil and gas company, Riley Exploration Permian is subject to inherent commodity price volatility and regulatory risks.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter of 2024 financial performance)
• 2024-06-30 — Period End Date (The end date for the financial data presented)
• 2024-08-07 — Filing Date (The date the 10-Q was officially submitted to the SEC)

Key Players & Entities

• Riley Exploration Permian, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240807 (date) — Date of filing
• TENGASCO INC (company) — Former company name

FAQ

Key Financial Figures

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

Filing Documents

• rep-20240630.htm (10-Q) — 1268KB
• exhibit102-jsuter.htm (EX-10.2) — 187KB
• q224311certificationofceop.htm (EX-31.1) — 10KB
• q224312certificationofcfop.htm (EX-31.2) — 9KB
• q2243211350certificationof.htm (EX-32.1) — 6KB
• q2243221350certificationof.htm (EX-32.2) — 5KB
• 0001001614-24-000048.txt ( ) — 7718KB
• rep-20240630.xsd (EX-101.SCH) — 53KB
• rep-20240630_cal.xml (EX-101.CAL) — 94KB
• rep-20240630_def.xml (EX-101.DEF) — 261KB
• rep-20240630_lab.xml (EX-101.LAB) — 660KB
• rep-20240630_pre.xml (EX-101.PRE) — 481KB
• rep-20240630_htm.xml (XML) — 1095KB

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 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36

OTHER INFORMATION

Part II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 5. Other Information 38 Item 6. Exhibits 39

Signatures

Signatures 39 2 Table of Contents DEFINITIONS As used in this Quarterly Report on Form 10-Q (the "Quarterly Report"), unless otherwise noted or the context otherwise requires, we refer to Riley Exploration Permian, Inc., together with its consolidated 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: 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 ERCOT Electric Reliability Council of Texas FASB Financial Accounting Standards Board NGL Natural gas liquids NYSE NYSE American Oil Crude oil and condensate RRC Railroad Commission of Texas SEC Securities and Exchange Commission Senior Notes Unsecured 10.5%

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements RILEY EXPLORATION PERMIAN, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, 2024 December 31, 2023 (In thousands, except share amounts) Assets Current Assets: Cash $ 10,910 $ 15,319 Accounts receivable 42,077 35,126 Prepaid expenses 1,766 1,625 Inventory 5,685 6,177 Current derivative assets 1,426 5,013 Total current assets 61,864 63,260 Oil and natural gas properties, net (successful efforts) 889,270 846,901 Other property and equipment, net 20,630 20,653 Non-current derivative assets 631 2,296 Equity method investment 20,757 5,620 Other non-current assets, net 9,805 6,981 Total Assets $ 1,002,957 $ 945,711 Liabilities and Shareholders' Equity Current Liabilities: Accounts payable $ 12,581 $ 3,855 Accrued liabilities 19,156 33,159 Revenue payable 32,902 30,695 Current derivative liabilities 8,292 360 Current portion of long-term debt 20,000 20,000 Other current liabilities 4,691 6,276 Total Current Liabilities 97,622 94,345 Non-current derivative liabilities 2,527 — Asset retirement obligations 31,503 19,255 Long-term debt 302,720 335,959 Deferred tax liabilities 78,418 73,345 Other non-current liabilities 1,135 1,212 Total Liabilities 513,925 524,116 Commitments and Contingencies (Note 14) 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; 21,559,918 and 20,405,093 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 21 20 Additional paid-in capital 309,341 279,112 Retained earnings 179,670 142,463 Total Shareholders' Equity 489,032 421,595 Total Liabilities and Shareholders' Equity $ 1,002,957 $ 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

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View this 10-Q filing on SEC EDGAR