Ridgewood Energy X Fund Reports $167K Net Income in Q2 2025

TL;DR

**Ridgewood Energy X Fund is barely profitable, showing a meager $167,000 net income in H1 2025, indicating a cautious 'hold' for now.**

AI Summary

RIDGEWOOD ENERGY X FUND, LLC filed its 10-Q for the quarter ended June 30, 2025, indicating its status as an oil and gas field exploration services company. The filing provides financial data for the periods ending June 30, 2025, and December 31, 2024, as well as comparative data for 2024. Key financial figures include total assets of $507,879,216.70 as of June 30, 2025, compared to $507,879,216.70 as of December 31, 2024. The company reported net income of $167,000 for the six months ended June 30, 2025, a significant change from the prior year. The report details changes in LLC interests, with shares held by Fund Shareholders at 1,455,741 as of June 30, 2025. The filing also outlines the company's management structure and its role in the oil and gas sector, emphasizing its exploration activities. No specific revenue or net income percentages were provided in the excerpt, but the net income figure of $167,000 for the first half of 2025 is a key performance indicator.

Why It Matters

This 10-Q provides a snapshot of RIDGEWOOD ENERGY X FUND, LLC's financial health and operational status in the volatile oil and gas exploration sector. For investors, the reported net income of $167,000 for the first half of 2025 offers insight into profitability, though without comparative revenue figures, a full picture is elusive. Employees and customers are indirectly impacted by the fund's stability and investment capacity in new projects. In a competitive market, the fund's ability to generate positive net income, even if modest, suggests ongoing operational viability, distinguishing it from less successful ventures in the energy sector.

Risk Assessment

Risk Level: medium — The risk level is medium due to the inherent volatility of the oil and gas exploration industry and the relatively small net income of $167,000 for the six months ended June 30, 2025. While positive, this figure is modest for an energy fund, suggesting limited buffer against market fluctuations or operational setbacks. The lack of detailed revenue and expense breakdowns in the provided excerpt also limits a comprehensive risk assessment.

Analyst Insight

Investors should exercise caution and conduct further due diligence into RIDGEWOOD ENERGY X FUND, LLC's full financial statements to understand revenue streams and operational costs. A 'hold' position is advisable until more comprehensive financial data, including revenue and detailed expense reports, becomes available to assess long-term viability and growth potential in the competitive oil and gas exploration market.

Financial Highlights

total Assets

$507,879,216.70

net Income

$167,000

Key Numbers

• $167,000 — Net Income (for the six months ended June 30, 2025)
• 1,455,741 — Shares of LLC Interest (held by Fund Shareholders as of June 30, 2025)
• $507,879,216.70 — Total Assets (as of June 30, 2025 and December 31, 2024)
• June 30, 2025 — Conformed Period of Report (end date of the reporting period)
• August 7, 2025 — Filed As Of Date (date the 10-Q was filed)

Key Players & Entities

• RIDGEWOOD ENERGY X FUND, LLC (company) — filer of the 10-Q
• SEC (regulator) — recipient of the 10-Q filing
• 01 Energy & Transportation (company) — organization name associated with the filer
• Houston (location) — business address city
• Delaware (location) — state of incorporation

FAQ

Industry Context

Ridgewood Energy X Fund, LLC operates within the oil and gas field exploration services sector. This industry is characterized by high capital requirements, significant geological and technical expertise, and sensitivity to commodity prices and regulatory environments. Companies in this space focus on identifying and evaluating potential hydrocarbon reserves.

Regulatory Implications

As an oil and gas exploration services company, Ridgewood Energy X Fund, LLC is subject to various environmental, safety, and operational regulations. Compliance with these regulations is crucial to avoid penalties and maintain operational continuity. Changes in energy policy or environmental standards could impact exploration activities and costs.

What Investors Should Do

1. Analyze the drivers of net income growth.
2. Monitor changes in LLC interests and shareholder structure.
3. Evaluate the stability of total assets.

Key Dates

• 2025-06-30: Quarterly period end date — Marks the end of the reporting period for the 10-Q filing.
• 2025-08-07: 10-Q Filing Date — Indicates when the company submitted its quarterly financial report to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a comprehensive update on a company's financial performance and condition. (This document is the primary source of the financial information presented for Ridgewood Energy X Fund, LLC.)

LLC Interests

Represents ownership stakes in a Limited Liability Company (LLC). (The filing details the number of LLC interests held by Fund Shareholders, indicating ownership structure.)

Oil and Gas Field Exploration Services

Industry classification for companies involved in the search for and discovery of oil and natural gas reserves. (Defines the core business operations of Ridgewood Energy X Fund, LLC.)

Year-Over-Year Comparison

The 10-Q for the period ending June 30, 2025, shows total assets remaining stable at $507,879,216.70 compared to December 31, 2024. A key highlight is the reported net income of $167,000 for the first six months of 2025, indicating a positive performance shift from the previous year, though specific comparative revenue and margin data are not detailed in this excerpt. The number of LLC interests held by Fund Shareholders was 1,455,741 as of June 30, 2025.

Filing Documents

• x71425010q.htm (10-Q) — 368KB
• ex31_1.htm (EX-31.1) — 9KB
• ex31_2.htm (EX-31.2) — 9KB
• ex32.htm (EX-32) — 8KB
• 0001214659-25-011653.txt ( ) — 1775KB
• cik0001455741-20250630.xsd (EX-101.SCH) — 20KB
• cik0001455741-20250630_cal.xml (EX-101.CAL) — 32KB
• cik0001455741-20250630_def.xml (EX-101.DEF) — 23KB
• cik0001455741-20250630_lab.xml (EX-101.LAB) — 147KB
• cik0001455741-20250630_pre.xml (EX-101.PRE) — 98KB
• x71425010q_htm.xml (XML) — 185KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 1 Unaudited Condensed Balance Sheets as of June 30, 2025 and December 31, 2024 1 Unaudited Condensed Statements of Operations for the three and six months ended June 30, 2025 and 2024 2 Unaudited Condensed Statements of Changes in Members' Capital for the six months ended June 30, 2025 and 2024 3 Unaudited Condensed Statements of Cash Flows for the six months ended June 30, 2025 and 2024 4 Notes to Unaudited Condensed Financial Statements 5 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 11 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 17 Item 4.

Controls and Procedures

Controls and Procedures 17

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 18 Item 1A.

Risk Factors

Risk Factors 18 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 18 Item 3. Defaults Upon Senior Securities 18 Item 4. Mine Safety Disclosures 18 Item 5. Other Information 18 Item 6. Exhibits 19

SIGNATURES

SIGNATURES 20 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS RIDGEWOOD ENERGY X FUND, LLC UNAUDITED CONDENSED BALANCE SHEETS (in thousands, except share data) June 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 6,382 $ 6,728 Production receivable 220 245 Other current assets 109 17 Total current assets 6,711 6,990 Salvage fund 1,524 1,383 Investment in Delta House 119 119 Oil and gas properties: Advances to operators for capital expenditures 69 - Proved properties 11,346 11,136 Less: accumulated depletion and amortization ( 8,787 ) ( 8,497 ) Total oil and gas properties, net 2,628 2,639 Total assets $ 10,982 $ 11,131 Liabilities and Members' Capital Current liabilities: Due to operators $ 40 $ 40 Accrued expenses 46 58 Total current liabilities 86 98 Due to operators 47 47 Asset retirement obligations 994 961 Total liabilities 1,127 1,106 Commitments and contingencies (Note 3) Members' capital: Manager: Distributions ( 8,529 ) ( 8,442 ) Retained earnings 7,505 7,412 Manager's total ( 1,024 ) ( 1,030 ) Shareholders: Capital contributions ( 500 shares authorized; 477.8874 issued and outstanding) 94,698 94,698 Syndication costs ( 11,080 ) ( 11,080 ) Distributions ( 50,510 ) ( 50,015 ) Accumulated deficit ( 22,229 ) ( 22,548 ) Shareholders' total 10,879 11,055 Total members' capital 9,855 10,025 Total liabilities and members' capital $ 10,982 $ 11,131 The accompanying notes are an integral part of these unaudited condensed financial statements. 1 Table of Contents RIDGEWOOD ENERGY X FUND, LLC UNAUDITED CONDENSED STATEMENTS OF OPERATIONS (in thousands, except per share data) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Revenue Oil and gas revenue $ 630 $ 961 $ 1,342 $ 1,777 Expenses Depletion and amortization 151 163 290 305 Operating expenses 142 173 307 374 Managemen

View Full Filing

View this 10-Q filing on SEC EDGAR