Riley Exploration Permian, Inc. (NYSE:REPX) Q3 2023 Results Conference Call November 8, 2023 10:00 AM ET

Company Participants

Philip Riley - CFO and EVP of Strategy

Bobby Riley - Chairman and CEO

Kevin Riley - President

Conference Call Participants

Bert Donnes - Truist

Noel Parks - Tuohy Brothers

David Dernick - the Dernick Companies

Operator

Thank you for standing by. At this time, I would like to welcome everyone to the Riley Permian Third Quarter 2023 Earnings Release and Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

Philip Riley, CFO, you may begin your conference.

Philip Riley

Good morning. Welcome to our conference call covering the third quarter 2023 results. I'm Philip Riley, CFO. Joining me today are Bobby Riley, Chairman and CEO; and Kevin Riley, President.

Yesterday, we published a variety of materials, which can be found on our website under the Investors section. These materials in today's conference call contain certain projections and other forward-looking statements within the meaning of the federal securities laws. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in these statements.

We'll also reference certain non-GAAP measures. The reconciliations to the appropriate GAAP measures can be found in our supplemental disclosure on our website.

I'll now turn the call over to Bobby.

Bobby Riley

Thank you, Philip. Good morning, and welcome to our Q3 2023 earnings call. We are pleased with our performance in the third quarter in which we met or exceeded plans across all metrics. Here are some of the accomplishments in the past quarter.

Average oil production of 14,000 barrels of oil per day are 19,900 barrels of oil equivalent per day, generated $72 million of adjusted EBITDAX, $53 million of operating cash flow and $31 million of free cash flow. We reduced debt by $10 million quarter-over-quarter. We paid dividends of $0.34 per share in the third quarter, totaling approximately $6.8 million. Also, after the end of the quarter, the Company declared a cash dividend payable on November 9, 2023, of $0.36 per share, which represents a 6% increase in the dividend amount.

We planned for modestly lower production in the third quarter and also experienced some unplanned third-party gas midstream disruptions that caused us to curtail production. We see other producers impacted by midstream constraints in similar ways. Optimizing infrastructure will remain a core focus for us into 2024.