Riley Exploration Permian, Inc. (NYSE:REPX) Q3 2022 Earnings Conference Call November 15, 2022 11:00 AM ET

Company Participants

Philip Riley - Chief Financial Officer and Executive Vice President, Strategy

Bobby Riley - Chairman and Chief Executive Officer

Kevin Riley - President

Conference Call Participants

Neal Dingmann - Truist Securities

John White - ROTH Capital

Noel Parks - Tuohy Brothers

Richard Dearnley - Longport Partners

Operator

Hello and thank you for standing by. My name is Regina and I will be your conference operator today. At this time, I would like to welcome everyone to the Riley Exploration Permian Incorporated Fiscal Third Quarter 2022 Earnings Release and Conference Call. [Operator Instructions]

I would now like to turn the conference over to Philip Riley, Chief Financial Officer and Executive Vice President of Strategy. Please go ahead.

Philip Riley

Thank you, and good morning, everyone. Welcome to our third quarter 2022 conference call. The company recently changes fiscal year from September 30 to December 31. To we will be covering today results for the 3 and 9-month periods ending September 30. We will report for year 2022 results in March of 2023. Yesterday, the company published four items which can be found on our website and under the investors section in earnings release a 10-Q and two presentations. One presentation provides an update for third quarter results. The goal here was to provide simple and transparent drivers of performance to be used in conjunction with our other public filings. We may reference a few slides from this on the call today. The second presentation provides an overview of the company’s story with minor updates from previously released versions.

Participating on the call today are Bobby Riley, Chairman and CEO; Kevin Riley, President; and myself, Philip Riley, CFO and EVP of Strategy. Today’s conference call contains certain projections and other forward-looking statements within the meaning of the federal securities laws. The statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in these statements. We will also reference certain non-GAAP measures. The reconciliations to appropriate GAAP measures can be found in our earnings release for presentations issued yesterday.

I’ll now turn the call over to Bobby.

Bobby Riley

Thank you, Philip. And thank you again to everyone for joining us on today’s call. Yesterday, after the close of the market, we announced results of our third quarter. This is the first quarter for Riley reporting since we completed our change in fiscal year end from September 30 to December 31. Our rationale behind the change was simply to align better with other EMPs for reporting and analytical comparisons for both investors and analysts. Riley delivered very strong financial and operating results in the third quarter, again being driven by continued organic growth. To highlight a few items for the third quarter, we averaged all production of 9,413 barrels per day, which exceeded our high end of guidance and represents an increase of 36% as compared to year-over-year to the third quarter of 2021 and an increase of 13% as compared quarter-over-quarter to the second quarter of 2022.