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

Company Participants

Philip Riley - EVP of Strategy and CFO

Bobby Riley - Chairman & CEO

Kevin Riley - President

Conference Call Participants

Bertrand Donnes - Truist Securities

Noel Parks - Tuohy Brothers

Jeff Robertson - Water Tower Research

Sandra VandenBrink - Tokay Capital Corp

Richard Dearnley - Longport Partners

Operator

Good morning. My name is Emma and I will be your conference operator today. At this time, I would like to welcome everyone to the Riley Permian's Fiscal Third Quarter 2022 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, you may begin your conference.

Philip Riley

Thank you, and good morning to everyone. Welcome to our fiscal third quarter 2022 conference call covering the three month period ending June 30, 2022. 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. 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 will also reference certain non-GAAP measures. The reconciliations to the appropriate, GAAP measures can be found in our earnings release issued yesterday afternoon.

I'll now turn the call over to Bobby.

Bobby Riley

Thank you, Philip and thank you everyone for joining the call this morning. Yesterday, after the close of the market, we announced results of our fiscal third quarter. Driven by continued organic growth paired with significantly higher realized oil and natural gas prices, we had record setting production, net sales and adjusted EBITDAX. In fact, year-over-year for the three months ended and the nine months ended June 30, 2022, our revenue growth was 111% and 110% respectively. We have generated $106 million in adjusted EBITDAX for the nine months ended June 30, 2022 compared to $65 million for the same period last year. This represents a 63% year-over-year increase and is 18% higher than we generated for the entire 2021 fiscal year.

To highlight a few items for fiscal third quarter, we averaged oil production of 8.4,000 barrels per day, which exceeded our high-end of guidance and represents an increase of 24% as compared to fiscal third quarter 2021, and 12% as compared to the fiscal second quarter 2022. We generated $45 million of adjusted EBITDAX and $44 million of operating cash flow representing an increase of 29% and 47% respectively over the prior quarter. We paid dividends of $0.31 per share for a total of $6 million, representing 14 consecutive quarters of dividends with $68 million of cumulative distribution since inception.