Riley Exploration Permian, Inc. (NYSE:REPX) Q2 2022 Earnings Conference Call May 12, 2022 11:00 AM ET

Company Participants

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

Bobby Riley - Chairman and Chief Executive Officer

Kevin Riley - President

Conference Call Participants

Neal Dingmann - Truist Securities

John White - ROTH

Noel Parks - Tuohy Brothers

Jeff Robertson - Water Tower Research

Operator

Ladies and gentlemen, thank you for standing by. My name is Brent and I will be your conference operator today. At this time, I would like to welcome everyone to Riley Permian's Q2 2022 Earnings 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.

It is now pleasure to turn today's call over to Mr. Philip Riley, Chief Financial Officer. Please go ahead.

Philip Riley

Thank you and good morning to everyone. Welcome to our fiscal second quarter 2022 conference call covering the three month period ending March 31, 2022.

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 be referencing certain non-GAAP measures. The reconciliations with the appropriate GAAP measures can be found in our earnings release issued yesterday afternoon. Additional information on the risk factors that could cause results to differ is available in the company’s SEC filings. The full cautionary statement about forward-looking commentary can be found in our earnings release. In addition to our earnings release, we published an updated presentation available on our website.

Participating on the call today are Bobby Riley, Chairman and CEO; Kevin Riley, President; myself, Philip Riley, CFO and EVP of Strategy.

I will now turn the call over to Bobby.

Bobby Riley

Thank you, Philip. Good morning and thank you for joining us today on our fiscal second quarter call. And the world already impacted by supply chain issues, the actions taken by Russia in February have further exasperated the situation, not just in the Permian basin, but globally. Inflationary cost pressures have continued to build in the labor, materials and equipment markets, as we have seen oil prices increase 82% year-over-year.

I'm happy to announce the company has been proactive in securing a drilling rig and casing for 100% of our fiscal 2022 development activity, and for up to 14 wells already planned for fiscal year 2023. We are halfway through our fiscal year and continue to have operating and financial results, exceeding both guidance and consensus expectations.