Riley Exploration Permian, Inc. (NYSE:REPX) Q1 2024 Earnings Conference Call May 9, 2024 10:00 AM ET
Company Participants
Philip Riley - CFO and EVP, Strategy
Bobby Riley - Chairman and CEO
Conference Call Participants
Neal Dingmann - Truist Capital
John White - ROTH Capital
Jeff Robertson - Water Tower Research
Operator
Good day, everyone, and welcome to the Riley Exploration Permian, Inc.'s First Quarter 2024 Earnings Conference Call.
At this time, I would like to hand the call over to Mr. Philip Riley. Please go ahead, sir.
Philip Riley
Good morning. Welcome to our conference call covering the first quarter 2024 results. I'm Philip Riley, CFO. Joining me today is Bobby Riley, Chairman and CEO.
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 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'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, and thank you again to everyone for joining us on today's call.
Yesterday, at the close of the market, we announced the results of our first quarter in 2024. I'm pleased to report that Q1 was another outstanding quarter for Riley Permian. And we are on track to deliver our previously disclosed 2024 operating plan, targeting year-over-year oil growth with a reduction in CapEx. Our net oil production saw a 4% increase compared to the previous quarter, reaching an average of 14.2 thousand barrels per day.
Looking ahead to our Q2 guidance, we're forecasting a range of 14.4 to 14.8 thousand barrels per day, and we expect the majority of our incremental growth to occur in this period and stabilize for the remaining quarters as we work towards achieving our year-over-year targets.
From an operational standpoint, we drilled seven net wells, which represents approximately one-third of our projected total for the year. We released the rig in March and plan to resume drilling operations in June. Our team has achieved significant advancements in drilling efficiency by adopting cutting-edge technologies and streamlined processes.
These improvements have allowed us to rely on a single rig for a portion of the year while still delivering double-digit volume growth. We completed four wells and brought six wells online during the period, benefiting from two drilled but uncompleted wells, or DUCs, from late 2023.