Riley Exploration Permian, Inc. (NYSE:REPX) Q3 2024 Results Conference Call November 7, 2024 10:00 AM ET

Company Participants

Philip Riley - CFO
Bobby Riley - Chairman and CEO
John Suter - COO

Conference Call Participants

Neal Dingmann - Truist Securities
John White - ROTH Capital
Jeff Robertson - Water Tower Research
Noel Parks - Tuohy Brothers

Operator

Good morning. My name is John, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Riley Exploration Permian, Inc.'s Third Quarter 2024 Earnings Conference Call. All lines have been placed in mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

I would now like to turn the call over to Philip Riley, Chief Financial Officer. You may begin your conference.

Philip Riley

Good morning. Welcome to our conference call covering the third quarter 2024 results. I'm Philip Riley, CFO. Joining me today are Bobby Riley, Chairman and CEO; and John Suter, COO. 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 2024 earnings call. Today, we highlight several updates for Riley since Q2, including that our team met or exceeded key metrics on our planned guidance, resulting in significant free cash flow. This has allowed us to continue paying down debt and distributing dividends back to our shareholders.

Today, we're paying our 15th consecutive dividend as a public company with a recent increase to $0.38 per share, up 6% from previous quarter. Since 2021, we've returned $98 million to public shareholders, achieving an annual dividend growth rate of 11%. Additionally, we paid down $35 million in debt this quarter, underscoring our commitment to delivering consistent and growing shareholder returns while maintaining prudent financial management.

I'm happy to report that our 2024 drilling and completion campaign is delivering excellent results. We are successfully driving down cost while generally seeing production outperform relative to forecast and prior year results in both West Texas and New Mexico. This reinforces the effectiveness of our operational strategies and strengthens our ability to generate value.