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10-Q Filing

Riley Exploration Permian, Inc. CIK: 1001614 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001001614-23-000020
Period End Date 20230331
Filing Date 20230510
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance rep-20230331_htm.xml
Filing Contents
Balance Sheet 82 line items
Line Item Tag Value Unit Period
Preferred stock, par value (USD per Share) PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Preferred stock, par value (USD per Share) PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Preferred stock, shares authorized (in Shares) PreferredStockSharesAuthorized 25.00M shares Point-in-time
Preferred stock, shares authorized (in Shares) PreferredStockSharesAuthorized 25.00M shares Point-in-time
Preferred stock, shares issued (in Shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Preferred stock, shares issued (in Shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $2.27M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $13.30M USD Point-in-time
Accounts receivable AccountsReceivableNetCurrent $24.64M USD Point-in-time
Preferred stock, shares outstanding (in Shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Preferred stock, shares outstanding (in Shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Accounts receivable AccountsReceivableNetCurrent $25.55M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $2.24M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $3.24M USD Point-in-time
Common stock, par value (USD per Share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, par value (USD per Share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Inventory InventoryNet $7.89M USD Point-in-time
Common stock, shares authorized (in Shares) CommonStockSharesAuthorized 240.00M shares Point-in-time
Inventory InventoryNet $8.89M USD Point-in-time
Common stock, shares authorized (in Shares) CommonStockSharesAuthorized 240.00M shares Point-in-time
Current derivative assets DerivativeAssetsCurrent $20.00K USD Point-in-time
Current derivative assets DerivativeAssetsCurrent $1.64M USD Point-in-time
Common stock, shares issued (in Shares) CommonStockSharesIssued 20.16M shares Point-in-time
Common stock, shares issued (in Shares) CommonStockSharesIssued 20.17M shares Point-in-time
Common stock, shares outstanding (in Shares) CommonStockSharesOutstanding 20.17M shares Point-in-time
Common stock, shares outstanding (in Shares) CommonStockSharesOutstanding 20.16M shares Point-in-time
Total current assets AssetsCurrent $50.99M USD Point-in-time
Total current assets AssetsCurrent $38.69M USD Point-in-time
Oil and natural gas properties, net (successful efforts) OilAndGasPropertySuccessfulEffortMethodNet $472.72M USD Point-in-time
Oil and natural gas properties, net (successful efforts) OilAndGasPropertySuccessfulEffortMethodNet $440.10M USD Point-in-time
Other property and equipment, net PropertyPlantAndEquipmentNet $20.02M USD Point-in-time
Other property and equipment, net PropertyPlantAndEquipmentNet $20.01M USD Point-in-time
Non-current derivative assets DerivativeAssetsNoncurrent - USD Point-in-time
Non-current derivative assets DerivativeAssetsNoncurrent $939.00K USD Point-in-time
Funds held in escrow EscrowDeposit $33.00M USD Point-in-time
Funds held in escrow EscrowDeposit - USD Point-in-time
Other non-current assets, net OtherAssetsNoncurrent $9.78M USD Point-in-time
Other non-current assets, net OtherAssetsNoncurrent $4.17M USD Point-in-time
Total Assets Assets $575.14M USD Point-in-time
Total Assets Assets $515.29M USD Point-in-time
Accounts payable AccountsPayableCurrent $3.94M USD Point-in-time
Accounts payable AccountsPayableCurrent $17.00M USD Point-in-time
Accounts payable - related parties AccountsPayableRelatedPartiesCurrent $324.00K USD Point-in-time
Accounts payable - related parties AccountsPayableRelatedPartiesCurrent $348.00K USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $35.58M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $21.52M USD Point-in-time
Revenue payable ContractWithCustomerLiabilityCurrent $19.36M USD Point-in-time
Revenue payable ContractWithCustomerLiabilityCurrent $17.75M USD Point-in-time
Current derivative liabilities DerivativeLiabilitiesCurrent $16.47M USD Point-in-time
Current derivative liabilities DerivativeLiabilitiesCurrent $8.02M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $5.38M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $2.24M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $71.63M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $76.31M USD Point-in-time
Non-current derivative liabilities DerivativeLiabilitiesNoncurrent $12.00K USD Point-in-time
Non-current derivative liabilities DerivativeLiabilitiesNoncurrent $178.00K USD Point-in-time
Asset retirement obligations AssetRetirementObligationsNoncurrent $2.72M USD Point-in-time
Asset retirement obligations AssetRetirementObligationsNoncurrent $2.86M USD Point-in-time
Revolving credit facility LongTermLineOfCredit $56.00M USD Point-in-time
Revolving credit facility LongTermLineOfCredit $89.00M USD Point-in-time
Deferred tax liabilities DeferredIncomeTaxLiabilitiesNet $45.76M USD Point-in-time
Deferred tax liabilities DeferredIncomeTaxLiabilitiesNet $51.04M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $964.00K USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $1.05M USD Point-in-time
Total Liabilities Liabilities $215.67M USD Point-in-time
Total Liabilities Liabilities $181.85M USD Point-in-time
Commitments and Contingencies (Note 12) CommitmentsAndContingencies - USD Point-in-time
Commitments and Contingencies (Note 12) CommitmentsAndContingencies - USD Point-in-time
Preferred stock, $0.0001 par value, 25,000,000 shares authorized; 0 shares issued and outstanding PreferredStockValue - USD Point-in-time
Preferred stock, $0.0001 par value, 25,000,000 shares authorized; 0 shares issued and outstanding PreferredStockValue - USD Point-in-time
Common stock, $0.001 par value, 240,000,000 shares authorized; 20,169,434 and 20,160,980 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively CommonStockValue $20.00K USD Point-in-time
Common stock, $0.001 par value, 240,000,000 shares authorized; 20,169,434 and 20,160,980 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively CommonStockValue $20.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $274.64M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $275.67M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $83.78M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $58.78M USD Point-in-time
Total Shareholders' Equity StockholdersEquity $225.24M USD Point-in-time
Total Shareholders' Equity StockholdersEquity $237.84M USD Point-in-time
Total Shareholders' Equity StockholdersEquity $359.47M USD Point-in-time
Total Shareholders' Equity StockholdersEquity $333.45M USD Point-in-time
Total Liabilities and Shareholders' Equity LiabilitiesAndStockholdersEquity $575.14M USD Point-in-time
Total Liabilities and Shareholders' Equity LiabilitiesAndStockholdersEquity $515.29M USD Point-in-time
Income Statement 44 line items
Line Item Tag Value Unit Period
Total Revenues RevenueFromContractWithCustomerExcludingAssessedTax $67.25M USD 1 Quarter
Total Revenues RevenueFromContractWithCustomerExcludingAssessedTax $67.01M USD 1 Quarter
Lease operating expenses OperatingLeaseExpense $8.88M USD 1 Quarter
Lease operating expenses OperatingLeaseExpense $6.83M USD 1 Quarter
Production and ad valorem taxes ProductionTaxExpense $3.50M USD 1 Quarter
Production and ad valorem taxes ProductionTaxExpense $4.11M USD 1 Quarter
Exploration costs ExplorationExpense $1.50M USD 1 Quarter
Exploration costs ExplorationExpense $332.00K USD 1 Quarter
Depletion, depreciation, amortization and accretion DepreciationDepletionAndAmortization $6.63M USD 1 Quarter
Depletion, depreciation, amortization and accretion DepreciationDepletionAndAmortization $9.08M USD 1 Quarter
Administrative costs OtherGeneralAndAdministrativeExpense $5.47M USD 1 Quarter
Administrative costs OtherGeneralAndAdministrativeExpense $4.01M USD 1 Quarter
Share-based compensation expense AllocatedShareBasedCompensationExpense $1.11M USD 1 Quarter
Share-based compensation expense AllocatedShareBasedCompensationExpense $1.02M USD 1 Quarter
Cost of contract services - related parties CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization $85.00K USD 1 Quarter
Cost of contract services - related parties CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization $110.00K USD 1 Quarter
Transaction costs BusinessCombinationAcquisitionRelatedCosts $2.64M USD 1 Quarter
Transaction costs BusinessCombinationAcquisitionRelatedCosts $1.89M USD 1 Quarter
Total Costs and Expenses CostsAndExpenses $26.22M USD 1 Quarter
Total Costs and Expenses CostsAndExpenses $30.98M USD 1 Quarter
Income From Operations OperatingIncomeLoss $36.03M USD 1 Quarter
Income From Operations OperatingIncomeLoss $41.03M USD 1 Quarter
Interest expense, net InterestExpense $1.02M USD 1 Quarter
Interest expense, net InterestExpense $678.00K USD 1 Quarter
Gain (loss) on derivatives GainLossOnDerivativeInstrumentsNetPretax $-49.63M USD 1 Quarter
Gain (loss) on derivatives GainLossOnDerivativeInstrumentsNetPretax $5.75M USD 1 Quarter
Loss from equity method investment IncomeLossFromEquityMethodInvestments - USD 1 Quarter
Loss from equity method investment IncomeLossFromEquityMethodInvestments $-232.00K USD 1 Quarter
Total Other Income (Expense) NonoperatingIncomeExpense $4.51M USD 1 Quarter
Total Other Income (Expense) NonoperatingIncomeExpense $-50.31M USD 1 Quarter
Net Income (Loss) From Operations Before Income Taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-9.28M USD 1 Quarter
Net Income (Loss) From Operations Before Income Taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $40.54M USD 1 Quarter
Income tax (expense) benefit IncomeTaxExpenseBenefit $-2.11M USD 1 Quarter
Income tax (expense) benefit IncomeTaxExpenseBenefit $8.69M USD 1 Quarter
Net income (loss) NetIncomeLoss $-7.17M USD 1 Quarter
Net income (loss) NetIncomeLoss $31.85M USD 1 Quarter
Basic (USD per Share) EarningsPerShareBasic $-0.37 USD 1 Quarter
Basic (USD per Share) EarningsPerShareBasic $1.62 USD 1 Quarter
Diluted (USD per Share) EarningsPerShareDiluted $1.60 USD 1 Quarter
Diluted (USD per Share) EarningsPerShareDiluted $-0.37 USD 1 Quarter
Basic (in Shares) WeightedAverageNumberOfSharesOutstandingBasic 19.65M shares 1 Quarter
Basic (in Shares) WeightedAverageNumberOfSharesOutstandingBasic 19.50M shares 1 Quarter
Diluted (in Shares) WeightedAverageNumberOfDilutedSharesOutstanding 19.50M shares 1 Quarter
Diluted (in Shares) WeightedAverageNumberOfDilutedSharesOutstanding 19.91M shares 1 Quarter
Cash Flow Statement 74 line items
Line Item Tag Value Unit Period
Net income (loss) NetIncomeLoss $-7.17M USD 1 Quarter
Net income (loss) NetIncomeLoss $31.85M USD 1 Quarter
Oil and gas lease expirations NoncashProjectAbandonmentCosts $332.00K USD 1 Quarter
Oil and gas lease expirations NoncashProjectAbandonmentCosts $1.47M USD 1 Quarter
Depletion, depreciation, amortization and accretion DepreciationDepletionAndAmortization $6.63M USD 1 Quarter
Depletion, depreciation, amortization and accretion DepreciationDepletionAndAmortization $9.08M USD 1 Quarter
(Gain) loss on derivatives GainLossOnDerivativeInstrumentsNetPretax $-49.63M USD 1 Quarter
(Gain) loss on derivatives GainLossOnDerivativeInstrumentsNetPretax $5.75M USD 1 Quarter
Settlements on derivative contracts GainLossOnSaleOfDerivatives $18.38M USD 1 Quarter
Settlements on derivative contracts GainLossOnSaleOfDerivatives $5.09M USD 1 Quarter
Share-based compensation expense ShareBasedCompensation $1.02M USD 1 Quarter
Share-based compensation expense ShareBasedCompensation $1.26M USD 1 Quarter
Deferred income tax expense DeferredIncomeTaxExpenseBenefit $5.28M USD 1 Quarter
Deferred income tax expense DeferredIncomeTaxExpenseBenefit $-2.89M USD 1 Quarter
Other OtherOperatingActivitiesCashFlowStatement $191.00K USD 1 Quarter
Other OtherOperatingActivitiesCashFlowStatement $424.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-911.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $7.78M USD 1 Quarter
Accounts receivable related parties IncreaseDecreaseInAccountsReceivableRelatedParties $1.11M USD 1 Quarter
Accounts receivable related parties IncreaseDecreaseInAccountsReceivableRelatedParties - USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $1.28M USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-839.00K USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-3.89M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $4.64M USD 1 Quarter
Accounts payable - related parties IncreaseDecreaseInAccountsPayableRelatedParties $24.00K USD 1 Quarter
Accounts payable - related parties IncreaseDecreaseInAccountsPayableRelatedParties $193.00K USD 1 Quarter
Inventory IncreaseDecreaseInInventories $5.03M USD 1 Quarter
Inventory IncreaseDecreaseInInventories - USD 1 Quarter
Revenue payable IncreaseDecreaseInContractWithCustomerLiability $1.61M USD 1 Quarter
Revenue payable IncreaseDecreaseInContractWithCustomerLiability $2.07M USD 1 Quarter
Other current liabilities IncreaseDecreaseInOtherCurrentLiabilities $3.23M USD 1 Quarter
Other current liabilities IncreaseDecreaseInOtherCurrentLiabilities $637.00K USD 1 Quarter
Net Cash Provided by Operating Activities NetCashProvidedByUsedInOperatingActivities $32.97M USD 1 Quarter
Net Cash Provided by Operating Activities NetCashProvidedByUsedInOperatingActivities $30.00M USD 1 Quarter
Additions to oil and natural gas properties PaymentsToExploreAndDevelopOilAndGasProperties $10.17M USD 1 Quarter
Additions to oil and natural gas properties PaymentsToExploreAndDevelopOilAndGasProperties $34.99M USD 1 Quarter
Contributions to equity method investment PaymentsToAcquireEquityMethodInvestments - USD 1 Quarter
Contributions to equity method investment PaymentsToAcquireEquityMethodInvestments $1.84M USD 1 Quarter
Funds held in escrow EscrowDepositsRelatedToBusinessCombination - USD 1 Quarter
Funds held in escrow EscrowDepositsRelatedToBusinessCombination $33.00M USD 1 Quarter
Additions to other property and equipment PaymentsToAcquireOtherPropertyPlantAndEquipment $28.00K USD 1 Quarter
Additions to other property and equipment PaymentsToAcquireOtherPropertyPlantAndEquipment $109.00K USD 1 Quarter
Net Cash Used in Investing Activities NetCashProvidedByUsedInInvestingActivities $-10.20M USD 1 Quarter
Net Cash Used in Investing Activities NetCashProvidedByUsedInInvestingActivities $-69.94M USD 1 Quarter
Deferred financing costs PaymentsOfDeferredFinancingCosts $49.00K USD 1 Quarter
Deferred financing costs PaymentsOfDeferredFinancingCosts $25.00K USD 1 Quarter
Proceeds from revolving credit facility ProceedsFromLinesOfCredit $3.00M USD 1 Quarter
Proceeds from revolving credit facility ProceedsFromLinesOfCredit $33.00M USD 1 Quarter
Repayments under revolving credit facility RepaymentsOfLinesOfCredit - USD 1 Quarter
Repayments under revolving credit facility RepaymentsOfLinesOfCredit $5.00M USD 1 Quarter
Payment of common share dividends PaymentsOfDividendsCommonStock $6.14M USD 1 Quarter
Payment of common share dividends PaymentsOfDividendsCommonStock $6.78M USD 1 Quarter
Common stock repurchased for tax withholding PaymentsRelatedToTaxWithholdingForShareBasedCompensation $234.00K USD 1 Quarter
Common stock repurchased for tax withholding PaymentsRelatedToTaxWithholdingForShareBasedCompensation $339.00K USD 1 Quarter
Net Cash Provided by (Used in) Financing Activities NetCashProvidedByUsedInFinancingActivities $-8.50M USD 1 Quarter
Net Cash Provided by (Used in) Financing Activities NetCashProvidedByUsedInFinancingActivities $25.94M USD 1 Quarter
Net Increase (Decrease) in Cash and Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-11.03M USD 1 Quarter
Net Increase (Decrease) in Cash and Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $11.29M USD 1 Quarter
Cash and Cash Equivalents, Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $19.61M USD Point-in-time
Cash and Cash Equivalents, Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $13.30M USD Point-in-time
Cash and Cash Equivalents, Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $2.27M USD Point-in-time
Cash and Cash Equivalents, Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $8.32M USD Point-in-time
Cash and Cash Equivalents, End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $19.61M USD Point-in-time
Cash and Cash Equivalents, End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $13.30M USD Point-in-time
Cash and Cash Equivalents, End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $2.27M USD Point-in-time
Cash and Cash Equivalents, End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $8.32M USD Point-in-time
Interest, net of capitalized interest InterestPaidNet $490.00K USD 1 Quarter
Interest, net of capitalized interest InterestPaidNet $788.00K USD 1 Quarter
Income taxes IncomeTaxesPaidNet - USD 1 Quarter
Income taxes IncomeTaxesPaidNet - USD 1 Quarter
Changes in capital expenditures in accounts payable and accrued liabilities IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid $2.87M USD 1 Quarter
Changes in capital expenditures in accounts payable and accrued liabilities IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid $15.04M USD 1 Quarter
Assets contributed to equity method investment ContributionOfAssets $2.27M USD 1 Quarter
Assets contributed to equity method investment ContributionOfAssets - USD 1 Quarter
Stockholders Equity 20 line items
Line Item Tag Value Unit Period
Beginning balance (in Shares) CommonStockSharesOutstanding 20.17M shares Point-in-time
Beginning balance (in Shares) CommonStockSharesOutstanding 20.16M shares Point-in-time
Beginning balance StockholdersEquity $225.24M USD Point-in-time
Beginning balance StockholdersEquity $237.84M USD Point-in-time
Beginning balance StockholdersEquity $359.47M USD Point-in-time
Beginning balance StockholdersEquity $333.45M USD Point-in-time
Share-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $1.26M USD 1 Quarter
Share-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $1.06M USD 1 Quarter
Repurchased shares for tax withholding AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $339.00K USD 1 Quarter
Repurchased shares for tax withholding AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $234.00K USD 1 Quarter
Dividends declared DividendsStock $6.85M USD 1 Quarter
Dividends declared DividendsStock $6.15M USD 1 Quarter
Net income (loss) NetIncomeLoss $-7.17M USD 1 Quarter
Net income (loss) NetIncomeLoss $31.85M USD 1 Quarter
Ending balance (in Shares) CommonStockSharesOutstanding 20.17M shares Point-in-time
Ending balance (in Shares) CommonStockSharesOutstanding 20.16M shares Point-in-time
Ending balance StockholdersEquity $225.24M USD Point-in-time
Ending balance StockholdersEquity $237.84M USD Point-in-time
Ending balance StockholdersEquity $359.47M USD Point-in-time
Ending balance StockholdersEquity $333.45M USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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