New Mexico Acquisition to Lift 2Q23 Results
Riley’s 2Q23 financial and operating results will include the impact of the $330-million New Mexico acquisition, which closed on April 3, 2023. Around the time of the closing, the acquired assets were producing ~7.2 MBOE/d (58% oil / 81% liquids). 1Q23 production averaged ~13.2 MBOE/d. Riley’s 2Q23 production guidance range is 20.0-21.0 MBOE/d, representing a 56% Q/Q increase and a 101% Y/Y increase at the midpoints. Materially higher production is expected to drive a step change increase in 2Q23 adjusted EBITDA despite the offsetting impact of lower anticipated realized commodity prices...our estimates detailed in our full report. Riley is scheduled to report 2Q23 financial and operating results after the close of trading on Monday, August 7, 2023. Management will host a conference call at 11:00 am ET on Tuesday, August 8, 2023. The call can be accessed by dialing (888) 330-2214; ID#5405646.
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