EON Resources reports Q3 revenue $7.4M vs. $5.3M last year

EON had income from operations of $2.0 million for the third quarter. Net of the non-cash hedging derivative impact, the third quarter had slightly better than break-even operating income for the first time. Net loss for the third quarter ended September 30, 2024, was $3.8 million, which included the impact of non-cash charges of approximately $6.0 million. “Our team has spent the last 12 months working on the infrastructure of our field and has spent a significant amount of time and money modernizing the Grayburg-Jackson field and making it vertically integrated, and we believe it’s now prepared to grow and sustain profitability for many years to come,” said Dante Caravaggio, President and Chief Executive Officer of EON. “We expect our shareholders will reap the benefits over time as production increases and costs are reduced and controlled. The Permian Basin is now at the heart of the U.S. oil industry, and we are in one of the most prolific areas for oil production.”