Reports Q2 revenue $9.54M, consensus $8.12M. Adjusted EBITDA was $6.4M vs. $4.6M for the previous quarter. Royalty production volumes increased 46%, to a quarterly record 2,709 Mmcfe vs. the previous quarter. Total production volumes increased 40% compared to the quarter ended March 31, 2024 to 2,968 Mmcfe. CEO Chad Stephens commented, “The operational and financial results for the second quarter again provide compelling evidence about the quality of our asset base. Royalty production reached record levels during the quarter, and we had a strong conversion of high interest high impact wells driving robust quarter-over-quarter production growth…Our strong cash generation enabled us to reduce our debt by another $2M, lowering our debt-to-adjusted EBITDA ratio from 1.58x to 1.32x further strengthening our balance sheet. Our financial performance enabled us to again increase our quarterly cash dividend, which has now risen 400% since early 2020. Our financial strength also provides the necessary liquidity to further explore the acquisition of premium mineral assets.”
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