Riley Exploration reports Q3 adjusted EPS $1.49, consensus $1.74

Reports Q3 revenue $102.3M, consensus $103.64M. Average oil production was 15.5 MBbls/d and average total equivalent production was 23.4 MBoe/d (66% oil and 85% liquids). Oil volumes increased by 6% quarter-over-quarter while natural gas and NGL volumes increased by 21% and 24%, respectively. The increased natural gas and NGL volumes were driven by additional processing capacity that came on-line in July at our primary third-party midstream gas processor in Texas, relieving prior gas processing constraints. Bobby Riley, Chief Executive Officer and Chairman of the Board commented: “Riley Permian delivered another quarter of strong results as we continued to execute our annual plan. Operating cash flow improved quarter-over-quarter despite lower commodity prices, driven by higher production and improved commodity hedge settlements. We’ve generated $99 million of Free Cash Flow year-to-date, which has contributed to $70 million of principal debt reduction and $23 million of dividends paid. Our electric power projects continue advancing, which we believe will be increasingly valuable to our operations and the company.”