REPX - Earnings call transcript Q3 2022 | Riley Exploration Permian, Inc.

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Operator

Good morning. My name is Emma and I will be your conference operator today. At this time, I would like to welcome everyone to the Riley Permian's Fiscal Third Quarter 2022 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. you. Thank Instructions] [Operator may conference. you begin Riley, your Philip

Philip Riley

on to Thank our call fiscal good and morning CEO; XXXX. covering Riley President; are Welcome Riley; call of risks other forward-looking statements the to to meaning the EVP everyone. cause CFO Securities to and are Participating XX, uncertainties actual third June myself of three implied Kevin period you, statements differ call Chairman month those today and projections Bobby these subject Strategy. and that may the materially contains certain ending the statements. and quarter Philip Today's Riley, expressed XXXX These Federal conference and conference in Laws. results within or from

measures. measures appropriate, non-GAAP earnings to We turn in I'll our Bobby. reference The can issued found call will GAAP yesterday afternoon. the release now certain the be to reconciliations over also

Bobby Riley

everyone Yesterday, results of the and and growth Philip joining gas sales call higher for paired you, fiscal with our record of market, EBITDAX. morning. this by the and had production, quarter. significantly setting third thank continued Thank prices, natural oil adjusted Driven net organic close the we you realized after we announced

three the fact, year-over-year the growth ended nine months XX, ended In for XXXX, XXX% XXX% months respectively. and and June was revenue our

guidance represents as cumulative X.X,XXX barrels quarter XXXX. quarter, we our operating an per of This cash year. consecutive compared We third increase million, than entire XXXX XX% of million flow respectively $XX second total prior have dividends fiscal $X million a We oil XX, higher compared XXXX proved proved a for and quarters is reserves generated for reserves fiscal months To of for $XX per the to NYMEX XX% generated total XXXX high-end quarter the EBITDAX compared adjusted the of items and with is of third over last proved on dividends $X.XX represents to highlight XX% increase of a which share representing XX exceeded of oil, XX% of XX, for XX% $XXX of XX inception. value of MMBoe, paid distribution with and million June million XXXX, $XX million $XX and XX% PV-XX year. representing of in same adjusted based reported generated as to and $XXX nine production an few respectively EBITDAX for fiscal fiscal We and a $X,XXX year-over-year We total ended of June of the day, we since quarter. which and XX% the as of total increase strip pricing. period averaged developed million million

opportunities in to our including over results. of potential to detail and call guidance objectives to will we all turn remain on some the growth Kevin to operating As we the acquisitions I that fronts. help progress last on advance through financial our we and quarter fiscal year, With of focused expectations. healthy corporate results a have exceeding consensus both discuss continued the balance now operational strategic will sheet,

Kevin Riley

to everyone. and Bobby, morning you, Thank good

same same The period third represents day X% period at to for XXXX. XXXX. compared to as XX% sales the Permian Bobby, the great XX% a continued a oil XX% quarter-over-quarter realized of higher oil of year-over-year averaged but the prices, for also total influenced organic of As mentioned company quarter equivalent growth quarter-over-quarter which or compared which and equivalent natural of quarter oil represents growth barrels by as or year-over-year fiscal we quarter, growth sales not growth. had only XX,XXX per barrels X,XXX growth gas by our averaged Riley the daily a

from NGLs underway an sales have facilities. we disclosed, at midstream previously were our and impacted gas ongoing February expansion June the As during partners to

of is and our providing XX, takeaway additional been capacity the operations. to completed has As July expansion plan

ongoing on its capital we $XX.X ended The for continued brought net XX gross, $XX.X XXXX five million XXXX. XX.X nine and months the months online includes above and and ended months this, million three company EOR five it nine Of $XX.X development activity basis, June activity, ended XXXX, and three the addition, XX, the fiscal net with on In million June expenditures million during months of year spent efforts and for months $X.X XX, months accrual the XX, horizontal gross, our June pilot. three wells. corresponds nine and

the and we're to project, vertical into now subsequent the the water all injection quarter, Regarding wells EOR have the injecting end of the completed pilot been reservoir.

June costs seeing. This on pressures XX. costs some are than of million for completion end XX% low some but from at completed operating estimate recently three we though a an higher pressure ago, we owing the Lease for for inflationary averaging partially are with $X.XX our capital, well in to and efficiencies, came equivalent XX% year were quarter-over-quarter. drilling per $X.X offset or guidance ended increase the inflationary designed wells months Regarding Boe

As to from a turn results. the availability. call Philip to will limited result our rig I of over this At the due review the to workover now Riley, second delayed quarter point, remedial work financial

Philip Riley

release in of focus found or for explicitly $XX you. $XX transparency brief financial on operating the a $XX driven income, quarter income We're Kevin. statements more offset results, derivatives provide of of partially net the overview our million will After highlighting and you, metrics reporting color by expense. Thank to $XX by million earnings loss of on million financial for and million not income tax I a

the costs net that only are XX% from for EBITDAX the Our EBITDAX, and XX% is all To revenue of realized by no for from mimicked which increased increased adjusted taxes, you million hedges absolute XX%, Cost growth, Operating nine here is by cash or closely production cash Year-over-year with XX%. flow more when this hedges taxes increased want which to increasing even see. is operations cash bottom million variance pattern for reminder XX% increases a XX% and for flow production more flow of commensurate $XX resembles by growth of growth period. by revenue costs closely increased production quarter operations XX% of only cash compared down by is summarize, a hedges. margin XXX%, that increased XX% the costs was metrics, comparison. XX%, organic month increased implies and few oil over of quarter-over-quarter dramatic, excluding to line oil acquisitions, metrics which $XX are net $XX or excluding production flow relevant and growth than by volume than disproportionately quarterly million cash a less revenue the or obviously XX% cash

color XX%. improved I'll after Next, revenues. Quarter-over-quarter, improved to realizations on our net oil some and price derivatives realized XX% similar and offer price oil price realized our

change roll-off. on volume did made other was this not production. while of barrels hedge absolute our of account barrels The of percentage hedged last position quarter Our hedge to to weighted from June the decreased XX% quarter-over-quarter quarter no We've the unchanged. since effectively average the price than increased changes quarter in March XX% hedge

barrels realized in hedged correspond to to small coming maximize showing to strategy to quarter One XXXX. is is risk a at prices midpoint from guidance not least and either barrel, remains whereas for very react changing manage at the low hedge with per XX,XXX a in money upcoming the current XX% subsequent upside that detail quarters quarters volumes production exposure, XX% swaps market high-teens to which our out the any guidance updated the or of quarter for unchanged following prior similar difference of increased barrel hedging for quarter, maintain presentation for $XXX and at losses, to Slide approximately environments on quarter, collars. just investor $XX to of we're forecasted some ceiling then this collars, prior under prior about with level quarter, or Our per the X% objectives had the from and wider XX flexibility, may that's prices. the potentially down spot floor

those and exclude until quarters some we likely are we if hedges, closer. So hedged. bit a then XX% add may were half not you XXXX via the collars, collars wider a second point, At some

natural $X.XX, XX% quarter-over-quarter, $X.XX realized basis net negative a gas, quarter. our by prior differential about is to about price the on increased higher Moving deduct in

long-haul based so hitting traffic is pipes (ph) much is markets North or not Our the it's on it gas West the competition Waha Utah Mexico, or as in for Oklahoma. California, to New

large prices. $X Nat leading $X.XX but impact high a price up processing in account of a fees derivatives. about still derivatives given had disproportionately turn combination derivatives and after curtailment. just to revenue the was below Nat the and of curtailment improvement, disappointing of this gas gas settlement on XX% $X.XX before quarter-over-quarter given bit were the a net Our

lining forward, fundamental view to least gas vast for and oil macro we're drill triple today, upcoming hedge on the gas of price revenue gas. that the net as decisions processing any are or silver where improved our and realizations. fact wells future given majority at we're currently. comprises prices, is Going the of to the of prices The making not has here is gas based to rates the quarter unlikely on hedges revenue September Ignoring potential natural double

it's is $X while relatively revenue, to absolute the oil $X.X to small million value So compared the here extra million helpful.

$XXX price this more market WTI, the the barrel garnered of composite is about than NGL's, prior quarter. matched this quarter to quarter, $XX XX% For last quarter. Relative our

the towards a to revenue skewed to high where high relative mix quarter. revenue gas overall the was or at The given naturally have look as production oil, the casual ago are mostly and months Our even as dynamics. Nat our peaks September oil quarter lower today, average prices observer that prices then to will conclusion this surely flat guidance few the prior in come well

interesting which generate below be of WTI per weeks on for seven $XX illustration this barrel XX% If same or about quarter level last to and Here's revenue, than could quarter, net we the quarter. the an more averages last $XX remaining hedges consider. as of would

oil quick production make in midpoint capacity. $X.X million an million Nat guidance gas price, in you incremental Here's then bridge, by we sales, our the increased $XX.X mostly NGLs at about lose driven in revenue,

fixed over $XX before a see volumes look million. net-net $X.X settlements drop than and by you $XX and oil XX% could Nat settlements million. you at our basis price, were would more hedges by dropped revenue So million. hedges, hedge be increase When bit gas than $XX or Oil down at price by off less

$XX overall, So to is hedges, million out net under last quarter. net with even of just revenue

and you with earning out, some growth reduce potential hedge significantly backwardation. further anticipated the Looking negative volume continued can with appreciate settlements our even

accrual. $XX is million $XX reasonable This facility cash CapEx. refinancing of The accrual credit $X cash of a facility. to expenses components flow million on of prior basis or cash X% and flow to of Quarter in our CapEx the million in cash only Moving credit to financing $X quarter million allocation, balance of a CapEx cash corresponding for higher to facility million light $X dividends, under XX% includes credit the paydown, than flow million. bit was $XX was tie of the

drill-bit, working about then and may does free ahead cash to conversion ahead. a keeping as weeks seek lower lower coming in growing though much by to reinvestment investment. pay organic EOR higher flat. flow large roughly the metric E&P about as our flow growth, valuation can to year Looking base trade-off, the Year-to-date, Roughly such there before recognize investment rate allocation XX% from do tied with reinvestment flow capital a the to leads project, free rate cash community free flow rate XX% and million we higher excluding then, that capital six require is a lot On associated generally, XX% caps, we're yield of near-term, we our to the many cash that is growth a cash of our for of allocated EOR growing operations see of CapEx We cash CapEx. we've to be the used through at production continue companies a traditional $X this current four mindset weeks. compared over down to

compare the oil the good. year-over-year can you production and growth rate pretty XX% XX% So reinvestment versus that's

If a you you million, year-to-date exclude flow settlements XX% before get and cash reinvestment working hedge rate. capital $XXX million $XX corresponding of of

few small a companies environment rate then some macro of by have growth XX% metrics distributed that two here hedged. other consider A and on in to we final less XX% So cash flow are globally the free number ESG. XX% to of the those compare the and but one and a few participant energy Permian for long past to Year-to-date, globally. alone. thoughts to and form dividends. ESG primary continued gas Oil a that With source is be to the a mandates in structural oil shot. shift companies $X.X of in domestic in We've investment shifting response year broadly years and downward in more gas allocation over Riley per partly market. in oil global priorities growing the capital just trillion mostly response shareholder witnessed

XXX% are the context. and among providing back we're to dialogue with as years, Riley offshoring, cloth, tensions the are to in foreign stewardship. believers resources geopolitical sources natural seeing be with energy, leading world, you, environment, XXX% valued. population. the producing ESG producing aspects to from corporate Permian, needs heightened, bring company rethinking also and shareholders, feed, our energy operations, objectives help governance welcome are in responsibly it the many last and We global responsible across crisis this ESG domestic perspective in but based this Thank energy three a continents. breakdowns of we now. shelter, staff, In the turn a basic the we've labor XXX% a and transport domestic In refreshed domestic warm, commitment that demanded Kevin At context, and well global re-examining as employees supply our should and our our year our We U.S. manufacturing looking which I'll balance cool experienced that to highest on and chain cost can products after low positive dramatically

Kevin Riley

for fourth fiscal and activity quarter give guidance the year fiscal Thank company's you, for XXXX. now full the our will I Philip.

basis For accrual the expenditures million. of capital fiscal to $XX quarter, we $XX forecast fourth million

for XX,XXX X,XXX approximately day average total and XXXX gross to to pilot turning million expenditures, of to anticipate average development X,XXX to barrels fiscal those to wells. day. We LOE net other $X quarter XX,XXX capital project. to fourth per of to prep EOR with X company equivalent barrels $X per production million We equivalent oil with Associated estimates forecasted quarter fiscal production X.X XXXX X million actual third for with results along with our gross corresponding the associated drilling including end costs, volumes million X X with accounting to the fourth in for (ph), net quarter fiscal inflationary production low costs the fiscal production $XX forecast the customary X and project continued work and completing gross, Along net program pressures. and end increased $X oil horizontal high

In $X.X addition, are forecasting expenses we G&A of $X.X approximately cash million to million.

fiscal upward from to basis modest of million have accrual We XXXX to revisions for our of full million, up million. previously estimates year capital million $XXX $XXX $XXX provided expenditures $XXX

fiscal full $XX and gross injection estimated EOR are we For The company year full net to online capital representing fiscal $X X,XXX previously XX barrels average in for incur from was basis XXXX. approximately total we wells a total to capital forecast to quarter expenditures production. related million approximately year to expenditures estimates, accrual plans oil during XX% growth completed forecasting fiscal accrual $XX XXXX. anticipate program full our XX fiscal to an Based fourth production on of X,XXX XXXX, year XXXX to EOR our per million average anticipated barrels current million, what day now basis calendar XX% are XXXX oil brought to of wells. We annual year begin COX

XX,XXX closing will the year to per equivalent over of turn fiscal full for barrels forecast that, equivalent remarks. production we And addition, average barrels call to In XXXX XX,XXX with now to total Bobby day. oil I

Bobby Riley

us to quarter you our thank fiscal again for for And Kevin. joining call. today everyone you, third Thank

several securing and team materials plans. on ahead activity for well services and support. scheduled a of navigate production As and steps inflationary now focused is shareholders. of including your to may through low disciplined model look to services open you growth dividends questions. of Thank We up it our our products leverage, you return for capital for through Operator, pressure we remain taking forward, again

Operator

you. Truist Donnes Bertrand question the with Thank comes Your Securities. first Instructions] of from line [Operator

now Your open. line is

Bertrand Donnes

Good morning, guys.

color remarks, shareholder looking the of front. on little just it for on more touched return your kind You a was but in prepared I

about options additional cash you grow the X% or You're of is plan growth flows grow thinking other to layering just follow in dividend, where trying up are you or external to are organic the at as with or maybe of maybe really other that base use about cash? Is the best growth? some the

Philip Riley

Yeah. Thank question. Bertrand. fair It's you, Philip. It's a

the to annually talked different approves something, goal our We speak we For until to annually. something about now, can't but approve grow the dividend focused want I point, We've same fourth our dividend. the will exactly at dividend level. just paid to at on It's think if as Board we the what we're happen this measures.

So in General or close raise the that we're digits goal hopeful so. we is can XX% high-single future. that to raise to

In down addition gives a see we pursuing us liquidity just benefit see paying and at to more we the something that, if capital moment in of debt, current of acquisitions building attractive and even optionality given such the should using and such bit, for availability debt nice mindful full market though is so much have leverage too for the we're something availability to low. so our it's it

we about talked have different types buybacks. the we return do obviously of watch We see market, others programs, different

Board a drawbacks benefits we during the time, the noted price improve For of working trade-offs, and that, relatively supporting discussed potential and understand and we're do of with there. example, same recognize that at benefits times of we've have volatility. some stock lower that a can One but to our float the we

projects, EOR And So that year free thing say with higher the hedge we'll a a the this suppressed keep the cash somewhat I'd with was flow is final looking it. settlements. spending at bit

even should more in us so, backwardation have forward what some options. on more so and we're give we with our some should and seeing based forecasts Going that

Bertrand Donnes

on is on you single-digit Is -- note about flows year high company's going where are next macro on more outlook a high the are? think the that growth. maybe that or And on the the where that based sense cash Riley markets

Philip Riley

think as it what have our vision dividend. I a can supports sustainable we and long-term achieve of

be but or XXXX positive. achieved overlay budget, with the that disclosed the we a with growth internally trade-off fair the my hedges haven't backwardation of net still the type the of of little We date formalized some even to say per continue there, it's even we've at even roll-off illustration to can of to that the want

digits, see EBITDA do want more bit we that quite than we and we on long-term So than something high-single the bit growing and a dividend, such more support cash growing overall a such quite flow that to yet can through volatility. some have

Bertrand Donnes

growth That's question was presentation hedging the perfect. the that math simplicity just that is for topic, year-over-year. that that next XX% on strip for commodity slide, And then some assumed just just percentage kind of a to you wanted assume baseline growth the just for pricing? and have give or kind to does understand, my of just is I

Philip Riley

a doesn't on Probably guidance, there. volumes, XX%, a growth It's the an if not grow, to subsequent just tie it we the indicative with both have thinking a first there, of clarify it's it's amount, fair there about pure exercise to quarters of in does of just put to prices, then just our or part where I growth that the volume there context to commodity and XX% year-over-year overlay want the think of more, was small amount that very your first X% question, column there. do assume

Bertrand Donnes

hop makes sense. in Thanks, That guys. back I'll queue. the fine. That's

Operator

Tuohy next Parks comes Your with the line of question from Noel Brothers.

now line Your is open.

Noel Parks

Good morning. Hi.

Bobby Riley

morning. Good

Philip Riley

Good morning.

Noel Parks

ones. have of couple basic just I

that be you and going into looking curious the seeing the -- sort class the locking longer what you Just in long a thoughts Are use. forward the seeing of rigs you at are out commitment might of point or you vendors that at a that for avoiding of looking upside pricing these about rates just rig rigs for this contract of they sort are instead for spot hopes they days?

Bobby Riley

the I able program we've XXXX we've spring our to with for fiscal puts of option the so rigs see know secure that we availability or the our far. done add-on, the vendors and us being to through, extend part XXXX, chosen That -- well use us, good and so to far. probably For of

are So I to the consistency spot at trying utilization comes guys look our price. the the in think of that versus that area a volatility with just lot and

Noel Parks

you. Got

Great. Okay. could you the about? Anything front, materials talk on

Bobby Riley

Materials are still tight.

that up ahead and of to for program, need quickly, to some tight very list sand, be very plans would fortunate now raw the but a crews steel, to and securing challenging is (ph). the that in we are to add the of able and items lot without We a the tight continuing it locked to are it right well that have our rigs service to materials market accelerate be spot look

Noel Parks

the consistent in EOR guess, over Sure. interest I'd as of terms just the we're basins for of might at how sort you're rates what and then time, investments, capture? at modeling in look rate Pretty I major you that And Has cost scenarios example, with that just for for change longer-term carbon across of project and your hearing say. capital of example extend your yeah, return? environment given any looking

Philip Riley

I to bit cost up a higher be gone our primarily fair of where is, we it's focus overall than quite capital, debt. It’s such think equity that a small consider that a of our component bit. we value a has on leverage Debt enterprise given question,

got that often. We us in hedges and some are embedded the rate see a place too helping that you out are we've don't fortunate, there, money there in interest bit

and to the see though profile with -- an decline frankly cash flow forward Going on see continuing basis. that absolute growth we price free we leverage

at is It on, the to that don't So to it's needing our materially. that dip into flow. can we're cash driven number overall. small just primarily by debt say see influence of acquisition, thinking finance a a We debt growth type looking but do pretty

and a our we're have for sheet we Riley equipment that briefly, lower fees we front, capture its is partnership where is capital just but be, model using On take might for the what service a of at say of or than to more that the not taking return most using very to Permian looking cost the balance consider what of might rather do storing carbon fee in, buy the COX. capture is a

Noel Parks

Got Great. lot. a it. Thanks

Philip Riley

you. Thank

Operator

Your comes the Jeff from Water with Research. next Robertson question Tower of line

open. is Your line now

Jeff Robertson

Thank point costs expect you about at XXXX as you. quarter are, where are, this forecasted activity our activity Kevin, on morning. 'XX? given Good levels where commodity -- you for fiscal of think fourth have you would XXXX to carry the that levels, the prices

Kevin Riley

expect In years. Yeah. four I operate return pace DNC have to year the we so more doubled, the one-to-one or good I want or last this our down returns as at the we had a and a up to nearly we five grown cash very similar continue overall, that to when to grow so us would cost it's alluded Philip I we'll to oil to asset we've increase that a to we're roll-off, still over at in, especially growing years continuing have. continue gone flow, hedges on not pace point, prices mean the company, around have XX% (Ph) see are in don't slowing at

Jeff Robertson

'XX have for need might program XX% you're for you now? compared that what costs equipment you like XXXX Kevin, yet capital the to the start some procure that feel you'll do as and of a look seeing increase fiscal

Kevin Riley

the of two. probably last quarter seen I increases or the in realized lot think already, a we've that

lower be starting becoming possibly go we're of for gain sand, just and hope to and we're self-source to inflation to saving we a the forward, further the we through be instance, some to cost everything As efficient sands, that, continuing either efficiencies that or that Hopefully, we able with will more drilling the say at our case. in that's so. but over the fracking hope certainty, right and or are sure a making can't of to done degree is there's peak operations we versus the I well over arrest

Jeff Robertson

feel the have does estimate you day? processing what how what to do might XX.X constraints, have -- that other is be? on XX.X capacity, number MBoe might didn't a And of of have for fourth quarter be, In number on an if that the much you a words, your production impact range that gas production

Kevin Riley

as at have which baked going in in our (ph) selling produce sell, NDQ quarter, plant expansion formally we was July we're started fourth of July most and higher XX, we announced For the or on completed or to produce I we think that stated completed. level

So on target to to any plant our production not excited but it. so don't everything to I think have and see sure if new range trying surprises just that we the with meet make beat We're we is guidance, smoothly the aren't far or we're still working results.

Jeff Robertson

very Thank Okay. you much.

Operator

from next Your Corp. comes question with Tokay VandenBrink Capital Sandra

Your now line is open.

Sandra VandenBrink

Good gentlemen. you. Thank morning,

the I'd quarter for continued for work to successful and where congratulate you My speak you you COX First, are could on recovery? you enhanced your like thank to hard focus. and question, the oil with flooding

Bobby Riley

this Sandy, is Good morning, Bobby.

Sandra VandenBrink

Hi morning. Good Bobby.

Bobby Riley

Yeah.

higher rate modeled we online, injecting water at in we slightly thing we than our kind As are now actually originally (ph) for us. so of said there, all of a not which six initial good plants makes wells injection are

We or few just communication, of between a the but are breakthrough starting some communication anything not see like to that, wells.

with and operation an exact chatted things expect there. but which are (ph) to I injecting the is early the schedule soon calendar the response going. tech they're we're see but relatively COX to way and it's prediction response team make this saying would We So things are online, to on in we quarter too that very the with some morning fourth still planned happy the start

Sandra VandenBrink

forward Great. hearing results. Look some to more

Operator

question Your Longport Dearnley the Richard Partners. from line next with of comes

now line Your open. is

Richard Dearnley

be increase that seemed last that credits the follow which new the quite, question, tax meaningfully does To large a morning. -- changed dialogue has Good to on COX?

Philip Riley

$XX EOR just from inflation through. about see It for it's the is I for of that it's is go -- suffering can overall stored. pleased meaningful world a correspond take and increase from you $XX, This We're the both XX% a as Permian insulated they're increase. for rest This industry that. incremental Philip. to is not It's say equipment about like that.

some So trade-off increase, the have revenue the so still like there. other that equipment our hopeful costs there If XX%, well for maybe are performance that gone cost is but is financial up outpacing we're there just we've reduction pay XX,XXX way down got of and size aspects five down, to in you've say, also threshold -- got that are so. a down to of as direct it the XXX,XXX tons a minimum or years helpful, from,

say EOR, us For what We've of to, future. of that tax appetite a more got financial we're that working us, it's ready the something classics delays the got could that groups have it. timing is, potentially talked we're storage. can processing hard permitted would this types for could to more we've like and permanent all especially it but fully for make what We've we're on some the credit, tax it talking it to go, that a really the groups excited credit project, interesting represent help that and might I in have The does about for doesn't this are be we're this. well monetize meaningful,

potentially exciting the with later to there and potentially then life, So permanent. see opportunity in something shift its start we

Richard Dearnley

Thank very you Good. much.

Operator

[Operator Water from of Instructions] comes Tower Your Research. next question the Robertson Jeff line with

open. Your line is now

Jeff Robertson

the Philip. the while EOR, COX fourth quarter to response, even of injecting you're start costs EOR before 'XX, get you or as inject on Thanks, expense the to start an and the A will in follow-up operating calendar you going producing when be injecting? is to rather or it as costs it capitalized a you're an capital operating reverts COX be then expense expense while you

Philip Riley

No. Yeah.

we the a then we point, how shifted beginning right. former is operating. and some it's thinking determination we're You're to and capitalized at it, about The make towards

Jeff Robertson

Okay.

So...

Kevin Riley

That's be that year, some we and as We confusing. clear forward. we'll clear a next try talking bit give will start Yeah. with to that so can guidance, as right little start to be going

Jeff Robertson

you. Thank

Operator

for time. are much today's This no you this attending. at conference call. today's Thank There concludes so and further Q&A questions

disconnect. now You may

Riley Exploration Permian (REPX) 11 Aug 222022 Q3 Earnings call transcript