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Mexco Energy Corporation Reports Financial Results for Third Quarter

1. Mexco reported net income of $1,077,370 for nine months ending Dec 2024. 2. Operating revenues increased 12% due to higher oil and natural gas production. 3. Oil constituted 86% of revenues; low natural gas prices impacted results. 4. Company plans 28 drilling and 19 completion projects at $1.8 million. 5. Forward-looking statements highlight risks like oil price volatility and exploration uncertainties.

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$11.8502/07 04:56 PM EDTEvent Start
$11.502/10 05:06 PM EDTLatest Updated
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Why Bullish?

Positive income and revenue growth suggest a healthy financial outlook, potentially boosting investor confidence.

How important is it?

The article outlines key financial metrics and strategic plans that are likely to influence MXC's stock performance significantly.

Why Short Term?

Immediate revenue and profit gains could influence MXC price positively in the near term, similar to past quarterly earnings boosts.

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MXCCRKDVNPXD
MIDLAND, TX, Feb. 07, 2025 (GLOBE NEWSWIRE) -- Mexco Energy Corporation (NYSE American: MXC) today reported net income of $1,077,370, or $0.51 per diluted share, for the nine months ending December 31, 2024. Operating revenues in the first nine months of fiscal 2025 were $5,368,327, an increase of 12% when compared to the first nine months of fiscal 2024. This increase was primarily due to an increase in oil and natural gas production volumes and partially offset by a decrease in the average sales prices of oil and natural gas. Natural gas prices have been low due to limited pipeline capacities in the Permian Basin. Oil contributed to 86% of our operating revenues for the first nine months of fiscal 2025. Net income of $469,133, or $0.22 per diluted share, for the Company’s third quarter of fiscal 2025, an increase of 36% compared to $345,610, or $0.16 per diluted share, for the third quarter of fiscal 2024. Operating revenues in the third quarter of fiscal 2025 were $1,891,265. The Company currently expects to participate in the drilling of 28 and completion of 19 horizontal wells at an estimated aggregate cost of approximately $1.8 million for the fiscal year ending March 31, 2025, of which $1.1 million has been expended to date. Also, the Company has expended to date, approximately $2 million for royalty and mineral interest acquisitions in approximately 700 producing wells with additional potential development located in 37 counties in 9 states. Mexco Energy Corporation, a Colorado corporation, is an independent oil and gas company located in Midland, Texas engaged in the acquisition, exploration and development of oil and gas properties primarily in the Permian Basin. For more information on Mexco Energy Corporation, go to www.mexcoenergy.com. In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Mexco Energy Corporation cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may impact the Company's actual results of operations. These risks include, but are not limited to, production variance from expectations, volatility of oil and gas prices, the need to develop and replace reserves, exploration risks, uncertainties about estimates of reserves, competition, government regulation, and mechanical and other inherent risks associated with oil and gas production. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company's Form 10-K for the fiscal year ended March 31, 2024. Mexco Energy Corporation disclaims any intention or obligation to revise any forward-looking statements. For additional information, please contact: Tammy L. McComic, President and Chief Financial Officer, at Mexco Energy Corporation, (432) 682-1119.

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