Mexco Energy Corporation (NYSE:MXC) Reports Financial Results and Development of Properties

On November 7, 2024, Mexco Energy Corporation, an independent oil and gas company operating primarily in the Permian Basin, released its financial report for the six months ended September 30, 2024.

The company reported a net income of $608,237, or $0.29 per diluted share, for the first half of fiscal year 2025, showcasing a positive growth trajectory. Operating revenues during this period amounted to $3,477,062, marking a 10% increase compared to the previous fiscal year. This increase was attributed to higher oil and natural gas production volumes, along with improved average oil prices, although slightly offset by a dip in average natural gas prices. Notably, oil accounted for 87% of the company’s operating revenues in this period.

For the second quarter of fiscal year 2025, Mexco Energy reported a net income of $317,198, or $0.15 per diluted share, which marks an improvement from the same quarter of the previous fiscal year. Operating revenues for the second quarter totaled $1,749,227.

Looking ahead, Mexco Energy plans to participate in the drilling of 30 wells and completion of 19 horizontal wells at an estimated cost of around $2.3 million for the fiscal year ending March 31, 2025. As of the date of the report, approximately $890,000 has already been spent. The company also disclosed that in the current fiscal year, it has invested roughly $1.5 million in acquiring royalty and mineral interests in about 600 producing wells across 37 counties in 9 states.

The company’s president and Chief Financial Officer, Tammy L. McComic, underlined that being forward-looking involves acknowledging potential risks and uncertainties. Mexco Energy Corporation cautions that forward-looking statements within this report may be influenced by various factors such as production fluctuations, oil and gas price volatility, reserve development needs, exploration uncertainties, regulatory challenges, competition, and inherent risks tied to oil and gas production.

For further information, interested parties can contact Tammy L. McComic, President and CFO of Mexco Energy Corporation, at (432) 682-1119. The full financial report and details can be accessed at Mexco Energy’s official website at www.mexcoenergy.com.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Mexco Energy’s 8K filing here.

About Mexco Energy

Mexco Energy Corporation, an independent oil and gas company, engages in the acquisition, exploration, development, and production of natural gas, crude oil, condensate, and natural gas liquids in the United States. It owns partial interests in approximately 6,400 gross producing wells located in the states of Texas, New Mexico, Oklahoma, Louisiana, Alabama, Mississippi, Arkansas, Wyoming, Kansas, Colorado, Montana, Virginia, North Dakota, and Ohio.