Riley Exploration Permian, Inc.

Thank you and good morning. Welcome to our conference call covering the second quarter 2023 results. Yesterday, the company published a number of items which can be found on our website under the Investors section. A Form 10Q, a summary earnings release, supplemental info on non-GAAP measures, and two presentations, one of which provides an update for second quarter results, with the other providing a company overview. Participating on the call today, are Bobby Riley, Chairman and CEO, Kevin Riley, President, and me, Philip Riley, CFO and EVP of Strategy. Today's conference call contains certain projections and other forward-looking statements within the meaning of the federal security laws. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in these statements. We'll also reference certain non-GAAP measures, These reconciliations to the appropriate gap measures can be found in our supplemental disclosure on our website. I'll now turn the call over to Bobby.

Thank you, Philip. Good morning and a warm welcome to all participants on our Q2 2023 earnings call. We are pleased with the results of the second quarter, which reflects record high metrics across production and cash flow from operations. As we reflect on the past quarter, I want to spotlight the following accomplishments. Number one, we closed on the acquisition of oil and natural gas assets in New Mexico and successfully transitioned operations for the company. Number two, we averaged oil production of 15.1 thousand barrels per day, or 21.2 thousand barrels of oil equivalent per day. Number three, we generated $66 million of adjusted EBITDAX and $56 million of operating cash flow. And lastly, we paid dividends of 34 cents per share for a total of $7 million. These achievements highlight our dedication to strategic growth and operational excellence. We look forward to providing a more comprehensive overview of our performance throughout this call. Thank you for your continued interest and support. I will now turn the call over to Kevin to discuss operational results for the quarter.

Thank you, Bobby, and good morning. The team successfully implemented our plan in the second quarter, including the integration of the New Mexico assets. The results of the quarter reflect both the performance of our legacy assets and the newly acquired assets. As Bobby previously mentioned, our production reached peak metrics during the second quarter. Total equivalent production of 21,239 BOE per day, a year-over-year increase of 109%, and quarter-over-quarter increase of 61%. Oil production of 15,055 barrels per day. a year-over-year increase of 80%, and quarter-over-quarter increase of 52%. The increase in production is attributable to the impact of the acquired assets as well as organic growth. Consistent with prior guidance, the company drilled eight gross horizontal wells during the second quarter, including four wells in Texas and four wells in New Mexico. The company completed five gross 4.2 net horizontal wells during the quarter, including four wells in Texas and one well in New Mexico. The company turned to sales six gross 5.2 net horizontal wells during the second quarter of 2023. The company incurred $39 million in total accrued capital expenditures before acquisitions for the second quarter, lower than the company's previously released guidance due primarily to deferred completion activity. On a cash basis, the company had total capital expenditures before acquisitions of $48 million for the quarter. Riley is committed to operating efficiently, both on its legacy assets and the newly acquired assets in New Mexico. Since closing the acquisition, we have identified opportunities to optimize production in New Mexico through well remediation efforts. Those efforts resulted in our LOE per BOE coming in just outside the high-end range of guidance at 906 per BOE. Additionally, the company progressed its efforts on the build-out of its on-site power generation joint venture. We are targeting an in-service date for the initial phase during the latter part of the current quarter. Lastly, regarding cost, we continue to see a slight decrease in service and tangible cost as compared to 2022 and hope to see continued benefits from that in the second half of the year in 2024. With that, I will turn the call over to Philip to discuss the financial results. Thank you.