Riley Exploration Permian, Inc.

Good day, everyone, and welcome to the Riley Exploration Permian Inc.' 's first quarter 2024 earnings conference call. At this time, I would like to hand the call over to Mr. Philip Riley. Please go ahead, sir.

Good morning. Welcome to our conference call covering the first quarter 2024 results. I'm Philip Riley, CFO. Joining me today is Bobby Riley, Chairman and CEO. Yesterday, we published a variety of materials which can be found on our website under the Investors section. These materials in today's conference call contain certain projections and other forward-looking statements within the meaning of the federal securities 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. The reconciliations to the appropriate GAAP measures can be found in our supplemental disclosure on our website. I'll now turn the call over to Bobby.

Thank you, Philip, and thank you again to everyone for joining us on today's call. Yesterday, at the close of the market, we announced the results of our first quarter in 2024. I'm pleased to report that Q1 was another outstanding quarter for Riley Permian, and we are on track to deliver our previously disclosed 2024 operating plan targeting year-over-year oil growth with a reduction in CapEx. Our net oil production saw a 4% increase compared to the previous quarter, reaching an average of 14.2 thousand barrels per day. Looking ahead to our Q2 guidance, we're forecasting a range of 14.4 to 14.8 thousand barrels per day, and we expect the majority of our incremental growth to occur in this period and stabilize for the remaining quarters as we work towards achieving our year-over-year targets. From an operational standpoint, we drilled seven net wells, which represents approximately one-third of our projected total for the year. We released the rig in March and plan to resume drilling operations in June. Our team has achieved significant advancements in drilling efficiency by adopting cutting-edge technologies and streamlined processes. These improvements have allowed us to rely on a single rig for a portion of the year while still delivering double-digit volume growth. We completed four wells and brought six wells online during the period, benefiting from two drill but uncompleted wells, or ducts, from late 2023. On Tuesday of this week, we closed our previously announced bolt-on acquisition in Eddy County, New Mexico. This will expand our existing operating footprint in New Mexico by adding 13,900 contiguous net acres. The acreage is largely underdeveloped but is 99% held by production through legacy vertical wells. This acquisition enhances the optionality of our total development inventory by providing high-quality horizontal drilling locations, primarily in the IESO trend, including the Blindberry, Glorietta, and Paddock formations. Furthermore, the acquisition includes valuable infrastructure, such as saltwater disposal wells, which will optimize operations across our existing New Mexico footprint. We remain focused on creating a long-term value for our shareholders and delivering predictable and sustainable growth for years to come. To achieve this, our capital strategy prioritizes discipline to allocate resources to support our growth objectives while also delivering on our commitment to strengthen the balance sheet and return capital to shareholders in the form of dividends. Looking ahead, We remain excited about the opportunities in front of us, and we are well positioned to execute our 2024 plan and beyond. We will continue to focus on operational excellence, cost control, and capital efficiency to drive long-term value creation for our shareholders. With that, I'll now turn the call over to Philip to provide more details on our financial results.