Mexco Energy (MXC) Q4 2024 earnings summary

Executive summary

• FY2024 net income was $1,344,952, or $0.64 per diluted share, on operating revenue of $6,604,884.

• Drilling activity, royalty interests, and mineral acquisitions supported a portfolio concentrated in the Permian Basin; proved oil reserves increased YoY.

Financial highlights

• Operating revenue totaled $6,604,884 and net income was $1,344,952 for the fiscal year ended March 31, 2024.

• Average realized prices were $76.40 per barrel of oil and $2.22 per thousand cubic feet of natural gas.

• Royalties free of operational costs generated ~28% of FY2024 revenue.

Outlook and guidance

• FY2025 plans call for participation in drilling 30 and completing 19 horizontal wells at an estimated aggregate cost of ~$2.2m; ~$300,000 had been spent to date.

• Additional prospects are under evaluation for participation during FY2025.