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 6,300 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. As of March 31, 2022, the company's total estimated proved reserves were approximately 1.616 million barrels of oil equivalent. It also owned leasehold mineral, royalty, and other interests in approximately 2,970 net acres. The company was formerly known as Miller Oil Company and changed its name to Mexco Energy Corporation in April 1980. Mexco Energy Corporation was incorporated in 1972 and is based in Midland, Texas.
Mexco Energy Corporation Reports Financial Results for First Quarter
Mexco Energy reported fiscal Q1 net income of $501,065, or $0.24 per diluted share, more than doubling the prior year's $0.12 per share figure. Operating revenues increased 13% year-over-year to $1.98 million, primarily driven by a 52% rise in average oil prices.
Production volumes declined, with oil output down 15% and natural gas output down 9%, partially offsetting the positive pricing impact. Additionally, the average natural gas price fell 49% during the period.
The company expects to participate in drilling 53 horizontal wells in fiscal 2027 at an estimated cost of $1.8 million and invested approximately $2.1 million in royalty acquisitions during the quarter.