Mon, May 5, 7:29 PM (18 days ago)
### Summary of Ridgewood Energy X Fund, LLC (Ticker: Not Provided) Q1 2025 Financial Performance **Financial Health and Performance Metrics:** - **Revenue:** Q1 2025 revenue was $712,000, down from $816,000 in Q1 2024, primarily due to decreased sales volume. - **Profit Margins:** Net income for Q1 2025 was $242,000, a decrease from $331,000 in Q1 2024. Income from operations was $184,000, down from $259,000 in the same period last year. - **Cash Flow:** Net cash provided by operating activities was $148,000 in Q1 2025, significantly lower than $356,000 in Q1 2024. Cash used in investing activities was $489,000, primarily due to capital expenditures for oil and gas properties. - **Earnings Changes:** The decrease in net income was attributable to lower revenue and higher operating expenses, partially offset by lower depletion and amortization costs. **Quarterly Performance Discussion:** - **Operational Challenges:** The Marmalard Project faced mechanical issues, leading to shut-ins and workovers, impacting production and revenue. - **Market Conditions:** Oil prices were volatile due to geopolitical factors and trade policies, affecting commodity prices and market conditions. - **Future Operations Impact:** The Fund expects to spend $2.4 million on capital commitments, including asset retirement obligations. Future cash flows depend on production revenues and commodity price fluctuations. **Trends and Uncertainties:** - **Production Issues:** Mechanical failures and workovers at the Marmalard Project affected production volumes and costs. - **Market Volatility:** Geopolitical tensions and trade policies continue to influence oil and natural gas commodity prices. - **Regulatory Environment:** Changes in environmental regulations and financial assurance requirements could impact operational costs and compliance. **Future Operations Impact:** - **Capital Expenditures:** The Fund will focus on existing projects, with capital expenditures funded from operational cash flows and existing reserves. - **Liquidity Needs:** The Fund expects cash flow from operations to cover commitments and ongoing operations, supported by a salvage fund and current reserves estimates. **Conclusion:** Ridgewood Energy X Fund, LLC faced operational and market challenges in Q1 2025, leading to decreased revenue and net income. The Fund remains focused on managing existing projects and expects to cover future commitments through operational cash flows and reserves. Market volatility and regulatory changes pose ongoing uncertainties.