Thu, Jun 27, 9:17 PM (72 days ago)
Mexco Energy Corporation's Form 10-K for the fiscal year ended March 31, 2024, highlights key financial metrics and strategic initiatives. The company reported a net income of $1.34 million, a 71% decline from the previous year, attributed to a decrease in oil and gas prices and production volumes. Total operating revenues dropped by 31% to $6.6 million. Operating expenses remained stable at $4.77 million, with production costs decreasing by 11% to $1.53 million. Depreciation, depletion, and amortization expenses rose by 6% to $1.97 million. General and administrative expenses increased by 11% to $1.24 million. The company declared a special dividend of $0.10 per share and repurchased 50,101 shares for $585,035. Mexco's strategic focus includes optimizing cash flows, divesting non-core assets, and balancing capital spending with cash flows. The company participated in the drilling and completion of 51 horizontal wells and 1 vertical well, with significant investments in the Delaware Basin. Future outlook remains cautious due to commodity price volatility and geopolitical risks.