Wed, Feb 26, 9:43 PM (59 days ago)
For the fiscal year ending December 31, 2024, Ridgewood Energy T Fund, LLC (Ticker: Not publicly traded), reported total revenue of $2,134,000, down from $3,137,000 in 2023. Net income decreased slightly to $731,000 from $765,000, attributed to a decline in oil and gas production volumes and lower prices. Operating expenses were $1,499,000, down from $2,430,000, primarily due to lower depletion and amortization costs. The Fund's primary asset is its Beta Project in the Gulf of Mexico, contributing significantly to its revenue. As of December 31, 2024, it held proved reserves of 69.7 MBbls of oil and 41.5 MMCF of gas. The Fund's capital commitments totaled $3 million, with $1.3 million expected to be spent in 2025. Future outlook remains cautious due to fluctuating oil prices influenced by geopolitical factors and economic conditions. The Fund's financial condition is stable, with cash and cash equivalents of $1,015,000. However, the lack of new investments due to fully committed capital and ongoing uncertainties in the oil market present potential risks.