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Mexco Energy Corporation (MXC-1.03%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in oil and gas sales revenue to $1,828,404 from $1,610,595 in the same quarter the previous year. This increase is attributed to higher production volumes despite a decrease in oil and gas prices.
Production costs for the quarter rose to $460,241, up from $401,035 in the previous year, due to increased production taxes and marketing charges.
The company reported a net income of $469,133 for the quarter, compared to $345,610 in the previous year, with the improvement attributed to higher operating revenues.
Operating expenses increased to $1,444,884 from $1,143,749 in the previous year, primarily due to higher depreciation, depletion, and amortization expenses.
Net cash provided by operating activities was $2,941,115, while cash used in investing and financing activities was $3,670,019 and $834,575, respectively.
Mexco had working capital of $1,469,195 as of December 31, 2024, down from $3,259,200 at March 31, 2024, reflecting increased investments in oil and gas properties.
The filing also details the company's participation in the drilling and completion of several wells in New Mexico and Oklahoma, with an estimated cost of $1,500,000 for the fiscal year ending March 31, 2025.
Mexco does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on acquiring and developing oil and gas properties with potential for long-lived production, primarily in the Delaware Basin and other strategic locations.
Mexco's credit facility with West Texas National Bank remains available, with $1,500,000 accessible for borrowing as of December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mexco Energy Corporation quarterly 10-Q report dated February 7, 2025. To report an error, please email earnings@qz.com.