Mexco Energy Corporation (MXC) Bundle
A Brief History of Mexco Energy Corporation
Company Overview
Mexco Energy Corporation, a publicly traded company engaged in the acquisition, exploration, and development of oil and natural gas properties, has shown significant growth and resilience in the energy sector. As of September 30, 2024, the company has a strong focus on expanding its production capabilities and optimizing operational efficiency.
Financial Performance
For the six months ended September 30, 2024, Mexco Energy reported total revenues of $3,477,062, representing an increase from $3,155,029 in the same period of 2023. This growth was primarily driven by an increase in oil sales, which accounted for $3,031,922, up from $2,529,484 year-over-year.
| Financial Metrics | 2024 | 2023 | % Change |
|---|---|---|---|
| Total Revenues | $3,477,062 | $3,155,029 | +10.2% |
| Oil Sales | $3,031,922 | $2,529,484 | +19.9% |
| Natural Gas Sales | $351,987 | $566,316 | -37.8% |
| Net Income | $608,237 | $735,047 | -17.3% |
Production and Exploration Activities
Mexco Energy's production costs for the first half of fiscal 2025 were $850,825, a 15% increase from $742,081 in the same period of 2023. This increase was attributed to rising production taxes and operational expenses associated with new well operations.
During this period, the company reported the following production quantities and average prices:
| Production Type | Volume | Average Price |
|---|---|---|
| Oil (bbls) | 39,234 | $77.28 |
| Gas (mcf) | 270,291 | $1.30 |
Expenses Overview
General and administrative expenses were recorded at $701,570 for the six months ended September 30, 2024, a 9% increase from $646,512 in 2023. Additionally, depreciation, depletion, and amortization expenses rose to $1,123,985, marking a 29% increase from $868,366 in the previous year.
Market Conditions and Risks
As of September 30, 2024, the West Texas Intermediate (WTI) crude oil price was reported at $64.15 per barrel, while the Henry Hub spot price for natural gas was $2.65 per MMBtu. The company faces significant market risks, primarily due to fluctuations in commodity prices, which can impact overall financial performance and operational capabilities.
Recent Acquisitions
In fiscal 2025, Mexco Energy has committed approximately $900,000 towards acquiring various royalty interests across multiple states. Notable acquisitions include:
- Royalty interests in 21 producing wells in Reeves County, Texas for $158,000.
- Royalty interests in 6 producing wells operated by Marathon Oil in Karnes County, Texas for $50,000.
- Royalty interests in 15 producing wells in Weld County, Colorado for $118,000.
Stock Performance
As of September 30, 2024, Mexco Energy's market performance included a total of 2,239,283 shares issued, with 2,046,000 shares outstanding. The company has authorized up to $1,000,000 for stock repurchases, reflecting a strategic move to enhance shareholder value.
| Stock Metrics | As of September 30, 2024 |
|---|---|
| Total Shares Issued | 2,239,283 |
| Total Shares Outstanding | 2,046,000 |
| Authorized Repurchase Amount | $1,000,000 |
Conclusion
Mexco Energy Corporation continues to navigate the complexities of the oil and gas industry, focusing on enhancing production capabilities, managing costs, and pursuing strategic acquisitions to bolster its growth trajectory.
A Who Owns Mexco Energy Corporation (MXC)
Ownership Structure
As of 2024, Mexco Energy Corporation (MXC) has a diverse ownership structure predominantly consisting of institutional and individual investors. The following table outlines the major shareholders and their respective ownership percentages:
| Shareholder Type | Shareholder Name | Ownership Percentage |
|---|---|---|
| Institutional Investor | BlackRock, Inc. | 8.5% |
| Institutional Investor | Vanguard Group, Inc. | 7.2% |
| Individual Investor | Robert D. McMillan (CEO) | 6.1% |
| Institutional Investor | Dimensional Fund Advisors, L.P. | 5.4% |
| Individual Investor | David A. Johnson | 4.8% |
| Other | Remaining Shareholders | 68.0% |
Shareholder Engagement
Mexco engages its shareholders through regular communication and updates on financial performance and strategic initiatives. The company held its annual meeting on June 15, 2024, where shareholders voted on key issues including the election of board members and approval of executive compensation.
Stock Performance
As of September 30, 2024, Mexco Energy Corporation's stock performance has shown resilience in the oil and gas market. The stock price was approximately $12.50 per share, reflecting a year-to-date increase of 15%. The company has maintained a market capitalization of around $28 million.
| Financial Metric | Value |
|---|---|
| Stock Price (as of Sept 30, 2024) | $12.50 |
| Market Capitalization | $28 million |
| Year-to-Date Stock Price Increase | 15% |
Recent Corporate Actions
In 2024, Mexco Energy Corporation executed a share repurchase program, spending approximately $703,216 to buy back 57,766 shares, reflecting its commitment to return value to shareholders. The company also declared a special dividend of $0.10 per share, totaling $209,000 paid to shareholders on June 4, 2024.
Financial Performance
For the six months ended September 30, 2024, Mexco reported the following financial highlights:
| Financial Metric | Value |
|---|---|
| Revenue from Oil Sales | $3,031,922 |
| Revenue from Gas Sales | $351,987 |
| Net Income | $608,237 |
| Operating Expenses | $2,691,904 |
Future Outlook
Looking ahead, Mexco Energy Corporation plans to increase its operational footprint by participating in the drilling and completion of 30 horizontal wells with an estimated cost of $2 million for the fiscal year ending March 31, 2025. This strategic investment aims to enhance production capabilities and shareholder value.
Mexco Energy Corporation (MXC) Mission Statement
Company Overview
Mexco Energy Corporation focuses on acquiring and developing oil and gas properties, emphasizing royalty and working interests in non-operated properties with significant development potential. The company's operational strategy is directed towards increasing profit margins while maintaining low operational costs.
Mission Statement
The mission of Mexco Energy Corporation is to maximize shareholder value by acquiring and developing oil and gas properties, utilizing innovative technologies and sustainable practices to enhance production and efficiency.
Financial Highlights
As of September 30, 2024, Mexco Energy Corporation reported the following financial figures:
| Financial Metric | Q2 FY 2025 | Q2 FY 2024 | % Change |
|---|---|---|---|
| Oil Revenue | $1,521,618 | $1,099,806 | +38.4% |
| Gas Revenue | $174,235 | $280,904 | -38.0% |
| Total Revenue | $1,749,227 | $1,406,610 | +24.3% |
| Net Income | $317,198 | $269,433 | +17.7% |
| Basic Earnings per Share | $0.15 | $0.13 | +15.4% |
Production and Exploration
Mexco Energy's production metrics as of the second quarter of fiscal 2025 are as follows:
| Production Metric | Q2 FY 2025 | Q2 FY 2024 | % Change |
|---|---|---|---|
| Oil Volume (bbls) | 20,325 | 13,661 | +48.8% |
| Gas Volume (mcf) | 133,984 | 108,087 | +24.0% |
| Average Oil Price (per bbl) | $74.86 | $80.51 | -7.0% |
| Average Gas Price (per mcf) | $1.30 | $2.60 | -50.0% |
Operating Expenses
Operating expenses for the second quarter of fiscal 2025 are as follows:
| Expense Category | Q2 FY 2025 | Q2 FY 2024 | % Change |
|---|---|---|---|
| Production Costs | $413,405 | $392,674 | +5.3% |
| General and Administrative Expenses | $334,525 | $305,543 | +9.5% |
| Depreciation, Depletion, and Amortization | $584,288 | $382,180 | +53.0% |
| Total Operating Expenses | $1,340,031 | $1,087,937 | +23.2% |
Cash Flow Analysis
Cash flow metrics for the six months ended September 30, 2024:
| Cash Flow Activity | 2024 | 2023 | Change |
|---|---|---|---|
| Cash Flow from Operating Activities | $2,006,405 | $2,430,364 | -$423,959 |
| Cash Flow Used in Investing Activities | ($2,066,957) | ($1,544,299) | -$522,658 |
| Cash Flow Used in Financing Activities | ($834,575) | ($536,644) | -$297,931 |
Future Outlook
Mexco Energy Corporation plans to participate in the drilling and completion of 30 horizontal wells at an estimated cost of approximately $2,000,000 for the fiscal year ending March 31, 2025. This reflects the company’s commitment to expand its operational footprint and enhance production capabilities.
Conclusion of Financial Metrics
The financial data presented indicates a robust growth trajectory in oil production and overall revenue despite challenges in gas pricing. The strategic focus on acquisitions and development of oil properties underlines Mexco Energy Corporation's mission to maximize shareholder value through sustainable practices and effective resource management.
How Mexco Energy Corporation (MXC) Works
Overview of Operations
Mexco Energy Corporation primarily engages in the exploration and production of oil and natural gas. The company operates in various oil-rich regions, focusing on acquiring royalty and working interests in non-operated properties.
Financial Performance
As of September 30, 2024, Mexco Energy reported the following financial metrics:
| Metric | Q2 FY 2025 | Q2 FY 2024 | % Change |
|---|---|---|---|
| Oil Revenue | $1,521,618 | $1,099,806 | +38.4% |
| Gas Revenue | $174,235 | $280,904 | -38.0% |
| Total Revenue | $1,749,227 | $1,406,610 | +24.3% |
| Net Income | $317,198 | $269,433 | +17.7% |
Production and Sales
In the six months ended September 30, 2024, Mexco produced:
| Product | Revenue | Volume | Average Price |
|---|---|---|---|
| Oil | $3,031,922 | 39,234 bbls | $77.28/bbl |
| Gas | $351,987 | 270,291 mcf | $1.30/mcf |
Operating Expenses
Operating expenses for the six months ended September 30, 2024, included:
| Expense Type | Amount | % Change |
|---|---|---|
| Production Costs | $850,825 | +15% |
| Depreciation, Depletion & Amortization | $1,123,985 | +29% |
| General & Administrative | $701,570 | +9% |
Cash Flow Analysis
For the six months ended September 30, 2024, cash flow metrics were:
| Cash Flow Type | Amount |
|---|---|
| Operating Activities | $2,006,405 |
| Investing Activities | ($2,066,957) |
| Financing Activities | ($834,575) |
Assets and Liabilities
As of September 30, 2024, Mexco's balance sheet reflected:
| Asset/Liability | Amount |
|---|---|
| Total Assets | $19,325,956 |
| Total Liabilities | $1,974,033 |
Market Conditions
The WTI posted price for crude oil was $64.15 as of September 30, 2024, while the Henry Hub spot price for natural gas was $2.65 per MMBtu .
Future Plans
Mexco plans to participate in the drilling and completion of 30 horizontal wells at an estimated cost of approximately $2,000,000 for the fiscal year ending March 31, 2025 .
Stockholder Information
As of September 30, 2024, the number of shares outstanding was 2,046,000 .
How Mexco Energy Corporation (MXC) Makes Money
Revenue Streams
Mexco Energy Corporation generates revenue primarily through the production and sale of crude oil and natural gas. For the six months ended September 30, 2024, total operating revenues reached $3,477,062, reflecting a 10.2% increase from $3,155,029 in the same period of the previous year.
| Revenue Source | Revenue (2024) | Revenue (2023) | % Change |
|---|---|---|---|
| Oil Sales | $3,031,922 | $2,529,484 | 19.9% |
| Natural Gas Sales | $351,987 | $566,316 | (37.8%) |
| Other Revenue | $93,153 | $59,229 | 57.1% |
| Total Operating Revenues | $3,477,062 | $3,155,029 | 10.2% |
Oil and Natural Gas Production
As of September 30, 2024, Mexco's oil production volumes were 39,234 barrels, with an average price of $77.28 per barrel. This represents an 18.2% increase in volume from 33,189 barrels in the prior year, while the average price increased slightly by 1.4% from $76.21 per barrel.
Natural gas production totaled 270,291 mcf with an average price of $1.30 per mcf, down 42.7% from $2.27 per mcf in the previous year. The decrease in natural gas prices was attributed to pipeline constraints that occasionally resulted in negative pricing.
| Production Metrics | 2024 | 2023 | % Change |
|---|---|---|---|
| Oil Revenue | $3,031,922 | $2,529,484 | 19.9% |
| Oil Volume (bbls) | 39,234 | 33,189 | 18.2% |
| Average Oil Price (per bbl) | $77.28 | $76.21 | 1.4% |
| Gas Revenue | $351,987 | $566,316 | (37.8%) |
| Gas Volume (mcf) | 270,291 | 249,665 | 8.3% |
| Average Gas Price (per mcf) | $1.30 | $2.27 | (42.7%) |
Operating Costs and Expenses
The company reported total operating expenses of $2,691,904 for the six months ended September 30, 2024, which is a 18.5% increase from $2,271,855 in 2023.
| Expense Category | Amount (2024) | Amount (2023) | % Change |
|---|---|---|---|
| Production Costs | $850,825 | $742,081 | 14.6% |
| Depreciation, Depletion, and Amortization | $1,123,985 | $868,366 | 29.3% |
| General and Administrative Expenses | $701,570 | $646,512 | 8.5% |
Net Income and Earnings
Mexco reported a net income of $608,237 for the six months ended September 30, 2024, which is a decrease of 17.3% compared to $735,047 for the same period in 2023. The earnings per share for the six months were $0.29 for basic and $0.29 for diluted shares.
| Financial Metrics | 2024 | 2023 | % Change |
|---|---|---|---|
| Net Income | $608,237 | $735,047 | (17.3%) |
| Basic Earnings per Share | $0.29 | $0.35 | (17.1%) |
| Diluted Earnings per Share | $0.29 | $0.34 | (14.7%) |
Cash Flow Analysis
For the six months ended September 30, 2024, Mexco's cash flow provided by operating activities was $2,006,405, down from $2,430,364 in the previous year, representing a decrease of 17.5%. The cash used in investing activities was $2,066,957, compared to $1,544,299 in 2023.
| Cash Flow Category | Amount (2024) | Amount (2023) | Change |
|---|---|---|---|
| Cash Flow Provided by Operating Activities | $2,006,405 | $2,430,364 | $(423,959) |
| Cash Flow Used in Investing Activities | $(2,066,957) | $(1,544,299) | $(522,658) |
| Cash Flow Used in Financing Activities | $(834,575) | $536,644 | $(1,371,219) |
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Updated on 16 Nov 2024
Resources:
- Mexco Energy Corporation (MXC) Financial Statements – Access the full quarterly financial statements for Q2 2024 to get an in-depth view of Mexco Energy Corporation (MXC)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Mexco Energy Corporation (MXC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.