Mexco Energy Posts Strong Q1 Earnings, Driven by Higher Oil Prices
Mexco Energy Corporation has reported its financial results for the first quarter of fiscal year 2027, showing a significant increase in net income and operating revenues. The company's net income rose to $501,065, or $0.24 per diluted share, up from $241,951 or $0.12 per diluted share in the same period last year.
This represents a 107% increase compared to the previous year. Operating revenues also increased by 13%, reaching $1,983,169, mainly due to a 52% rise in average oil prices. However, this was partially offset by a 15% decrease in oil production and a 9% drop in natural gas production.
The company's president, Tammy McComic, stated that Mexco Energy's investment activity during the quarter remained consistent with its strategy of acquiring oil and gas royalty interests with development potential. The company invested approximately $2.1 million in such acquisitions during the quarter.
Mexco Energy Corporation is an independent oil and gas company primarily operating in the Permian Basin, and it continues to evaluate additional drilling prospects for participation during the remainder of the fiscal year.