Mexco Energy Sees Net Profit Soar 107% Amid Rising Oil Prices

Mexco Energy Corporation (NYSE: MXC) reported a significant increase in net profit for its first quarter of fiscal year 2027, jumping 107% to $501,065. This marks a substantial improvement from the same period last year when the company's net income was $241,951.

The revenue growth was primarily driven by a 52% increase in average oil prices, which partially offset a 15% decrease in oil production and a 9% decline in natural gas production. The company invested approximately $2.1 million in royalty acquisitions during the quarter, funded entirely from existing cash resources.

Mexco Energy expects to participate in the drilling of 53 horizontal wells and the completion of 20 horizontal wells during the fiscal year ending March 31, 2027, with an estimated aggregate cost of approximately $1.8 million.