Mexco Energy Sees Strong Q1 Earnings Growth Amidst Lower Oil Production

Mexco Energy Corporation (NYSE American: MXC) has reported its financial results for the first quarter of fiscal 2027, which ended on June 30, 2026. The company's net income rose by 107% year-over-year to $501,065, or $0.24 per diluted share, compared to $241,951, or $0.12 per share, in the same period last year.

The increase in net income was mainly driven by a 52% rise in average oil price, which partly offset a 15% decline in oil production and a 9% decrease in natural gas production. The company's operating revenues also grew by 13% to $1,983,169 from $1,756,940 in the prior-year quarter.

Mexco Energy has set a planned drilling and completions budget of approximately $1.8 million for fiscal 2027, which includes participating in the drilling of 53 horizontal wells and completing 20 horizontal wells. The company has already spent around $620,000 on this project, leaving $1.18 million to be allocated.