Mexco Energy Corporation Fiscal Performance Overview
MIDLAND, TX — Mexco Energy Corporation (NYSE American: MXC) has announced notable financial results for the first quarter, signifying the start of fiscal 2026. The company reported a net income of $241,951 or $0.12 per diluted share for the quarter ending June 30. This reflects a 17% decrease from the previous year's income of $291,039, which was $0.14 per diluted share.
Revenue Growth Driven by Production Volumes
For the first quarter of fiscal 2026, Mexco Energy reported operating revenues of $1,814,176, indicating a 5% increase from $1,727,835 in the prior year’s first quarter. This growth can be attributed to a significant increase in both oil and gas production, showcasing a 16% rise in oil production volumes and a substantial 25% boost in natural gas production. Additionally, there was a remarkable 62% surge in the average natural gas price, contributing positively to the revenue. However, it's important to note that these gains were somewhat offset by a 21% decline in the average oil price.
Future Drilling Plans and Ongoing Evaluations
The company has outlined its plans to engage in drilling activities, targeting the completion of 17 horizontal wells at an estimated total cost of approximately $1.2 million for the fiscal year ending March 31. Currently, about $350,000 has been spent on these initiatives. Besides these plans, Mexco Energy is continuously evaluating other promising opportunities for participation throughout the year.
Production Volume and Market Trends
President Tammy McComic elaborated on the company’s operational performance, noting that there has been a 21% increase in average production volumes of oil and gas compared to the same quarter last year. Despite a 14% decline in prices per BOE, oil continues to play a pivotal role, constituting 80% of the company’s gross oil and natural gas sales.
Company Profile and Operations
Mexco Energy Corporation operates as an independent oil and gas entity based in Midland, Texas, primarily focused on the acquisition, exploration, and development of oil and gas properties in the Permian Basin. Their commitment to leveraging geological capabilities and market strategies allows them to respond dynamically to industry opportunities and challenges.
Contact Information
For more specific inquiries or further information, interested parties are encouraged to reach out to Tammy L. McComic, the President and Chief Financial Officer of Mexco Energy Corporation. She can be contacted at (432) 682-1119.
Frequently Asked Questions
What were Mexco Energy's net earnings for the first quarter?
The company reported net earnings of $241,951 or $0.12 per diluted share for the first quarter of fiscal 2026.
How did the company's revenues change compared to last year?
Revenues increased by 5%, reaching $1,814,176 in the first quarter of fiscal 2026 compared to $1,727,835 in the same quarter of fiscal 2025.
What are the company's plans for drilling this fiscal year?
Mexco plans to participate in drilling 35 wells and to complete 17 horizontal wells this fiscal year, with a total estimated cost of $1.2 million.
What factors contributed to the change in oil prices?
While natural gas prices saw a significant increase, oil prices decreased by 21%, impacting overall revenue figures.
Where is Mexco Energy Corporation primarily active?
Mexco Energy focuses its operations in the Permian Basin, where it acquires, explores, and develops oil and gas properties.
