Mexco Energy Corporation (MXC) stock plummeted 11.55% in the after-hours trading session at the price of $10.80 after announcing its financial results for the second quarter ended on 30th September 2021.
Mexco Energy Corporation is an independent oil and natural gas corporation located in Midland, Texas. It is centered on the exploration, development, and acquisition of oil and gas properties in the Permian Basin.
MXC Second Quarter Fiscal 2022 Financial Results
On 5th November 2021, MXC reported its financial results for the three months and six months ended 30th September 2021.
MXC Six Months Financial Results
For the six months ended 30th September 2021, MXC reported a net income of $1.1 million or per diluted share of $0.52. The net loss was $0.34 million, or per diluted share of $0.17, for the six months ended 30th September 2020. Operating revenues totaled $2.8 million for the six months ended on 30th September 2021. It represents a gain of 180% from $1.0 million in the same six-month period of 2020. For the six months ended 30th September 2021, MXC paid a total of $1.1 million on its bank line of credit.
Second Quarter Fiscal 2022 Earnings Report
MXC reported that its operating revenues raised by $1.5 in the second quarter of fiscal 2022. It represents a gain of 144% from $0.6 million for the same quarter of fiscal 2021. The increase resulted from a 24% increment in oil production and a 4% gain in natural gas production.
For the quarter ended 30th September 2021, net income totaled $0.7 million, or per diluted share of $0.33. Net loss was $41,970, or per diluted share of $0.02, for the quarter ending 30th September 2020. MXC reported a net income of $0.39 million for the previous quarter ending 30th June 2021, a 79% gain.
Management Comment
The President and Chief Financial Officer of MXC reported that they are satisfied with record profits of roughly $1.1 million, $0.33 million cash on hand, and zero bank debt. The Oil & Gas Journal listed the company as the 74th largest publicly owned oil and gas firm on the 6th September 2021 issue, he added.
