Mexco Energy Corp. (NASDAQ: MXC) stock gained by 0.22% at the last close while the MXC stock price rises by 19.97% in the pre-market trading session. Mexco Energy Corporation is a privately held oil and gas firm. The business of MXC is to explore, develop, and produce natural gas and crude oil assets in the United States.
The results of Mexco Energy Corporation’s fiscal year ended March 31, 2021 were disclosed to the Securities and Exchange Commission in its Annual Report, Form 10-K.
- When compared to fiscal 2020 operating revenues of $2,738,540, operating revenues in fiscal 2021 were $2,799,004, up 2%. This is due to a 14% rise in oil output, a 10% rise in natural gas production, and a 64% rise in natural gas pricing, which was somewhat offset by a 23% drop in oil prices.
- Due to gains in oil and natural gas prices, Mexco recorded total income of $417,075 for the quarter ending March.
- Mexco Energy’s net income for fiscal year 2021 was $155,932, or $0.08 per diluted share, relative to a net loss of $99,478, or ($0.05) per diluted share, in fiscal 2020.
For the fiscal year ending March 31, 2021, MXC engaged in the drilling of 25 wells, comprising of 22 horizontal and 3 vertical wells, at a value of about $1,042,000, of which twelve are nearing completion. All of the horizontal wells are in the Delaware Basin, which is situated in Lea and Eddy Counties, New Mexico, in the western part of the Permian Basin. Furthermore, MXC spent about $270,000 of the remaining funds to finish 22 horizontal wells drilled in Lea and Eddy Counties, New Mexico, during fiscal 2020.
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Other operators drilled 57 gross wells (.13 net wells) on MXC’s royalty interests in addition to the aforesaid operating interests. Royalties generated around 22% of Mexco’s income in fiscal 2021 at no cost to Mexco.