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What’s causing the Mexco Energy Corporation (MXC) stock to decline in aftermarket?

Mexco Energy Corporation (MXC) experienced a decline of 11.55% in the aftermarket. However, the last trading session closed at $12.21 with an incline of 5.62%.


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Second Quarter 2021 Financial Results

MXC reported second-quarter 2021 financial results on 5th November 2021. The report issued by the company says that MXC has successfully recorded a net income of $1,103,834, compared to a net loss of $341,640, for the same period last year. However, the operating revenues came out to be $2,817,679, which is 180 percent more than $1,006,498 for the six months ended September 30, 2020.

This hints towards a 29 percent increase in oil production and a 9 percent increase in natural gas production. Not only this but the company reported an increase in the average sales price of oil and natural gas to $66.85 per barrel and $3.70 per Mcf respectively. As of November 1, 2021, the company had $1.1 million in earnings, $335,000 in cash on hand, and no bank debt. Last but not least, MXC was named 74th largest publicly held oil and gas business in the United States in the Oil & Gas Journal’s September 6, 2021, edition, up from 96th.

First Quarter 2021 Financial Results

MXC reported first-quarter 2021 financial results on 11th August 2021. The company released that operational sales climbed 241% to $1,264,198, more than $370,456 in the first quarter of fiscal 2021. This gain happened all because of the 34% increase in oil production and a 13% increase in natural gas production.

In addition, MXC reported a 161% increase in the average sales price of oil and natural gas as well. Moreover, MXC had a net income of $395,006 compared to a net loss of $299,670. Lastly, improved commodity prices, increasing natural gas and oil production process, and a good debt-to-equity ratio of 6% have all rewarded the company to a great extent.

Fiscal 2021 Financial Results

On 25th June 2021, MXC published fiscal 2021 financial results. The operating revenues in fiscal 2021 were $2,799,004 with a 2 percent increase. This happened due to a 14% rise in oil output, a 10% increase in natural gas production, and a 64% increase in natural gas pricing, partially offset by a 23% drop in oil prices. Moreover, MXC recorded a net income of $417,075.

The company is glad to inform you that oil and gas production has grown. Their oil revenue would have changed by $503,270 if the average oil price had climbed or reduced by 10 dollars per barrel in fiscal 2021. Natural gas income would have changed by $324,205 if the average gas price had climbed or dropped by one dollar per mcf in fiscal 2021. Lastly, MXC has $800,000 in outstanding debt or around 9% of the equity.

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