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Stock impact report

HNR Acquisition Corp Reports Financial Results for Six Weeks as an Operating Company and for the Year Ended December 31, 2023 [Yahoo! Finance]

HNR Acquisition Corp Class A (HNRA) 
Company Research Source: Yahoo! Finance
focused on the acquisition, development, exploration and production of oil and gas properties in the Permian Basin in New Mexico. Today, the Company announces its initial six-week results as an operating company beginning November 15, 2023, and for the year ended December 31, 2023. Prior to November 15, 2023, HNRA operated as a special purpose acquisition company (SPAC). In accordance with GAAP, the reported results of operations prior to November 15, 2023 are that of the predecessor entity. Total revenues for the first six weeks ended December 31, 2023 were $2,975,661 for HNRA. The combined successor and predecessor total revenues were $27,214,142 for the year ended December 31, 2023, a 23% decrease from the predecessor total revenues for the year ended December 31, 2022 of $35,403,940. The decrease in revenues for 2023 was due primarily to lower production volumes as well as a reduction in market oil prices. Net Income for the six weeks ended December 31, 2023 was a loss of $9 Show less Read more
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