Mexco Energy Corp (NYSE American: MXC) is an oil and gas exploration and production company that acquires, develops, and holds working interests and royalty interests in oil and gas properties across the United States. Revenue comes from the sale of crude oil, natural gas, condensate, and natural gas liquids (NGLs) produced from those interests on a transactional, commodity-price-driven basis. The company operates as a non-operator in most of its wells, holding small fractional working interests alongside larger operators. The Permian Basin accounts for 80% of discounted future net cash flows from proved reserves and 80% of gross revenues as of the 10-K filed June 27, 2025, covering fiscal year ended March 31, 2025. Mexco is headquartered in Midland, Texas. Nicholas C. Taylor serves as Chief Executive Officer and Chairman, and Tamala L. McComic serves as President and Chief Financial Officer.

Revenue model

Mexco earns revenue by selling crude oil, natural gas, condensate, and NGLs extracted from its working interest and royalty interest properties. Revenue is transactional and directly tied to commodity prices and production volumes. The company uses the full cost method of accounting for oil and gas properties, meaning all acquisition and development costs are capitalized into a single cost pool and depleted on a units-of-production basis.

Products and services

Crude oil, natural gas, condensate, and NGLs produced from working interests and royalty interests in oil and gas leases. The company also acquires overriding royalty interests and non-operated working interests in producing and undeveloped properties. Recent well participation includes horizontal wells in the Bone Spring Sand and Penn Shale formations of the Delaware Basin in Lea County, New Mexico, with Mexco working interests ranging from approximately 0.165% to 1.16% per well (fiscal year ended March 31, 2025).

Customers and end markets

Accounts receivable includes trade receivables from joint interest owners and oil and gas purchasers. End markets are crude oil and natural gas commodity markets. No specific customer concentration data is disclosed in the filing excerpts provided.

Value-chain role

Mexco is a non-operating interest holder. It acquires fractional working interests and royalty interests in wells operated by other companies, contributing capital for drilling and completion costs in exchange for a proportional share of production revenue. The company does not operate wells itself. It participates alongside named operators such as Anadarko Petroleum Corporation and Cimarex Energy Company on specific royalty interest acquisitions.

Geographic exposure

Properties span fourteen states as of the 10-K filed June 27, 2025. The majority of activity is concentrated in West Texas and Southeastern New Mexico. The Permian Basin, split between the Delaware Basin (Lea and Eddy Counties, New Mexico; Reeves and Loving Counties, Texas) and the Midland Basin (Reagan, Upton, Midland, Martin, Howard, and Glasscock Counties, Texas), accounts for 80% of discounted future net cash flows from proved reserves and 80% of gross revenues (fiscal year ended March 31, 2025). Additional producing properties exist in the Eagle Ford area of Texas, the Haynesville trend of Louisiana and Texas, the Marcellus and Utica areas of Ohio, and Weld County, Colorado, among others.

Source: SEC 10-K, filed 2025-06-27

Industry: Crude Petroleum & Natural Gas Peers: ConocoPhillips RiskOn International, Inc. Abundia Global Impact Group, Inc VIKING ENERGY GROUP, INC. Mesa Royalty Trust Reserve Petroleum Co