Riley Permian Reports 2025 Results and Provides 2026 Guidance

Rhea-AI Summary

Riley Permian (NYSE:REPX) reported Q4 and full-year 2025 results and provided 2026 guidance on March 4, 2026. Q4 production averaged 35.5 MBoe/d and full-year averaged 29.2 MBoe/d. Q4 net income was $85M ($4.02/share); full-year net income was $161M ($7.59/share). The company generated $213M operating cash flow in 2025 and $81M Total Free Cash Flow. Riley sold midstream assets for $123M (plus up to $60M contingent), reduced debt by $120M, authorized a $100M buyback, and raised the quarterly dividend 5% to $0.40. 2026 guidance: production 35.0–37.0 MBoe/d and capex $190–210M.

AI-generated analysis. Not financial advice.

Positive

• Proved reserves increased by 24 MMBoe (19%) year-over-year
• Reduced total debt by $120 million and year-end leverage of 1.0x
• Closed $123 million midstream sale with up to $60 million contingent payments
• Authorized a $100 million stock repurchase program
• Full-year operating cash flow of $213 million

Negative

• Total Free Cash Flow fell to $81 million in 2025 from $117 million (>-30%)
• Average realized NGL price was negative at $(1.27) to $(6.67) per bbl in reported periods
• Average realized natural gas prices were negative at $(0.28) per Mcf for 2025
• Principal debt outstanding remained $255 million at year-end 2025

News Market Reaction – REPX

+9.27% 3.2x vol

33 alerts

+9.27% News Effect

+6.1% Peak in 4 hr 20 min

+$61M Valuation Impact

$723.22M Market Cap

3.2x Rel. Volume

On the day this news was published, REPX gained 9.27%, reflecting a notable positive market reaction. Argus tracked a peak move of +6.1% during that session. Our momentum scanner triggered 33 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $61M to the company's valuation, bringing the market cap to $723.22M at that time. Trading volume was very high at 3.2x the daily average, suggesting strong buying interest.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 net income: $85 million 2025 net income: $161 million 2025 revenues: $392 million +5 more

8 metrics

Q4 2025 net income $85 million Fourth quarter 2025

2025 net income $161 million Year ended December 31, 2025

2025 revenues $392 million Year ended December 31, 2025

Debt reduction $120 million Reduced total debt during Q4 2025

Midstream Sale proceeds $123 million Cash consideration for Dovetail Midstream sale, plus up to $60M contingent

Share repurchase authorization $100 million Stock repurchase program announced for common shares

2025 production 29.2 MBoe/d Average total equivalent production, 2025

2026 capex guidance $190 - $210 million Full-year 2026 total capital expenditures guidance

Market Reality Check

Price: $33.24 Vol: Volume 194,144 vs 20-day ...

normal vol

$33.24 Last Close

Volume Volume 194,144 vs 20-day average 239,820 (relative volume 0.81x) suggests no outsized trading interest pre‑release. normal

Technical Price $29.65 is above 200-day MA $27.09 and 7.08% below 52-week high $31.91.

Peers on Argus

Peers showed mixed moves: GRNT (+4.16%), SD (+2.44% in sector list but -7.91% on...

1 Down

Peers showed mixed moves: GRNT (+4.16%), SD (+2.44% in sector list but -7.91% on momentum scan), EGY (+0.77%), while VTLE (-1.16%) and TXO (-1.18%) were down. With the target’s intraday direction unspecified, the reaction appears more company-specific than broad sector-driven.

Common Catalyst At least one close peer (SD) also reported year-end results and 2026 guidance, highlighting an earnings-and-guidance news cycle in Oil & Gas E&P.

Historical Context

5 past events · Latest: Feb 06 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 06	Board appointment	Positive	+1.7%	New independent director added with extensive oil and gas experience.
Jan 28	Earnings scheduling	Neutral	+0.2%	Announced timing of Q4 and full‑year 2025 earnings release and call.
Jan 09	Dividend declaration	Positive	+2.2%	Declared $0.40 quarterly cash dividend to shareholders.
Dec 16	Share repurchase plan	Positive	+5.6%	Authorized up to $100 million in common stock repurchases over 24 months.
Dec 04	Asset divestiture	Positive	+1.0%	Sold Dovetail Midstream for cash plus potential earn‑outs to reduce borrowings.

Pattern Detected

Recent dividends, buybacks, and strategic transactions have generally been followed by modestly positive 1-day price reactions.

Recent Company History

Over the last few months, Riley Permian announced a $100 million share repurchase program on Dec 16, 2025, sold its Dovetail Midstream subsidiary for about $111 million plus up to $60 million in earn-outs on Dec 4, 2025, and declared a $0.40 quarterly dividend on Jan 9, 2026. These actions, along with a new director appointment and the scheduling of today’s earnings release, all saw positive next-day price moves, suggesting investors have reacted constructively to capital return and balance sheet actions.

Market Pulse Summary

The stock moved +9.3% in the session following this news. A strong positive reaction aligns with the...

Analysis

The stock moved +9.3% in the session following this news. A strong positive reaction aligns with the company’s emphasis on production growth, free cash flow generation, and balance sheet improvement highlighted in this release. Past announcements around capital returns and strategic asset sales have also coincided with constructive price responses. Investors may still weigh execution risk on the higher 2026 capex plan and future commodity price sensitivity, and could reassess sentiment if operational performance or cash flow metrics deviate from the levels outlined in the 2025 results and 2026 guidance.

Key Terms

adjusted ebitdax, total free cash flow, upstream free cash flow, lease operating expense, +4 more

8 terms

adjusted ebitdax financial

"Generated $65 million of operating cash flow, $85 million of net income, $66 million of Adjusted EBITDAX(1)"

Adjusted EBITDAX is a measure of a company’s operating profit that adds back interest, taxes, depreciation, amortization and specific recurring costs (often exploration or similar project expenses), then removes one‑time or unusual items to show recurring cash profitability. Investors use it like a clean yardstick—ignoring financing choices, accounting rules and one‑off events—to compare core performance across periods or peers and assess a business’s ability to generate cash from operations.

total free cash flow financial

"$66 million of Adjusted EBITDAX(1), $1 million of Total Free Cash Flow(1) and $17 million of Upstream Free Cash Flow(1)"

Total free cash flow is the amount of cash a company generates from its normal business after paying everyday operating costs and necessary investments in equipment or facilities, summed for the reporting period. It shows the real, spendable cash available to pay down debt, return money to shareholders, or fund growth — think of it like a household’s money left after paying bills and doing essential repairs, a key measure of financial strength for investors.

upstream free cash flow financial

"$1 million of Total Free Cash Flow(1) and $17 million of Upstream Free Cash Flow(1)"

Upstream free cash flow is the cash a company’s upstream operations — the parts of the business that extract or produce raw materials or primary goods — generate after paying the routine costs to run those operations and the investment needed to maintain them. For investors it shows how much real, reusable cash those core production activities produce (like a farm’s harvest after buying seeds and tools), indicating capacity to pay dividends, cut debt or fund growth.

lease operating expense financial

"Operating expenses included lease operating expense ("LOE") of $23 million, or $7.16 per Boe"

Lease operating expense describes the ongoing costs required to run and maintain an asset or property that a company holds under a lease, such as maintenance, utilities, repairs, insurance and property taxes. For investors it matters because these recurring expenses reduce the cash flow and profitability generated by the leased asset—like the upkeep bills an owner pays on a rental property—which affects valuation, margin and return on investment.

proved reserves technical

"Estimates of Riley Permian's proved reserves as of December 31, 2025, were prepared"

Proved reserves are the quantities of oil or natural gas that geological and engineering data show with high confidence can be extracted under current economic and operating conditions. For investors, they act like a verified inventory: larger proved reserves usually support future production, revenue and borrowing capacity, while declines can signal falling asset value or the need for investment to replace supply.

proved developed producing reserves technical

"Proved developed producing reserves ("PDP") increased by 13% to 87 MMBoe"

Proved developed producing reserves are quantities of oil or gas that have been confirmed by testing, are already brought into production through drilled and connected wells, and are currently flowing to market. For investors this is like counting cash in a company’s tills rather than promises on a ledger: these reserves represent near-term, revenue-generating assets that support earnings, borrowing capacity and valuation with lower uncertainty than undeveloped or unproven resources.

proved undeveloped reserves technical

"Proved undeveloped reserves ("PUD") increased by 29% to 61 MMBoe"

Proved undeveloped reserves are quantities of oil or gas that geologists and engineers are confident exist in a known reservoir but that have not yet been produced because wells or facilities still need to be built. For investors, they represent tangible future production potential—like apples you can see on a tree but must buy a ladder to pick—so they signal possible revenue growth but also require capital, time and execution risk to convert into cash.

pv-10 financial

"the standardized measure of discounted cash flows and PV-10(1) were $1.14 billion and $1.39 billion"

PV-10 is a valuation metric that estimates the present value of future oil and gas production cash flows, discounted at 10% and stated before income taxes. Think of it as the current price tag on a company’s proven reserves, calculated by shrinking future revenue streams to today’s dollars using a 10% rate. Investors use PV-10 to compare the relative worth of reserves and assess how much future production could contribute to a company’s value, much like comparing the upfront price of different rental properties based on expected future rent.

AI-generated analysis. Not financial advice.

OKLAHOMA CITY, March 4, 2026 /PRNewswire/ -- Riley Exploration Permian, Inc. (NYSE American: REPX) ("Riley Permian", the "Company" or "we"), today reported financial and operating results for the fourth quarter and year ended December 31, 2025.

FOURTH QUARTER 2025 HIGHLIGHTS

• Averaged 35.5 MBoe/d of total equivalent production (oil production of 20.1 MBbls/d)
• Generated $65 million of operating cash flow, $85 million of net income, $66 million of Adjusted EBITDAX⁽¹⁾, $1 million of Total Free Cash Flow⁽¹⁾ and $17 million of Upstream Free Cash Flow⁽¹⁾
• Incurred total accrual (activity-based) capital expenditures before acquisitions of $50 million ($28 million for upstream)
• Sold all of our membership interests in Dovetail Midstream LLC, a wholly owned subsidiary of the Company that held certain midstream infrastructure projects in Eddy County, New Mexico for total cash consideration of $123 million, with the right to earn up to an additional $60 million in cash payments contingent upon achieving certain volumetric performance thresholds over a five-year period ("Midstream Sale")
• Reduced debt outstanding by $120 million with a year-end debt-to-Adjusted EBITDAX⁽¹⁾ ratio of 1.0x⁽²⁾
• Announced the authorization of a stock repurchase program of up to $100 million of the currently outstanding shares of the Company's common stock

FULL-YEAR 2025 HIGHLIGHTS

• Averaged 29.2 MBoe/d of total equivalent production (oil production of 17.3 MBbls/d)
• Generated $213 million of operating cash flow, $161 million of net income, $261 million of Adjusted EBITDAX⁽¹⁾, $81 million of Total Free Cash Flow⁽¹⁾ and $117 million of Upstream Free Cash Flow⁽¹⁾
• Incurred total accrual (activity-based) capital expenditures before acquisitions of $120 million ($83 million for upstream)
• Closed on the acquisition of Silverback Exploration II, LLC and its subsidiaries ("Silverback") for $120 million in cash plus contingent consideration, subject to final purchase price adjustments
• Increased the dividend on our common stock in October 2025 by 5% to $0.40 quarterly and $1.60 annually

2026 GUIDANCE HIGHLIGHTS

• Full-year 2026 guidance for total production of 35.0 - 37.0 MBoe/d (oil production of 21.0 - 22.0 MBbls/d)
• Full-year 2026 guidance for activity-based capital expenditures before acquisitions of $190 - 210 million

Bobby Riley, Chairman of the Board and Chief Executive Officer commented, "2025 was a transformational year for Riley Permian, as we made significant progress across key strategic initiatives, including inventory expansion, infrastructure build‑out, and balance sheet improvement. The groundwork laid in 2025 positions the company for a more active and value‑enhancing development program in 2026 and beyond."

____________________
(1)	A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at www.rileypermian.com.
(2)	Debt leverage ratio based on principal debt outstanding as of December 31, 2025, divided by full-year Adjusted EBITDAX(1).

OPERATIONS AND DEVELOPMENT ACTIVITY UPDATE

The tables below provide a summary of our operated well activity and production by state:

		Three Months Ended December 31, 2025				Year Ended December 31, 2025
		Gross(1)		Net(2)		Gross(1)		Net(2)
Wells Drilled
Texas		8		8.0		18		18.0
New Mexico		—		—		—		—
Total		8		8.0		18		18.0
Wells Completed
Texas		5		5.0		12		12.0
New Mexico		—		—		10		6.3
Total		5		5.0		22		18.3
Wells Turned to Sales
Texas		3		3.0		10		10.0
New Mexico		—		—		10		6.3
Total		3		3.0		20		16.3

___________________

(1)     Gross wells are the total number of operated wells in which the Company has an interest

(2)     Net wells are gross wells multiplied by our fractional working interest

Average Daily Production by State

		Three Months Ended December 31,				Year Ended December 31,
		2025		2024		2025		2024
Combined
Texas		19.4		17.7		17.6		15.7
New Mexico		16.1		7.3		11.6		6.8
Total (MBoe/d)		35.5		25.0		29.2		22.5
Oil
Texas		11.9		12.4		11.3		11.7
New Mexico		8.2		3.5		6.0		3.4
Total (MBbls/d)		20.1		15.9		17.3		15.1

FOURTH QUARTER 2025 FINANCIAL RESULTS

Revenues totaled $97 million, net cash provided by operating activities was $65 million and net income was $85 million, or $4.02 per diluted share.

On a non-GAAP basis, Adjusted EBITDAX⁽¹⁾ was $66 million, cash flow from operations before changes in working capital⁽¹⁾ was $35 million, Total Free Cash Flow⁽¹⁾ was $1 million and Adjusted Net Income⁽¹⁾ was $22 million, or $1.01 per diluted share.

Average realized prices, before derivative settlements, were $57.18 per barrel of oil, $(0.86) per Mcf of natural gas and $(6.67) per barrel of natural gas liquids. The Company reported a $21 million gain on derivatives, net, which included an $8 million realized gain on settlements.

Operating expenses included lease operating expense ("LOE") of $23 million, or $7.16 per Boe, administrative costs of $8 million, or $2.42 per Boe, and production and ad valorem taxes of $8 million or $2.44 per Boe.

The Company incurred $50 million in total accrued capital expenditures ($28 million for upstream). On a cash basis, the Company had total capital expenditures of $51 million ($35 million for upstream).

We recognized a pre-tax gain of $72 million from the Midstream Sale, net of $3 million in transaction costs. As a result, we incurred $16 million in corresponding income tax liability. Total FCF of $1 million excludes this tax impact.

The Company sold its interest in oil and natural gas properties in Texas outside of the Company's acreage in Yoakum County for 250,000 shares of the Company's common stock, which were subsequently retired, and which led to a reduction to additional paid-in-capital of $10 million.

The Company reduced total debt by $120 million, including a principal reduction of $115 million on the Credit Facility and $5 million on the Senior Notes. As of December 31, 2025, the Company had $110 million of borrowings outstanding on its Credit Facility and $145 million principal value of its Senior Notes, for a combined principal value of debt of $255 million. Interest expense, net was $8 million.

The Company paid a cash dividend of $0.40 per share, for a total of $8 million.

YEAR ENDED 2025 FINANCIAL RESULTS

Revenues totaled $392 million, net cash provided by operating activities was $213 million and net income was $161 million, or $7.59 per diluted share. 

On a non-GAAP basis, Adjusted EBITDAX⁽¹⁾ was $261 million, cash flow from operations before changes in working capital⁽¹⁾ was $192 million, Total Free Cash Flow⁽¹⁾ was $81 million and Adjusted Net Income⁽¹⁾ was $96 million or $4.53 per diluted share.

Average realized prices, before derivative settlements, were $62.95 per barrel of oil, $(0.28) per Mcf of natural gas and $(1.27) per barrel of natural gas liquids. The Company reported a $36 million gain on derivatives, net, which included a $17 million realized gain on settlements.

Operating expenses included LOE of $88 million, or $8.21 per Boe, administrative costs of $31 million, or $2.95 per Boe, and production and ad valorem taxes of $29 million or $2.73 per Boe.

The Company incurred $120 million in total accrued capital expenditures ($83 million for upstream). On a cash basis, the Company had total capital expenditures of $128 million ($91 million for upstream).

The Company reduced total debt by $25 million, including a principal reduction of $5 million on the Credit Facility and $20 million on the Senior Notes. Interest expense, net was $31 million.

The Company paid dividends of $1.54 per share for a total of $33 million.

Shareholder's equity was $634 million as of December 31, 2025, an increase of 24% year-over-year and the number of common shares outstanding was 21.7 million, an increase of 1% year-over-year.

In January 2026, as part of our stock repurchase program, the Company repurchased 152,408 shares of common stock at a weighted average price of $26.54 per share for a total of $4 million.

RESERVES

Estimates of Riley Permian's proved reserves as of December 31, 2025, were prepared by Ryder Scott Company, L.P., the Company's third-party reservoir engineer, using the SEC pricing methodology. Proved reserves at year-end 2025 of 147 MMBoe increased by 24 MMBoe or 19% over year-end 2024 reserves. Oil represented 50% of total proved reserves. Proved developed producing reserves ("PDP") increased by 13% to 87 MMBoe, which represented 59% of total proved reserves. Proved undeveloped reserves ("PUD") increased by 29% to 61 MMBoe, when compared to year-end 2024. At December 31, 2025, the standardized measure of discounted cash flows and PV-10⁽¹⁾ were $1.14 billion and $1.39 billion, respectively.

The net proved reserve additions resulted in a reserve replacement ratio (defined as the sum of extensions and discoveries, revisions, acquisitions and divestitures, divided by annual production) of 323% for the year ended December 31, 2025. The organic reserve replacement ratio (defined as the sum of extensions and discoveries and revisions, divided by annual production) was 230%.

Extensions and discoveries were the primary contributor to the increase in reserves of 24 MMBoe, which consisted of 23 MMBoe added to PUDs as a result of drilling activity during the year, which allowed for the booking of adjacent PUDs for locations that were previously booked as unproved reserves or not at all, and 1 MMBoe added to PDP as a result of drilling successful wells that were previously classified as unproved locations. The Company also acquired 11 MMBoe in reserves and divested 1 MMBoe. The Company had production of 11 MMBoe and positive revisions of previous estimates of 1 MMBoe.

____________________
(1)	A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at www.rileypermian.com.

 

Selected Operating and Financial Data
(Unaudited)
		Three Months Ended						Year Ended
		December 31, 2025		September 30, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Select Financial Data (in thousands):
Oil and natural gas sales, net		$         97,277		$       106,852		$       102,695		$       391,980		$       409,801
Income from Operations		$         26,161		$         28,862		$         32,038		$       133,279		$       153,695
Adjusted EBITDAX(1)		$         66,051		$         64,041		$         69,074		$       260,565		$       284,225
Cash Flow from Operations		$         64,868		$         63,650		$         66,378		$       212,539		$       246,274
Upstream Accrual Capital Expenditures		$         28,204		$         13,129		$         19,385		$         82,785		$         97,023
Upstream Cash Capital Expenditures		$         34,721		$         14,893		$         22,299		$         91,188		$         99,365
Total Accrual Capital Expenditures		$         50,357		$         18,019		$         30,682		$       120,162		$       108,320
Total Cash Capital Expenditures		$         50,960		$         29,027		$         33,263		$       127,855		$       110,329
Upstream Free Cash Flow(1)		$         17,238		$         39,441		$         28,653		$       117,236		$       128,033
Total Free Cash Flow(1)		$              999		$         25,307		$         17,689		$         80,569		$       117,069
Production Data, net:
Oil (MBbls)		1,850		1,690		1,464		6,328		5,519
Natural gas (MMcf)		3,848		3,380		2,305		11,669		7,484
NGLs (MBbls)		778		722		455		2,387		1,486
Total (MBoe)		3,269		2,975		2,303		10,660		8,252
Daily combined volumes (Boe/d)		35,533		32,337		25,033		29,205		22,546
Daily oil volumes (Bbls/d)		20,109		18,370		15,913		17,337		15,079
Average Realized Prices:(2)
Oil ($ per Bbl)		$           57.18		$           63.94		$           68.50		$           62.95		$           74.10
Natural gas ($ per Mcf)		$           (0.86)		$           (0.21)		$             0.02		$           (0.28)		$           (0.19)
NGLs ($ per Bbl)		$           (6.67)		$           (0.66)		$             5.18		$           (1.27)		$             1.53
Average Realized Prices, including derivative      settlements:(2)(3)
Oil ($ per Bbl)		$           61.06		$           65.17		$           69.89		$           65.46		$           73.67
Natural gas ($ per Mcf)		$           (0.63)		$           (0.16)		$             0.34		$           (0.22)		$             0.37
NGLs ($ per Bbl)(4)		$           (6.67)		$           (0.66)		$             5.18		$           (1.27)		$             1.53
Weighted Average Common Shares      Outstanding (in thousands):
Basic		21,120		21,164		21,094		21,134		20,712
Diluted		21,242		21,263		21,205		21,194		20,875

_____________________
(1)	A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at www.rileypermian.com.
(2)	The Company's oil, natural gas and NGL sales are presented net of GP&T costs. These costs, related to natural gas and NGLs, at times exceeded the price we received and resulted in negative average realized prices.
(3)	The Company's calculation of the effects of derivative settlements includes gains and losses on the settlement of our commodity derivative contracts. These gains and losses are included under other income (expense) in the Company's consolidated statements of operations.
(4)	During the periods presented, the Company did not have any NGL derivative contracts in place.

2026 GUIDANCE

Riley Permian is providing first quarter detailed guidance and select full-year 2026 activity guidance based on currently scheduled development activity and current market conditions. The average working interest on gross operated wells drilled is subject to change and may have corresponding impacts on net production volumes and investing expenditures. Total equivalent production estimates, inclusive of production from natural gas and NGLs, may be subject to variability based on third-party midstream service provider conditions.

Activity and Production		Q1 2026		Full-Year 2026
Net Operated Well Activity
Drilled (#)		14.3 - 16.3		37.0 - 43.0
Completed (#)		8.0 - 9.0		41.0 - 47.0
Turned to Sales (#)		7.0 - 8.0		43.0 - 49.0
Non-Operated, Net (#)		0.0 - 0.0		1.0 - 2.0
Net Production
Total (MBoe/d)		33.2 - 34.0		35.0 - 37.0
Oil (MBbls/d)		19.0 - 19.5		21.0 - 22.0
Capital Expenditures and Investing (in millions)(1)
Upstream		$49 - $57		$165 - $180
Infrastructure and Other		$6 - $8		$25 - $30
Total Capital Expenditures		$55 - $65		$190 - $210
Power JV Investment		$2 - $3		$6 - $8
Total Investments		$57 - $68		$196 - $218

 

Operating and Corporate Costs		Q1 2026
Lease Operating Expenses ($ per Boe)		$8.00 - $9.00
Production and Ad Valorem Taxes (% of revenue)		7.5% - 8.5%
Administrative Costs ($ per Boe)		$2.50 - $3.00

___________________
(1)	Accrual (activity-based) investing expenditures before acquisitions

CONFERENCE CALL
In connection with the earnings release, Riley Permian management will host a conference call for investors and analysts on March 5, 2026 at 9:00 a.m. CT to discuss the Company's results and to host a Q&A session. Interested parties are invited to participate by calling:

• Toll Free Dial-In, +1 (888) 596-4144
• Toll Dial-in, +1 (646) 968-2525
• Conference ID number 1303008

An updated company presentation, which will include certain items to be discussed on the call, will be posted prior to the call on the Company's website (www.rileypermian.com). In addition to a webcast of the call available on the Company's website, a replay of the call will be available March 19, 2026 by calling:

• Toll Free Dial-In, +1 (800) 770-2030
• Toll Dial-in, +1 (609) 800-9909
• Conference ID number 1303008

About Riley Exploration Permian, Inc.
Riley Permian is a growth-oriented upstream oil and gas company operating in Texas and New Mexico with infrastructure projects that complement our operations. For more information, please visit www.rileypermian.com.

Investor Contact:
405-438-0126
IR@rileypermian.com

Cautionary Statement Regarding Forward Looking Information and Guidance

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements contained in this release that are not historical facts are forward-looking statements that represent management's beliefs and assumptions based on currently available information. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, need for financing, competitive position and potential growth opportunities. Our forward-looking statements do not consider the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believes," "intends," "may," "should," "anticipates," "expects," "could," "plans," "estimates," "projects," "targets," "forecasts" or comparable terminology or by discussions of strategy or trends. You should not place undue reliance on these forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this release are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved or occur, and actual results could differ materially and adversely from those anticipated or implied by the forward-looking statements.

Among the factors that could cause actual future results to differ materially are the risks and uncertainties the Company is exposed to. While it is not possible to identify all factors, we continue to face many risks and uncertainties including, but not limited to: the volatility of oil, natural gas and NGL prices; regional supply and demand factors, any delays, curtailment delays or interruptions of production, and any governmental order, rule or regulation that may impose production limits; cost and availability of gathering, pipeline, refining, transportation, power and other midstream and downstream activities, which could result in a prolonged shut-in of our wells that may adversely affect our reserves, financial condition and results of operations; severe weather and other risks that lead to a lack of any available markets; our ability to successfully complete mergers, acquisitions or divestitures; the inability or failure of the Company to successfully integrate the acquired assets into our operations and development activities; the potential delays in the development, construction or start-up of planned projects; failure to realize any of the anticipated benefits of our joint ventures or other equity investments; risks relating to our operations, including development drilling and testing results and performance of acquired properties and newly drilled wells; inability to prove up undeveloped acreage and maintain production on leases; any reduction in our borrowing base on our Credit Facility from time to time and our ability to repay any excess borrowings as a result of such reduction; the impact of our derivative strategy and the results of future settlement; our ability to comply with the financial covenants contained in our Credit Facility and Senior Notes; changes in general economic, business or industry conditions, including changes in inflation rates, interest rates and foreign currency exchange rates; conditions in the capital, financial and credit markets and our ability to obtain capital needed to fund our exploration and development on favorable terms or at all; the loss of certain tax deductions; risks associated with executing our business strategy, including any changes in our strategy; risks associated with concentration of operations in one major geographic area; legislative or regulatory changes, including initiatives related to hydraulic fracturing, regulation of greenhouse gases, water conservation, seismic activity, weatherization, or protection of certain species of wildlife, or of sensitive environmental areas; the ability to receive drilling and other permits or approvals and rights-of-way in a timely manner (or at all), which may be restricted by governmental regulation and legislation; restrictions on the use of water, including limits on the use of produced water and a moratorium on new produced water well permits recently imposed by the Railroad Commission of Texas in an effort to control induced seismicity in the Permian Basin; changes in government environmental policies and other environmental risks; the availability of drilling equipment and the timing of production; tax consequences of business transactions; public health crisis, such as pandemics and epidemics, and any related government policies and actions and the effects of such public health crises on the oil and natural gas industry, pricing and demand for oil and natural gas and supply chain logistics; general domestic and international economic, market and political conditions, including military conflicts, global economic growth, unpredictability of new tariffs, actions of OPEC+ countries and changes to the current political environment under the new administration; risks related to litigation; and cybersecurity threats, technology system failures and data security issues.

The estimates and guidance presented in this release are based on assumptions of current and future capital expenditure levels, prices for oil, natural gas and NGLs, available liquidity, indications of supply and demand for oil, well results, operating costs and the timing and completion of pending projects and acquisitions. The guidance provided in this release does not constitute any form of guarantee or assurance that the matters indicated will be achieved. While we believe these estimates and the assumptions on which they are based are reasonable as of the date on which they are made, they are inherently uncertain and are subject to, among other things, significant business, economic, operational, and regulatory risks, and uncertainties, some of which are not known as of the date of the statement. Guidance and estimates, and the assumptions on which they are based, are subject to material revision. Actual results may differ materially from estimates and guidance.

Please read the "Risk Factors" in our annual report on Form 10-K and our quarterly reports on Form 10-Q, which are incorporated herein. Additional factors that could cause results to differ materially from those described above can be found in Riley Permian's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC and available from the Company's website at www.rileypermian.com under the "Investor" tab, and in other documents the Company files with the SEC.

The forward-looking statements in this press release are made as of the date hereof and are based on information available at that time. The Company does not undertake, and expressly disclaims, any duty to update or revise our forward-looking statements based on new information, future events or otherwise.

RILEY EXPLORATION PERMIAN, INC.
CONSOLIDATED BALANCE SHEETS
		December 31,
		2025		2024
		(In thousands, except share amounts)
Assets
Current Assets:
Cash		$                17,889		$                13,124
Accounts receivable, net		41,045		44,411
Prepaid expenses		7,763		1,592
Inventory		7,929		5,734
Current derivative assets		19,141		3,264
Total Current Assets		93,767		68,125
Oil and natural gas properties, net (successful efforts)		995,539		860,797
Other property and equipment, net		21,872		30,477
Non-current derivative assets		5,117		585
Equity method investment		36,188		22,811
Funds held in escrow		1,196		—
Other non-current assets, net		15,899		10,706
Total Assets		$          1,169,578		$              993,501
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable		$                  5,083		$                13,937
Accrued liabilities		37,690		33,918
Revenue payable		59,606		34,786
Current derivative liabilities		37		—
Current portion of long-term debt		20,000		20,000
Other current liabilities		34,089		20,123
Total Current Liabilities		156,505		122,764
Non-current derivative liabilities		112		414
Asset retirement obligations		59,977		32,706
Long-term debt		227,855		249,494
Deferred tax liabilities		86,119		76,547
Other non-current liabilities		4,768		961
Total Liabilities		535,336		482,886
Commitments and Contingencies
Shareholders' Equity:
Preferred stock, $0.0001 par value, 25,000,000 shares authorized; 0 shares issued		—		—
Common stock, $0.001 par value, 240,000,000 shares authorized; 21,718,800 and 21,482,555 shares issued at December 31, 2025 and December 31, 2024, respectively		22		21
Additional paid-in capital		306,660		310,232
Retained earnings		327,560		200,362
Total Shareholders' Equity		634,242		510,615
Total Liabilities and Shareholders' Equity		$          1,169,578		$              993,501

 

RILEY EXPLORATION PERMIAN, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
		(Unaudited)
		Three Months Ended December 31,				Year Ended December 31,
		2025		2024		2025		2024
		(In thousands, except per share amounts)
Revenues:
Oil and natural gas sales, net		$             97,277		$           102,695		$           391,980		$           409,801
Contract services - related parties		—		—		—		380
Total Revenues		97,277		102,695		391,980		410,181
Costs and Expenses:
Lease operating expenses		23,421		19,670		87,506		71,463
Production and ad valorem taxes		7,978		8,021		29,052		29,428
Exploration costs		88		2,156		361		2,595
Depletion, depreciation, amortization and accretion		27,268		18,929		93,183		74,900
Impairment of oil and natural gas properties		—		11,317		1,214		11,317
Other impairments		1,607		—		1,607		30,158
General and administrative:
Administrative costs		7,913		8,689		31,472		26,551
Stock-based compensation expense		2,388		1,445		9,130		8,138
Cost of contract services - related parties		—		—		—		363
Transaction costs		453		430		5,176		1,573
Total Costs and Expenses		71,116		70,657		258,701		256,486
Income from Operations		26,161		32,038		133,279		153,695
Other Income (Expense):
Interest expense, net		(7,926)		(7,625)		(31,364)		(34,338)
Gain (loss) on derivatives, net		21,469		(8,446)		36,259		(1,665)
Loss from equity method investment		(619)		(486)		(886)		(721)
Gain on midstream sale		71,675		—		71,675		—
Total Other Income (Expense)		84,599		(16,557)		75,684		(36,724)
Net Income from Operations Before Income Taxes		110,760		15,481		208,963		116,971
Income tax expense		(25,363)		(4,553)		(48,123)		(28,074)
Net Income		$             85,397		$             10,928		$           160,840		$             88,897
Net Income per Share:
Basic		$                  4.04		$                  0.52		$                  7.61		$                  4.29
Diluted		$                  4.02		$                  0.52		$                  7.59		$                  4.26
Weighted Average Common Shares Outstanding:
Basic		21,120		21,094		21,134		20,712
Diluted		21,242		21,205		21,194		20,875

 

RILEY EXPLORATION PERMIAN, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
		(Unaudited)
		Three Months Ended December 31,				Year Ended December 31,
		2025		2024		2025		2024
		(In thousands)
Cash Flows from Operating Activities:
Net income		$           85,397		$           10,928		$     160,840		$       88,897
Adjustments to reconcile net income to net cash provided by operating activities:
Exploratory well costs and lease expirations		88		2,156		300		2,560
Depletion, depreciation, amortization and accretion		27,268		18,929		93,183		74,900
Impairment of oil and natural gas properties		—		11,317		1,214		11,317
Other impairments		1,607		(1,308)		1,607		28,850
(Gain) loss on derivatives, net		(21,469)		8,446		(36,259)		1,665
Settlements on derivative contracts		8,086		2,759		16,615		1,849
Amortization of deferred financing costs and discount		1,198		1,324		4,768		5,299
Stock-based compensation expense		2,388		1,445		9,130		8,138
Deferred income tax expense		1,981		(5,530)		11,352		3,202
Loss from equity method investment		619		486		886		721
Gain on midstream sale		(71,675)		—		(71,675)		—
Other		10		—		2		—
Changes in operating assets and liabilities		29,370		15,426		20,576		18,876
Net Cash Provided by Operating Activities		64,868		66,378		212,539		246,274
Cash Flows from Investing Activities:
Additions to oil and natural gas properties		(34,394)		(22,118)		(89,624)		(98,490)
Additions to midstream property and equipment		(16,239)		(10,964)		(36,667)		(10,964)
Additions to other property and equipment		(327)		(181)		(1,564)		(875)
Net assets acquired in business combination		125		—		(117,702)		—
Acquisitions of oil and natural gas properties		—		—		(2,161)		(19,597)
Acquisitions of land		(1,309)		—		(1,309)		—
Disposition of midstream property and equipment		120,204		—		120,204		—
Contributions to equity method investment		(1,000)		(1,250)		(15,750)		(17,912)
Funds held in escrow		—		—		(1,196)		—
Net Cash Provided by (Used in) Investing Activities		67,060		(34,513)		(145,769)		(147,838)
Cash Flows from Financing Activities:
Deferred financing costs		(189)		(2,703)		(432)		(2,783)
Proceeds from Credit Facility		—		—		155,000		15,000
Repayments under Credit Facility		(115,000)		(15,000)		(160,000)		(85,000)
Repayments of Senior Notes		(5,000)		(5,000)		(20,000)		(20,000)
Payment of cash dividends		(8,485)		(7,992)		(33,325)		(30,831)
Proceeds from issuance of common shares, net		—		—		—		25,415
Repurchase of common shares for tax withholding and other		(1,824)		(1,368)		(3,248)		(2,432)
Net Cash Used in Financing Activities		(130,498)		(32,063)		(62,005)		(100,631)
Net Increase (Decrease) in Cash		1,430		(198)		4,765		(2,195)
Cash, Beginning of Period		16,459		13,322		13,124		15,319
Cash, End of Period		$           17,889		$           13,124		$       17,889		$       13,124

OIL, NATURAL GAS AND NGL RESERVES

Estimates of Riley Permian's proved reserves as of December 31, 2025, were prepared by Ryder Scott Company, L.P. ("Ryder Scott"), the Company's third-party reservoir engineer. Estimates of proved reserves were prepared in accordance with the rules and regulations of the SEC using an average price equal to the unweighted arithmetic average of the first day of each month within the 12-month period ended December 31, 2025, of $65.34 per Bbl for oil and $3.39 per Mcf for gas. Additionally, the Company prepared estimates of proved reserves as of December 31, 2025, using NYMEX pricing, which were not reviewed by Ryder Scott. The table below presents a summary of our proved reserves as of December 31, 2025.

		SEC Pricing(1)				NYMEX Pricing(1)
Reserves as of December 31, 2025		Proved Developed Reserves		Total Proved Reserves		Proved Developed Reserves		Total Proved Reserves
Oil (MBbls)		42,907		74,347		43,109		74,670
Natural gas (MMcf)		124,165		206,657		125,592		208,636
Natural gas liquids (MBbls)		23,109		38,625		23,353		38,974
Total (MBoe)		86,710		147,415		87,394		148,416
PV-10(2) (in thousands)		$                 881,093		$             1,392,016		$                 823,149		$             1,305,502

___________________
(1)	See table below for the SEC and NYMEX pricing used to prepare reserve estimates.
(2)	A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at www.rileypermian.com.

 

	SEC Pricing				NYMEX Pricing
	Oil		Natural Gas		Oil		Natural Gas
	($ per Bbl)		($ per Mcf)		($ per Bbl)		($ per Mcf)
Calendar year 2026	$                       65.34		$                         3.39		$                       57.03		$                        3.72
Calendar year 2027	$                       65.34		$                         3.39		$                       57.42		$                        3.88
Calendar year 2028	$                       65.34		$                         3.39		$                       58.73		$                        3.71
Calendar year 2029	$                       65.34		$                         3.39		$                       59.98		$                        3.61
Calendar year 2030	$                       65.34		$                         3.39		$                       60.85		$                        3.61
After 2030	$                       65.34		$                         3.39		$                       61.14		$                        4.16

Reserve estimates above do not include any value for probable or possible reserves that may exist, nor do they include any value for undeveloped acreage. The reserve estimates represent our net revenue interest in our properties, all of which are located within the continental United States. NYMEX pricing does not comport with the reporting requirements of the SEC and should not be used as a substitute for or compared with estimates of proved reserves using SEC pricing.

OIL, NATURAL GAS AND NGL RESERVES, Continued

Ryder Scott prepared the estimates of the Company's proved reserves as of December 31, 2024, in accordance with the rules and regulations of the SEC using an average price equal to the unweighted arithmetic average of the first day of each month within the 12-month period ended December 31, 2024, of $76.32 per Bbl for oil and $2.13 per Mcf for natural gas. The Company prepared estimates of proved reserves as of December 31, 2024, using NYMEX pricing, which were not reviewed by Ryder Scott. The table below presents a summary of our proved reserves as of December 31, 2024.

		SEC Pricing(1)				NYMEX Pricing(1)
Reserves as of December 31, 2024		Proved Developed Reserves		Total Proved Reserves		Proved Developed Reserves		Total Proved Reserves
Oil (MBbls)		40,111		66,535		39,527		65,802
Natural gas (MMcf)		103,337		162,239		102,004		160,644
Natural gas liquids (MBbls)		19,312		30,027		19,102		29,768
Total (MBoe)		76,646		123,602		75,630		122,344
PV-10(2) (in thousands)		$                 999,828		$             1,542,583		$                 885,643		$             1,332,696

___________________
(1)	See table below for the SEC and NYMEX pricing used to prepare reserve estimates.
(2)	A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at www.rileypermian.com.

 

	SEC Pricing				NYMEX Pricing
	Oil		Natural Gas		Oil		Natural Gas
	($ per Bbl)		($ per Mcf)		($ per Bbl)		($ per Mcf)
Calendar year 2025	$                       76.32		$                         2.13		$                       69.59		$                        3.66
Calendar year 2026	$                       76.32		$                         2.13		$                       66.45		$                        4.05
Calendar year 2027	$                       76.32		$                         2.13		$                       64.74		$                        3.98
Calendar year 2028	$                       76.32		$                         2.13		$                       63.71		$                        3.87
Calendar year 2029	$                       76.32		$                         2.13		$                       63.31		$                        3.60
After 2029	$                       76.32		$                         2.13		$                       63.31		$                        3.60

Reserve estimates above do not include any value for probable or possible reserves that may exist, nor do they include any value for undeveloped acreage. The reserve estimates represent our net revenue interest in our properties, all of which are located within the continental United States. NYMEX pricing does not comport with the reporting requirements of the SEC and should not be used as a substitute for or compared with estimates of proved reserves using SEC pricing.

DERIVATIVE INSTRUMENTS

The Company's oil and natural gas derivative contracts consisted of fixed price swaps, costless collars and basis swaps. The following table summarizes the open financial derivatives as of March 2, 2026, related to our future oil and natural gas production:

		2026 (1)								2027								2028
		First Quarter		Second Quarter		Third Quarter		Fourth Quarter		First Quarter		Second Quarter		Third Quarter		Fourth Quarter		First Quarter
Oil
WTI Oil Swaps
Volume (Bbl)		826,000		900,000		900,000		900,000		665,000		530,000		510,000		480,000
Weighted average price ($/Bbl)		$    61.56		$    62.05		$    61.76		$    61.56		$    60.77		$    60.61		$    60.19		$    60.45
WTI Oil Collars
Volume (Bbl)		516,000		486,000		480,000		460,000		415,000		477,000		340,000		165,000
Weighted average floor price ($/Bbl)		$    59.55		$    57.78		$    56.99		$    56.33		$    56.73		$    55.31		$    51.68		$    55.00
Weighted average ceiling price ($/Bbl)		$    77.16		$    73.54		$    72.31		$    68.63		$    66.63		$    68.35		$    66.02		$    67.81
Natural Gas
Henry Hub Natural Gas Swaps
Volume (MMBtu)		1,005,000		450,000		300,000		500,000		600,000
Weighted average price ($/MMBtu)		$       3.97		$       3.64		$       3.59		$       4.07		$       4.19
Henry Hub Natural Gas Collars
Volume (MMBtu)		225,000		900,000		900,000		600,000		450,000
Weighted average floor price ($/MMBtu)		$       3.67		$       3.05		$       3.05		$       3.43		$       3.80
Weighted average ceiling price ($/MMBtu)		$       4.30		$       3.74		$       3.74		$       4.79		$       5.84
Waha Basis Swaps
Volume (MMBtu)		450,000		450,000		450,000		600,000		3,150,000		3,150,000		3,150,000		3,150,000		1,800,000
Weighted average price ($/MMBtu)		$     (2.01)		$       (2.26)		$       (2.26)		$       (1.31)		$     (0.94)		$     (0.95)		$     (0.95)		$     (0.95)		$     (1.01)

___________________
(1)	Q1 2026 derivative positions shown include 2026 contracts, some of which have settled as of March 2, 2026.

Interest Rate Contracts

The following table summarizes the open interest rate derivative positions as of March 2, 2026:

Open Coverage Period		Position		Notional Amount		Fixed Rate
				(In thousands)
March 2026 - April 2026		Long		$                      30,000		3.18 %
March 2026 - April 2026		Long		$                      50,000		3.04 %
April 2026 - April 2027		Long		$                      45,000		3.90 %

 

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SOURCE Riley Exploration Permian, Inc.

FAQ

What did Riley Permian (REPX) report for Q4 2025 net income and EPS?

Riley Permian reported $85 million net income for Q4 2025, or $4.02 per diluted share. According to the company, this figure reflects operating results, derivative gains, and a pre-tax gain from the midstream sale recorded in the quarter.

How much debt did REPX reduce and what is its year-end leverage ratio?

Riley Permian reduced total debt by $120 million and reported a year-end debt-to-Adjusted EBITDAX of 1.0x. According to the company, reductions included $115 million principal on the Credit Facility and $5 million on Senior Notes.

What is Riley Permian's 2026 production and capital expenditure guidance (REPX)?

The company guided to full-year 2026 production of 35.0–37.0 MBoe/d and total capex of $190–210 million. According to the company, guidance reflects scheduled development activity and current midstream/service assumptions.

What did REPX say about its midstream sale and proceeds in 2025?

Riley Permian sold membership interests in Dovetail Midstream for $123 million cash plus up to $60 million contingent on volumetric targets. According to the company, the transaction generated a pre-tax gain of $72 million in Q4.

How did Riley Permian's proved reserves change at year-end 2025 (REPX)?

Proved reserves increased to 147 MMBoe, up 24 MMBoe (19%) year-over-year, with PDP rising to 87 MMBoe. According to the company, extensions, discoveries and an acquisition drove the increase.

What shareholder returns actions did REPX announce for investors in 2025–2026?

The company increased the quarterly dividend by 5% to $0.40 and authorized a $100 million share buyback program. According to the company, buybacks began in January 2026 with repurchases totaling $4 million.