Riley Permian (NYSE: REPX) grows Q1 2026 output but books $70M net loss

Rhea-AI Filing Summary

Riley Exploration Permian, Inc. reported strong first-quarter 2026 operating results but a GAAP loss driven by hedge mark-to-market. For the quarter ended March 31, 2026, revenue was $114 million and total equivalent production averaged 35.6 MBoe/d, with oil at 20.2 MBbls/d.

Operating income was $44 million and operating cash flow was $47 million, while Adjusted EBITDAX was $61 million and Total Free Cash Flow was $24 million. The company recorded a net loss of $70 million, or $(3.38) per diluted share, mainly due to a $127 million net loss on derivatives.

The company incurred $47 million of total accrual capital expenditures and $31 million of cash capital expenditures, reduced debt by $8 million to $247 million of total principal, repurchased 152 thousand shares for $4 million, and paid a $0.40 per share dividend totaling about $8 million. Full-year 2026 guidance calls for 37.5–39.5 MBoe/d of production and $200–$220 million of total capital expenditures.

Insights

Energy sector earnings analyst

Operational growth was strong, but hedge losses drove a large accounting net loss.

Riley Exploration Permian increased Q1 2026 total production to 35.6 MBoe/d from 24.4 MBoe/d a year earlier, with oil at 20.2 MBbls/d. Revenue reached $113.9M and income from operations was $43.7M, showing solid underlying operations.

The reported net loss of $70.4M stems largely from a $127M net loss on derivatives, including a $115M non-cash fair value loss. Cash metrics were healthier, with operating cash flow of $47.2M, Adjusted EBITDAX of $60.9M and Total Free Cash Flow of $23.5M.

Leverage appears contained, with quarter-end debt-to-Adjusted EBITDAX at 1.0x and total principal debt of $247M. For full-year 2026, the company guides to 37.5–39.5 MBoe/d of production and $200M–$220M of capital expenditures, implying continued growth but also a sizable investment program.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Revenue: $113.9M Net income (loss): $(70.4M) Adjusted EBITDAX: $60.9M +5 more

8 metrics

Revenue $113.9M Oil and natural gas sales, net in Q1 2026

Net income (loss) $(70.4M) Q1 2026 net loss attributable to derivatives

Adjusted EBITDAX $60.9M Non-GAAP Adjusted EBITDAX in Q1 2026

Total Free Cash Flow $23.5M Total Free Cash Flow in Q1 2026

Daily production 35,600 Boe/d Average daily equivalent production Q1 2026

Total debt principal $247M Credit Facility and Senior Notes as of March 31, 2026

Share repurchases 152,000 shares, $4.0M Q1 2026 stock buybacks at $26.54 average price

Dividend $0.40/share, ~$8.4M Cash dividend paid in Q1 2026

Key Terms

Adjusted EBITDAX, Total Free Cash Flow, costless collars, Waha Basis Swaps, +2 more

6 terms

Adjusted EBITDAX financial

"On a non-GAAP basis, Adjusted EBITDAX(1) was $61 million"

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

"Total Free Cash Flow(1) was $24 million and Adjusted Net Income(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.

costless collars financial

"derivative contracts consisted of fixed price swaps, costless collars and basis swaps"

A costless collar is a hedging strategy where an investor buys a protective option that limits losses and simultaneously sells an option that caps gains so the two premiums roughly cancel out. Think of it like buying insurance on a car while agreeing to share any big windfall from its sale with the insurer — it protects your downside without an upfront payment, but it also limits how much you can profit. Investors use it to reduce risk on a position while preserving capital and avoiding immediate cash outlay.

Waha Basis Swaps financial

"Waha Basis Swaps Volume (MMBtu) 450,000 ... Weighted average price ($/MMBtu)"

asset retirement obligations financial

"Asset retirement obligations | | 59,426 | | | 59,977"

Asset retirement obligations are a company’s recorded promise to pay for dismantling, cleaning up, or restoring property when a long-lived asset is retired — for example decommissioning a plant or removing equipment. Companies estimate the future cleanup cost today and book it as a liability (and add the cost to the asset), so it affects the balance sheet, reported profits over time, and future cash needs; investors watch it like a planned bill that can reduce cash available for returns.

equity method investment financial

"Equity method investment | | 39,820 | | | 36,188"

An equity method investment is an accounting way to report ownership in another company when an investor has significant influence (commonly around 20–50% of voting rights). Instead of listing the other company’s full assets and debts, the investor records its share of that company’s profits or losses on its own income statement—like keeping track of your share of a neighborhood bakery’s monthly earnings. Investors care because those shared profits, losses and changes in the investee’s value directly affect the investor’s reported earnings and balance sheet, so this method can materially change a company’s financial picture and valuation.

Offering Details

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Offering

Offering Type earnings_snapshot

Understanding 8-K Material Events →

0001001614FALSE00010016142026-05-062026-05-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2026

Riley Exploration Permian, Inc.

(Exact name of registrant as specified in its charter)

Delaware			1-15555			87-0267438
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

29 E. Reno Avenue, Suite 500

Oklahoma City, Oklahoma 73104

Address of Principal Executive Offices, Including Zip Code)

405-415-8699

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

REPX

NYSE American

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On May 6, 2026, Company announced its financial condition and results of operations for the three months ended March 31, 2026. In connection with this announcement, the Company issued an earnings press release (the “Earnings Release”). A copy of this document is furnished as Exhibit 99.1 to this Form 8-K and is available on the Company’s website at www.rileypermian.com.

In accordance with General Instructions B.2. of Form 8-K, the information described in this Item 2.02, including the matters discussed on the Company’s earnings conference call, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits

(d)    Exhibits

Exhibit No.			Description
99.1			Press Release dated May 6, 2026.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						RILEY EXPLORATION PERMIAN, INC.
Date:			May 6, 2026			By:			/s/ Philip Riley
									Philip Riley
									Chief Financial Officer and Executive Vice President of Strategy

Exhibit 99.1

Riley Permian Reports First Quarter 2026 Results

OKLAHOMA CITY, May 6, 2026 -- Riley Exploration Permian, Inc. (NYSE American: REPX) (“Riley Permian” or the “Company”), today reported financial and operating results for the first quarter ended March 31, 2026.

FIRST QUARTER 2026 HIGHLIGHTS

•Reported 35.6 MBoe/d of total equivalent production (oil production of 20.2 MBbls/d)

•Generated $47 million of operating cash flow or $55 million before changes in working capital(1) and $24 million of Total Free Cash Flow(1)

•Incurred total accrual (activity-based) capital expenditures before acquisitions of $47 million and cash capital expenditures before acquisitions of $31 million

•Reduced debt by $8 million with a quarter-end debt-to-Adjusted EBITDAX(1) ratio of 1.0x(2)

•Repurchased 152 thousand shares of stock for $4 million

Bobby Riley, Chief Executive Officer and Chairman of the Board commented, “Our first quarter results reflect strong operational execution, with production exceeding guidance and capital spending below expectations. Gas and NGL realizations were negatively impacted by regional gas egress constraints, which tempered cash flow results. Despite these regional pricing pressures, the broader operating environment remains constructive, and we remain confident in our outlook for meaningful year-over-year production growth and value creation throughout 2026.”

___________________

(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 based on principal debt outstanding as of March 31, 2026, divided by Last Twelve Months Adjusted EBITDAX(1).

Exhibit 99.1

OPERATIONS AND DEVELOPMENT ACTIVITY UPDATE

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

						Three Months Ended March 31, 2026
						Gross(1)						Net(2)
Wells Drilled
Texas						13						12.5
New Mexico						4						3.1
Total						17						15.6
Wells Completed
Texas						13						12.8
New Mexico						—						—
Total						13						12.8
Wells Turned to Sales
Texas						8						8.0
New Mexico						—						—
Total						8						8.0

___________________

(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 March 31,
						2026						2025
Total Equivalent Production (MBoe/d)
Texas						20.5						17.1
New Mexico						15.1						7.3
Total						35.6						24.4
Oil Production (MBbls/d)
Texas						12.8						12.0
New Mexico						7.4						3.6
Total						20.2						15.6

FIRST QUARTER 2026 FINANCIAL RESULTS

Revenues totaled $114 million, operating income was $44 million, operating cash flow was $47 million and net loss was $70 million, or $(3.38) per diluted share.

On a non-GAAP basis, Adjusted EBITDAX(1) was $61 million, cash flow from operations before changes in working capital(1) was $55 million, Total Free Cash Flow(1) was $24 million and Adjusted Net Income(1) was $21 million, or $1.02 per diluted share.

Average realized prices, before derivative settlements, were $68.89 per barrel of oil, $(1.68) per Mcf of natural gas and $(6.22) per barrel of natural gas liquids (“NGL”).

Realized natural gas prices before gathering, processing and transportation costs (“GP&T costs”) were negatively impacted by Waha pricing and wider differentials to Henry Hub driven by ongoing regional pipeline constraints, despite higher benchmark Henry Hub prices. Realized NGL prices before GP&T costs declined primarily due to lower Mont Belvieu pricing during the

___________________

(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.

Exhibit 99.1

quarter. NGL sales were further pressured by cost allocation effects, as lower realized natural gas revenues resulted in a greater proportion of GP&T costs being allocated to NGLs than in typical periods.

The Company reported a $12 million realized loss on derivative settlements, reflecting cash settlements on financial contracts linked to crude oil prices, and a $115 million non-cash loss due to the changes in the fair value of derivatives that will settle in future periods for a combined $127 million net loss on derivatives. Unrealized derivatives reflect the accounting remeasurement of the Company’s derivative portfolio based on changes in the market value of contracts that remain open and do not represent current-period cash inflows or outflows. In addition, unrealized derivatives will either be partially offset or entirely offset by the increased revenues from corresponding production over the same contract period.

Operating expenses included lease operating expense of $24 million, or $7.51 per Boe, administrative costs of $8 million, or $2.53 per Boe and production and ad valorem taxes of $9 million or $2.82 per Boe.

The Company incurred $47 million in total accrued capital expenditures. On a cash basis, the Company had total capital expenditures of $31 million. The Company invested $4 million in its power-focused joint venture, RPC Power.

The Company reduced total debt by $8 million, including a $3 million reduction on the Credit Facility and $5 million reduction on the Senior Notes. As of March 31, 2026, the Company had $107 million of borrowings outstanding on its Credit Facility and $140 million principal value of its Senior Notes, for a combined principal value of debt of $247 million. Interest expense, net was $6 million.

In January 2026, as part of our stock repurchase program, the Company repurchased 152 thousand shares of common stock at a weighted average price of $26.54 per share for a total of $4 million. The weighted average shares outstanding (basic and diluted) during the quarter was 20.9 million.

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

Exhibit 99.1

Selected Operating and Financial Data
(Unaudited)
						Three Months Ended
						March 31, 2026						December 31, 2025						March 31, 2025
Selected Financial Data (in thousands):
Oil and natural gas sales, net						$	113,881					$	97,277					$	102,457
Income from operations						$	43,670					$	26,161					$	49,502
Adjusted EBITDAX(1)						$	60,933					$	66,051					$	71,133
Cash flow from operations						$	47,176					$	64,868					$	50,381
Upstream accrual capital expenditures						$	47,087					$	28,204					$	19,434
Upstream cash capital expenditures						$	30,130					$	34,721					$	16,274
Total accrual capital expenditures						$	47,087					$	50,357					$	24,000
Total cash capital expenditures						$	31,184					$	50,960					$	19,153
Upstream Free Cash Flow(1)						$	24,554					$	17,238					$	39,307
Total Free Cash Flow(1)						$	23,500					$	999					$	36,428
Production Data, net:
Oil (MBbls)						1,814						1,850						1,406
Natural gas (MMcf)						3,781						3,848						2,228
NGLs (MBbls)						760						778						422
Total equivalent (MBoe)						3,204						3,269						2,199
Daily equivalent production (Boe/d)						35,600						35,533						24,433
Daily oil production (Bbls/d)						20,156						20,109						15,622
Average Realized Prices:(2)
Oil ($ per Bbl)						$	68.89					$	57.18					$	70.12
Natural gas ($ per Mcf)						$	(1.68)					$	(0.86)					$	0.71
NGLs ($ per Bbl)						$	(6.22)					$	(6.67)					$	5.41
Average Realized Prices, including the effects of derivative settlements:(2)(3)
Oil ($ per Bbl)						$	62.40					$	61.06					$	70.97
Natural gas ($ per Mcf)						$	(1.67)					$	(0.63)					$	0.68
NGLs ($ per Bbl)(4)						$	(6.22)					$	(6.67)					$	5.41
Weighted Average Common Shares Outstanding (in thousands):
Basic						20,869						21,120						21,111
Diluted						20,869						21,242						21,111

___________________

(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 gathering, processing and transportation costs. These costs, related to natural gas and NGLs, at times exceeded the price received and resulted in negative average realized prices.

(3)The Company's calculation of the effects of derivative settlements includes gains (losses) on the settlement of our commodity derivative contracts. These realized gains (losses), along with unrealized gains (losses) from changes in the fair value of derivatives, are included under other expense on the Company’s condensed consolidated statements of operations.

(4)During the periods presented, the Company did not have any NGL derivative contracts in place.

Exhibit 99.1

2026 GUIDANCE

Riley Permian is providing second quarter detailed guidance and updated 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.

Activity and Production						Q2 2026						Full-Year 2026
Net Operated Well Activity
Drilled (#)						18.0 - 20.0						42.0 - 48.0
Completed (#)						16.0 - 18.0						43.0 - 49.0
Turned to Sales (#)						22.0 - 24.0						44.0 - 50.0
Non-Operated, Net (#)						1.4 - 1.8						2.4 - 3.0
Net Production
Oil (MBbls/d)						20.7 - 21.3						22.0 - 23.0
Total Equivalent (MBoe/d)						35.0 - 37.0						37.5 - 39.5
Capital Expenditures and Investments (in millions)(1)
Upstream						$65 - $75						$175 - $190
Infrastructure and Other						$10 - $15						$25 - $30
Total Capital Expenditures						$75 - $90						$200 - $220
Power JV Investment						$2 - $3						$7 - $8
Total Investments						$77 - $93						$207 - $228

Operating and Corporate Costs

Q2 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

Exhibit 99.1

CONFERENCE CALL
In connection with the earnings release, Riley Permian management will host a conference call for investors and analysts on May 7, 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).

A replay of the call will be available until May 21, 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:

Ben McQueen

405-438-0126

IR@rileypermian.com

Exhibit 99.1

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, including basis differentials between published indices and the prices we actually receive for our production; 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 current 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.

Exhibit 99.1

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.

Exhibit 99.1

RILEY EXPLORATION PERMIAN, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
						(Unaudited)
						March 31, 2026						December 31, 2025
						(In thousands, except share amounts)
Assets
Current Assets:
Cash						$	15,809					$	17,889
Accounts receivable, net						56,629						41,045
Prepaid expenses						2,710						7,763
Inventory						7,919						7,929
Current derivative assets						—						19,141
Total Current Assets						83,067						93,767
Oil and natural gas properties, net (successful efforts)						1,018,168						995,539
Other property and equipment, net						22,784						21,872
Non-current derivative assets						1,388						5,117
Equity method investment						39,820						36,188
Funds held in escrow						1,196						1,196
Other non-current assets, net						13,658						15,899
Total Assets						$	1,180,081					$	1,169,578
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable						$	22,716					$	5,083
Accrued liabilities						44,377						37,690
Revenue payable						57,186						59,606
Current derivative liabilities						77,937						37
Current portion of long-term debt						20,000						20,000
Other current liabilities						41,439						34,089
Total Current Liabilities						263,655						156,505
Non-current derivative liabilities						14,587						112
Asset retirement obligations						59,426						59,977
Long-term debt						220,675						227,855
Deferred tax liabilities						62,811						86,119
Other non-current liabilities						5,487						4,768
Total Liabilities						626,641						535,336
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; 21,567,428 and 21,718,800 shares issued at March 31, 2026 and December 31, 2025, respectively						22						22
Additional paid-in capital						304,900						306,660
Retained earnings						248,518						327,560
Total Shareholders' Equity						553,440						634,242
Total Liabilities and Shareholders' Equity						$	1,180,081					$	1,169,578

Exhibit 99.1

RILEY EXPLORATION PERMIAN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
						Three Months Ended March 31,
						2026						2025
						(In thousands, except per share amounts)
Revenues:
Oil and natural gas sales, net						$	113,881					$	102,457
Total Revenues						113,881						102,457
Costs and Expenses:
Lease operating expenses						24,071						18,331
Production and ad valorem taxes						9,032						6,670
Exploration costs						967						9
Depletion, depreciation, amortization and accretion						25,720						19,138
General and administrative:
Administrative costs						8,120						7,438
Stock-based compensation expense						2,301						1,369
Total Costs and Expenses						70,211						52,955
Income from Operations						43,670						49,502
Other Expense:
Interest expense, net						(6,357)						(6,661)
Loss on derivatives, net						(126,970)						(5,850)
Loss from equity method investment						(368)						(119)
Loss on acquisitions and divestitures, net						(2,697)						—
Total Other Expense						(136,392)						(12,630)
Net Income (Loss) from Operations before Income Taxes						(92,722)						36,872
Income tax benefit (expense)						22,288						(8,239)
Net Income (Loss)						$	(70,434)					$	28,633
Net Income (Loss) per Share:
Basic						$	(3.38)					$	1.36
Diluted						$	(3.38)					$	1.36
Weighted Average Common Shares Outstanding:
Basic						20,869						21,111
Diluted						20,869						21,111

Exhibit 99.1

RILEY EXPLORATION PERMIAN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
						Three Months Ended March 31,
						2026						2025
						(In thousands)
Cash Flows from Operating Activities:
Net income (loss)						$	(70,434)					$	28,633
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Exploratory well costs and lease expirations						913						9
Depletion, depreciation, amortization and accretion						25,720						19,138
Loss on derivatives, net						126,970						5,850
Settlements on derivative contracts						(11,725)						1,115
Amortization of deferred financing costs and discount						1,182						1,182
Stock-based compensation expense						2,301						1,369
Deferred income tax benefit						(23,308)						(1,826)
Loss from equity method investment						368						119
Loss on acquisitions and divestitures, net						2,697						—
Other						—						(8)
Changes in operating assets and liabilities						(7,508)						(5,200)
Net Cash Provided by Operating Activities						47,176						50,381
Cash Flows from Investing Activities:
Additions to oil and natural gas properties						(29,570)						(16,150)
Additions to midstream property and equipment						(1,054)						(2,879)
Additions to other property and equipment						(560)						(124)
Acquisitions of oil and natural gas properties						(2,175)						—
Acquisitions of land						(544)						—
Proceeds from divestitures						7,607						—
Contributions to equity method investment						(4,000)						(6,250)
Distributions from equity method investment						1,487						—
Net Cash Used in Investing Activities						(28,809)						(25,403)
Cash Flows from Financing Activities:
Deferred financing costs						(26)						(140)
Proceeds from Credit Facility						8,000						—
Repayments under Credit Facility						(11,000)						(16,000)
Repayments of Senior Notes						(5,000)						(5,000)
Payment of cash dividends						(8,360)						(8,033)
Repurchase of common shares						(4,048)						—
Repurchase of common shares for tax withholding and other						(13)						(72)
Net Cash Used in Financing Activities						(20,447)						(29,245)
Net Decrease in Cash						(2,080)						(4,267)
Cash, Beginning of Period						17,889						13,124
Cash, End of Period						$	15,809					$	8,857

Exhibit 99.1

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 May 4, 2026, related to our future oil and natural gas production:

						2026 (1)																		2027																								2028
						Second Quarter						Third Quarter						Fourth Quarter						First Quarter						Second Quarter						Third Quarter						Fourth Quarter						First Quarter
Oil
WTI Oil Swaps
Volume (Bbl)						950,000						860,000						820,000						755,000						650,000						630,000						605,000						330,000
Weighted average price ($/Bbl)						$	62.51					$	61.65					$	61.42					$	61.79					$	61.68					$	61.38					$	61.62					$	70.18
WTI Oil Collars
Volume (Bbl)						541,000						570,000						550,000						475,000						537,000						400,000						225,000						180,000
Weighted average floor price ($/Bbl)						$	58.84					$	58.25					$	57.75					$	57.15					$	55.84					$	52.93					$	56.33					$	55.00
Weighted average ceiling price ($/Bbl)						$	73.60					$	72.66					$	69.59					$	66.42					$	67.97					$	65.87					$	67.06					$	73.33
Natural Gas
Henry Hub Natural Gas Swaps
Volume (MMBtu)						450,000						300,000						500,000						600,000
Weighted average price ($/MMBtu)						$	3.64					$	3.59					$	4.07					$	4.19
Henry Hub Natural Gas Collars
Volume (MMBtu)						900,000						900,000						600,000						450,000
Weighted average floor price ($/MMBtu)						$	3.05					$	3.05					$	3.43					$	3.80
Weighted average ceiling price ($/MMBtu)						$	3.74					$	3.74					$	4.79					$	5.84
Waha Basis Swaps
Volume (MMBtu)						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)						$	(2.26)					$	(2.26)					$	(1.31)					$	(0.94)					$	(0.95)					$	(0.95)					$	(0.95)					$	(1.01)

___________________

(1)Q2 2026 derivative positions shown include 2026 contracts, some of which have settled as of May 4, 2026.

Exhibit 99.1

Interest Rate Contracts

The following table summarizes the open interest rate derivative positions as of May 4, 2026:

Open Coverage Period

Position

Notional Amount

Fixed Rate

(In thousands)

May 2026 - April 2027

Long

$

45,000

3.90

%

FAQ

How did Riley Exploration Permian (REPX) perform financially in Q1 2026?

Riley Exploration Permian generated $114 million in revenue and $44 million of operating income in Q1 2026. Operating cash flow was $47 million, Adjusted EBITDAX was $61 million, and Total Free Cash Flow reached $24 million, highlighting solid cash generation despite a GAAP loss.

Why did Riley Exploration Permian report a net loss in Q1 2026?

The company reported a net loss of $70 million, or $(3.38) per diluted share, mainly due to derivatives. It recorded a $12 million realized loss on derivative settlements and a $115 million non-cash loss from changes in fair value, totaling a $127 million net derivatives loss.

What were Riley Exploration Permian’s Q1 2026 production levels?

Total equivalent production averaged 35.6 MBoe/d in Q1 2026, up from 24.4 MBoe/d a year earlier. Oil production averaged 20.2 MBbls/d, compared with 15.6 MBbls/d in Q1 2025, reflecting ongoing growth in both Texas and New Mexico volumes.

How much debt and leverage does Riley Exploration Permian have after Q1 2026?

As of March 31, 2026, the company had $107 million outstanding on its Credit Facility and $140 million of Senior Notes, for total principal debt of $247 million. It reduced debt by $8 million during the quarter and reported a 1.0x debt-to-Adjusted EBITDAX ratio.

What shareholder returns did Riley Exploration Permian provide in Q1 2026?

In Q1 2026, the company repurchased 152 thousand common shares at a weighted average price of $26.54, spending about $4 million. It also paid a cash dividend of $0.40 per share, totaling approximately $8 million to shareholders during the quarter.

What guidance did Riley Exploration Permian give for full-year 2026?

For full-year 2026, Riley Exploration Permian expects net production of 37.5–39.5 MBoe/d and upstream capital expenditures of $175–$190 million. Total capital expenditures are guided to $200–$220 million, with total investments, including the power joint venture, at $207–$228 million.

How are commodity price realizations affecting Riley Exploration Permian’s results?

Average realized prices were $68.89 per barrel for oil, $(1.68) per Mcf for natural gas, and $(6.22) per barrel for NGLs. Natural gas and NGL realizations were pressured by Waha pricing, regional pipeline constraints, lower Mont Belvieu pricing, and cost allocation effects on gathering, processing and transportation.

Filing Exhibits & Attachments

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• EX-99.1 EX-99.1 428.3 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 22.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.8 KB