Riley Exploration Permian, Inc. · AMEX:REPX
Riley Exploration Permian — Q1 2026 Earnings Presentation
20 slides from Riley Exploration Permian's earnings presentation, May 7, 2026
Slide 1: Q1’26 Investor Presentation
Q1’26 Investor Presentation May 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Forward-Looking Statements This presentation contains projections and other forward-looking statements within the meaning of federal securities laws. These projections and statements reflect Riley Exploration Permian, Inc.’s (“Riley Permian”) current views with respect to
Slide 3: Riley Permian Overview
Riley Permian Overview Riley Permian is a growth-oriented upstream company operating in the Northwest Shelf of Texas and New Mexico, with infrastructure projects that complement our operations Founded in 2016 and achieved public listing in 2021 Riley Permian by the Numbers via reverse merger ~$1.0 B
Slide 4: Riley Permian Asset Overview
Riley Permian Asset Overview Riley Permian operates in the Northwest Shelf of the Permian Basin in Yoakum County, TX and Eddy County, NM NEW MEXICO Champions Field – Yoakum County, TX Primary Formation Target: ▪ San Andres Yoakum Co. Northwest Shelf Net Acres (% HBP)(1): ▪ ~31,000 Net Acres (89% HBP
Slide 5: Riley Permian Has a Deep, High Value Inventory Base
Riley Permian Has a Deep, High Value Inventory Base Riley Permian wells benefit from high production rates, shallow declines and low well costs OilProduction Oil ProductionRates RatesOver overTime Time (1) Cumulative Oil Prod. Over Time(1) Net Locations by DROI(2)(3) Bbls/d per 1,000’ of Lateral Len
Slide 6: Track Record of Growth Across Price Cycles
Track Record of Growth Across Price Cycles Total Production per Share(1) Barrels of Oil Equivalent per 1,000 Shares 504 398 344 215 189 2021 2022 2023 2024 2025 (1) Represents total production volumes divided by average basic shares outstanding for the period 6
Slide 7: Track Record of Returning Capital to Shareholders
Track Record of Returning Capital to Shareholders 1 History of paying a fixed dividend every quarter as a public company ▪ Track record of raising dividend annually $0.40 $0.40 $0.40 $0.38 $0.38 $0.38 $0.38 $0.36 $0.36 $0.36 $0.36 ▪ 4.4% current dividend yield $0.34 $0.34 $0.34 $0.34 $0.31 $0.31 $0.
Slide 8: 1Q26 Financial Highlights
1Q26 Financial Highlights Key Results 1Q26 1Q26 Highlights Drilling and completions activity focused primarily in TX in 1Q26 Total Daily Production 35.6 ▪ Texas: 12.5 net wells drilled, 12.8 net wells completed and 8.0 net wells turned to sales MBoe/d ▪ New Mexico: 3.1 net wells drilled, no wells co
Slide 9: Sold Midstream Project – Expected to be Operational in 2H26
Sold Midstream Project – Expected to be Operational in 2H26 Sale fulfills Riley’s key midstream objectives plus meaningfully reduced debt and leverage ▪ Targa Northern Delaware LLC acquired Riley Permian’s subsidiary Dovetail Significantly Reduced Debt and Leverage Midstream, LLC in December 2025, i
Slide 10: Accelerated Organic Production and Cash Flow Growth
Accelerated Organic Production and Cash Flow Growth Capex and Acquisitions ($MM)(1) Daily Oil Production (MBbls/d) Capex is growing but is funded with operating cash flow Forecasting ~30% annual oil production growth in 2026 25 $600 Upstream Capex Midstream Capex Acquisitions 22.5 $500 $466 20 Capex
Slide 11: Full-Year 2026 Oil Price Sensitivity
Full-Year 2026 Oil Price Sensitivity Revenue Net of Derivative Settlements ($MM) Adjusted EBITDAX ($MM)(1) Total Free Cash Flow ($MM)(1) $600 $400 $150 $500 $125 $300 $400 $100 $300 $200 $75 $200 $50 $100 $100 $25 $0 $0 $0 $60 $70 $80 $90 $60 $70 $80 $90 $60 $70 $80 $90 WTI ($ / Bbl) WTI ($ / Bbl) W
Slide 12: 2Q 2026 and Updated Full-Year 2026 Guidance
2Q 2026 and Updated Full-Year 2026 Guidance Q2 2026 Full-Year 2026 Metric Guidance Guidance Activity and Production 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 P
Slide 13: Appendix
Appendix 13
Slide 14: Capitalization and Debt Maturity Profile
Capitalization and Debt Maturity Profile REPX Capitalization and Leverage Debt Maturity Profile(3)(4) $400MM Elected MM, except share price Commitments(3) $MM Total Common Stock Outstanding (5/4/26) 21.7 Share Price (5/4/26) $36.56 Sr. Notes (scheduled qrtly pmts) Market Capitalization $793 Sr. Note
Slide 15: Equity Ownership and Research Analyst Coverage
Equity Ownership and Research Analyst Coverage Equity Ownership Research Analyst Coverage 12% Daniel Steffens Energy Prospectus 6% dmsteffens@comcast.net Nick Pope 10% Roth Capital npope@roth.com Derrick Whitfield Texas Capital 72% derrick.whitfield@texascapital.com Gabe Daoud Truist Gabe.Daoud@trui
Slide 16: Recent Sponsor Monetizations Have Improved Trading Liquidity
Recent Sponsor Monetizations Have Improved Trading Liquidity Outstanding Shares (MM) and Public Float (%) 30-Day Average Daily Trading Volume (000’s) and Value ($MM) 19% 22% 31% 44% 47% 72% $0.6 $1.1 $2.1 $3.4 $3.7 $16.0 21.7 21.7 438 21.5 19.8 20.2 20.4 6.1 12.0 11.5 14.0 16.0 15.7 15.6 137 104 9.5
Slide 17: Debt Summary
Debt Summary 1 42% of principal value of debt at 3/31/26 is hedged through 2 75% of the principal value of debt at 3/31/26 is fixed rate or April ’27; SOFR swaps in place for $45MM(1) of notional hedged absent any paydown on the credit facility through value through April ’27 April ’27 Elected Princ
Slide 18: Power Joint Venture Projects
Power Joint Venture Projects Riley Permian formed RPC Power LLC, a 50/50 JV with partner Conduit Power, LLC, to focus on power generation in response to market dynamics affecting Permian Basin natural gas and power markets Projects Objectives Design Status Project 1: ▪ Improve reliability for our ▪
Slide 19: Hedging Summary
Hedging Summary Positions as of 5/4/26 2026 2027 2028 2Q 3Q 4Q FY 2026 1Q 2Q 3Q 4Q FY 2027 1Q Crude Oil (WTI) Fixed Swap - Volume Bbls 950,000 860,000 820,000 3,456,000 755,000 650,000 630,000 605,000 2,640,000 330,000 Weighted Average Price $/Bbl $62.51 $61.65 $61.42 $61.81 $61.79 $61.68 $61.38 $61
Slide 20: Implied Oil Price Realizations at Various WTI Prices
Implied Oil Price Realizations at Various WTI Prices 2Q26-4Q26 Implied Oil Price Realizations 2027 Implied Oil Price Realizations at Various WTI Prices(1)(2) at Various WTI Prices(1) Production Hedge %(3): 67% (61% swaps / 39% collars) Production Hedge %(3): 47% (62% swaps / 38% collars) Average Dow
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