Riley Exploration Permian, Inc. · AMEX:REPX
Riley Exploration Permian — FY2024 Earnings Presentation
21 slides from Riley Exploration Permian's earnings presentation, March 2025
Slide 1: Investor Presentation March 2025
Investor Presentation March 2025
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: Corporate Overview and Strategy
Corporate Overview and Strategy Riley Permian is a growth-oriented energy company with operations 4Q24 Production 25.0 Mboe/d in Texas and New Mexico Our oil-focused and capital efficient asset base enables optionality on our Equity Market Cap(1) ~$620MM corporate investment allocation: Enterprise V
Slide 4: Oil-Focused, Permian Asset Base
Oil-Focused, Permian Asset Base 1. Upstream focus: applying modern horizontal drilling and completions techniques to oil-saturated and liquids-rich formations 4Q24 Commodity Splits Oil Natural Gas NGL 2. Regional focus: Northwest Shelf of the Permian Basin 20% • Two core assets in West Texas and Sou
Slide 5: Riley’s Assets Compete with Core Permian on Productivity
Riley’s Assets Compete with Core Permian on Productivity Riley’s wells to date have experienced lower relative Riley’s wells to date have outperformed Midland and declines versus Delaware and Midland basin wells Delaware basin wells on a 5-year basis Oil Production Rates over Time Cumulative Oil Pro
Slide 6: Riley’s Assets Compete with Core Permian on Economics
Riley’s Assets Compete with Core Permian on Economics Riley’s well costs on an absolute and relative basis are The combination of higher productivity and lower well lower than average Delaware and Midland basin wells costs can lead to significantly lower breakeven costs 2024 Vintage Average Well Cos
Slide 7: Track Record of Growth
Track Record of Growth Adjusted EBITDAX(1) Total FCF(1) Shareholders’ Equity $MM $MM $MM 511 284 117 246 422 333 176 70 56 238 97 8 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024 (1) A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on
Slide 8: Track Record of Direct Return of Capital
Track Record of Direct Return of Capital History of paying fixed 8% CAGR since May 2021 1 dividends every quarter as a public company $0.38 $0.38 $0.36 $0.36 $0.36 $0.36 $0.34 $0.34 $0.34 $0.34 Quarterly Dividends Paid, $/Sh. $0.31 $0.31 $0.31 $0.31 History of raising dividends 2 annually $0.28 $0.2
Slide 9: Balanced Capital Allocation in 2024
Balanced Capital Allocation in 2024 Reinvestment in Upstream Excess Upstream FCF Allows for Development for Volume Growth Optionality 56% Upstream FCF 44% reinvestment rate for 2024 conversion rate for 2024 Achieving Y/Y production volume growth Invested in ancillary projects and a small with a disc
Slide 10: New Mexico Gas Midstream Project
New Mexico Gas Midstream Project • Optimize flow assurance for gas, enabling more robust development of Riley’s New Mexico assets New Mexico • Control operations of critical intermediary transport for Yoakum REPX Lea long-term value creation Northwest Objectives • Access multiple treating and proces
Slide 11: Power Generation Projects
Power Generation Projects Riley Permian formed a joint venture in 2023 - RPC Power LLC, with partner Conduit Power LLC – to focus on power generation in response to market dynamics affecting Permian Basin natural gas and power markets Objectives Design Status 20MW Thermal Nameplate • Improve reliabi
Slide 12: 4Q24 and Full-Year 2024 Results
4Q24 and Full-Year 2024 Results Summary [ insert footnotes here ] 12
Slide 13: Highlights from 4Q24 Earnings Release
Highlights from 4Q24 Earnings Release Upstream 1 Production 2 Cash Flow 3 4 FCF Conversion Reinvestment Increased oil production by 3% Generated $51MM of CFFO Reinvested 38% of CFFO into Converted 56% of CFFO into Q/Q to 15.9MBbls/d with total and $69MM of Adjusted Upstream Capex on an accrual Upstr
Slide 14: Drivers of Quarter-over-Quarter Change in Cash Flow
Drivers of Quarter-over-Quarter Change in Cash Flow Cash Flow From Operations (CFFO)(1) Total Free Cash Flow (FCF)(2) Q/Q: 3 Months Ending 12/31/24 vs 9/30/24 Q/Q: 3 Months Ending 12/31/24 vs 9/30/24 60.5 0.8 1.9 37.8 (2.7) (2.7) 51.0 (6.7) (0.1) (9.5) $MM $MM 17.7 (10.6) 3Q24 Volumes Price Hedge LO
Slide 15: Drivers of Year-over-Year Change in Cash Flow
Drivers of Year-over-Year Change in Cash Flow Cash Flow From Operations (CFFO)(1) Total Free Cash Flow (FCF)(2) Y/Y: 12 Months Ending 12/31/24 vs 12/31/23 Y/Y: 12 Months Ending 12/31/24 vs 12/31/23 40.0 19.1 0.1 25.6 117.1 (2.5) 2.0 227.4 (19.4) (18.0) 206.1 21.3 $MM 70.2 $MM 2023 Volumes Price Hedg
Slide 16: Appendix
Appendix [ insert footnotes here ] 16
Slide 17: 2025 Guidance
2025 Guidance 2 0 2 4 Actual 2 0 2 5 Guidance Activity and Production Guidance Gross N et 1 Q2 5 N et F Y 2 5 N et Operated W ell Activity ( 1) Drilled # 30 25.1 - 17.6 - 19.0 Completed # 20 19.2 6.0 - 6.5 19.2 - 23.3 Turned to Sales # 22 21.2 - 19.2 - 23.3 Non-Operated D&C # 1 0.1 - 1.3 - 2.0 N et
Slide 18: Hedging Program Summary
Hedging Program Summary Hedging Strategy: protect downside, meet debt convent obligations, reduce volatility and maintain upside exposure Metric Oil (WTI) Natural Gas (HH) Production Hedge % - Forward 12 Months(1) 50% 63% % Mix of Swaps vs Collars – Forward 12 Months 43% Swaps | 57% Collars 55% Swap
Slide 19: Hedging Summary Positions as of 2/28/25
Hedging Summary Positions as of 2/28/25 2025 2026 2027 Calendar Quarters 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q CRUDE OIL (WTI) Fixed Swap - Volume, Bbls/Qtr 435,000 555,000 375,000 330,000 - - - - - - - - Weighted Average Price, $/Bbl $74.48 $71.95 $69.62 $69.21 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.
Slide 20: Equity Ownership and Research Analyst Coverage
Equity Ownership and Research Analyst Coverage Equity Ownership Research Analyst Coverage 21% Firm Analyst E-mail 21% 1 Truist Neal Dingmann neal.dingmann@truist.com 45% 10% Texas 2 Derrick Whitfield derrick.whitfield@texascapital.com Capital Bank 3% >5% Holders & Insiders as of 2/28/25 (1) Shares (
Slide 21: Year End 2024 Debt Summary
Year End 2024 Debt Summary • SOFR swaps in place for $80MM of notional value through 1Q26 and $45MM in place through 1Q27, corresponding to 70% of principal value of floating-rate debt at 12/31/24 • Approximately 88% of the principal value of debt is fixed rate or hedged absent any paydown on the cr
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