Riley Exploration Permian, Inc. · AMEX:REPX
Riley Exploration Permian — Q2 2025 Earnings Presentation
24 slides from Riley Exploration Permian's earnings presentation, Aug 7, 2025
Slide 1: Investor Presentation
Investor Presentation Investor Presentation August 2025 August 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: Riley Permian Overview
Riley Permian Overview • Riley Permian is a growth-oriented • Pursuing strategic acquisitions – closed upstream company operating in Texas Silverback on July 1, 2025 ~$950MM Enterprise Value(2) and New Mexico, with midstream and power projects that complement our • Returning excess capital to shareh
Slide 4: Riley's Assets Compete with Core Permian on Economics
Riley’s Assets Compete with Core Permian on Economics Riley’s wells to date have experienced lower Riley’s wells to date have outperformed Riley’s volume productivity combined with relative declines versus Delaware and Midland and Delaware basin wells on lower well costs can lead to significantly Mi
Slide 5: New Mexico: Creating Scale in a New Core Region
New Mexico: Creating Scale in a New Core Region • Creating scale via three acquisitions completed during 2023-2025 Significant Undeveloped Potential • Overlapping and adjacent location provides for synergies in direct operations in NM Represents Future Growth and across gas / water / power infrastru
Slide 6: Track Record of Growth with Intentional Slowing During Lower Oil Prices
Track Record of Growth with Intentional Slowing During Lower Oil Prices Production per Share(1) Adjusted EBITDAX(2) Boe/Sh $MM 0.40 0.42 0.34 284 271 246 0.21 176 0.17 97 (3) (3) 2021 2022 2023 2024 LTM 2021 2022 2023 2024 LTM 2Q25 2Q25 Book Value of Equity per Share(1) Total Free Cash Flow(2) $/Sh
Slide 7: Disciplined Upstream Reinvestment Allows for Excess Optionality
Disciplined Upstream Reinvestment Allows for Excess Optionality CFFO Allocation Upstream FCF Allocation Last 12 Months through 6/30/25 Last 12 Months through 6/30/25 7% 40.5% 59.5% Balance Sheet & Power JV Upstream Upstream FCF Other 14% Reinvestment 54% Midstream $214MM $127MM 25% Dividends Notes:
Slide 8: Positioning for a Range of Oil Price Environments
Positioning for a Range of Oil Price Environments 3Q25–4Q25 Implied Oil Price Realizations 2026 Implied Oil Price Realizations at Various WTI Prices(1)(2) at Various WTI Prices(1) Production Hedge %(3) 76% (60% swaps / 40% collars) 54% (56% swaps / 44% collars) Average Downside Price $66 $60 Materia
Slide 9: Resilient Free Cash Flow and Dividend Coverage Across a Wide Range of Oil Prices
Resilient Free Cash Flow(1) and Dividend Coverage Across a Wide Range of Oil Prices 2025 Forecasted Total FCF(1) Sensitivity Based on Oil Price(2) 150 25% (3) FCF(1) yield on market value of equity 125 20% Total FCF(1) forecasted to be lower from Upstream FCF(1) ($MM) 100 FCF(1) due to midstream 15%
Slide 10: Track Record of Direct Return of Capital
Track Record of Direct Return of Capital History of paying fixed 1 dividends every quarter as a $0.36 $0.36 $0.36 $0.36 $0.38 $0.38 $0.38 $0.38 public company $0.34 $0.34 $0.34 $0.34 Quarterly Dividends Paid, $/Sh. $0.31 $0.31 $0.31 $0.31 $0.28 $0.28 2 6.0% current dividend yield 3.4x annual dividen
Slide 11: New Mexico Gas Midstream Project
New Mexico Gas Midstream Project Objectives Design Status • Construct high-pressure pipeline • Commissioned the initial phases of (150-MMcfd capacity) to connect Riley Permian NEW MEXICO TEXAS low-pressure gathering and high- Riley Permian assets to large-cap pressure compression facilities midstrea
Slide 12: 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 Objectives Design Status • Improve reliability for our 20MW Thermal Nameplate
Slide 13: 2Q25 and Results Summary
2Q25 and Results Summary 13
Slide 14: Highlights from 2Q25 Earnings Release
Highlights from 2Q25 Earnings Release 2Q25 Results did not include the impact of the Silverback acquisition, which closed 7/1/25, other than for the debt increase related to paying the purchase price deposit Upstream Production Cash Flow FCF Conversion Reinvestment Oil production decreased 3% Q/Q Ge
Slide 15: 1H25 Adjusted Activity in Response to Lower Oil Prices
1H25 Adjusted Activity in Response to Lower Oil Prices New Well Activity, Upstream Capex, Upstream Reinvestment(1) vs. Net # $MM FCF(2) Conversion, % 54 11.7 48 9.7 10.0 41 42 41% 8.5 8.3 47% 5.8 59% 53% 1H24 1H25 1H24 1H25 1H24 1H25 (3) (4) Drilled Completed Turned to Sales Accrual (3) Cash (3) E&P
Slide 16: 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 6/30/25 vs 3/31/25 Q/Q: 3 Months Ending 6/30/25 vs 3/31/25 55.6 36.4 (1.7) 2.9 46.6 4.0 0.8 (9.0) (15.0) $MM $MM 17.8 (9.6) 1Q25(1) Volumes Price Hedge LOE + Inc
Slide 17: 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: 6 Months Ending 6/30/25 vs 6/30/24 Y/Y: 6 Months Ending 6/30/25 vs 6/30/24 5.0 61.6 115.9 6.5 54.3 8.0 102.1 (0.2) (0.9) (25.7) (13.8) Hedges offset 31% Reduced capex $MM of price dec
Slide 18: Updated 2025 Guidance
Updated 2025 Guidance 3 Q2 5 4 Q2 5 F ull-Y ear 2 0 2 5 Activity and Production Guidance N et Operated W ell Activity Drilled # 0.0 - 1.0 8.3 - 8.5 18.3 - 19.5 Completed # 5.0 - 6.0 1.0 - 3.0 14.2 - 17.2 Turned to Sales # 5.5 - 7.5 3.0 - 4.0 14.2 - 17.2 Non-Operated D&C # 0.0 - 0.5 0.3 - 1.3 0.3 - 1
Slide 19: Appendix
Appendix ig)
Slide 20: Hedging Summary Positions as of 8/1/25
Hedging Summary Positions as of 8/1/25 2025 2026 2027 Calendar Quarters 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q CRUDE OIL Fixed Swap - Volume, Bbls/Qtr 728,213 679,947 561,000 525,000 465,000 495,000 245,000 80,000 - - Weighted Average Price, $/Bbl $67.43 $66.93 $62.22 $61.93 $61.30 $60.85 $61.37 $61.83 $0.00
Slide 21: Operating Challenges and Opportunities in the Permian Basin
Operating Challenges and Opportunities in the Permian Basin Industry and Riley Permian Challenge Industry Themes Riley Permian Anecdotes Opportunities Natural Gas • Permian Basin associated gas production • Combination of large basis differentials • Improving demand fundamentals from continues to ou
Slide 22: Equity Ownership and Research Analyst Coverage
Equity Ownership and Research Analyst Coverage Equity Ownership Research Analyst Coverage 21% Firm Analyst E-mail 19% Texas 1 Capital Bank Derrick Whitfield derrick.whitfield@texascapital.com 10% 44% 6% 2 Roth John White jwhite@roth.com >5% Holders & Insiders as of 8/1/25 (1) Shares (MM) Ownership %
Slide 23: Debt Summary
Debt Summary • SOFR swaps in place for $80MM of notional value through 2Q26 and $45MM in place through 1Q27, corresponding to 62% of principal value of floating-rate debt at 6/30/25 • Approximately 83% of the principal value of debt at 6/30/25 is fixed rate or hedged absent any paydown on the credit
Slide 24: Debt De-Leveraging and Maturity Profile
Debt De-Leveraging and Maturity Profile Track Record of De-Leveraging Long Maturity Profile Affords Post Acquisition Opportunity for Future Refinancing Historical LTM(1) Leverage Riley Permian Debt Maturity Profile(2)(3) ($MM) Pecos NM Acquisition Acquisition (Undisclosed Seller) 1.6x $400mm Total C
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