Riley Exploration Permian, Inc. · AMEX:REPX
Riley Exploration Permian — Q1 2025 Earnings Presentation
23 slides from Riley Exploration Permian's earnings presentation, May 2025
Slide 1: Investor Presentation May 2025
Investor Presentation May 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 focused on 1Q25 Production 24.4 Mboe/d upstream, midstream and power activities in Texas and New Mexico Our oil-focused and capital efficient upstream asset base enables Equity Market Cap(1) ~$560MM optionality on our
Slide 4: Upstream: Oil-Focused, Permian Asset Base
Upstream: Oil-Focused, Permian Asset Base 1. Upstream focus: applying modern horizontal drilling and completions techniques to oil-saturated and liquids-rich formations 1Q25 Commodity Splits Oil Natural Gas NGL 2. Regional focus: Northwest Shelf of the Permian Basin 19% • Two core assets in West Tex
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: Silverback Acquisition – Highlights
Silverback Acquisition – Highlights Acquisition Overview Pro Forma Map • Strategic acquisition directly adjacent and overlapping with Riley Permian’s Riley Permian existing New Mexico position in the Yeso Trend, providing for significant Yeso Silverback operational flexibility and synergies Trend •
Slide 8: Silverback Acquisition – Transaction Mechanics and Funding
Silverback Acquisition – Transaction Mechanics and Funding Transaction Overview Sources & Uses of Funding at Close(1) • Effective date of 1/1/25 and estimated closing date of Sources of Funds, $MM Uses of Funds, $MM (1) 7/1/25 may allow for ~$15MM purchase price adjustment Draw on Revolving Credit F
Slide 9: New Mexico Gas Midstream Project
New Mexico Gas Midstream Project • Optimize flow assurance for gas, enabling more robust Riley Permian development of Riley’s New Mexico assets Silverback • Control operations of critical intermediary transport for REPX long-term value creation New Mexico Yoakum Objectives Lea • Access multiple trea
Slide 10: Power Joint Venture Projects
Power Joint Venture 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 reli
Slide 11: Track Record of Growth on Absolute and Per-Share Metrics
Track Record of Growth on Absolute and Per-Share Metrics Adjusted EBITDAX(1) Total FCF(1) Shareholders’ Equity $MM $MM $/Sh. 285 130 24 246 21 17 176 70 12 56 97 8 (2) (2) 2021 2022 2023 LTM 2021 2022 2023 LTM 2021 2022 2023 1Q25 1Q25 1Q25 (1) A non-GAAP financial measure as defined and reconciled i
Slide 12: 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 13: 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 $0.38 $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 $0.2
Slide 14: 1Q25 Results Summary
1Q25 and Results Summary [ insert footnotes here ] 14
Slide 15: Highlights from 1Q25 Earnings Release
Highlights from 1Q25 Earnings Release Upstream 1 Production 2 Cash Flow 3 4 FCF Conversion Reinvestment Decreased oil production by 2% Generated $56MM of CFFO Reinvested 35% of CFFO into Converted 71% of CFFO into Q/Q to 15.6MBbls/d with total and $71MM of Adjusted Upstream Capex on an accrual Upstr
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 3/31/25 vs 12/31/24 Q/Q: 3 Months Ending 3/31/25 vs 12/31/24 14.1 36.4 2.5 55.6 4.9 1.7 51.0 (1.6) (2.9) $MM 4.6 $MM 17.7 4Q24 Volumes Price Hedge LOE + G&A Othe
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: 3 Months Ending 3/31/25 vs 3/31/24 Y/Y: 12 Months Ending 3/31/25 vs 3/31/24 5.4 1.0 58.4 15.9 36.4 (4.9) (0.5) 2.3 55.6 (6.1) $MM 23.3 $MM (2.8) 1Q24 Volumes Price Hedge LOE + G&A Inc
Slide 18: Appendix
Appendix [ insert footnotes here ] 18
Slide 19: Modified 2025 Guidance
Modified 2025 Guidance Riley Perm ian C om bined w ith Riley Perm ian Standalone Silverback Acquisition 2 Q2 5 F ull-Y ear 2 0 2 5 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 # 8.9 - 10.0 9.9 - 10.0 0.0 - 1.0 9.9 - 10.0 Completed # 2.0 11
Slide 20: Hedging Program Summary
Hedging Program Summary Hedging Strategy: protect downside, meet debt convent obligations, reduce volatility and maintain upside exposure Metric Oil (WTI)(1) Natural Gas (HH) Production Hedge % - Forward 12 Months(2) 56% 57% % Mix of Swaps vs Collars – Forward 12 Months 46% Swaps | 54% Collars 52% S
Slide 21: Hedging Summary Positions as of 5/5/25
Hedging Summary Positions as of 5/5/25 2025 2026 2027 Calendar Quarters 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q CRUDE OIL(1) Fixed Swap - Volume, Bbls/Qtr 555,000 435,000 390,000 315,000 315,000 315,000 345,000 120,000 - - - Weighted Average Price, $/Bbl $71.95 $68.27 $67.76 $60.94 $60.94 $60.94 $60.42 $60
Slide 22: Equity Ownership and Research Analyst Coverage
Equity Ownership and Research Analyst Coverage Equity Ownership Research Analyst Coverage 20% Firm Analyst E-mail 20% Texas 1 Derrick Whitfield derrick.whitfield@texascapital.com 45% 10% Capital Bank 5% 2 Roth John White jwhite@roth.com (1) >5% Holders & Insiders as of 5/5/25 Shares (MM) Ownership %
Slide 23: 1Q25 Debt Summary
1Q25 Debt Summary • SOFR swaps in place for $80MM of notional value through 1Q26 and $45MM in place through 1Q27, corresponding to 81% of principal value of floating-rate debt at 3/31/25 • Approximately 93% of the principal value of debt is fixed rate or hedged absent any paydown on the credit facil
Riley Exploration Permian — Q1 2025 Earnings Presentation on 6ix