Riley Exploration Permian, Inc. · AMEX:REPX
Riley Exploration Permian — Q1 2023 Earnings Presentation
13 slides from Riley Exploration Permian's earnings presentation, May 9, 2023
Slide 1: 1Q23 Results Update
aN RIGEY PY PERMIAN 1Q23 Results Update May 2023
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: 1Q23 Select Highlights
1Q23 Select Highlights Production was within guidance ranges despite lower activity and some midstream 1 constraints; capex and LOE were favorable to guidance ranges Averaged oil production of 9.9 MBbls/d, representing an increase of 32% as compared 2 year-over-year 1Q22, driven solely by organic gr
Slide 4: 1Q23 Performance vs. Prior Guidance
1Q23 Performance vs. Prior Guidance Activity and Investing Guidance Production, Realizations and Cost Guidance Midpoint Actual vs Mid Midpoint Actual vs Mid Actual Actual Guidance Guidance Guidance Guidance Texas Activity Net Production Gross Operated Wells Drilled # 8 6 (2) -25% Total MBoe/d 13.5 1
Slide 5: Y/Y Drivers of Change in Cash Flow from Operations (CFFO)
Y/Y Drivers of Change in Cash Flow from Operations (CFFO)(1) • CFFO(1) increased by $6.9MM or 23% Y/Y primarily driven by higher production volumes and despite significantly lower prices • Lower hedge settlements Y/Y offset ~60% of pricing declines • Operating costs were essentially flat Y/Y on a un
Slide 6: Q/Q Drivers of Change in Cash Flow from Operations (CFFO)
Q/Q Drivers of Change in Cash Flow from Operations (CFFO)(1) • CFFO(1) decreased by $6.9MM or 16% Q/Q • Modestly lower volumes and higher opex contributed to $2.6MM of the decrease • The impact of lower pricing was mostly offset by reduced negative hedge settlements • Interest expense was higher Q/Q
Slide 7: 2023 Plan Guidance
2023 Plan Guidance Activity and Investing Guidance Production, Realizations and Cost Guidance 2023 Full-Year 2Q23 (1 ) 2Q23 (1 ) Reporting 2023 Texas Activity Net Production Gross Operated Wells Drilled # 2-4 13 - 15 Total MBoe/d 20.0 - 21.0 18.4 - 19.2 Avg. WI on Gross Oper. Wells Drilled % 98% - 1
Slide 8: 2023 Plan Forecasts Sensitizing Oil Price
2023 Plan Forecasts Sensitizing Oil Price(1) E&P Reinvestment Rate(3) Adjusted EBITDAX(2) E&P FCF(2)(4) YE23 Leverage(5) vs. EBITDAX(2) 350 80% 120 2.0x 1.8x 300 100 1.6x 60% 250 1.4x 80 1.2x 200 $MM $MM 40% 60 1.0x 150 0.8x 40 100 0.6x 20% 0.4x 20 50 0.2x - 0% - 0.0x $60 $70 $80 $90 $60 $70 $80 $90
Slide 9: Appendix
Appendix [ insert footnotes here ] 9
Slide 10: Hedging Positions as of 5/5/23
Hedging Positions as of 5/5/23 2023 2024 2025 Calendar Quarters 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q CRUDE OIL Fixed Swap - Volume, Bbls/Qtr Weighted Average Price, $/Bbl 498,000 $67.32 407,000 $67.97 347,000 $67.68 105,000 $71.77 105,000 $71.77 105,000 $71.77 105,000 $71.77 - $0.00 • Company added derivative po
Slide 11: Equity Ownership and Research Analyst Coverage
Equity Ownership and Research Analyst Coverage Equity Ownership Research Analyst Coverage > 5% Holders and Insiders as of Shares Ownership 5/1/231 (MM) % Firm Analyst Access Yorktown Energy Partners2 5.51 27.2% Bluescape Energy Partners 5.22 25.9% Balmon Investments2 2.02 10.0% 1 Roth John White Pub
Slide 12: Debt Summary
Debt Summary Borrowing Base / Facility Annual Interest Rate Maturity Amortization Beginning Principal for Notes $225MM borrowing base with $89MM outstanding as of 3/31/23 None; Company intends to Borrowing base was increased to Sr. Secured Credit $325MM with the closing of the New Term SOFR + April
Slide 13: Additional Information
Additional Information Company www.rileypermian.com 29 E. Reno Ave., Ste 500 Oklahoma City, OK 73104 Investor Relations Direct: 405-415-8699 ir@rileypermian.com 13
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