Riley Exploration Permian, Inc. · AMEX:REPX
Riley Exploration Permian — Q4 2025 Earnings Presentation
19 slides from Riley Exploration Permian's earnings presentation, Mar 5, 2026
Slide 1: Q4'25 Earnings Presentation
Q4’25 Earnings Presentation March 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 ~$870 M
Slide 4: Riley Permian Asset Overview
Riley Permian Asset Overview Riley Permian operates in the Northwest Shelf of the Permian Basin in Yoakum County, TX and Eddy County, NM NEW MEXICO Champions Field – Yoakum County, TX Yoakum Co. Northwest Shelf Legacy position assembled primarily in 2015 & 2016 Champions Primary Formation Target: ▪
Slide 5: Riley Permian Has a Deep, High Value Inventory Base
Riley Permian Has a Deep, High Value Inventory Base Riley Permian wells benefit from high production rates, shallow declines and low well costs OilProduction Oil ProductionRates RatesOver overTime Time (1) Cumulative Oil Prod. Over Time(1) Net Locations by DROI(2)(3) Bbls/d per 1,000’ of Lateral Len
Slide 6: Track Record of Growth Across Price Cycles
Track Record of Growth Across Price Cycles Production per Share(1) Adjusted EBITDAX(2) (Boe/Sh) ($MM) 28% CAGR 28% CAGR 0.50 0.40 $284 $261 0.34 $246 $176 0.19 0.21 $97 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Book Value of Equity per Share(1) Upstream Free Cash Flow(2) ($/Sh) ($MM) 22% CAG
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 8% CAGR ▪ Track record of raising dividend since May 2021 $0.40 $0.40 annually $0.38 $0.38 $0.38 $0.38 $0.36 $0.36 $0.36 $0.36 ▪ 5.4% current dividend yield $0.34 $0.34 $0.34 $0.3
Slide 8: Full-Year 2025 and 4Q25 Highlights
Full-Year 2025 and 4Q25 Highlights Key Results 2025 4Q25 Highlights Riley Permian Primed for Active 2026 Total Daily Production 29.2 Total Daily production of 35.5 MBoe/d Inventory Aggregated Through Acquisitions MBoe/d +10% QoQ and +42% YoY ▪ Silverback represents third New Mexico Red Lake acquisit
Slide 9: Sold Midstream Project - Expected to be Operational in 2H26
Sold Midstream Project - Expected to be Operational in 2H26 Sale fulfills Riley’s key midstream objectives plus meaningfully reduced debt and leverage ▪ Targa Northern Delaware LLC acquired Riley Permian’s subsidiary Dovetail Significantly Reduced Debt and Leverage Midstream, LLC in December 2025, i
Slide 10: Accelerated Organic Production and Cash Flow Growth
Accelerated Organic Production and Cash Flow Growth Expect 20%+ annual oil production growth in 2026 Capex and Acquisitions ($MM)(1) Daily Oil Production (MBbls/d) 25 $600 Upstream Capex Midstream Capex Acquisitions 21.5 $500 $466 20 Capex and Acquisitions ($MM) Daily Oil Production (MBo/d) 17.3 $40
Slide 11: 1Q 2026 and Full-Year 2026 Guidance
1Q 2026 and Full-Year 2026 Guidance 1Q 2026 Full-Year 2026 Metric Guidance Guidance Activity and Production Guidance Net Operated Well Activity Drilled # 14.3 - 16.3 37.0 - 43.0 Completed # 8.0 - 9.0 41.0 - 47.0 Turned to Sales # 7.0 - 8.0 43.0 - 49.0 Non-Operated, Net # 0.0 - 0.0 1.0 - 2.0 Net Prod
Slide 12: Appendix
Appendix 12
Slide 13: Capitalization and Debt Maturity Profile
Capitalization and Debt Maturity Profile REPX Capitalization and Leverage Debt Maturity Profile(3)(4) MM, except share price Total Common Stock Outstanding (3/2/26) 21.6 $400MM Total $MM Commitments Share Price (3/2/26) $29.45 Market Capitalization $635 Sr. Notes (scheduled qrtly pmts) Sr. Notes (du
Slide 14: Equity Ownership and Research Analyst Coverage
Equity Ownership and Research Analyst Coverage Equity Ownership Research Analyst Coverage 18% 14% Daniel Steffens Energy Prospectus dmsteffens@comcast.net 10% Nick Pope Roth Capital npope@roth.com 5% 52% Derrick Whitfield Texas Capital Bank derrick.whitfield@texascapital.com (1) >5% Holders & Inside
Slide 15: Debt Summary
Debt Summary 1 73% of principal value of debt at 12/31/25 is hedged 2 88% of the principal value of debt at 12/31/25 is fixed rate through April ’26 and 41% is hedged from April ’26 through or hedged absent any paydown on the credit facility April ’27; SOFR swaps in place for $80MM(1) of notional th
Slide 16: 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 17: Hedging Summary Positions as of 3/2/26
Hedging Summary Positions as of 3/2/26 2026 2027 2028 1Q 2Q 3Q 4Q FY 2026 1Q 2Q 3Q 4Q FY 2027 1Q Crude Oil (WTI) Fixed Swap - Volume Bbls 826,000 900,000 900,000 900,000 3,526,000 665,000 530,000 510,000 480,000 2,185,000 0 Weighted Average Price $/Bbl $61.56 $62.05 $61.76 $61.56 $61.74 $60.77 $60.6
Slide 18: Positioning for a Range of Oil Price Environments
Positioning for a Range of Oil Price Environments 2026 Implied Oil Price Realizations 2027 Implied Oil Price Realizations at Various WTI Prices(1)(2) at Various WTI Prices(1) Production Hedge %(3): 70% (64% swaps / 36% collars) Production Hedge %(3): 46% (61% swaps / 39% collars) Average Downside Pr
Slide 19: 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 12/31/25 vs 12/31/24 Y/Y: 12 Months Ending 12/31/25 vs 12/31/24 31.1 16.5 227.4 117.1 14.8 (0.1) 192.0 (69.4) (11.8) (35.4) 80.6 $MM $MM (17.6) 2024 Volumes Price Hed
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