Riley Exploration Permian, Inc. · AMEX:REPX
Riley Exploration Permian — Investor Presentation (March 2024)
15 slides from Riley Exploration Permian's investor presentation, Mar 7, 2024
Slide 1: Company Overview March 2024
a RILEY PERMIAN Company Overview March 2024
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, oil and natural gas Select Company Metrics company with operations focused in Texas and New Mexico Net Acres 44K • We focus on modern horizontal drilling and completions applied to conventional formations in the Permian Basin 4Q23 P
Slide 4: Conventional Asset Base Compares Favorably to Shale
Conventional Asset Base Compares Favorably to Shale (1) • Riley Permian’s focus is on horizontal well development of conventional hydrocarbon formations on the Northwest Shelf Higher porosity and of the Permian Basin Rock Properties permeability • Large degree of operatorship and generally high net
Slide 5: Track Record of Growth
Track Record of Growth Total Net Production CFFO(1) Shareholders’ Equity Mboe/d $MM $MM 18.6 422 206 333 169 11.5 238 9.2 89 2021 2022 2023 2021 2022 2023 2021 2022 2023 (1) Cash Flows from Operations before the impact of changes in working capital. 5
Slide 6: Leveraging Low-Cost Gas to Generate Baseload Power
Leveraging Low-Cost Gas to Generate Baseload Power Background Formation of JV Current Future • Low quality power supply: remote • Formed RPC Power LLC, joint venture • Initial operations for Phase 1 program • Phase 2 expansion operating area in Yoakum County, TX with Conduit Power, LLC began in late
Slide 7: Capital Allocation Priorities
Capital Allocation Priorities RETURN CAPITAL TO MAINTAIN & GROW DELEVER SHAREHOLDERS Reinvest to maintain and grow Strengthen balance sheet to Provide sustainable and growing Objectives cash flow from operations and optimize capital structure, maintain return of capital Free Cash Flow(1) flexibility
Slide 8: 2024 Forecasted FCF Sensitivity Based on Oil Price
2024 Forecasted FCF Sensitivity Based on Oil Price (1) (2) Excess CF for Credit Facility paydown and opportunistic investments Annual paydown on Sr. Notes ($20MM per year) (3) Dividend (current level of $0.36 per share per quarter) (1) (3) FCF Yield on market value of equity $200 30% (3) FCF Yield o
Slide 9: Summary Hedging Program and Potential Impact
Summary Hedging Program and Potential Impact (1) 2024 Implied Oil Price Realizations at Various WTI Prices(2) • Hedged 54% of 2024 forecasted oil production • 2024’s mix of 58% collars / 42% fixed price swaps by volume allows for downside protection while maintaining optionality for higher prices •
Slide 10: Appendix
Appendix [ insert footnotes here ] 10
Slide 11: 2024 Plan Guidance
2024 Plan Guidance 2024 Plan Target: 10% Y/Y Oil Growth and 10% Y/Y Reduction in Capex Activity, Production, and Investing Guidance Quarterly Detail for Estimated Realizations and Cost Guidance Full-Year 1Q24 1Q24 2024 Gross Operated Well Activity Basis Differentials and Fees Drilled # 7 21 - 23 Oil
Slide 12: Equity Ownership and Research Analyst Coverage
Equity Ownership and Research Analyst Coverage Equity Ownership Research Analyst Coverage > 5% Holders and Insiders as of 2/29/24(1) Shares (MM) Ownership % Firm Analyst Yorktown Energy Partners(2) 5.42 26.5% Bluescape Energy Partners 5.22 25.6% 1 Roth John White (2) Balmon Investments 2.12 10.4% Ma
Slide 13: Debt Summary
Debt Summary • 50% of principal value of debt at 12/31/23 was fixed rate debt • SOFR swaps in place for $80MM per quarter of notional value for 2Q24 - 4Q25 at 3.1%, corresponding to 43% of principal value of floating-rate debt at 12/31/23 • Approximately 72% of the principal value of debt would be f
Slide 14: Hedging Positions as of 3/1/24
Hedging Positions as of 3/1/24 2024 2025 2026 Calendar Quarters 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q CRUDE OIL Fixed Swap - Volume, Bbls/Qtr 210,000 420,000 315,000 270,000 90,000 285,000 - - - Weighted Average Price, $/Bbl $73.54 $74.30 $73.13 $72.38 $71.70 $71.96 $0.00 $0.00 $0.00 Collars - Volume, Bbls/Qtr
Slide 15: Additional Information
Additional Information Company 29 E. Reno Ave., Ste 500 Oklahoma City, OK 73104 405-415-8699 www.rileypermian.com Investor Relations Rick D’Angelo 405-438-0126 ir@rileypermian.com 15
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