Riley Exploration Permian, Inc. · AMEX:REPX
Riley Exploration Permian — Q1 2024 Earnings Presentation
15 slides from Riley Exploration Permian's earnings presentation, May 9, 2024
Slide 1: Company Overview May 2024
a RILEY PERMIAN Company Overview May 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 58K • We focus on modern horizontal drilling and completions applied to conventional formations in the Permian Basin 1Q24 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 18.6 206 422 169 333 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: Expanding Inventory Options with Bolt-On Acquisition
Expanding Inventory Options with Bolt-On Acquisition • Closed the previously announced acquisition in Eddy County, New Riley Permian Acreage Mexico on May 7th, 2024 Bolt-On Acquisition Chavez • Assets are directly contiguous with the Company’s April 2023 acquisition assets, providing for operating,
Slide 7: 2024 Forecasted FCF Sensitivity Based on Oil Price
2024 Forecasted FCF Sensitivity Based on Oil Price (1) (2) Excess cash flow 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% FCF Yiel
Slide 8: FCF Conversion and Allocation
FCF Conversion and Allocation (1) Reinvestment of CFFO(2) & Conversion to FCF(1) Allocation of FCF(1) Moderating reinvestment rate, while maintaining volume Increasing FCF(1) allows for debt reduction and contributions growth, leads to increasing FCF(1) conversion rate to power JV while growing the
Slide 9: Summary Hedging Program and Potential Impact
Summary Hedging Program and Potential Impact (1) 2Q24 – 4Q24 Implied Oil Price Realizations at Various WTI Prices(2) • Hedged 57% of 2Q24 - 4Q24 forecasted oil production • 2Q24 - 4Q24’s mix of hedges includes 52% fixed price swaps / 48% collars by volume • 2Q24 - 4Q24’s weighted average floor price
Slide 10: Appendix
Appendix [ insert footnotes here ] 10
Slide 11: 2024 Plan Guidance: Growing While Reducing Spending
2024 Plan Guidance: Growing While Reducing Spending Reaffirming 2024 target of 10% Y/Y oil volume growth & 10% reduction in full-year 2024 capex Activity, Production, and Investing Guidance Quarterly Detail for Estimated Realizations and Cost Guidance Full-Year 2Q24 2Q24 2024 Gross Operated Well Act
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 (1) 5/3/24 Shares (MM) Ownership % Firm Analyst Yorktown Energy Partners(2) 4.7 22% Bluescape Energy Partners 4.5 21% 1 Roth John White (2) Balmon Investments 2.2 10% Management
Slide 13: Debt Summary
Debt Summary • 51% of principal value of debt at 3/31/24 was fixed rate debt • SOFR swaps in place for $80MM per quarter of notional value for 2Q24 - 1Q26, corresponding to 46% of principal value of floating-rate debt at 3/31/24(1) • Approximately 73% of the principal value of debt is fixed rate or
Slide 14: Hedging Positions as of 5/1/24
Hedging Positions as of 5/1/24 2024 2025 2026 Calendar Quarters 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q CRUDE OIL Fixed Swap - Volume, Bbls/Qtr 210,000 465,000 405,000 360,000 240,000 285,000 45,000 - - Weighted Average Price, $/Bbl $73.54 $74.76 $74.35 $73.94 $73.97 $71.96 $72.65 $0.00 $0.00 Collars - Volume, B
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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