Riley Exploration Permian, Inc. · AMEX:REPX
Riley Exploration Permian — Q3 2025 Earnings Presentation
23 slides from Riley Exploration Permian's earnings presentation, Nov 6, 2025
Slide 1: Investor Presentation
Investor Presentation November 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: Riley Permian Overview
Riley Permian Overview Riley Permian is a growth-oriented upstream company operating in Texas and New Mexico, with midstream and power projects that Yoakum Co. complement our operations NEW MEXICO Founded in 2016 and achieved Prioritizing long-term value public listing in 2021 via creation and resil
Slide 4: Riley Permian by the Numbers
Riley Permian by the Numbers ~$930MM 32 Mboe/d ~10 years Enterprise Value(1) 57% Oil of Drilling Inventory(2) 6.1% 1.3x 17% 23% Dividend Yield(1) LTM Leverage(4) LTM FCF Yield(1)(3) Insider Ownership(5) (1) Enterprise Value, Dividend Yield and FCF Yield based on share price and shares outstanding as
Slide 5: Riley's Assets Compete with Core Permian Economics
Riley’s Assets Compete with Core Permian Economics Oil OilProduction Production Rates over overTime Time Cumulative Oil Production over Time Forecasted PV10 Breakeven Bbls/d per 1,000’ of Lateral Length Bbls Produced per Foot of Lateral Length $/Bbl with 20:1 WTI:HH Riley’s wells to date have experi
Slide 6: Track Record of Growth Across Price Cycles
Track Record of Growth Across Price Cycles Production per Share(1) Adjusted EBITDAX(2) (Boe/Sh) 30% CAGR 0.46 ($MM) 0.40 30% CAGR 0.34 284 264 246 0.21 176 0.17 97 (3) (3) 2021 2022 2023 2024 LTM 3Q25 2021 2022 2023 2024 LTM 3Q25 Book Value of Equity per Share(1) Upstream Free Cash Flow(2) ($/Sh) ($
Slide 7: Disciplined Upstream Reinvestment Allows for Optionality of Excess Free Cash Flow
Disciplined Upstream Reinvestment Allows for Optionality of Excess Free Cash Flow CFFO Allocation Upstream FCF Allocation Last 12 Months through 9/30/25 Last 12 Months through 9/30/25 Power JV Upstream Upstream Balance Sheet Reinvestment Free Cash Flow & Acquisitions 12% 38% 62% 38% $207MM $129MM Mi
Slide 8: Resilient Free Cash Flow Across a Wide Range of Oil Prices
Resilient Free Cash Flow(1) Across a Wide Range of Oil Prices 2025 Forecasted Total FCF(1) Sensitivity Based on Oil Price(2) 150 30% FCF(1) yield on market value of equity(3) 125 25% FCF(1) ($MM) 100 20% 75 15% 50 10% 25 5% - 0% $45 $55 $65 $75 WTI, $/Bbl Upstream FCF(1) Total FCF(1) Upstream FCF(1)
Slide 9: Track Record of Direct Return of Capital
Track Record of Direct Return of Capital 1 History of paying fixed dividends Quarterly Dividends Paid every quarter as a public ($/Sh.) 8% CAGR company since May 2021 $0.40 $0.38 $0.38 $0.38 $0.38 $0.36 $0.36 $0.36 $0.36 2 History of raising dividends $0.34 $0.34 $0.34 $0.34 annually $0.31 $0.31 $0.
Slide 10: Positioning for a Range of Oil Price Environments
Positioning for a Range of Oil Price Environments 4Q25 Implied Oil Price Realizations 2026 Implied Oil Price Realizations at Various WTI Prices(1)(2) at Various WTI Prices(1) Production Hedge %(3): 66% (59% swaps / 41% collars) Production Hedge %(3): 62% (56% swaps / 44% collars) Average Downside Pr
Slide 11: New Mexico Gas Midstream Project
New Mexico Gas Midstream Project Objectives Status ▪ Connect Riley Permian assets to ▪ Commissioned the initial phases large-cap midstream operator’s of low-pressure gathering and network to optimize flow assurance high-pressure compression Yoakum Co. for New Mexico gas assets facilities for Riley P
Slide 12: 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 13: 3Q25 Results Summary
Rubi 3Q25 Results Summary 13
Slide 14: Highlights from 3Q25 Results
Highlights from 3Q25 Results Production Cash Flow Upstream Reinvestment FCF Conversion Oil production increased Generated $54MM of CFFO Reinvested 24% of CFFO into Converted 73% of CFFO into 21% Q/Q to 18.4 MBbls/d and and $64MM of Adjusted Upstream Capex on an Upstream FCF and 47% into increased 19
Slide 15: 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 9/30/25 vs 6/30/25 Q/Q: 3 Months Ending 9/30/25 vs 6/30/25 2.5 10.4 10.3 (2.9) 3.1 54.3 46.6 (5.3) 7.8 25.3 (10.7) $MM $MM 17.8 2Q25 Volumes Price Hedge LOE + In
Slide 16: 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: 9 Months Ending 9/30/25 vs 9/30/24 Y/Y: 9 Months Ending 9/30/25 vs 9/30/24 13.7 176.4 99.4 20.6 9.4 0.7 156.5 (38.3) (5.4) 79.6 (20.0) (20.4) $MM $MM 3Q24 Volumes Price Hedge LOE + In
Slide 17: More Production with the Same Capital
More Production with the Same Capital Riley is raising its full-year and 4Q25 oil production guidance while maintaining its full-year capex guidance 4Q 2025 and Full-Year Oil Production Guidance 4Q25 Midpoint: 18.4 MBbls/d 18.0 18.8 ▪ Raising 4Q25 oil production guidance range by 4% at the midpoint
Slide 18: Updated 2025 Guidance
Updated 2025 Guidance Full-Year 2025 Guidance 4Q25 Current Prior Midpoint Variance Guidance 11/5/25 8/6/25 # % Activity and Production Guidance Net Operated Well Activity Drilled # 8.0 - 10.0 18.0 - 20.0 18.3 - 19.5 0.1 1% Completed # 3.0 - 5.0 16.3 - 18.3 14.2 - 17.2 1.6 10% Turned to Sales # 2.0 -
Slide 19: Appendix
Appendix 19
Slide 20: Hedging Summary Positions as of 10/31/25
Hedging Summary Positions as of 10/31/25 2025 2026 2027 4Q 1Q 2Q 3Q 4Q FY 2026 1Q 2Q 3Q 4Q FY 2027 Crude Oil (WTI) Fixed Swap - Volume Bbls 679,947 636,000 600,000 600,000 600,000 2,436,000 305,000 170,000 0 0 475,000 Weighted Average Price $/Bbl $66.93 $61.98 $61.71 $60.99 $60.70 $61.35 $61.07 $60.
Slide 21: Equity Ownership and Research Analyst Coverage
Equity Ownership and Research Analyst Coverage Equity Ownership Research Analyst Coverage 20% 19% Texas Capital Bank Derrick Whitfield derrick.whitfield@texascapital.com 10% Roth Capital Nick Pope 6% npope@roth.com 45% Water Tower Jeff Robertson >5% Holders & Insiders as of 10/31/25 (1) Shares (MM)
Slide 22: Debt Summary
Debt Summary 1 SOFR swaps in place for $80MM of notional value 2 Approximately 61% of the principal value of debt at through April 2026 and $45MM in place from May 9/30/25 is fixed rate or hedged absent any paydown 2026 through April 2027, corresponding to 36% of on the credit facility through April
Slide 23: Capitalization and Debt Maturity Profile
Capitalization and Debt Maturity Profile Maturity Profile Affords REPX Capitalization and Leverage Opportunity for Future Refinancing(3)(4) $400MM Total MM, except share price $MM Commitments Total Common Stock Outstanding (10/31/25) 22.0 Share Price (10/31/25) $26.02 Sr. Notes (scheduled qrtly pmts
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