REPX · Riley Exploration Permian, Inc.

Riley Permian reported Q1 2026 results that highlighted strong operational execution, with production exceeding guidance and capital spending below expectations. Total equivalent production reached 35.6 MBoe/d (20.2 MBbls/d oil), up 46% year-over-year, driven by a significant increase in New Mexico volumes (15.1 MBoe/d vs 7.3 MBoe/d in Q1 2025). However, financial results were mixed: revenue of $114 million was up 11% YoY, but the company reported a GAAP net loss of $70 million ($3.38 per diluted share) due to a $115 million non-cash loss on derivatives. On an adjusted basis, net income was $21 million ($1.02 per diluted share), and Adjusted EBITDAX was $61 million, down from $71 million in the prior year quarter. The decline in adjusted earnings was primarily due to lower realized prices for natural gas and NGLs, which turned negative due to regional egress constraints and cost allocation effects. Oil realized prices averaged $68.89 per barrel, while natural gas realized $(1.68) per Mcf and NGLs realized $(6.22) per barrel. Operating cash flow was $47 million, and total free cash flow reached $24 million. The company reduced debt by $8 million, ending the quarter with $247 million in principal debt and a leverage ratio of 1.0x. Management expressed confidence in meaningful year-over-year production growth and value creation throughout 2026. Guidance for Q2 2026 calls for total equivalent production of 35-37 MBoe/d and total capex of $75-90 million, while full-year 2026 guidance targets production of 37.5-39.5 MBoe/d and capex of $200-220 million. The company also returned capital to shareholders via a $0.40 per share dividend and $4 million in share repurchases.