Riley Exploration Permian : First Quarter 2026 Earnings Conference Call Company Overview Presentation

Published: 2026-05-07 11:24:14 ET REPX

Published on 05/07/2026 at 11:24 am EDT

Q1'26 Investor Presentation

May 2026

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 via reverse merger

Riley Permian by the Numbers

~$1.0 B

Enterprise Value(2)

4.4%

Dividend Yield(1)(2)

1.0x

LTM

Leverage(4)

~7-8 Years

Drilling

Inventory(5)

18%

Insider Ownership(3)

$250 MM

LTM Adjusted EBITDAX(6)

Applying modern horizontal drilling and completion techniques to conventional, oil-saturated and liquids-rich formations

Prioritizing long-term value creation and resilience

through commodity cycles

35.6 MBoe/d

1Q26 Daily Equivalent Production

57%

1Q26 % Oil

Production

20.2 MBbls/d

1Q26 Daily Oil Production

Pursuing strategic acquisitions: Three acquisitions in New Mexico since 2023

Returning excess capital to shareholders through dividends(1), share repurchases and debt reduction

Future dividends subject to approval by the Board of Directors

Enterprise Value and Dividend Yield based on share price and shares outstanding as of 5/4/26, debt balance and cash balance as of 3/31/26

Based on SEC filings. Insiders include Yorktown (including direct fund entities and Riley Exploration Group LLC), Management, Directors C Other Unvested

Leverage calculated as Debt as of 3/31/26 divided by Last Twelve Months Adjusted EBITDAX as of 3/31/26

Years of inventory based on internal estimates of net undeveloped locations as of 12/31/25 divided by anticipated net wells drilled in 2026

A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at https://www.rileypermian.com 3

Riley Permian Asset Overview

N E W M E X I C O

Northwest Shelf

Yoakum Co.

Champions

Red Lake Acquisitions:

Pecos (2023)

Undisclosed Seller (2024)

Yeso Trend

T E X A S

Red Lake

Eddy Co.

Delaware Basin

Central Basin

Platform

Riley Permian operates in the Northwest Shelf of the Permian Basin in Yoakum County, TX and Eddy County, NM

Champions Field - Yoakum County, TX

Primary Formation Target:

San Andres

Net Acres (% HBP)(1):

~31,000 Net Acres (89% HBP)

Net Operated Hz Wells(2):

117

Undeveloped Net Locations(1):

100+

Red Lake Field - Eddy County, NM

Primary Formation Targets:

Blinebry and Paddock (Yeso)

Net Acres (% HBP)(1):

~64,000 Net Acres (97% HBP)

Net Operated Hz Wells(2):

Undeveloped Net Locations(1):

220+

15.1

35.6

MBoe/d

20.5

1Q26 Total Prod.

1Q26 Oil Prod.

Net Locations(1)

7.4

20.2

MBbls/d

12.8

+320

Net Locs.

+100

+220

Company prepared estimates; Data as of 12/31/25

Represents net operated producing horizontal wells as of 12/31/25

30 Miles

Riley Permian Has a Deep, High Value Inventory Base

Riley Permian wells benefit from high production rates, shallow declines and low well costs

Bbls/d per 1,000' of Lateral Length

Bbls Produced per Foot of Lateral Length

Net Undeveloped Location Count >1.0x DROI

Wells to date have experienced lower relative declines versus Midland and Delaware Basin wells

100

Wells to date have outperformed Midland and Delaware Basin wells on a 5-year basis

400

300+ high, cash-on cash return, undeveloped drilling locations

Average Daily Production Rate

Cumulative Oil Production

Net Undeveloped Locations

300

10 200

100

12 24 36 48 60

Months from First Production

12 24 36 48 60

Months from First Production

1.0x-2.0x 2.0x-3.0x >3.0x Total Discounted Return on Investment (x)

Riley Permian

Midland

Delaware

Champions

Red Lake

Riley Permian, Midland Basin and Delaware Basin production characteristics are a composite of horizontal wells with first production from 2019-2025. Data sourced from Enverus

DROI refers to discounted return on investment, which is defined as the present value at a 10% discount rate of future net cashflows excluding capital expenditures divided by the net capital expenditures associated with the development of a horizontal well.

Cash flows for DROI of undeveloped locations calculated using strip as of 12/31/25

Inventory data excludes locations with <1.0x DROI 5

Track Record of Growth Across Price Cycles

Barrels of Oil Equivalent per 1,000 Shares

504

3G8

344

18G

215

2021 2022 2023 2024 2025

Represents total production volumes divided by average basic shares outstanding for the period C

Track Record of Returning Capital to Shareholders

History of paying a fixed dividend

every quarter as a public company

Track record of raising dividend annually

4.4% current dividend yield

Share Repurchases

Announced $100MM share repurchase authorization in December 2025

Repurchased 152K shares of stock in January 2026 at a weighted average price of $26.54 per share for a total of $4MM

Debt Reduction

Value accrues directly to equity holders

$0.40 $0.40 $0.40

$0.38 $0.38 $0.38 $0.38

$0.36 $0.36 $0.36 $0.36

$0.34 $0.34 $0.34 $0.34

$0.31 $0.31 $0.31 $0.31

$0.28 $0.28

Notes: Dividend Yield based on share price as of 5/4/26. Future dividends subject to approval by the Board of Directors. On April 15th, Riley announced 1Q dividend to be paid on May 13th 7

1Q26 Financial Highlights

Key Results 1Q26 1Q26 Highlights

Total Daily Production

Return of Capital

(Dividends+ Buybacks)

35.6

MBoe/d

20.2

MBbls/d

$61

$MM

$47

$MM

$24

$MM

$12

$MM

Daily Oil Production

Adjusted EBITDAX

Total Accrual Capex

Total Free Cash Flow

Drilling and completions activity focused primarily in TX in 1Q26

Texas: 12.5 net wells drilled, 12.8 net wells completed and 8.0 net wells turned to sales

New Mexico: 3.1 net wells drilled, no wells completed or turned to sales

Total production and oil production +46% YoY and +2G% YoY, respectively

Incurred $47MM of accrual basis capital expenditures (with $31MM on a cash basis)

Capex composed of $42MM in upstream capex and $5MM for infrastructure and other

Invested $4MM in our power-focused joint venture, RPC Power

Reported $47MM of Operating Cash Flow or $55MM before changes in working capital

Generated $24MM of Total Free Cash Flow

Returned $12MM to shareholders through dividends and share repurchases

Paid cash dividend of $0.40 per share, for a total of $8MM; Declared $0.40 dividend to be paid in May

Repurchased 152K shares of common stock at a weighted average price of $26.54 for a total of $4MM

Reduced debt by $8MM with a quarter-end debt-to-LTM Adjusted EBITDAX ratio of 1.0x

Combined principal value of debt of $247MM at quarter-end

Notes: The non-GAAP financial measures include Adjusted EBITDAX, Total Free Cash Flow, which can be defined in the supplemental financial tables available on the company's website at www.rileypermian.com. Accrual based capex exclude the impact of acquisitions and contributions to equity method investments (Power JV). LTM Leverage calculated as Debt as of 3/31/26 divided by Last Twelve Months Adjusted EBITDAX as of 3/31/26. Last Twelve Months (LTM) represents a sum of 4/1/25

through 3/31/26 for select metrics. Future dividends subject to approval by the Board of Directors 8

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 Midstream, LLC in December 2025, including its gathering and compression assets, for total cash consideration of approximately $123

Total Debt ($MM) LTM Debt Leverage (x)(2)

million plus $60 million in potential earnouts

- $60 million of earnout potential based on three volumetric earnout thresholds over the next five years(1)

Targa assumed all liabilities and future construction costs

Proceeds from sale were used to pay down borrowings on credit facility

Construction in-progress; anticipated in-service date during 2H26

$375

$247

G/30/25 3/31/26

1.3x(3)

1.0x

G/30/25 3/31/26

Key Midstream Objectives

▪

development of New Mexico assets

Years to Achieve(1)

Payment Amount

▪

Earnout

Access multiple treating and increased regional outlets

Earnout #1 3 Years $30 MM

Earnout #2 3 Years $20 MM

Earnout #3 5 Years $10 MM

Time to achieve earnouts from closing date - December 2025

Leverage calculated as Debt as of 9/30/25 and 3/31/26 divided by Last Twelve Months Adjusted EBITDAX as of 9/30/25 and 3/31/26

Last Twelve Months Adjusted EBITDAX, pro forma for Silverback acquisition G

Accelerated Organic Production and Cash Flow Growth

Capex and Acquisitions ($MM)(1)

Daily Oil Production (MBbls/d)

17.3

15.1

13.2

22.5

'23 '24 '25

'26E '27E

Capex is growing but is funded with operating cash flow Forecasting ~30% annual oil production growth in 202C

$600

Capex and Acquisitions ($MM)

$500

$400

$300

$200

$100

$24G

$130

'23

'24

'25

'27E

'26E

$210

Daily Oil Production (MBo/d)

$466 20

'26E -'27E Accrued

Total Capex

'26E -'27E Daily

Oil Production

Note: 2026E total accrued capex and oil production estimates represent guidance midpoint. 2027 based off preliminary outlook and management estimates, including 5% illustrative increase in capex over 2026 guidance midpoint and illustrative 10% increase in production over 2026 guidance midpoint

Capex data for historical figures represented as cash rather than accrual capex

Full-Year 2026 Oil Price Sensitivity

Revenue Net of Derivative Settlements ($MM)

Adjusted EBITDAX ($MM)(1)

Total Free Cash Flow ($MM)(1)

$600

$400

$150

$500

$400

$300

$125

$100

$300

$200

$75

$200

$100

$50

$25

$60 $70 $80 $G0

WTI ($ / Bbl)

$60 $70 $80 $G0 WTI ($ / Bbl)

$60 $70 $80 $G0

WTI ($ / Bbl)

Note: Forecasted metrics based on management estimates and midpoint 2026 guidance. Price sensitivity for WTI uses actual prices through April 2026 and the respective flat oil price case thereafter. Each case uses NYMEX forward monthly pricing as of 5/4/26 for Henry Hub and Waha basis differentials. Realized NGL prices based on management estimates. Includes the impact of hedges

A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at https://www.rileypermian.com 11

Metric

Q2 2026

Guidance

Full-Year 2026

Guidance

ctivity and Production

Net Operated Well Activity

Drilled # 18.0 - 20.0 42.0 - 48.0

Completed

16.0 - 18.0

43.0 - 49.0

Turned to Sales

22.0 - 24.0

44.0 - 50.0

Non-Operated, Net

1.4 - 1.8

2.4 - 3.0

Net Production

Oil

MBbls/d

20.7 - 21.3

22.0 - 23.0

Total Equivalent

MBoe/d

35.0 - 37.0

37.5 - 3G.5

2Q 2026 and Updated Full-Year 2026 Guidance

Capital Expenditures and Investments(1)

Upstream

$MM

$65 - $75

$175 - $190

Infrastructure and Other

$MM

$10 - $15

$25 - $30

Total Capital Expenditures

$MM

$75 - $G0

$200 - $220

Power JV Investment

$MM

$2 - $3

$7 - $8

Total Investments

$MM

$77 - $G3

$207 - $228

Operating and Corporate Costs

Lease Operating Expenses

$/Boe

$8.00 - $9.00

Production and Ad Valorem Taxes

% of Revenue

7.5% - 8.5%

Administrative Costs

$/Boe

$2.50 - $3.00

Accrual (activity-based) investing expenditures before acquisitions 12

Appendix

Capitalization and Debt Maturity Profile

Q2 Q3

Q1 Q2

2026

2027

2028

MM, except share price

Total Common Stock Outstanding (5/4/26) Share Price (5/4/26)

Market Capitalization

Plus: Total Debt

21.7

$36.56

$7G3

$247

Less: Cash $16

Enterprise Value $1,024

LTM Leverage(1) 1.0x

LTM Adjusted EBITDAX $250

Elected Commitment $400

Liquidity(2) $30G

$400MM Elected

Commitments(3)

:MM

Sr. Notes (scheduled qrtly pmts) Sr. Notes (due at maturity)

RBL utilization

RBL availability

$107

$2G3

$100

Leverage calculated as Debt as of 3/31/26 divided by Last Twelve Months Adjusted EBITDAX as of 3/31/26

Liquidity consists of cash and cash equivalents of $16MM, and undrawn credit facility of $293MM as of 3/31/26

RBL maturity will be January 2028 if Senior Notes are still outstanding; otherwise final maturity will occur in December 2028. In May, our Borrowing Base increased to $425MM with an Elected Commitment of $400MM. RBL Utilization of $107MM as of 3/31/26

Current principal amount for Senior Unsecured Notes is $140MM; scheduled amortization reduces current principal by $5MM/quarter 14

Equity Ownership and Research Analyst Coverage

Equity Ownership

12%

10%

72%

>5% Holders C Insiders as of 5/4/26(1)

Shares (MM) Ownership %

Total Insider Ownership

Balmon Investments

Estimated Public Float

Total

3.86

2.24

15.60

21.70

17.8%

10.3%

71.9%

100.0%

Research Analyst Coverage

Daniel Steffens

Energy Prospectus

[email protected]

Roth Capital

Texas Capital

Truist

Yorktown Energy Partners(2)

2.59

11.9%

Mgmt, Directors C Other Unvested Awards(3)

1.27

5.9%

Tuohy Brothers Water Tower William Blair

Nick Pope

Derrick Whitfield

Gabe Daoud

Noel Parks

Jeff Robertson

Neal Dingmann

Note: Based on SEC filings

Insiders include Yorktown, Management, Board of Directors, and other unvested shares

Includes affiliated entity holdings aggregated from Form 4 filings. Excludes amounts held directly by Yorktown individuals included in Management, Directors C Other Unvested

Includes 778K of unvested and contingent stock awards across all employees and directors, including 168K of performance-based awards at a maximum payout potential of 200%, as required by GAAP; actual payout could range from 0% to 200%, at

which time the number of actual shares outstanding will be adjusted 15

Recent Sponsor Monetizations Have Improved Trading Liquidity

Outstanding Shares (MM) and Public Float (%)

30-Day Average Daily Trading Volume (000's) and Value ($MM)

1G%

22%

31%

44%

47%

72%

$0.6

$1.1

$2.1

$3.4

$3.7

$16.0

1G.8

20.2

20.4

6.1

12.0

11.5

16.0

15.7

14.0

15.6

G.5

10.3

3.8

4.4

6.4

21.5 21.7 21.7

12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 5/4/26

438

137

104

12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 5/4/26

Sponsor + Mgmt Public Float

Public Float

000's of Shares

$MM

Note: 30-Day average trading volume and value based on data provided by FactSet. 30-Day average trading volume and value as of date represented 1C

Debt Summary

42% of principal value of debt at 3/31/26 is hedged through April '27; SOFR swaps in place for $45MM(1) of notional value through April '27

75% of the principal value of debt at 3/31/26 is fixed rate or hedged absent any paydown on the credit facility through April '27

Facility

Principal Amount Outstanding at 3/31/2C

Elected Commitment at 5/4/2C

Annual Interest Rate

Amortization

Final Maturity

Sr. Secured Credit Facility

$107MM

$400MM

Term SOFR +

2.75% - 3.75%; Margin

of 3.00% at 3/31/26

None; Company intends to periodically pay down balance with excess cash flow

December 2028(2)

Sr. Unsecured

Notes

$140MM

10.5%

$5MM/quarter

April 2028

Total

$247MM

1-Month term weighted average SOFR Fixed Rate of 3.90%

Maturity will be January 2028 if Senior Unsecured Notes are then outstanding 17

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

Project 1: Behind-the-Meter

Improve reliability for our operations

Repurpose in-basin, lower-cost natural gas for thermal power generation for our assets

Stabilize our cost of power

Not a net-metering project

20MW

Installed capital cost of approximately

$1.7MM/MW

Served approximately 70% of the Company's

load for its Champions field

In Texas, load forecasted to increase during 2026 following planned improvements to gas supply infrastructure and the installation of battery energy storage systems

Project 2:

Sell to the Grid

Capture spark spread

economics

Create synthetic hedge against Permian Basin gas differentials

Invest in power markets with attractive fundamentals

Diversify revenue mix

40MW

First site is in the final stage of ERCOT commissioning with the remaining sites anticipated to be commissioned over the subsequent 2 quarters

Estimated capital cost of approximately

$1.9MM/MW

Hedging Summary Positions as of 5/4/26

2026

2Q 3Q 4Q FY 2026

2027

2028

FY 2027

950,000

860,000

820,000

3,456,000

$62.51

$61.65

$61.42

$61.81

541,000

570,000

550,000

2,177,000

$58.84

$58.25

$57.75

$58.58

$73.60

$72.66

$69.59

$73.18

1,491,000

1,430,000

1,370,000

5,633,000

$61.18

$60.30

$59.95

$60.56

450,000

300,000

500,000

2,255,000

$3.64

$3.59

$4.07

$3.87

900,000

600,000

2,625,000

$3.05

$3.43

$3.1G

$3.74

$4.79

$4.03

1,350,000

1,200,000

1,100,000

4,880,000

$3.25

$3.19

$3.72

$3.51

450,000

600,000

1,G50,000

($2.26)

($1.31)

($1.G1)

Crude Oil (WTI)

Fixed Swap - Volume Bbls

Weighted Average Price $/Bbl

Collar - Volume Bbls

Weighted Average Floor Price $/Bbl

Weighted Average Ceiling Price $/Bbl

Total Oil Volumes Bbls

Downside Weighted Average Price $/Bbl

Natural Gas (HH)

Fixed Swap - Volume MMBtu

Weighted Average Price $/MMBtu

Collar - Volume MMBtu

Weighted Average Floor Price $/MMBtu

Weighted Average Ceiling Price $/MMBtu

Total Natural Gas Volumes MMBtu Downside Weighted Average Price $/MMBtu

Waha Basis

Waha Basis Swap Volume MMBtu

Weighted Average Price $/MMBtu

755,000

650,000

630,000

605,000

2,640,000

$61.79

$61.68

$61.38

$61.62

$61.63

475,000

537,000

400,000

225,000

1,637,000

$57.15

$55.84

$52.93

$56.33

$55.57

$66.42

$67.97

$65.87

$67.06

$66.88

1,230,000

1,187,000

1,030,000

830,000

4,277,000

$60.00

$59.04

$58.10

$60.18

$5G.31

600,000

$4.19

$0.00

$4.1G

450,000

$3.80

$0.00

$3.80

$5.84

$0.00

$5.84

1,050,000

$4.02

$0.00

$4.02

3,150,000

12,600,000

($0.94)

($0.95)

($0.G5)

330,000

$70.18

180,000

$55.00

$73.33

510,000

$64.82

$0.00

1,800,000

($1.01)

Note: Q2 2026 derivative positions shown include 2026 contracts, some which have settled as of 5/4/26 1G

Implied Oil Price Realizations at Various WTI Prices

Production Hedge %(3): 67% (61% swaps / 39% collars)

Average Downside Price: $60

$G0

Production Hedge %(3): 47% (62% swaps / 38% collars)

Average Downside Price: $59

$G0

$85 $85

2026 Oil Price Realization, $/Bbl

$80

$75

$70

$65

$60 $5G

$55

$60

$62

$65

$68

$70

$71 $73

$74

$80

2027 Oil Price Realization, $/Bbl

$75

$70

$65

$60

$54

$55

$57

$60

$64

$67

$70

$72

$75

$78

$50

$50 $55 $60 $65 $70 $75 $80 $85 $G0

WTI Price, $/Bbl

$50

$50 $55 $60 $65 $70 $75 $80 $85 $G0

WTI Price, $/Bbl

Realized price represents the forecasted impact of derivatives only; does not account for basin differentials and midstream counterparty fees

2Q26-4Q26 Implied Oil Price Realizations include settlements for April 2026

Production volume based on 2026 midpoint oil guidance. 2027 production volume based off preliminary outlook and management estimates with illustrative 10% increase in production over 2026 guidance midpoint 20

Disclaimer

Riley Exploration Permian Inc. published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 15:23 UTC.