Riley Exploration Permian : Company Overview
REPX
Investor Presentation
March 2025
Corporate Overview and Strategy
Riley Permian is a growth-oriented energy company with operations in Texas and New Mexico
Our oil-focused and capital efficient asset base enables optionality on our corporate investment allocation:
4Q24 Production
25.0 Mboe/d
Equity Market Cap(1)
~$620MM
Enterprise Value(2)
~$890MM
FY24 Total
~$117MM
Free Cash Flow(3)
Debt Leverage(4)
~1.0x
Dividend Yield(1)
5.3%
Insider Ownership(5)
24%
(3)
A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at www.rileypermian.com
3
(4)
Leverage based on principal debt balance as of 12/31/24 divided by Last Twelve Months Adjusted EBITDAX
(5)
Source: SEC Filings. Insiders include Yorktown, Management and the Board of Directors
Oil-Focused, Permian Asset Base
Northwest
Shelf
Yoakum
Lea
Midland
Eddy
Basin
Central
Delaware Basin
Basin
Platform
30 Miles
4Q24 Commodity Splits
Oil Natural Gas NGL
20%
Production
17%
At 6:1 Oil:Gas
63%
2%
Revenue
98%
Natural Gas ~0.1% of Revenue;
rounded down for illustrative purposes
4
Riley's Assets Compete with Core Permian on Productivity
Riley's wells to date have experienced lower relative declines versus Delaware and Midland basin wells
Oil Production Rates over Time
Bbls/d per 1,000' of Lateral Length
100
10
1
12
24
36
48
60
Months from First Production
Riley Permian
Midland
Delaware
Riley's wells to date have outperformed Midland and
Delaware basin wells on a 5-year basis
Cumulative Oil Production over Time
Bbls Produced per Foot of Lateral Length
60
40
20
12
24
36
48
60
Months from First Production
Riley Permian
Midland
Delaware
Note: Riley Permian, Midland Basin, and Delaware Basin well characteristics are a composite of horizontal wells with first production from 2019-2024. Sourced from Enverus
5
Riley's Assets Compete with Core Permian on Economics
Riley's well costs on an absolute and relative basis are lower than average Delaware and Midland basin wells
2024 Vintage Average Well Costs
$ per Foot of Lateral Length
$1,400
1400
1400
$1,200
1200
1200
$1,000
1000
1000
$800
800
800
$600
600
600
$400
400
400
$200
200
200
0
0
Riley Permian
Midland
Delaware
The combination of higher productivity and lower well costs can lead to significantly lower breakeven costs
Forecasted PV10 Breakeven
$/Bbl with 20:1 WTI:HH
$100
$100
$100
$90
$90
$80
$80
$80
$70
$70
$60
$60
$60
$50
$50
$40
$40
$40
$30
$30
$20
$20
$20
$10
$10
Riley Permian
Midland
Delaware
Note: Riley Permian, Midland Basin, and Delaware Basin well characteristics are a composite of horizontal wells with first production from 2024 and limited to a lateral length of > 5,000 ft. Data sourced from Enverus
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Track Record of Growth
Adjusted EBITDAX(1)
Total FCF(1)
Shareholders' Equity
$MM
$MM
$MM
284
511
117
246
422
176
333
70
56
238
97
8
2021
2022
2023
2024
2021
2022
2023
2024
2021
2022
2023
2024
(1) A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at www.rileypermian.com
7
Track Record of Direct Return of Capital
History of paying fixed
1 dividends every quarter as a public company
2
History of raising dividends
annually
3
5.3% current dividend yield
as of March 3, 2025
4
3.8x dividend coverage in
2024 from Total FCF
Quarterly Dividends Paid, $/Sh.
8% CAGR since May 2021
$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 3/3/25. Future dividends subject to approval by the Board of Directors. Dividend Coverage based on 2024 Dividends paid and Total
Free Cash Flow (FCF). Total Free Cash Flow is a non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at
www.rileypermian.com
8
Balanced Capital Allocation in 2024
Reinvestment in Upstream
Excess Upstream FCF Allows for
Development for Volume Growth
Optionality
44% reinvestment rate for 2024
56% Upstream FCF
conversion rate for 2024
Achieving Y/Y production volume growth
Invested in ancillary projects and a small
with a disciplined reinvestment rate and
acquisition, with additional allocation to
the contribution of a 2024 acquisition
dividends and balance sheet management
44%
$227MM
56%
MBbls/d
CFFO
14%
9%
Power JV
Midstream Capex
15.5
15.9
15%
Acquisitions
14.7
14.2
Upstream FCF
13.6
Allocation
38%
Balance
Sheet
24%
4Q23
1Q24
2Q24
3Q24
4Q24
Dividends
Notes: Reinvestment Rate is E&P Cash Capex as a percent of Cash Flow from Operations before the impact of changes in working capital. E&P Cash Capex excludes the impact of
acquisitions and contributions to equity method investments (Power JV). Cash Flow from Operations (CFFO) is shown before the changes of working capital. Upstream Free Cash Flow
(FCF) is a non-GAAP financial measure which can be further defined in the supplemental financial tables available on the company's website at www.rileypermian.com. FCF Conversion
9
Rate is Upstream Free Cash Flow as a percent of Cash Flow from Operations. Future dividends subject to approval by the Board of Directors
New Mexico Gas Midstream Project
• Optimize flow assurance for gas, enabling more robust
development of Riley's New Mexico assets
REPX
• Control operations of critical intermediary transport for
long-term value creation
Objectives
• Access multiple treating and processing plant networks
for reduced concentration risk and higher-value Gulf
Coast residue gas markets
• Build local gathering lines and compression stations on
Riley Permian's asset footprint
• Construct 20-inch diameter high-pressure pipeline (150-
Project
MMcfd capacity) to connect Riley Permian assets in
Description
Northern Eddy County to large-cap midstream operator's
network of transportation and processing plants
• Project has potential to service third-party producers'
capacity needs
Estimated
• Approximately $120MM capital expenditures to be
Capital Cost
invested during 2025-2026
and Timing
• Forecasted in-service during 2026
New Mexico
Northwest
Shelf
Eddy
Riley Permian's
Gas Pipeline
(In Planning Stage)
Delaware
Basin
30 Miles
Yoakum
Lea
Midland
Basin
Large-Cap Midstream
Operator's Network of
Processing Plants
Higher-Value
Gulf Coast Markets
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Disclaimer
Riley Exploration Permian Inc. published this content on March 05, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 05, 2025 at 21:52:32.579.