Riley Exploration Permian (REPX) investor relations material

Strategic overview and asset base

• Focus on sustainable free cash flow to fund growth and return capital via dividends and share repurchases.

• Asset base concentrated in oil-rich conventional reservoirs in Texas and New Mexico, with oil making up nearly 60% of production.

• 2023 oil production averaged 20,100 barrels/day in Q4 and 17,300 barrels/day for the year.

• Adjusted EBITDA for 2023 was approximately $261 million.

• Annual dividend increased by 5% to $1.60 per share in October 2023.

Capital allocation and growth plans

• 2026 D&C CapEx guided at $165–$185 million, with total CapEx midpoint at $200 million.

• CapEx increase in 2026 follows a prior year of reduced spending due to an acquisition and market uncertainty.

• Lower leverage and no midstream capital commitments support higher upstream spending.

• Free cash flow in 2026 and 2027 expected to surpass initial guidance if current commodity prices hold.

• Inventory additions are opportunistic, with acquisitions occurring as opportunities arise.

Asset economics and operational efficiency

• Assets feature low drilling costs, high production rates, and shallow decline profiles, leading to strong cash returns.

• Most undeveloped drilling locations have a discounted return on investment (DROI) of 2–3x at a $60 oil price.

• Recent performance has improved with higher commodity prices.