Riley Exploration Permian (REPX) Q1 2025 earnings summary

Executive summary

• Achieved Q1 2025 net income of $29 million ($1.36 per diluted share) on $102.5 million in revenue, up 53% year-over-year, with 24.4 MBoe/d production (64% oil, 83% liquids), down 2% sequentially.

• Generated strong free cash flow and reduced debt by $21 million, maintaining 0.9x leverage and supporting further growth.

• Announced $142 million Silverback Exploration acquisition, adding 47,000 net acres, 5 MBoe/d, and 300+ gross undeveloped locations in New Mexico, expected to close early Q3 2025.

• Prioritized inventory acquisition and preservation over immediate production growth, focusing on long-term value and robust asset base.

• Progressed major midstream and power joint venture projects to optimize operations and diversify revenue.

Financial highlights

• Q1 2025 Adjusted EBITDAX was $71 million (69% margin); Adjusted Net Income was $34 million ($1.62 per diluted share).

• Generated $56 million operating cash flow before working capital and $39 million upstream free cash flow, reinvesting only 35% into upstream while keeping volumes flat.

• LTM Total Free Cash Flow: ~$130 million, representing a 23% yield on equity market cap.

• Paid $0.38/share dividend ($8 million total); 6.0% current dividend yield with 4.1x coverage from LTM Total FCF.

• Total liquidity $310 million as of March 31, 2025, with $301 million undrawn under $400 million Credit Facility.

Outlook and guidance

• 2025 standalone production guidance: 24.0–24.7 MBoe/d; with Silverback: 27.6–28.5 MBoe/d.

• Standalone 2025 investing midpoint reduced by 50%; with Silverback, full-year investing up 5% over standalone.

• LOE guidance: $8.00–$9.00/Boe; cash G&A: $3.00–$3.50/Boe; interest expense: $6–8 million for Q2 2025.

• Committed to $130 million in capital expenditures through 2026 for midstream buildout in New Mexico.

• Remaining $21.5 million equity commitment to RPC Power joint venture for power generation and storage projects.