Riley Exploration Permian (REPX) Q1 2026 earnings summary

Executive summary

• Achieved total equivalent production of 35.6 MBoe/d and oil production of 20.2 MBbls/d, up 46% year-over-year and exceeding guidance for Q1 2026.

• Accelerated growth plan for 2026 driven by expanded inventory, infrastructure readiness, and focused drilling in Texas, with New Mexico and power projects adding future upside.

• Net loss of $70 million for Q1 2026, primarily due to a $127 million unrealized derivative loss, despite strong operational performance.

• Returned $12 million to shareholders in Q1 2026 through dividends and share repurchases, and reduced debt by $8 million.

• Sold Dovetail Midstream subsidiary for $123 million plus $60 million in potential earnouts, using proceeds to reduce debt.

Financial highlights

• Revenues reached $114 million, up from $102 million year-over-year, with unhedged revenue up 17% quarter-over-quarter and oil sales at $124.97 million.

• Adjusted EBITDAX was $61 million, down 8% quarter-over-quarter, and total free cash flow was $24 million.

• Operating cash flow was $47 million ($55 million before working capital changes).

• Lease operating expense was $24 million ($7.51 per Boe), below guidance, due to vendor realignment and improved well productivity.

• Declared $8.6 million in dividends for Q1 2026.

Outlook and guidance

• Full-year 2026 production guidance raised to 22.0–23.0 MBbls/d oil and 37.5–39.5 MBoe/d total, targeting ~30% year-over-year growth.

• Full-year CapEx guidance increased to $200–$220 million, with CapEx weighted 60/40 between H1 and H2.

• Q2 2026 production guidance: oil 20.7–21.3 MBbls/d, total equivalent 35.0–37.0 MBoe/d.

• Lease operating expenses projected at $8.00–$9.00 per Boe for Q2 2026.

• New Targa pipeline system in New Mexico expected in service before end of 2026, reducing reliance on current counterparty.