Riley Exploration Permian (REPX) Q2 2025 earnings summary

Executive summary

• Delivered solid Q2 2025 performance with $30.5 million net income and strong free cash flow, despite lower oil prices and infrastructure challenges.

• Closed the $142 million Silverback Exploration acquisition in July 2025, expanding the asset base and future growth potential in New Mexico.

• Maintained operational momentum, safety excellence, and a strategic focus on horizontal drilling and infrastructure investment.

• Advanced midstream and power projects to address infrastructure constraints and support future operations.

• Focused on long-term value, disciplined reinvestment, and direct shareholder returns via dividends.

Financial highlights

• Q2 2025 cash flow from operations was $33.6 million; net income was $30 million ($1.44 per diluted share); revenues totaled $85 million.

• Adjusted EBITDAX was $59 million (66% margin); Adjusted Net Income was $22 million ($1.02 per diluted share).

• Operating cash flow for the first half of 2025 was $84 million, with $61 million upstream free cash flow year-to-date.

• Combined LOE and cash G&A per BOE decreased by 5%-7% year-over-year; LOE was $19 million ($8.52/Boe) in Q2 2025.

• Paid $0.38/share dividend, totaling $8 million in Q2 2025; $16.5 million in dividends for the first half of 2025.

Outlook and guidance

• Q4 2025 oil production expected at mid-18,000 barrels per day, with total equivalent over 30,000 barrels per day, representing 21% and 27% growth from Q2, respectively.

• Full-year 2025 capex expected at $128–164 million, with $84–100 million upstream and $42–64 million midstream.

• Upstream reinvestment rate forecasted at approximately 45% of cash flow from operations before working capital.

• Production hedges in place for 76% of 2H25 oil volumes and 54% for 2026.

• Guidance reflects six months standalone and six months combined with Silverback for 2025.