Riley Exploration Permian (REPX) Q3 2025 earnings summary

Executive summary

• Closed the Silverback acquisition in July 2025, adding 47,000 net acres in Eddy County, NM, and integrating assets, which drove production and cost synergies exceeding expectations.

• Achieved significant production and cash flow growth, with Q3 2025 oil production up 21% quarter-over-quarter and 19% year-over-year to 18.4 MBbls/d, and total equivalent production at 32.3 MBoe/d.

• Increased quarterly dividend by 5% to $0.40 per share, marking the 19th consecutive quarterly dividend and a 6.1% annualized yield.

• Strategic focus on value creation, capital discipline, and resilience through commodity cycles, with consistent capital returns to shareholders.

• Core operations in Texas and New Mexico, focused on horizontal drilling and maximizing shareholder returns.

Financial highlights

• Q3 2025 revenues were $107 million, with net income of $16 million ($0.77 per diluted share), and adjusted EBITDAX of $64 million (59% margin).

• Generated $64 million in operating cash flow and $25 million in total free cash flow in Q3 2025; LTM free cash flow reached $97 million.

• Upstream free cash flow for Q3 was $39.4 million, representing 73% conversion of operating cash flow before working capital.

• Debt at quarter end was $375 million, with 1.3x leverage based on pro forma adjusted EBITDA.

• Quarterly dividends declared totaled $8.4 million in Q3 and $24.9 million for the nine months.

Outlook and guidance

• Raised Q4 2025 oil production guidance by 4% at midpoint to 19.2 MBbls/d; full-year oil production guidance up 2% at midpoint to 17.1 MBbls/d.

• Maintained full-year capital expenditures guidance at $92 million, with Q4 2025 production guidance of 32.9–33.9 MBoe/d total and 18.7–19.7 MBbls/d oil.

• Over 60% of 2026 oil volumes hedged at a weighted average downside price of $60, with robust hedging for 2025 and 2026.

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

• Guidance reflects flexibility to respond to commodity price volatility and market conditions.