Riley Exploration Permian (REPX) Q4 2025 earnings summary

Executive summary

• Achieved transformational progress in 2025 with the Silverback acquisition and two other New Mexico deals, expanding undeveloped inventory to 7–8 years and driving strong production growth, with total daily production up 42% and oil up 26% year-over-year.

• Sold midstream subsidiary for $123 million cash plus up to $60 million in potential earn-outs, using proceeds to reduce debt and eliminate future liabilities.

• Reduced total debt by $120 million in Q4 2025, ending the year at $255 million, and strengthened the balance sheet for accelerated 2026 development.

• Authorized a $100 million share repurchase program and increased quarterly dividend by 5% to $0.40 per share, with 152,000 shares repurchased at an average price of $26.54.

• Positioned for over 20% oil volume growth in 2026, with flexibility to adjust activity based on oil prices and robust shareholder returns.

Financial highlights

• Q4 2025 net income was $85 million ($4.02/share diluted), driven by a $72 million gain from the midstream sale and higher hedging gains; full-year net income reached $161 million ($7.59/share diluted).

• Adjusted EBITDAX for 2025 was $261 million, with Q4 margin rising to 63%.

• Total free cash flow for 2025 was $81 million, with $33 million paid in dividends.

• Debt reduced to $255 million at year-end, with LTM leverage at 0.9x and credit facility 28% utilized on a $400 million base.

• Proved reserves at year-end 2025 were 147 MMBoe, up 19% year-over-year, with a PV-10 of $1.39 billion.

Outlook and guidance

• 2026 capital plan set at $190–$210 million, with over two-thirds of spend in the first half of the year.

• 2026 production guidance: 35.0–37.0 MBoe/d (oil: 21.0–22.0 MBbls/d), targeting over 20% year-over-year oil volume growth.

• Over 70% of 2026 forecasted oil volumes hedged at ~$60/bbl, with 36% in collars to preserve upside.

• 2027 expected to see further production growth (~10%) with improved capital efficiency as infrastructure constraints ease.

• Q1 2026 LOE guidance: $8.00–$9.00/Boe; administrative costs $2.50–$3.00/Boe.