Riley Permian Reports 2025 Results and Provides 2026 Guidance

OKLAHOMA CITY, March 4, 2026 /PRNewswire/ -- Riley Exploration Permian, Inc. (NYSE American: REPX) ("Riley Permian", the "Company" or "we"), today reported financial and operating results for the fourth quarter and year ended December 31, 2025.

FOURTH QUARTER 2025 HIGHLIGHTS

FULL-YEAR 2025 HIGHLIGHTS

2026 GUIDANCE HIGHLIGHTS

Bobby Riley, Chairman of the Board and Chief Executive Officer commented, "2025 was a transformational year for Riley Permian, as we made significant progress across key strategic initiatives, including inventory expansion, infrastructure build‑out, and balance sheet improvement. The groundwork laid in 2025 positions the company for a more active and value‑enhancing development program in 2026 and beyond."

____________________

(1)

A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at www.rileypermian.com.

(2)

Debt leverage ratio based on principal debt outstanding as of December 31, 2025, divided by full-year Adjusted EBITDAX (1).

OPERATIONS AND DEVELOPMENT ACTIVITY UPDATE

The tables below provide a summary of our operated well activity and production by state:

Three Months Ended December 31, 2025

Year Ended December 31, 2025

Gross (1)

Net (2)

Gross (1)

Net (2)

Wells Drilled

Texas

8.0

18.0

New Mexico

—

Total

8.0

18.0

Wells Completed

Texas

5.0

12.0

New Mexico

—

6.3

Total

5.0

18.3

Wells Turned to Sales

Texas

3.0

10.0

New Mexico

—

6.3

Total

3.0

16.3

___________________

(1) Gross wells are the total number of operated wells in which the Company has an interest

(2) Net wells are gross wells multiplied by our fractional working interest

Average Daily Production by State

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

Combined

Texas

19.4

17.7

17.6

15.7

New Mexico

16.1

7.3

11.6

6.8

Total (MBoe/d)

35.5

25.0

29.2

22.5

Oil

Texas

11.9

12.4

11.3

11.7

New Mexico

8.2

3.5

6.0

3.4

Total (MBbls/d)

20.1

15.9

17.3

15.1

FOURTH QUARTER 2025 FINANCIAL RESULTS

Revenues totaled $97 million, net cash provided by operating activities was $65 million and net income was $85 million, or $4.02 per diluted share.

On a non-GAAP basis, Adjusted EBITDAX (1) was $66 million, cash flow from operations before changes in working capital (1) was $35 million, Total Free Cash Flow (1) was $1 million and Adjusted Net Income (1) was $22 million, or $1.01 per diluted share.

Average realized prices, before derivative settlements, were $57.18 per barrel of oil, $(0.86) per Mcf of natural gas and $(6.67) per barrel of natural gas liquids. The Company reported a $21 million gain on derivatives, net, which included an $8 million realized gain on settlements.

Operating expenses included lease operating expense ("LOE") of $23 million, or $7.16 per Boe, administrative costs of $8 million, or $2.42 per Boe, and production and ad valorem taxes of $8 million or $2.44 per Boe.

The Company incurred $50 million in total accrued capital expenditures ($28 million for upstream). On a cash basis, the Company had total capital expenditures of $51 million ($35 million for upstream).

We recognized a pre-tax gain of $72 million from the Midstream Sale, net of $3 million in transaction costs. As a result, we incurred $16 million in corresponding income tax liability. Total FCF of $1 million excludes this tax impact.

The Company sold its interest in oil and natural gas properties in Texas outside of the Company's acreage in Yoakum County for 250,000 shares of the Company's common stock, which were subsequently retired, and which led to a reduction to additional paid-in-capital of $10 million.

The Company reduced total debt by $120 million, including a principal reduction of $115 million on the Credit Facility and $5 million on the Senior Notes. As of December 31, 2025, the Company had $110 million of borrowings outstanding on its Credit Facility and $145 million principal value of its Senior Notes, for a combined principal value of debt of $255 million. Interest expense, net was $8 million.

The Company paid a cash dividend of $0.40 per share, for a total of $8 million.

YEAR ENDED 2025 FINANCIAL RESULTS

Revenues totaled $392 million, net cash provided by operating activities was $213 million and net income was $161 million, or $7.59 per diluted share.

On a non-GAAP basis, Adjusted EBITDAX (1) was $261 million, cash flow from operations before changes in working capital (1) was $192 million, Total Free Cash Flow (1) was $81 million and Adjusted Net Income (1) was $96 million or $4.53 per diluted share.

Average realized prices, before derivative settlements, were $62.95 per barrel of oil, $(0.28) per Mcf of natural gas and $(1.27) per barrel of natural gas liquids. The Company reported a $36 million gain on derivatives, net, which included a $17 million realized gain on settlements.

Operating expenses included LOE of $88 million, or $8.21 per Boe, administrative costs of $31 million, or $2.95 per Boe, and production and ad valorem taxes of $29 million or $2.73 per Boe.

The Company incurred $120 million in total accrued capital expenditures ($83 million for upstream). On a cash basis, the Company had total capital expenditures of $128 million ($91 million for upstream).

The Company reduced total debt by $25 million, including a principal reduction of $5 million on the Credit Facility and $20 million on the Senior Notes. Interest expense, net was $31 million.

The Company paid dividends of $1.54 per share for a total of $33 million.

Shareholder's equity was $634 million as of December 31, 2025, an increase of 24% year-over-year and the number of common shares outstanding was 21.7 million, an increase of 1% year-over-year.

In January 2026, as part of our stock repurchase program, the Company repurchased 152,408 shares of common stock at a weighted average price of $26.54 per share for a total of $4 million.

RESERVES

Estimates of Riley Permian's proved reserves as of December 31, 2025, were prepared by Ryder Scott Company, L.P., the Company's third-party reservoir engineer, using the SEC pricing methodology. Proved reserves at year-end 2025 of 147 MMBoe increased by 24 MMBoe or 19% over year-end 2024 reserves. Oil represented 50% of total proved reserves. Proved developed producing reserves ("PDP") increased by 13% to 87 MMBoe, which represented 59% of total proved reserves. Proved undeveloped reserves ("PUD") increased by 29% to 61 MMBoe, when compared to year-end 2024. At December 31, 2025, the standardized measure of discounted cash flows and PV-10 (1) were $1.14 billion and $1.39 billion, respectively.

The net proved reserve additions resulted in a reserve replacement ratio (defined as the sum of extensions and discoveries, revisions, acquisitions and divestitures, divided by annual production) of 323% for the year ended December 31, 2025. The organic reserve replacement ratio (defined as the sum of extensions and discoveries and revisions, divided by annual production) was 230%.

Extensions and discoveries were the primary contributor to the increase in reserves of 24 MMBoe, which consisted of 23 MMBoe added to PUDs as a result of drilling activity during the year, which allowed for the booking of adjacent PUDs for locations that were previously booked as unproved reserves or not at all, and 1 MMBoe added to PDP as a result of drilling successful wells that were previously classified as unproved locations. The Company also acquired 11 MMBoe in reserves and divested 1 MMBoe. The Company had production of 11 MMBoe and positive revisions of previous estimates of 1 MMBoe.

____________________

(1)

A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at www.rileypermian.com.

Selected Operating and Financial Data

(Unaudited)

Three Months Ended

Year Ended

December 31,

2025

September 30,

2025

December 31,

2024

December 31,

2025

December 31,

2024

Select Financial Data (in thousands):

Oil and natural gas sales, net

$ 97,277

$ 106,852

$ 102,695

$ 391,980

$ 409,801

Income from Operations

$ 26,161

$ 28,862

$ 32,038

$ 133,279

$ 153,695

Adjusted EBITDAX (1)

$ 66,051

$ 64,041

$ 69,074

$ 260,565

$ 284,225

Cash Flow from Operations

$ 64,868

$ 63,650

$ 66,378

$ 212,539

$ 246,274

Upstream Accrual Capital Expenditures

$ 28,204

$ 13,129

$ 19,385

$ 82,785

$ 97,023

Upstream Cash Capital Expenditures

$ 34,721

$ 14,893

$ 22,299

$ 91,188

$ 99,365

Total Accrual Capital Expenditures

$ 50,357

$ 18,019

$ 30,682

$ 120,162

$ 108,320

Total Cash Capital Expenditures

$ 50,960

$ 29,027

$ 33,263

$ 127,855

$ 110,329

Upstream Free Cash Flow (1)

$ 17,238

$ 39,441

$ 28,653

$ 117,236

$ 128,033

Total Free Cash Flow (1)

$ 999

$ 25,307

$ 17,689

$ 80,569

$ 117,069

Production Data, net:

Oil (MBbls)

1,850

1,690

1,464

6,328

5,519

Natural gas (MMcf)

3,848

3,380

2,305

11,669

7,484

NGLs (MBbls)

778

722

455

2,387

1,486

Total (MBoe)

3,269

2,975

2,303

10,660

8,252

Daily combined volumes (Boe/d)

35,533

32,337

25,033

29,205

22,546

Daily oil volumes (Bbls/d)

20,109

18,370

15,913

17,337

15,079

Average Realized Prices: (2)

Oil ($ per Bbl)

$ 57.18

$ 63.94

$ 68.50

$ 62.95

$ 74.10

Natural gas ($ per Mcf)

$ (0.86)

$ (0.21)

$ 0.02

$ (0.28)

$ (0.19)

NGLs ($ per Bbl)

$ (6.67)

$ (0.66)

$ 5.18

$ (1.27)

$ 1.53

Average Realized Prices, including derivative

settlements: (2)(3)

Oil ($ per Bbl)

$ 61.06

$ 65.17

$ 69.89

$ 65.46

$ 73.67

Natural gas ($ per Mcf)

$ (0.63)

$ (0.16)

$ 0.34

$ (0.22)

$ 0.37

NGLs ($ per Bbl) (4)

$ (6.67)

$ (0.66)

$ 5.18

$ (1.27)

$ 1.53

Weighted Average Common Shares

Outstanding (in thousands):

Basic

21,120

21,164

21,094

21,134

20,712

Diluted

21,242

21,263

21,205

21,194

20,875

_____________________

(1)

A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at www.rileypermian.com.

(2)

The Company's oil, natural gas and NGL sales are presented net of GP&T costs. These costs, related to natural gas and NGLs, at times exceeded the price we received and resulted in negative average realized prices.

(3)

The Company's calculation of the effects of derivative settlements includes gains and losses on the settlement of our commodity derivative contracts. These gains and losses are included under other income (expense) in the Company's consolidated statements of operations.

(4)

During the periods presented, the Company did not have any NGL derivative contracts in place.

2026 GUIDANCE

Riley Permian is providing first quarter detailed guidance and select full-year 2026 activity guidance based on currently scheduled development activity and current market conditions. The average working interest on gross operated wells drilled is subject to change and may have corresponding impacts on net production volumes and investing expenditures. Total equivalent production estimates, inclusive of production from natural gas and NGLs, may be subject to variability based on third-party midstream service provider conditions.

Activity and Production

Q1 2026

Full-Year 2026

Net Operated Well Activity

Drilled (#)

14.3 - 16.3

37.0 - 43.0

Completed (#)

8.0 - 9.0

41.0 - 47.0

Turned to Sales (#)

7.0 - 8.0

43.0 - 49.0

Non-Operated, Net (#)

0.0 - 0.0

1.0 - 2.0

Net Production

Total (MBoe/d)

33.2 - 34.0

35.0 - 37.0

Oil (MBbls/d)

19.0 - 19.5

21.0 - 22.0

Capital Expenditures and Investing (in millions) (1)

Upstream

$49 - $57

$165 - $180

Infrastructure and Other

$6 - $8

$25 - $30

Total Capital Expenditures

$55 - $65

$190 - $210

Power JV Investment

$2 - $3

$6 - $8

Total Investments

$57 - $68

$196 - $218

Operating and Corporate Costs

Q1 2026

Lease Operating Expenses ($ per Boe)

$8.00 - $9.00

Production and Ad Valorem Taxes (% of revenue)

7.5% - 8.5%

Administrative Costs ($ per Boe)

$2.50 - $3.00

___________________

(1)

Accrual (activity-based) investing expenditures before acquisitions

CONFERENCE CALL

In connection with the earnings release, Riley Permian management will host a conference call for investors and analysts on March 5, 2026 at 9:00 a.m. CT to discuss the Company's results and to host a Q&A session. Interested parties are invited to participate by calling:

An updated company presentation, which will include certain items to be discussed on the call, will be posted prior to the call on the Company's website ( www.rileypermian.com). In addition to a webcast of the call available on the Company's website, a replay of the call will be available March 19, 2026 by calling:

About Riley Exploration Permian, Inc.

Riley Permian is a growth-oriented upstream oil and gas company operating in Texas and New Mexico with infrastructure projects that complement our operations. For more information, please visit www.rileypermian.com.

Investor Contact:

405-438-0126

[email protected]

Cautionary Statement Regarding Forward Looking Information and Guidance

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements contained in this release that are not historical facts are forward-looking statements that represent management's beliefs and assumptions based on currently available information. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, need for financing, competitive position and potential growth opportunities. Our forward-looking statements do not consider the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believes," "intends," "may," "should," "anticipates," "expects," "could," "plans," "estimates," "projects," "targets," "forecasts" or comparable terminology or by discussions of strategy or trends. You should not place undue reliance on these forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this release are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved or occur, and actual results could differ materially and adversely from those anticipated or implied by the forward-looking statements.

Among the factors that could cause actual future results to differ materially are the risks and uncertainties the Company is exposed to. While it is not possible to identify all factors, we continue to face many risks and uncertainties including, but not limited to: the volatility of oil, natural gas and NGL prices; regional supply and demand factors, any delays, curtailment delays or interruptions of production, and any governmental order, rule or regulation that may impose production limits; cost and availability of gathering, pipeline, refining, transportation, power and other midstream and downstream activities, which could result in a prolonged shut-in of our wells that may adversely affect our reserves, financial condition and results of operations; severe weather and other risks that lead to a lack of any available markets; our ability to successfully complete mergers, acquisitions or divestitures; the inability or failure of the Company to successfully integrate the acquired assets into our operations and development activities; the potential delays in the development, construction or start-up of planned projects; failure to realize any of the anticipated benefits of our joint ventures or other equity investments; risks relating to our operations, including development drilling and testing results and performance of acquired properties and newly drilled wells; inability to prove up undeveloped acreage and maintain production on leases; any reduction in our borrowing base on our Credit Facility from time to time and our ability to repay any excess borrowings as a result of such reduction; the impact of our derivative strategy and the results of future settlement; our ability to comply with the financial covenants contained in our Credit Facility and Senior Notes; changes in general economic, business or industry conditions, including changes in inflation rates, interest rates and foreign currency exchange rates; conditions in the capital, financial and credit markets and our ability to obtain capital needed to fund our exploration and development on favorable terms or at all; the loss of certain tax deductions; risks associated with executing our business strategy, including any changes in our strategy; risks associated with concentration of operations in one major geographic area; legislative or regulatory changes, including initiatives related to hydraulic fracturing, regulation of greenhouse gases, water conservation, seismic activity, weatherization, or protection of certain species of wildlife, or of sensitive environmental areas; the ability to receive drilling and other permits or approvals and rights-of-way in a timely manner (or at all), which may be restricted by governmental regulation and legislation; restrictions on the use of water, including limits on the use of produced water and a moratorium on new produced water well permits recently imposed by the Railroad Commission of Texas in an effort to control induced seismicity in the Permian Basin; changes in government environmental policies and other environmental risks; the availability of drilling equipment and the timing of production; tax consequences of business transactions; public health crisis, such as pandemics and epidemics, and any related government policies and actions and the effects of such public health crises on the oil and natural gas industry, pricing and demand for oil and natural gas and supply chain logistics; general domestic and international economic, market and political conditions, including military conflicts, global economic growth, unpredictability of new tariffs, actions of OPEC+ countries and changes to the current political environment under the new administration; risks related to litigation; and cybersecurity threats, technology system failures and data security issues.

The estimates and guidance presented in this release are based on assumptions of current and future capital expenditure levels, prices for oil, natural gas and NGLs, available liquidity, indications of supply and demand for oil, well results, operating costs and the timing and completion of pending projects and acquisitions. The guidance provided in this release does not constitute any form of guarantee or assurance that the matters indicated will be achieved. While we believe these estimates and the assumptions on which they are based are reasonable as of the date on which they are made, they are inherently uncertain and are subject to, among other things, significant business, economic, operational, and regulatory risks, and uncertainties, some of which are not known as of the date of the statement. Guidance and estimates, and the assumptions on which they are based, are subject to material revision. Actual results may differ materially from estimates and guidance.

Please read the "Risk Factors" in our annual report on Form 10-K and our quarterly reports on Form 10-Q, which are incorporated herein. Additional factors that could cause results to differ materially from those described above can be found in Riley Permian's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC and available from the Company's website at www.rileypermian.com under the "Investor" tab, and in other documents the Company files with the SEC.

The forward-looking statements in this press release are made as of the date hereof and are based on information available at that time. The Company does not undertake, and expressly disclaims, any duty to update or revise our forward-looking statements based on new information, future events or otherwise.

RILEY EXPLORATION PERMIAN, INC.

CONSOLIDATED BALANCE SHEETS

December 31,

2025

2024

(In thousands, except share amounts)

Assets

Current Assets:

Cash

$ 17,889

$ 13,124

Accounts receivable, net

41,045

44,411

Prepaid expenses

7,763

1,592

Inventory

7,929

5,734

Current derivative assets

19,141

3,264

Total Current Assets

93,767

68,125

Oil and natural gas properties, net (successful efforts)

995,539

860,797

Other property and equipment, net

21,872

30,477

Non-current derivative assets

5,117

585

Equity method investment

36,188

22,811

Funds held in escrow

1,196

—

Other non-current assets, net

15,899

10,706

Total Assets

$ 1,169,578

$ 993,501

Liabilities and Shareholders' Equity

Current Liabilities:

Accounts payable

$ 5,083

$ 13,937

Accrued liabilities

37,690

33,918

Revenue payable

59,606

34,786

Current derivative liabilities

—

Current portion of long-term debt

20,000

Other current liabilities

34,089

20,123

Total Current Liabilities

156,505

122,764

Non-current derivative liabilities

112

414

Asset retirement obligations

59,977

32,706

Long-term debt

227,855

249,494

Deferred tax liabilities

86,119

76,547

Other non-current liabilities

4,768

961

Total Liabilities

535,336

482,886

Commitments and Contingencies

Shareholders' Equity:

Preferred stock, $0.0001 par value, 25,000,000 shares authorized; 0 shares issued

—

Common stock, $0.001 par value, 240,000,000 shares authorized; 21,718,800

and 21,482,555 shares issued at December 31, 2025 and December 31, 2024,

respectively

Additional paid-in capital

306,660

310,232

Retained earnings

327,560

200,362

Total Shareholders' Equity

634,242

510,615

Total Liabilities and Shareholders' Equity

$ 1,169,578

$ 993,501

RILEY EXPLORATION PERMIAN, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

(In thousands, except per share amounts)

Revenues:

Oil and natural gas sales, net

$ 97,277

$ 102,695

$ 391,980

$ 409,801

Contract services - related parties

—

380

Total Revenues

97,277

102,695

391,980

410,181

Costs and Expenses:

Lease operating expenses

23,421

19,670

87,506

71,463

Production and ad valorem taxes

7,978

8,021

29,052

29,428

Exploration costs

2,156

361

2,595

Depletion, depreciation, amortization and accretion

27,268

18,929

93,183

74,900

Impairment of oil and natural gas properties

—

11,317

1,214

11,317

Other impairments

1,607

—

1,607

30,158

General and administrative:

Administrative costs

7,913

8,689

31,472

26,551

Stock-based compensation expense

2,388

1,445

9,130

8,138

Cost of contract services - related parties

—

363

Transaction costs

453

430

5,176

1,573

Total Costs and Expenses

71,116

70,657

258,701

256,486

Income from Operations

26,161

32,038

133,279

153,695

Other Income (Expense):

Interest expense, net

(7,926)

(7,625)

(31,364)

(34,338)

Gain (loss) on derivatives, net

21,469

(8,446)

36,259

(1,665)

Loss from equity method investment

(619)

(486)

(886)

(721)

Gain on midstream sale

71,675

—

71,675

—

Total Other Income (Expense)

84,599

(16,557)

75,684

(36,724)

Net Income from Operations Before Income Taxes

110,760

15,481

208,963

116,971

Income tax expense

(25,363)

(4,553)

(48,123)

(28,074)

Net Income

$ 85,397

$ 10,928

$ 160,840

$ 88,897

Net Income per Share:

Basic

$ 4.04

$ 0.52

$ 7.61

$ 4.29

Diluted

$ 4.02

$ 0.52

$ 7.59

$ 4.26

Weighted Average Common Shares Outstanding:

Basic

21,120

21,094

21,134

20,712

Diluted

21,242

21,205

21,194

20,875

RILEY EXPLORATION PERMIAN, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

(In thousands)

Cash Flows from Operating Activities:

Net income

$ 85,397

$ 10,928

$ 160,840

$ 88,897

Adjustments to reconcile net income to net cash provided by

operating activities:

Exploratory well costs and lease expirations

2,156

300

2,560

Depletion, depreciation, amortization and accretion

27,268

18,929

93,183

74,900

Impairment of oil and natural gas properties

—

11,317

1,214

11,317

Other impairments

1,607

(1,308)

1,607

28,850

(Gain) loss on derivatives, net

(21,469)

8,446

(36,259)

1,665

Settlements on derivative contracts

8,086

2,759

16,615

1,849

Amortization of deferred financing costs and discount

1,198

1,324

4,768

5,299

Stock-based compensation expense

2,388

1,445

9,130

8,138

Deferred income tax expense

1,981

(5,530)

11,352

3,202

Loss from equity method investment

619

486

886

721

Gain on midstream sale

(71,675)

—

(71,675)

—

Other

—

Changes in operating assets and liabilities

29,370

15,426

20,576

18,876

Net Cash Provided by Operating Activities

64,868

66,378

212,539

246,274

Cash Flows from Investing Activities:

Additions to oil and natural gas properties

(34,394)

(22,118)

(89,624)

(98,490)

Additions to midstream property and equipment

(16,239)

(10,964)

(36,667)

(10,964)

Additions to other property and equipment

(327)

(181)

(1,564)

(875)

Net assets acquired in business combination

125

—

(117,702)

—

Acquisitions of oil and natural gas properties

—

(2,161)

(19,597)

Acquisitions of land

(1,309)

—

(1,309)

—

Disposition of midstream property and equipment

120,204

—

120,204

—

Contributions to equity method investment

(1,000)

(1,250)

(15,750)

(17,912)

Funds held in escrow

—

(1,196)

—

Net Cash Provided by (Used in) Investing Activities

67,060

(34,513)

(145,769)

(147,838)

Cash Flows from Financing Activities:

Deferred financing costs

(189)

(2,703)

(432)

(2,783)

Proceeds from Credit Facility

—

155,000

15,000

Repayments under Credit Facility

(115,000)

(15,000)

(160,000)

(85,000)

Repayments of Senior Notes

(5,000)

(20,000)

Payment of cash dividends

(8,485)

(7,992)

(33,325)

(30,831)

Proceeds from issuance of common shares, net

—

25,415

Repurchase of common shares for tax withholding and other

(1,824)

(1,368)

(3,248)

(2,432)

Net Cash Used in Financing Activities

(130,498)

(32,063)

(62,005)

(100,631)

Net Increase (Decrease) in Cash

1,430

(198)

4,765

(2,195)

Cash, Beginning of Period

16,459

13,322

13,124

15,319

Cash, End of Period

$ 17,889

$ 13,124

$ 17,889

$ 13,124

OIL, NATURAL GAS AND NGL RESERVES

Estimates of Riley Permian's proved reserves as of December 31, 2025, were prepared by Ryder Scott Company, L.P. ("Ryder Scott"), the Company's third-party reservoir engineer. Estimates of proved reserves were prepared in accordance with the rules and regulations of the SEC using an average price equal to the unweighted arithmetic average of the first day of each month within the 12-month period ended December 31, 2025, of $65.34 per Bbl for oil and $3.39 per Mcf for gas. Additionally, the Company prepared estimates of proved reserves as of December 31, 2025, using NYMEX pricing, which were not reviewed by Ryder Scott. The table below presents a summary of our proved reserves as of December 31, 2025.

SEC Pricing (1)

NYMEX Pricing (1)

Reserves as of December 31, 2025

Proved

Developed

Reserves

Total Proved

Reserves

Proved

Developed

Reserves

Total Proved

Reserves

Oil (MBbls)

42,907

74,347

43,109

74,670

Natural gas (MMcf)

124,165

206,657

125,592

208,636

Natural gas liquids (MBbls)

23,109

38,625

23,353

38,974

Total (MBoe)

86,710

147,415

87,394

148,416

PV-10 (2) (in thousands)

$ 881,093

$ 1,392,016

$ 823,149

$ 1,305,502

___________________

(1)

See table below for the SEC and NYMEX pricing used to prepare reserve estimates.

(2)

A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at www.rileypermian.com.

SEC Pricing

NYMEX Pricing

Oil

Natural Gas

Oil

Natural Gas

($ per Bbl)

($ per Mcf)

($ per Bbl)

($ per Mcf)

Calendar year 2026

$ 65.34

$ 3.39

$ 57.03

$ 3.72

Calendar year 2027

$ 65.34

$ 3.39

$ 57.42

$ 3.88

Calendar year 2028

$ 65.34

$ 3.39

$ 58.73

$ 3.71

Calendar year 2029

$ 65.34

$ 3.39

$ 59.98

$ 3.61

Calendar year 2030

$ 65.34

$ 3.39

$ 60.85

$ 3.61

After 2030

$ 65.34

$ 3.39

$ 61.14

$ 4.16

Reserve estimates above do not include any value for probable or possible reserves that may exist, nor do they include any value for undeveloped acreage. The reserve estimates represent our net revenue interest in our properties, all of which are located within the continental United States. NYMEX pricing does not comport with the reporting requirements of the SEC and should not be used as a substitute for or compared with estimates of proved reserves using SEC pricing.

OIL, NATURAL GAS AND NGL RESERVES, Continued

Ryder Scott prepared the estimates of the Company's proved reserves as of December 31, 2024, in accordance with the rules and regulations of the SEC using an average price equal to the unweighted arithmetic average of the first day of each month within the 12-month period ended December 31, 2024, of $76.32 per Bbl for oil and $2.13 per Mcf for natural gas. The Company prepared estimates of proved reserves as of December 31, 2024, using NYMEX pricing, which were not reviewed by Ryder Scott. The table below presents a summary of our proved reserves as of December 31, 2024.

SEC Pricing (1)

NYMEX Pricing (1)

Reserves as of December 31, 2024

Proved

Developed

Reserves

Total Proved

Reserves

Proved

Developed

Reserves

Total Proved

Reserves

Oil (MBbls)

40,111

66,535

39,527

65,802

Natural gas (MMcf)

103,337

162,239

102,004

160,644

Natural gas liquids (MBbls)

19,312

30,027

19,102

29,768

Total (MBoe)

76,646

123,602

75,630

122,344

PV-10 (2) (in thousands)

$ 999,828

$ 1,542,583

$ 885,643

$ 1,332,696

___________________

(1)

See table below for the SEC and NYMEX pricing used to prepare reserve estimates.

(2)

A non-GAAP financial measure as defined and reconciled in the supplemental financial tables available on the Company's website at www.rileypermian.com.

SEC Pricing

NYMEX Pricing

Oil

Natural Gas

Oil

Natural Gas

($ per Bbl)

($ per Mcf)

($ per Bbl)

($ per Mcf)

Calendar year 2025

$ 76.32

$ 2.13

$ 69.59

$ 3.66

Calendar year 2026

$ 76.32

$ 2.13

$ 66.45

$ 4.05

Calendar year 2027

$ 76.32

$ 2.13

$ 64.74

$ 3.98

Calendar year 2028

$ 76.32

$ 2.13

$ 63.71

$ 3.87

Calendar year 2029

$ 76.32

$ 2.13

$ 63.31

$ 3.60

After 2029

$ 76.32

$ 2.13

$ 63.31

$ 3.60

DERIVATIVE INSTRUMENTS

The Company's oil and natural gas derivative contracts consisted of fixed price swaps, costless collars and basis swaps. The following table summarizes the open financial derivatives as of March 2, 2026, related to our future oil and natural gas production:

2026 (1)

2027

2028

First

Quarter

Second

Quarter

Third

Quarter

Fourth

Quarter

First

Quarter

Second

Quarter

Third

Quarter

Fourth

Quarter

First

Quarter

Oil

WTI Oil Swaps

Volume (Bbl)

826,000

900,000

665,000

530,000

510,000

480,000

Weighted

average price

($/Bbl)

$ 61.56

$ 62.05

$ 61.76

$ 61.56

$ 60.77

$ 60.61

$ 60.19

$ 60.45

WTI Oil Collars

Volume (Bbl)

516,000

486,000

480,000

460,000

415,000

477,000

340,000

165,000

Weighted

average floor

price ($/Bbl)

$ 59.55

$ 57.78

$ 56.99

$ 56.33

$ 56.73

$ 55.31

$ 51.68

$ 55.00

Weighted

average ceiling

price ($/Bbl)

$ 77.16

$ 73.54

$ 72.31

$ 68.63

$ 66.63

$ 68.35

$ 66.02

$ 67.81

Natural Gas

Henry Hub

Natural Gas Swaps

Volume

(MMBtu)

1,005,000

450,000

300,000

500,000

600,000

Weighted

average price

($/MMBtu)

$ 3.97

$ 3.64

$ 3.59

$ 4.07

$ 4.19

Henry Hub

Natural Gas Collars

Volume

(MMBtu)

225,000

900,000

600,000

450,000

Weighted

average floor

price

($/MMBtu)

$ 3.67

$ 3.05

$ 3.43

$ 3.80

Weighted

average ceiling

price

($/MMBtu)

$ 4.30

$ 3.74

$ 4.79

$ 5.84

Waha Basis Swaps

Volume

(MMBtu)

450,000

600,000

3,150,000

1,800,000

Weighted

average price

($/MMBtu)

$ (2.01)

$ (2.26)

$ (1.31)

$ (0.94)

$ (0.95)

$ (1.01)

___________________

(1)

Q1 2026 derivative positions shown include 2026 contracts, some of which have settled as of March 2, 2026.

Interest Rate Contracts

The following table summarizes the open interest rate derivative positions as of March 2, 2026:

Open Coverage Period

Position

Notional Amount

Fixed Rate

(In thousands)

March 2026 - April 2026

Long

$ 30,000

3.18 %

March 2026 - April 2026

Long

$ 50,000

3.04 %

April 2026 - April 2027

Long

$ 45,000

3.90 %

SOURCE Riley Exploration Permian, Inc.