Riley Exploration Permian Inc
AMEX:REPX
Riley Exploration Permian Inc
Riley Exploration Permian, Inc. is an independent oil and natural gas company. The company is headquartered in Oklahoma City, Oklahoma and currently employs 54 full-time employees. The firm is focused on the acquisition, exploration, development and production of oil, natural gas, and natural gas liquids (NGLs) in Texas and New Mexico. The firm is engaged in exploring its assets in the Permian Basin. The Company’s activities are primarily focused on the San Andres Formation, a conventional shelf margin deposit on the Central Basin Platform and Northwest Shelf. Its acreage is primarily located on contiguous blocks in Yoakum County, Texas and Lea, Roosevelt, and Chaves Counties, New Mexico.
Riley Exploration Permian, Inc. is an independent oil and natural gas company. The company is headquartered in Oklahoma City, Oklahoma and currently employs 54 full-time employees. The firm is focused on the acquisition, exploration, development and production of oil, natural gas, and natural gas liquids (NGLs) in Texas and New Mexico. The firm is engaged in exploring its assets in the Permian Basin. The Company’s activities are primarily focused on the San Andres Formation, a conventional shelf margin deposit on the Central Basin Platform and Northwest Shelf. Its acreage is primarily located on contiguous blocks in Yoakum County, Texas and Lea, Roosevelt, and Chaves Counties, New Mexico.
Growth plan: Management expects >20% year-over-year oil volume growth in 2026 with a plan that runs roughly a one-rig equivalent for the year (two rigs for ~3 months) and forecasts 46–53 gross wells (≈37%–43% net).
Balance sheet: Sold New Mexico midstream to Targa for $123 million cash plus $60 million potential earnouts, used proceeds to reduce debt by $120 million to $255 million as of 12/31 and authorized a $100 million buyback (≈152,000 shares repurchased at $26.54 average).
Operational performance: Q4 oil production rose ~1,700 bpd (9% QoQ) and was +26% versus Q4 2024; full year oil production +15% YoY and total equivalent production +29% YoY — much of the 2025 increase came from pre-2025 development and modest contribution from Silverback.
Costs & efficiency: D&C cost improvements (down 25% per lateral foot in Red Lake, 15% in Texas); core cash operating costs (LOE, production taxes, G&A ex-stock comp) down 13% QoQ; LOE down 13% QoQ (21% on $/BOE).
Cash flow & guidance: Adjusted EBITDAX $66 million in Q4 (margin 63%), upstream free cash flow $17 million in Q4, total free cash flow $1 million; 2026 capex plan of $200 million with >2/3 of spend scheduled in H1.
Hedging: As of March 2, ~70% of 2026 oil volume at midpoint hedged at a weighted-average downside ~ $60/bbl; 36% of hedges are collars (preserve upside participation).
Infrastructure & timing risk: Sale to Targa transfers pipeline construction risk but the long-haul high-pressure line is expected operational in H2 2026 and is important to shift completions to New Mexico in late 2026.
