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- **2026 Growth Target**: Over 20% oil volume growth, supported by $200M capital plan and flexible rig deployment. 
- **Silverback Outperformance**: 65% higher oil rates than expected, with $8M completion savings. 
- **Cost Optimization**: 25% Red Lake, 15% Texas D&C cost reductions, and $300K/loc land acquisition efficiency. 
- **Hedging Strength**: 70% 2026 volumes hedged at $60/bbl, with 36% upside through collars. 
- **Midstream Benefits**: $123M Targa sale proceeds reduce debt, enabling focus on drilling over infrastructure.

**【CEO Summary Section】**
- **2025 Transformation Year**: Highlighted strategic initiatives including the Silverback acquisition, midstream project sale to Targa, and debt reduction of $120 million. 
- **2026 Growth Forecast**: Targets over 20% year-over-year oil volume growth, with flexibility to adjust based on oil price trends.
- **Financial Flexibility**: Reduced debt to $255 million and authorized a $100 million share repurchase program, repurchasing 152,000 shares in Q4.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Net income increased by $69 million, EBITDAX rose 3% to $66 million, and free cash flow conversion was 27%.
- **2026 Capital Plan**: $200 million budget with 67% allocated to Q2, driven by drilling and completions. 
- **Hedging Strategy**: 70% of 2026 oil volumes hedged at $60/bbl, with 36% in collars preserving upside.

**【COO Operational Highlights】**
- **Production Growth**: Q4 oil production up 9% QoQ, full-year 2025 growth of 15%. New Mexico production grew 74% YoY.
- **Cost Efficiency**: 25% cost reduction per lateral foot in Red Lake, 15% in Texas, and $8 million in completion savings.
- **2026 Drilling Plan**: 46-53 gross wells, transitioning from Texas to New Mexico post-midstream completion in Q3.

**【Q&A Highlights】**
- **Production Cadence**: Q1 2026 dip due to midstream issues, followed by ramp-up in Q2-Q4. 
- **Capital Efficiency**: 2027 D&C costs expected to improve with scale and optimization. 
- **Silverback Performance**: Exceeding expectations with 65% higher oil rates, driven by workovers and completion tweaks. 
- **Power Project Update**: First merchant power site nearing commissioning, aiming to enhance gas netbacks.

Riley Exploration Permian, Inc.(REPX)-20260305-2025 Q4 Earnings call transcript

- **Silverback Synergies Drive Growth**: 50%+ production exceedance in Q3 2025, with $100M upstream free cash flow over 9 months despite 14% lower oil prices.
- **Cost Efficiency Record**: 10% D&C cost savings in New Mexico, 30%+ LOE per BOE reductions post-acquisition, and $70K/month cost savings through water handling optimization.
- **2026 Flexibility**: Option to maintain 2025 volumes with 15% lower CapEx or grow 12-15% with flat CapEx, supported by $60/WTI hedges covering 60% of 2026 production.
- **Midstream Expansion**: $14M invested in New Mexico midstream project, targeting 2026 in-service date for high-pressure transmission line with potential third-party volume accretion.
- **Dividend Sustainability**: 31% of FCF allocated to dividends in 2025, with coverage at $55/WTI through sub-$100M upstream CapEx.

**【CEO Summary Section】**
- **Silverback Acquisition Success**: Achieved 50%+ production exceedance in September-October 2025 through strategic workovers and asset integration, driving $100M upstream free cash flow over 9 months despite 14% lower oil prices.
- **Free Cash Flow Growth**: Generated $39.4M upstream free cash flow in Q3 (73% of operating cash flow), with 64% year-to-date conversion despite lower oil prices.
- **Dividend Discipline**: Increased quarterly dividend to $0.40/share (5% growth), marking 19th consecutive payout.
- **2026 Outlook**: Potential to maintain 2025 oil volumes with 15% lower CapEx or grow 12-15% with flat CapEx, supported by $60/WTI hedges covering 60% of 2026 production.

**【CFO Financial Commentary】**
- **Q3 Financials**: Adjusted EBITDAX margin 59% (down 7pts vs Q2 due to Silverback integration costs), with LOE per BOE at $9 (6% QoQ increase). Upstream free cash flow conversion 73%.
- **Cost Efficiency**: Reduced D&C costs 10% in New Mexico; 2-year track record of 30%+ LOE per BOE reductions post-acquisition.
- **Capital Allocation**: Reinvested 27% of cash flow in Q3 (36% YTD), with 31% of FCF allocated to dividends. 2026 scenarios show dividend coverage at $55/WTI with sub-$100M upstream CapEx.
- **Midstream Investment**: $14M spent on New Mexico midstream project, targeting 2026 in-service date for high-pressure transmission line.

**【COO Operational Highlights】**
- **Production Growth**: Oil volumes +22% QoQ (1.38M to 1.69M bbls), total EBOE +34% QoQ (2.22M to 2.98M). Silverback asset contributed 50%+ production upside through workovers.
- **Cost Control**: LOE per BOE at $9 (5% YoY increase), maintained despite higher Silverback vertical well costs. Targeting 10-20% fixed cost reductions through integration.
- **Drilling Activity**: 8-10 gross wells drilled in Q4, with 3-5 completions to set up 2026. D&C cost savings of 10% secured for 2026 New Mexico program.
- **Midstream Progress**: Installed 40MMcf/d compression capacity, with low-pressure gathering lines expanding input capacity. Permitting underway for 2026 high-pressure transmission line.
- **Power Expansion**: Texas JV achieved 100% uptime in Q3; New Mexico behind-the-meter project in permitting phase with 10MW generators secured.

**【Q&A Highlights】**
- **Capital Allocation at $55/WTI**: Target upstream CapEx of $85M, maintaining volumes while covering dividend. Midstream project could be financed via third-party equity or debt.
- **Midstream Netback Impact**: Potential to capture ship-channel gas pricing through midstream contracts, with third-party volumes accreting value post-2026 in-service.
- **Workover Strategy**: Q3 workover spend $5M (59% of LOE), with $70K/month cost savings realized through water handling optimization. Long-term opportunity to unlock 300+ vertical wells in Silverback asset.
- **Drilling Flexibility**: 2026 Texas program (Jan-Jun) and New Mexico program (Jul-Dec) offer commodity price hedging via DUC inventory. 2026 D&C cost savings of 10% secured.
- **Financing Options**: Exploring project-level financing for midstream (bank debt, private equity), with 2026 in-service date for high-pressure transmission line.

Riley Exploration Permian, Inc. (REPX) Q3 2025 Earnings Call Transcript

- **Q2 Performance**: $33.6M cash flow, 10 drilled wells, 7 turned-in-line. Midstream investments to resolve gas takeaway constraints.
- **Silverback Synergies**: 30,000-acre expansion, 5%-15% cost savings, and 2026 midstream in-service date.
- **Financial Discipline**: 41% YTD upstream reinvestment, $401M debt post-acquisition, and 18,000-19,000 bbl/day Q4 oil target.
- **Growth Drivers**: 2026 capital run rate $120M, midstream third-party revenue potential, and 9% power generation expansion.
- **Risks**: Lower oil prices, midstream funding uncertainty, and regional gas takeaway constraints.

**【CEO Opening Remarks】**
- Q2 2025 performance: Solid results despite lower oil prices and regional challenges. Adjusted CapEx downward, generating $33.6M cash flow from operations.
- Operational highlights: 10 drilled wells, 2 completed, 7 turned-in-line. Drilling efficiency improved with 15% cost reduction per lateral foot.
- Midstream challenges: Gas takeaway constraints in New Mexico caused oil production deferrals. Investing in gathering and compression to mitigate issues.
- Silverback acquisition: Expanded Yeso trend footprint to 30,000 net acres, 98% held by production. Synergies expected in water handling, power generation, and cost savings (5%-15%).
- Strategic initiatives: Midstream and power projects to enhance reliability and scalability. New Mexico midstream project in-service by 2026.

**【CFO Financial Commentary】**
- Financial performance: GAAP net income $420M, Non-GAAP EPS $1.08 (vs. $0.95 prior). Adjusted EBITDAX margin 66% (down from 71% YoY due to lower oil prices).
- Capital allocation: $210M upstream, midstream, and power budget. Q2 upstream reinvestment 54% of cash flow (41% YTD). Q4 oil production target: 18,000-19,000 bbl/day (21% QoQ growth).
- Debt and hedging: $401M total debt post-Silverback acquisition. Added hedges for next 18 months to mitigate price volatility.
- Guidance: 2026 production growth driven by New Mexico development. Midstream project to generate $10-30M annual cash flow via third-party volumes.

**【Q&A Highlights】**
- **Production growth**: Q4 2025 oil exit rate 18,000-19,000 bbl/day (21% QoQ). 2026 capital run rate ~$120M, 35%-40% reinvestment rate.
- **Midstream funding**: Exploring alternative financing options; $16.5M purchase price benefit from Silverback. Compressors and pipe commitments underway.
- **Power projects**: Planning self-generated power in New Mexico to avoid reliance on local co-ops. Texas power project expanded by 9%.
- **Water handling**: Integrated pipeline system for saltwater disposal. Silverback integration reduces OpEx through shared infrastructure.
- **Service costs**: 5%-15% savings expected from scale in New Mexico. Competitive bidding to drive further reductions.
- **Silverback P&A**: Minimal reclamation needed; focus on optimizing legacy vertical wells for economic production.

Riley Exploration Permian (REPX)-7 Aug 25-2025 Q2 Earnings call transcript

- **$142M Silverback Acquisition**: Adds 47,000 acres and 300+ locations with 98% held by production, enhancing water, gas, and power infrastructure synergies.
- **Operational Excellence**: Flat QoQ oil production (1.41M bbls) with 19% BOE growth, 8% LOE reduction, and 0 safety incidents.
- **Financial Strength**: $39M free cash flow, $21M debt reduction, and 50% CapEx cut to $105M.
- **Hedging**: 70% 2025 PDP oil hedged at $67/WTI, 67% 2026 PDP at $59/WTI.
- **Growth Catalysts**: Midstream project pipeline, DUC completions, and strategic inventory preservation.

**【CEO Strategic Acquisition Overview】**
- Acquired Silverback Exploration for $142M in cash, adding 47,000 net working interest acres in New Mexico with 300+ undeveloped horizontal locations.
- 98% of acreage held by production, enhancing flexibility for future development.
- Key synergies: water disposal infrastructure (5 SWD units), gas takeaway via existing midstream projects, and power generation expansion.
- Believes current market volatility presents an opportunity to preserve high-quality inventory for long-term value.

**【COO Operational Highlights】**
- Q1 2025 production: 1.41M barrels oil (flat QoQ), 2.2M BOE (19% YoY growth).
- Lower LOE of $8.34/BOE (8% YoY decline) driven by service cost compression (10%+ vs. 2024).
- Drilled 0 wells, completed 10 DUCs, with 5 wells coming online in Q2 and 5 in H2.
- Midstream progress: commissioned Birdie compressor station (15MMcf/day) and advanced 20-inch pipeline permitting.
- Safety metrics: 0 recordable incidents, 93% safe days (Q1 record).

**【CFO Financial & Acquisition Update】**
- Q1 2025 free cash flow: $39M (after $54M operating cash flow and $15M CapEx).
- Debt reduced by $21M to $0.9B (0.9x leverage), with $130M revolver draw for acquisition.
- 2025 CapEx cut 50% ($105M reduction) to $105M, focusing on DUC completions and infrastructure.
- Hedged 70% of 2025 PDP oil volumes at $67/WTI and 67% of 2026 PDP at $59/WTI.
- Pro forma 2025 production: 1.45M-1.55M BOE (midpoint +4% YoY).

**【Q&A Key Takeaways】**
- Seller motivation: PE exit strategy focused on larger entities ($3-5B+).
- Infrastructure advantage: Riley's midstream build-out enables Silverback's undeveloped acreage monetization.
- 2026 capital allocation: contingent on market, but $130M+ in acquisition cash flow provides flexibility.
- Borrowing base impact: potential $20-30M+ increase in fall redetermination.
- Power generation: evaluating New Mexico self-generation expansion post-acquisition.


Riley Exploration Permian, Inc. (REPX) Q1 2025 Earnings Call Transcript

- **2024 Record Performance**: 15% oil growth, 22% total production, 27% capex reduction.
- **New Mexico Midstream Expansion**: 150 MMcf/d pipeline to unlock 2025 gas sales upside ($10-20M/year).
- **Power JV Growth**: ERCOT interconnection by Q4 2025, diversifying revenue streams.
- **Cost Efficiency**: 11% drilling cost reduction, 16% workover cost decline, 20% lateral feet/day increase.
- **Balance Sheet Strength**: 1x leverage, $90M debt reduction, 24% dividend allocation.

**【CEO Opening Remarks】**
- 2024 production exceeded targets: oil up 15%, total production up 22%, with upstream capex down 27%.
- 2025 focus on New Mexico midstream project: 15-year gas purchase agreement, 20-inch pipeline for 150 MMcf/d capacity.
- Power JV expansion to sell energy into ERCOT, leveraging Texas grid reliability.

**【COO Operational Update】**
- 2024 drilling efficiency: 11% cost per foot reduction, 20% increase in lateral feet/day, 30 wells drilled/completed.
- LOE stability: $8.66/BOE, 16% year-over-year decline in workover costs.
- New Mexico midstream progress: 15 MMcf/d compression commissioned, targeting Q4 2025 full field development.

**【CFO Financial & Guidance】**
- 2024 upstream free cash flow allocation: 38% to growth (including midstream), 38% to debt reduction, 24% to dividends.
- 2025 capex: $60-80M midstream spend, 9% D&C capex increase, 5-8% oil production growth.
- Midstream upside: $10-20M annual revenue from gas sales, leveraging 60% working interest in New Mexico wells.

**【Q&A Highlights】**
- Power project timing: ERCOT interconnection by Q4 2025, evaluating battery storage for grid stability.
- Midstream risk: regulatory delays could push pipeline completion to H2 2026, but 3rd-party gas sales offset risk.
- Cost trends: 2025 D&C costs 1-2% higher YoY, offset by 20% lateral length expansion in New Mexico.


Actual													0.6	-1.69	-1.2	0.76	0.53	1.715	1.645		1.26	1.37	1.58	0.7	0.94	1.57	1.49	0.96	1.62	1.02	0.88	1.01
Forecast														-1.572	0.7193	0.6	1.08	1.35	1.285		1.355	1.6833	1.6733	1.605	1.4733	1.6933	1.545	1.5175	1.53	0.9867	1.03	0.8201
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-7.51%	-266.83%	+26.67%	-50.93%	+27.04%	+28.02%	0.00%	-7.01%	-18.61%	-5.58%	-56.39%	-36.20%	-7.28%	-3.56%	-36.74%	+5.88%	+3.37%	-14.56%	+23.16%

Actual	--	--	--	--	--	--	--	--	--	--	--	--	31.50M	39.65M	42.15M	48.61M	67.25M	88.38M	88.07M	--	67.01M	99.91M	108.29M	99.83M	99.74M	105.40M	102.34M	102.69M	102.46M	85.39M	106.85M	97.28M
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	--	36.15M	35.85M	35.64M	48.05M	58.17M	59.64M	--	63.50M	92.20M	97.36M	94.77M	96.65M	106.60M	103.95M	102.49M	101.58M	86.51M	103.85M	104.85M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+9.68%	+17.57%	+36.40%	+39.95%	+51.93%	+47.67%	0.00%	+5.53%	+8.36%	+11.23%	+5.34%	+3.20%	-1.12%	-1.55%	+0.20%	+0.86%	-1.29%	+2.89%	-7.22%

REPX

REPX fundamentals

REPX Q4 2025 Earnings

Earnings Call

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REPX

REPX fundamentals

REPX Q4 2025 Earnings

Earnings Call

REPX Earnings Call Summary for Q4/202510:00 AM on Mar 5, 2026

REPX Earnings Call Summary for Q3/202510:00 AM on Nov 6, 2025

REPX Earnings Call Summary for Q2/202510:00 AM on Aug 7, 2025

REPX Earnings Call Summary for Q1/202510:00 AM on May 8, 2025

REPX Earnings Call Summary for Q4/202410:00 AM on Mar 6, 2025

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