Riley Permian Reports Third Quarter 2025 Results

OKLAHOMA CITY, Nov. 5, 2025 /PRNewswire/ -- Riley Exploration Permian, Inc. (NYSE American: REPX) ("Riley Permian" or the "Company"), today reported financial and operating results for the third quarter ended September 30, 2025.

THIRD QUARTER 2025 AND RECENT HIGHLIGHTS

UPDATED GUIDANCE HIGHLIGHTS

Bobby Riley, Chief Executive Officer and Chairman of the Board commented, "Riley Permian delivered another solid quarter, marked by disciplined execution and strategic progress. We closed the Silverback acquisition in July and began integrating the asset, where we are already seeing increased production and reduced costs. The execution of our development and capital plan has generated significant free cash flow year-to-date. The combination of these factors gave us confidence to increase our quarterly dividend by 5% to $0.40 per share. We continue to progress our midstream and power generation projects, which provide critical infrastructure for Riley Permian to scale its operations in 2026 and beyond."

OPERATIONS AND DEVELOPMENT ACTIVITY UPDATE

During the third quarter, the Company drilled 0.0 net wells, completed 5.0 net wells and turned to sales 7.5 net wells.

Three Months Ended September 30, 2025

Nine Months Ended September 30, 2025

Gross

Net

Gross

Net

Wells Drilled

Texas

—

10.0

New Mexico

—

Total

—

10.0

Wells Completed

Texas

5.0

7.0

New Mexico

—

6.3

Total

5.0

13.3

Wells Turned to Sales

Texas

5.0

7.0

New Mexico

2.5

6.3

Total

7.5

13.3

Average oil production during the third quarter was 18.4 MBbls/d and average total equivalent production was 32.3 MBoe/d (57% oil and 81% liquids). Daily oil volumes increased 21% and daily total equivalent volumes increased 33% quarter-over-quarter.

The Silverback operations were successfully transitioned to the Company during the third quarter. We completed several successful workovers which resulted in increased oil production above pre-acquisition levels.

THIRD QUARTER 2025 FINANCIAL RESULTS

Revenues totaled $107 million, net cash provided by operating activities was $64 million and net income was $16 million, or $0.77 per diluted share.

On a non-GAAP basis, Adjusted EBITDAX (1) was $64 million, cash flow from operations before changes in working capital (1) was $54 million, Total Free Cash Flow (1) was $25 million and Adjusted Net Income (1) was $19 million, or $0.88 per diluted share.

Average realized prices, before derivative settlements, were $63.94 per barrel of oil, $(0.21) per Mcf of natural gas and $(0.66) per barrel of natural gas liquids ("NGL"). The Company reported a $2 million gain on derivatives, substantially all of which was realized.

Operating expenses included lease operating expense of $27 million, or $9.03 per Boe, administrative costs of $10 million, or $3.34 per Boe and production and ad valorem taxes of $8 million or $2.78 per Boe.

The Company incurred $18 million in total accrued capital expenditures ($13 million for upstream). On a cash basis, the Company had total capital expenditures of $29 million ($15 million for upstream).

As of September 30, 2025, the Company had $225 million of borrowings outstanding on its Credit Facility and $150 million principal value of its Senior Notes, for a combined principal value of debt of $375 million. The Company increased total debt by $91 million, including a $96 million increase on the Credit Facility and $5 million reduction on the Senior Notes. The increase in total debt can be attributed to Credit Facility proceeds of $125 million to fund the acquisition of Silverback and related transaction expenses, partially offset by repayments of $29 million. Net interest expense was $10 million.

The Company paid a cash dividend of $0.38 per share, for a total of $9 million. Subsequent to quarter-end, the Company declared a cash dividend of $0.40 per share, a 5% increase from our previous level.

NEW MEXICO MIDSTREAM PROJECT UPDATE

The Company continues to advance the build-out of its midstream infrastructure in New Mexico, for which we have a planned 2026 in-service date for our pipeline to connect to our third-party midstream counterparty.

During the third quarter, we continued to capitalize on the low-pressure gathering and high-pressure compression facilities commissioned in the prior quarter, which enabled us to turn to sales 5 gross wells during the third quarter.

Additionally, we entered into a purchase agreement for three additional compressors to be delivered in late 2026 and early 2027.

The Company incurred $5 million in accrued midstream capital expenditures during the third quarter. On a cash basis, the Company had midstream capital expenditures of $14 million (higher than accruals due to deposits related to purchase agreements). The Company has incurred a total of $26.5 million of midstream capital expenditures from inception to date on an accrual basis and a total of $31.4 million on a cash basis through September 30, 2025.

POWER ACTIVITY UPDATE

RPC Power LLC ("RPC Power"), is our power-focused joint venture with Conduit Power LLC, in which we have 50% ownership.

During the third quarter 2025, RPC Power served approximately 70% of the Company's load for its Champions field in Texas. The amount of load served is forecasted to increase during 2026 following planned improvements to gas supply infrastructure and the installation of battery energy storage systems.

RPC Power's other project is focused on building 40 MW of generation capacity across four sites in west Texas for the sale of power into ERCOT. Construction and interconnection work continued across each of the four sites during the third quarter of 2025. The first site has a planned commissioning with ERCOT during the first quarter of 2026, with the remaining sites planned for commissioning in subsequent quarters throughout 2026.

During the third quarter, Riley Permian invested $8.5 million in RPC Power. Each of the Company and Conduit Power LLC has invested a total of $39 million as of September 30, 2025 in RPC Power.

___________________

(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

Nine Months Ended

September 30,

2025

June 30, 2025

September 30,

2024

September 30,

2025

September 30,

2024

Selected Financial Data (in thousands):

Oil and natural gas sales, net

$ 106,852

$ 85,394

$ 102,339

$ 294,703

$ 307,106

Income from Operations

$ 28,862

$ 28,754

$ 17,478

$ 107,118

$ 121,657

Adjusted EBITDAX (1)

$ 64,041

$ 59,340

$ 71,741

$ 194,514

$ 215,151

Cash Flow from Operations

$ 63,650

$ 33,640

$ 72,130

$ 147,671

$ 179,896

Upstream Accrual Capital Expenditures

$ 13,129

$ 22,022

$ 30,018

$ 54,581

$ 77,638

Upstream Cash Capital Expenditures

$ 14,893

$ 25,300

$ 22,710

$ 56,467

$ 77,066

Total Accrual Capital Expenditures

$ 18,019

$ 27,786

$ 30,018

$ 69,805

$ 77,638

Total Cash Capital Expenditures

$ 29,027

$ 28,715

$ 22,710

$ 76,895

$ 77,066

Upstream Free Cash Flow (1)

$ 39,441

$ 21,250

$ 37,809

$ 99,998

$ 99,380

Total Free Cash Flow (1)

$ 25,307

$ 17,835

$ 37,809

$ 79,570

$ 99,380

Production Data, net:

Oil (MBbls)

1,690

1,382

1,424

4,478

4,055

Natural gas (MMcf)

3,380

2,213

1,940

7,821

5,179

NGLs (MBbls)

722

465

408

1,609

1,031

Total (MBoe)

2,975

2,216

2,155

7,391

5,949

Daily combined volumes (Boe/d)

32,337

24,352

23,424

27,073

21,712

Daily oil volumes (Bbls/d)

18,370

15,187

15,478

16,403

14,799

Average Realized Prices: (2)

Oil ($ per Bbl)

$ 63.94

$ 62.17

$ 73.95

$ 65.33

$ 76.12

Natural gas ($ per Mcf)

$ (0.21)

$ (0.39)

$ (0.60)

$ 0.00

$ (0.28)

NGLs ($ per Bbl)

$ (0.66)

$ 0.75

$ (4.40)

$ 1.34

$ (0.08)

Average Realized Prices, including the

effects of derivative settlements: (2)(3)

Oil ($ per Bbl)

$ 65.17

$ 66.10

$ 73.84

$ 67.28

$ 75.03

Natural gas ($ per Mcf)

$ (0.16)

$ (0.52)

$ (0.10)

$ (0.02)

$ 0.39

NGLs ($ per Bbl) (4)

$ (0.66)

$ 0.75

$ (4.40)

$ 1.34

$ (0.08)

Weighted Average Common Shares

Outstanding (in thousands):

Basic

21,164

21,141

20,992

21,139

20,584

Diluted

21,263

21,158

21,209

21,178

20,764

___________________

(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 gathering, processing and transportation costs. The costs, related to natural gas and NGLs, at times exceeded the price received and resulted in negative average realized prices.

(3)

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

(4)

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

2025 GUIDANCE

Riley Permian is providing fourth quarter detailed guidance and modifying previously disclosed full-year 2025 activity guidance based on currently scheduled development activity and current market conditions. The Company's operating and financial results for the fourth quarter 2025 will incorporate the addition of Silverback, while full-year 2025 guidance reflects the impact of six months for Silverback.

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. In the event our midstream project is delayed, it may have corresponding impacts on net production volumes and investing expenditures.

Activity and Production

Q4 2025

Full-Year 2025

Net Operated Well Activity

Drilled (#)

8.0 - 10.0

18.0 - 20.0

Completed (#)

3.0 - 5.0

16.3 - 18.3

Turned to Sales (#)

2.0 - 3.0

15.3 - 16.3

Non-Operated D&C (#)

0.5 - 1.3

Net Production

Total (MBoe/d)

32.9 - 33.9

28.6 - 28.8

Oil (MBbls/d)

18.7 - 19.7

17.0 - 17.2

Capital Expenditures and Investing (in millions) (1)

Drilling, Completions and Capitalized Workovers

27 - 31

76 - 80

Upstream Infrastructure (Excluding New Mexico Midstream)

4 - 5

Land and Other

4 - 5

9 - 10

Upstream Capital Expenditures

35 - 41

89 - 95

Midstream Capital Expenditures

15 - 30

30 - 45

Total Capital Expenditures

50 - 71

119 - 140

Power JV Investment

Total Investments

51 - 72

135 - 156

Operating and Corporate Costs

Q4 2025

Lease Operating Expenses ($ per Boe)

8.50 - 9.50

Production and Ad Valorem Taxes (% of revenue)

7.5% - 8.5%

Administrative Costs ($ per Boe)

2.75 - 3.25

Interest Expense ($ in millions) (2)

6 - 8

___________________

(1)

Accrual (activity-based) investing expenditures before acquisitions

(2)

Interest expense is net of interest rate derivative settlements

CONFERENCE CALL

In connection with the earnings release, Riley Permian management will host a conference call for investors and analysts on November 6, 2025 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 until November 20, 2025 by calling:

About Riley Exploration Permian, Inc.

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

Investor Contact:

405-438-0126

IR@rileypermian.com

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 and midstream project 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, 2024 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.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

September 30, 2025

December 31, 2024

(In thousands, except share amounts)

Assets

Current Assets:

Cash

$ 16,459

$ 13,124

Accounts receivable, net

41,080

44,411

Prepaid expenses

2,378

1,592

Inventory

8,901

5,734

Current derivative assets

10,566

3,264

Total Current Assets

79,384

68,125

Oil and natural gas properties, net (successful efforts)

1,002,617

860,797

Other property and equipment, net

46,376

30,477

Non-current derivative assets

481

585

Equity method investment

37,294

22,811

Funds held in escrow

1,196

—

Other non-current assets, net

23,990

10,706

Total Assets

$ 1,191,338

$ 993,501

Liabilities and Shareholders' Equity

Current Liabilities:

Accounts payable

$ 12,155

$ 13,937

Accrued liabilities

30,829

33,918

Revenue payable

52,879

34,786

Current portion of long-term debt

20,000

Other current liabilities

11,445

20,123

Total Current Liabilities

127,308

122,764

Non-current derivative liabilities

321

414

Asset retirement obligations

59,118

32,706

Long-term debt

347,042

249,494

Deferred tax liabilities

85,918

76,547

Other non-current liabilities

5,134

961

Total Liabilities

624,841

482,886

Commitments and Contingencies

Shareholders' Equity:

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

issued and outstanding

—

Common stock, $0.001 par value, 240,000,000 shares authorized; 22,009,159

and 21,482,555 shares issued and outstanding at September 30, 2025 and

December 31, 2024, respectively

Additional paid-in capital

315,549

310,232

Retained earnings

250,926

200,362

Total Shareholders' Equity

566,497

510,615

Total Liabilities and Shareholders' Equity

$ 1,191,338

$ 993,501

RILEY EXPLORATION PERMIAN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(In thousands)

Revenues:

Oil and natural gas sales, net

$ 106,852

$ 102,339

$ 294,703

$ 307,106

Contract services - related parties

—

380

Total Revenues

106,852

102,339

294,703

307,486

Costs and Expenses:

Lease operating expenses

26,874

18,532

64,085

51,793

Production and ad valorem taxes

8,278

7,002

21,074

21,407

Exploration costs

217

375

273

439

Depletion, depreciation, amortization and accretion

27,214

20,722

65,915

55,971

Impairment of oil and natural gas properties

—

1,214

—

Other impairments

—

30,158

—

30,158

General and administrative:

Administrative costs

9,922

5,879

23,559

17,862

Share-based compensation expense

2,688

1,720

6,742

6,693

Cost of contract services - related parties

—

363

Transaction costs

2,797

473

4,723

1,143

Total Costs and Expenses

77,990

84,861

187,585

185,829

Income from Operations

28,862

17,478

107,118

121,657

Other Income (Expense):

Interest expense, net

(9,606)

(8,789)

(23,438)

(26,713)

Gain on derivatives, net

1,920

24,217

14,790

6,781

Loss from equity method investment

(19)

(210)

(267)

(235)

Total Other Income (Expense)

(7,705)

15,218

(8,915)

(20,167)

Net Income from Operations before Income Taxes

21,157

32,696

98,203

101,490

Income tax expense

(4,817)

(7,033)

(22,760)

(23,521)

Net Income

$ 16,340

$ 25,663

$ 75,443

$ 77,969

Net Income per Share:

Basic

$ 0.77

$ 1.22

$ 3.57

$ 3.79

Diluted

$ 0.77

$ 1.21

$ 3.56

$ 3.76

Weighted Average Common Shares Outstanding:

Basic

21,164

20,992

21,139

20,584

Diluted

21,263

21,209

21,178

20,764

RILEY EXPLORATION PERMIAN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(In thousands)

Cash Flows from Operating Activities:

Net income

$ 16,340

$ 25,663

$ 75,443

$ 77,969

Adjustments to reconcile net income to net cash

provided by operating activities:

Exploratory well costs and lease expirations

202

404

212

404

Depletion, depreciation, amortization and accretion

27,214

20,722

65,915

55,971

Impairment of oil and natural gas properties

—

1,214

—

Other impairments

—

30,158

—

30,158

Gain on derivatives, net

(1,920)

(24,217)

(14,790)

(6,781)

Settlements on derivative contracts

2,263

815

8,529

(910)

Amortization of deferred financing costs and discount

1,197

1,343

3,570

3,975

Share-based compensation expense

2,688

1,720

6,742

6,693

Deferred income tax expense

6,331

3,659

9,371

8,732

Loss from equity method investment

210

267

235

Other

—

(8)

—

Changes in operating assets and liabilities

9,316

11,611

(8,794)

3,450

Net Cash Provided by Operating Activities

63,650

72,130

147,671

179,896

Cash Flows from Investing Activities:

Additions to oil and natural gas properties

(14,292)

(22,446)

(55,230)

(76,372)

Additions to midstream property and equipment

(14,134)

—

(20,428)

—

Additions to other property and equipment

(601)

(264)

(1,237)

(694)

Net assets acquired in business combination

(117,827)

—

(117,827)

—

Acquisitions of oil and natural gas properties

(23)

(1,459)

(2,161)

(19,597)

Contributions to equity method investment

(8,500)

(1,500)

(14,750)

(16,662)

Funds held in escrow

13,005

—

(1,196)

—

Net Cash Used in Investing Activities

(142,372)

(25,669)

(212,829)

(113,325)

Cash Flows from Financing Activities:

Deferred financing costs

(79)

(11)

(243)

(80)

Proceeds from Credit Facility

125,000

—

155,000

15,000

Repayments under Credit Facility

(29,000)

(30,000)

(45,000)

(70,000)

Repayments of Senior Notes

(5,000)

(15,000)

Payment of common share dividends

(8,719)

(8,132)

(24,840)

(22,839)

Proceeds from issuance of common shares, net

—

25,415

Common stock repurchased for tax withholding

(1,047)

(906)

(1,424)

(1,064)

Net Cash Provided by (Used in) Financing

Activities

81,155

(44,049)

68,493

(68,568)

Net Increase (Decrease) in Cash

2,433

2,412

3,335

(1,997)

Cash, Beginning of Period

14,026

10,910

13,124

15,319

Cash, End of Period

$ 16,459

$ 13,322

$ 16,459

$ 13,322

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 October 31, 2025, related to our future oil and natural gas production:

2025 (1)

2026

2027

Fourth

Quarter

First

Quarter

Second

Quarter

Third

Quarter

Fourth

Quarter

First

Quarter

Second

Quarter

Third

Quarter

Fourth

Quarter

Oil

WTI Oil Swaps

Volume (Bbl)

679,947

636,000

600,000

305,000

170,000

Weighted average

price ($/Bbl)

$ 66.93

$ 61.98

$ 61.71

$ 60.99

$ 60.70

$ 61.07

$ 60.81

WTI Oil Collars

Volume (Bbl)

480,000

516,000

486,000

480,000

440,000

355,000

477,000

60,000

Weighted average

floor price ($/Bbl)

$ 63.10

$ 59.55

$ 57.78

$ 56.99

$ 56.39

$ 57.03

$ 55.31

$ 52.00

Weighted average

ceiling price ($/Bbl)

$ 77.07

$ 77.16

$ 73.54

$ 72.31

$ 68.61

$ 66.19

$ 68.35

$ 67.55

Natural Gas

NYMEX Natural Gas

Swaps

Volume (MMBtu)

965,000

1,005,000

450,000

300,000

500,000

600,000

Weighted average

price ($/MMBtu)

$ 3.74

$ 3.97

$ 3.64

$ 3.59

$ 4.07

$ 4.19

NYMEX Natural Gas

Collars

Volume (MMBtu)

400,000

225,000

900,000

600,000

450,000

Weighted average

floor price

($/MMBtu)

$ 3.30

$ 3.67

$ 3.05

$ 3.43

$ 3.80

Weighted average

ceiling price

($/MMBtu)

$ 4.00

$ 4.30

$ 3.74

$ 4.79

$ 5.84

Waha Basis Swaps

Volume (MMBtu)

450,000

600,000

1,350,000

675,000

Weighted average

price ($/MMBtu)

$ (2.07)

$ (2.01)

$ (2.26)

$ (1.31)

$ (0.87)

$ (0.74)

___________________

(1)

Q4 2025 derivative positions shown include 2025 contracts, some of which have settled as of October 31, 2025.

Interest Rate Contracts

The following table summarizes the open interest rate derivative positions as of October 31, 2025:

Open Coverage Period

Position

Notional Amount

Fixed Rate

(In thousands)

October 2025 - April 2026

Long

$ 30,000

3.18 %

October 2025 - April 2026

Long

$ 50,000

3.04 %

October 2026 - April 2027

Long

$ 45,000

3.90 %

SOURCE Riley Exploration Permian, Inc.