Investor Presentation Investor Presentation August 2025 August 2025
Riley Permian Overview Riley Permian is a growth-oriented Pursuing strategic acquisitions closed upstream company operating in Texas Silverback on July 1, 2025 950MM Enterprise Value(2) and New Mexico, with midstream and power…
Rileys Assets Compete with Core Permian on Economics Rileys wells to date have experienced lower Rileys wells to date have outperformed Rileys volume productivity combined with relative declines versus Delaware and Midland and Delaware…
New Mexico: Creating Scale in a New Core Region Creating scale via three acquisitions completed during 2023-2025 Significant Undeveloped Potential Overlapping and adjacent location provides for synergies in direct operations in NM…
Track Record of Growth with Intentional Slowing During Lower Oil Prices Production per Share(1) Adjusted EBITDAX(2) Boe/Sh MM 0.40 0.42 0.34 284 271 246 0.21 176 0.17 97 (3) (3) 2021 2022 2023 2024 LTM 2021 2022 2023 2024…
Disciplined Upstream Reinvestment Allows for Excess Optionality CFFO Allocation Upstream FCF Allocation Last 12 Months through 6/30/25 Last 12 Months through 6/30/25 7% 40.5% 59.5% Balance Sheet & Power JV Upstream Upstream FCF…
Positioning for a Range of Oil Price Environments 3Q254Q25 Implied Oil Price Realizations 2026 Implied Oil Price Realizations at Various WTI Prices(1)(2) at Various WTI Prices(1) Production Hedge %(3) 76% (60% swaps / 40% collars) 54%…
Resilient Free Cash Flow(1) and Dividend Coverage Across a Wide Range of Oil Prices 2025 Forecasted Total FCF(1) Sensitivity Based on Oil Price(2) 150 25% (3) FCF(1) yield on market value of equity 125 20% TotalFCF(1)…
Track Record of Direct Return of Capital History of paying fixed 1 dividends every quarter as a 0.36 0.36 0.36 0.36 0.38 0.38 0.38 0.38 public company 0.34 0.34 0.34 0.34 Quarterly Dividends Paid, /Sh. 0.31 0.31 0.31 0.31…
New Mexico Gas Midstream Project Objectives Design Status Construct high-pressure pipeline Commissioned the initial phases of (150-MMcfd capacity) to connect Riley Permian NEW MEXICO TEXAS low-pressure gathering and high- Riley…
Power Joint Venture Projects Riley Permian formed RPC Power LLC, a 50/50 JV with partner Conduit Power, LLC, to focus on power generation in response to market dynamics affecting Permian Basin natural gas and power markets Objectives…
2Q25 and Results Summary 13
Highlights from 2Q25 Earnings Release 2Q25 Results did not include the impact of the Silverback acquisition, which closed 7/1/25, other than for the debt increase related to paying the purchase price deposit Upstream Production Cash…
1H25 Adjusted Activity in Response to Lower Oil Prices New Well Activity, Upstream Capex, Upstream Reinvestment(1) vs. Net MM FCF(2) Conversion, % 54 11.7 48 9.7 10.0 41 42 41% 8.5 8.3 47% 5.8 59% 53% 1H24 1H25…
Drivers of Quarter-over-Quarter Change in Cash Flow Cash Flow From Operations (CFFO)(1) Total Free Cash Flow (FCF)(2) Q/Q: 3 Months Ending 6/30/25 vs 3/31/25 Q/Q: 3 Months Ending 6/30/25 vs 3/31/25 55.6 36.4 (1.7) 2.9 46.6 4.0…
Drivers of Year-over-Year Change in Cash Flow Cash Flow From Operations (CFFO)(1) Total Free Cash Flow (FCF)(2) Y/Y: 6 Months Ending 6/30/25 vs 6/30/24 Y/Y: 6 Months Ending 6/30/25 vs 6/30/24 5.0 61.6 115.9 6.5 54.3 8.0 102.1…
Updated 2025 Guidance 3 Q2 5 4 Q2 5 F ull-Y ear 2 0 2 5 Activity and Production Guidance N et Operated W ell Activity Drilled 0.0 - 1.0 8.3 - 8.5 18.3 - 19.5 Completed 5.0 - 6.0 1.0 - 3.0 14.2 - 17.2 Turned to Sales 5.5 - 7.5 3.0 -…
Operating Challenges and Opportunities in the Permian Basin Industry and Riley Permian Challenge Industry Themes Riley Permian Anecdotes Opportunities Natural Gas Permian Basin associated gas production Combination of large basis…
Equity Ownership and Research Analyst Coverage Equity Ownership Research Analyst Coverage 21% Firm Analyst E-mail 19% Texas 1 Capital Bank Derrick Whitfield derrick.whitfieldtexascapital.com 10% 44% 6% 2 Roth John White…
Debt Summary SOFR swaps in place for 80MM of notional value through 2Q26 and 45MM in place through 1Q27, corresponding to 62% of principal value of floating-rate debt at 6/30/25 Approximately 83% of the principal value of debt at…
Debt De-Leveraging and Maturity Profile Track Record of De-Leveraging Long Maturity Profile Affords Post Acquisition Opportunity for Future Refinancing Historical LTM(1) Leverage Riley Permian Debt Maturity Profile(2)(3) (MM) Pecos…
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