Executive Summary

Q3 2025 delivered a sharp operational inflection: total production rose 33% QoQ to 32.3 MBoe/d and oil volumes climbed 21% QoQ to 18.4 MBbls/d, driven by Silverback integration and more wells turned to sales; revenue reached $107 million and diluted EPS was $0.77 .
Management raised guidance meaningfully for Q4 and full-year 2025 oil and total production and increased the dividend 5% to $0.40 per share, highlighting confidence in execution and free cash flow durability .
Non-GAAP performance remained solid: Adjusted EBITDAX was $64 million; Total Free Cash Flow was $25 million, with LOE at $9.03/Boe and derivative gains of $2 million (mostly realized) .
Balance sheet: debt increased to $375 million (to fund Silverback); net interest expense was $10 million; Q4 interest guidance was lowered to $6–$8 million, reflecting hedging and expected trajectory post-acquisition .
Stock reaction catalysts: raised production guidance into Q4, visible integration wins at Silverback, ongoing midstream progress (New Mexico pipeline/compression) and power JV buildout set up increased operating leverage in 2026+ .

What Went Well and What Went Wrong

What Went Well

Production re-acceleration: Daily total volumes +33% QoQ; seven-and-a-half net wells turned to sales and successful workovers on acquired Silverback assets lifted production above pre-acquisition levels .
Capital discipline and FCF: Generated $64 million in operating cash flow and $25 million Total Free Cash Flow, while keeping accrual capex at $18 million (upstream $13 million) and increasing dividend by 5% .
Management tone: “Disciplined execution and strategic progress... increased production and reduced costs... generated significant free cash flow” and confidence to increase dividend; progressing midstream and power initiatives to “scale operations in 2026 and beyond” .

What Went Wrong

EPS compression vs prior periods: Diluted EPS fell to $0.77 (vs $1.44 in Q2 and $1.21 in Q3’24), reflecting higher LOE, admin costs, and interest, alongside negative realized prices in gas/NGL .
Cost pressure: LOE rose to $27 million ($9.03/Boe) and administrative costs reached $10 million ($3.34/Boe); production and ad valorem taxes were $8 million ($2.78/Boe) .
Leverage step-up: Total principal debt increased to $375 million (+$91 million QoQ) primarily to fund the Silverback acquisition, with net interest expense of $10 million, raising investor focus on deleveraging cadence .

Financial Results

Metric	Q3 2024	Q2 2025	Q3 2025
Revenue ($USD Millions)	$102.3	$85.4	$106.9
Diluted EPS ($)	$1.21	$1.44	$0.77
Net Income ($USD Millions)	$25.7	$30.5	$16.3
Income from Operations ($USD Millions)	$17.5	$28.8	$28.9
Adjusted EBITDAX ($USD Millions)	$71.7	$59.3	$64.0
Net Income Margin (%)	25.1%	35.7%	15.3%
Operating Margin (%)	17.0%	33.7%	27.0%
Adjusted EBITDAX Margin (%)	70.1%	69.5%	59.9%
Consensus Revenue	N/A (S&P Global consensus unavailable)	N/A (S&P Global consensus unavailable)	N/A (S&P Global consensus unavailable)
Consensus EPS	N/A (S&P Global consensus unavailable)	N/A (S&P Global consensus unavailable)	N/A (S&P Global consensus unavailable)

Notes: S&P Global Wall Street consensus estimates were unavailable for REPX for the periods shown.

KPIs and Operating Metrics:

KPI	Q3 2024	Q2 2025	Q3 2025
Daily total volumes (Boe/d)	23,424	24,352	32,337
Daily oil volumes (Bbls/d)	15,478	15,187	18,370
Total MBoe (quarter)	2,155	2,216	2,975
Average realized oil price ($/Bbl)	73.95	62.17	63.94
Average realized gas price ($/Mcf)	(0.60)	(0.39)	(0.21)
Average realized NGL price ($/Bbl)	(4.40)	0.75	(0.66)
LOE ($USD Millions)	18.5	18.9	26.9
LOE ($/Boe)	8.59	8.52	9.03
Admin costs ($USD Millions)	5.9	6.2	9.9
Admin ($/Boe)	2.73	2.80	3.34
Production & ad valorem taxes ($USD Millions)	7.0	6.1	8.3
Gain on derivatives, net ($USD Millions)	24.2	18.7	1.9
Total principal debt ($USD Millions)	—	284 (as of 6/30/25)	375 (as of 9/30/25)

Non-GAAP vs GAAP highlights (Q3 2025):

Metric	Q3 2025
Adjusted Net Income ($USD Millions)	$19
Adjusted EPS ($)	$0.88
GAAP Net Income ($USD Millions)	$16.3
Diluted GAAP EPS ($)	$0.77

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Total net production (MBoe/d)	Q4 2025	30.3 – 31.6	32.9 – 33.9	Raised
Oil net production (MBbls/d)	Q4 2025	18.0 – 18.8	18.7 – 19.7	Raised
Total net production (MBoe/d)	FY 2025	27.0 – 28.0	28.6 – 28.8	Raised
Oil net production (MBbls/d)	FY 2025	16.5 – 17.0	17.0 – 17.2	Raised
Upstream capex ($mm)	Q4 2025	26 – 34	35 – 41	Raised
Midstream capex ($mm)	Q4 2025	16 – 30	15 – 30	Maintained (lower bound -1)
Total capex ($mm)	FY 2025	113 – 146	119 – 140	Maintained midpoint
Interest expense ($mm)	Q4 2025	9 – 11 (Q3 guide)	6 – 8	Lowered
LOE ($/Boe)	Q4 2025	—	8.50 – 9.50	New detail
Admin ($/Boe)	Q4 2025	—	2.75 – 3.25	New detail
Dividend per share ($)	Next pay date	$0.38 (prior)	$0.40	Raised (5%)
Explicit guidance callouts	FY/Q4 2025	—	“Raising oil guidance by 2% FY midpoint; 4% Q4 midpoint”	Raised

Earnings Call Themes & Trends

Transcript not available as of this report; call was scheduled for Nov. 6, 2025 (webcast and replay detailed) . Themes below reflect prepared materials across Q1–Q3 press releases.

Topic	Previous Mentions (Q1 2025)	Previous Mentions (Q2 2025)	Current Period (Q3 2025)	Trend
Midstream build-out (NM)	Initial gathering/compression built; 20-inch pipeline plan (150 MMcf/d) with 2026 in-service	Commissioned initial facilities; enabled turning to sales 5 gross wells; in-service 2026	Continued progress; turned to sales 5 gross wells; $5mm accrued and $14mm cash midstream capex; total to date $26.5mm accrual/$31.4mm cash	Positive execution; enabling production stability
Power JV (RPC Power)	Served ~56% of load at Champions; ERCOT project advancing to late 2025/early 2026	~65% of load; battery storage purchase; four 10 MW ERCOT sites for 2026	~70% of load; 40 MW across four ERCOT sites; first commissioning in Q1 2026; $8.5mm invested in Q3; total $39mm each partner	Scaling; nearer-term commissioning
Silverback acquisition	Announced $142mm cash deal; ~47k net acres; ~5 MBoe/d; 300+ locations; close expected early Q3	Closed July 1; footprint expanded; debt up; escrow deposit	Integration underway; workovers increased production above pre-acquisition; derivative/operational updates	Accretive integration narrative
Capital allocation	Reduce standalone investing midpoint by 50%; prioritize inventory and acquisition	Updated guidance for more H2 D&C; maintained FCF generation	Maintain total capex midpoint; raise oil guidance; dividend increased	Discipline with targeted growth
Cost environment	LOE $8.34/Boe; cash G&A $3.38/Boe	LOE $8.52/Boe; cash G&A $2.80/Boe; infra constraints	LOE $9.03/Boe; admin $3.34/Boe; production taxes $2.78/Boe	Mixed; cost pressure QoQ
Hedging/derivatives	Active oil/gas collars/swaps; interest rate swaps	Expanded hedges across 2025–2027	Continued hedging with Q4 2025 and 2026–2027 positions; rate swaps in place	Risk management consistent

Management Commentary

“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 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.” — Bobby Riley, CEO .
“Daily oil volumes increased 21% and daily total equivalent volumes increased 33% quarter-over-quarter.” .
“RPC Power served approximately 70% of the Company’s load for its Champions field in Texas... 40 MW of generation capacity across four sites in west Texas for the sale of power into ERCOT... first site planned for commissioning in Q1 2026.” .

Q&A Highlights

Earnings call transcript was not published in the document set; call details and replay window were provided (Nov. 6, 2025 at 9:00 a.m. CT) .
Guidance clarifications were delivered via press release: FY oil guidance raised 2% at midpoint; Q4 oil raised 4% at midpoint; capex midpoint maintained; Q4 interest lowered .

Estimates Context

S&P Global/Capital IQ consensus estimates for Q3 2025 EPS and revenue were unavailable for REPX at the time of this analysis; as a result, beat/miss vs Street cannot be assessed and estimates comparisons are shown as N/A.
Directionally, raised production guidance, improved integration of Silverback, and midstream/power project progress are likely to drive upward revisions to volume and potentially EBITDA outlooks for Q4 and FY 2025, while higher LOE/admin costs and increased interest expense in Q3 temper EPS translation .

Key Takeaways for Investors

Production momentum is back: volumes jumped QoQ with Silverback integration and more wells to sales; Q4 guidance implies continued strength with total MBoe/d 32.9–33.9 and oil 18.7–19.7 — a clear positive into year-end .
Capital discipline plus FCF: $25 million Total Free Cash Flow and maintained total capex midpoint support the dividend increase to $0.40 and potential future deleveraging as integration benefits accrue .
Costs are a watch item: LOE and admin costs moved higher; investors should monitor Q4 LOE guidance (8.50–9.50 $/Boe) and execution against efficiency targets .
Hedging and interest expense: Q4 interest guidance lowered to $6–$8 million; active commodity and rate hedges reduce volatility risk and support cash flows .
Midstream and power optionality: New Mexico compression and gathering are enabling more stable turn-in-line cadence; ERCOT power assets (40 MW) approaching first commissioning in Q1 2026, adding diversified cash flow potential .
Balance sheet: debt increased to fund Silverback; focus shifts to generating FCF to reduce revolver borrowings in 2026 as projects come online .
Near-term trading setup: narrative of raised production guidance and dividend increase is supportive; watch realized gas/NGL prices and LOE trends for EPS sensitivity .

Riley Exploration Permian, Inc. (REPX)·Q3 2025 Earnings Summary