Riley Exploration reports Q1 adjusted EPS $1.62 vs. $1.61 last year

Reports Q1 revenue $102M vs. $99.42M last year. Averaged 24.4 MBoe/d of total equivalent production, oil production of 15.6 MBbls/d. CEO Bobby Riley commented, “Riley Permian delivered another capital-efficient quarter of strong performance. Our modest capital investing during Q1 allowed us to generate substantial Total Free Cash Flow and further reduce debt, positioning us for the year ahead. We’re excited to announce another strategic acquisition of a largely undeveloped asset base in New Mexico. Despite current market volatility, we believe this acquisition is justified at present given our long-term outlook for our industry and our company…In conjunction with changes in the macro environment, we are reducing 2025 investing midpoint guidance on a standalone basis excluding the pending acquisition by 50% while reducing midpoint total production guidance by 3%. Inclusive of the acquisition, we forecast 5% of incremental total investing on a full-year 2025 basis, as compared to our standalone guidance. This year we are prioritizing the acquisition and preservation of high-quality inventory over the conversion of inventory to production. We believe Riley Permian is well-positioned to succeed in the current market environment, with our strong asset base, disciplined capital allocation philosophy and robust hedging profile.”