Riley Exploration Permian Files Q3 2024 10-Q

TL;DR

Riley Exploration Permian dropped its Q3 10-Q. Check financials for oil & gas ops.

AI Summary

Riley Exploration Permian, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the third quarter and the first nine months of 2024, detailing revenues, expenses, and net income. Specific figures for oil and gas production, as well as any significant capital expenditures or debt changes, would be found within the detailed financial statements and management's discussion and analysis.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Riley Exploration Permian, crucial for understanding the company's current standing and future prospects in the energy sector.

Risk Assessment

Risk Level: medium — As an oil and gas company, Riley Exploration Permian is subject to inherent commodity price volatility and operational risks.

Key Numbers

• 2024 Q3 — Reporting Period (Third quarter of 2024)
• 2024-09-30 — Period End Date (The end of the fiscal quarter being reported)
• 2024-11-06 — Filing Date (The date the 10-Q was submitted to the SEC)

Key Players & Entities

• Riley Exploration Permian, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241106 (date) — Filing date
• 0001001614 (company) — CIK number for Riley Exploration Permian, Inc.

FAQ

Key Financial Figures

• $0.001 — ich registered Common stock, par value $0.001 REPX NYSE American Indicate by check

Filing Documents

• rep-20240930.htm (10-Q) — 1357KB
• q324311certificationofceop.htm (EX-31.1) — 10KB
• q324312certificationofcfop.htm (EX-31.2) — 9KB
• q3243211350certificationof.htm (EX-32.1) — 6KB
• q3243221350certificationof.htm (EX-32.2) — 5KB
• 0001001614-24-000064.txt ( ) — 7751KB
• rep-20240930.xsd (EX-101.SCH) — 55KB
• rep-20240930_cal.xml (EX-101.CAL) — 100KB
• rep-20240930_def.xml (EX-101.DEF) — 267KB
• rep-20240930_lab.xml (EX-101.LAB) — 674KB
• rep-20240930_pre.xml (EX-101.PRE) — 494KB
• rep-20240930_htm.xml (XML) — 1132KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 6 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Operations 7 Condensed Consolidated Statements of Changes in Shareholders' Equity 8 Condensed Consolidated Statements of Cash Flows 9 Notes to the Condensed Consolidated Financial Statements 11 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 38

OTHER INFORMATION

Part II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 5. Other Information 39 Item 6. Exhibits 40

Signatures

Signatures 40 2 Table of Contents DEFINITIONS As used in this Quarterly Report on Form 10-Q (the "Quarterly Report"), unless otherwise noted or the context otherwise requires, we refer to Riley Exploration Permian, Inc., together with its consolidated subsidiaries, as "Riley Permian," "REPX," "the Company," "Registrant," "we," "our," or "us." In addition, this Quarterly Report includes certain terms commonly used in the oil and natural gas industry, and the following are abbreviations and definitions of certain terms used within this Quarterly Report: Measurements. Bbl One barrel or 42 U.S. gallons liquid volume of oil or other liquid hydrocarbons Boe One stock tank barrel equivalent of oil, calculated by converting gas volumes to equivalent oil barrels at a ratio of 6 thousand cubic feet of gas to 1 barrel of oil and by converting NGL volumes to equivalent oil barrels at a ratio of 1 barrel of NGL to 1 barrel of oil Boe/d Stock tank barrel equivalent of oil per day Btu British thermal unit. One British thermal unit is the amount of heat required to raise the temperature of one pound of water by one degree Fahrenheit MBbl One thousand barrels of oil or other liquid hydrocarbons MBoe One thousand Boe MBoe/d One thousand Boe per day Mcf One thousand cubic feet of gas MMcf One million cubic feet of gas Abbreviations. ARO Asset Retirement Obligation ATM At-the-market equity sales program CME Chicago Mercantile Exchange Credit Facility A credit agreement among Riley Exploration - Permian, LLC, as borrower, and Riley Exploration Permian, Inc, as parent guarantor, with Truist Bank and certain lenders party thereto, as amended CO 2 Carbon Dioxide EOR Enhanced Oil Recovery ERCOT Electric Reliability Council of Texas FASB Financial Accounting Standards Board NGL Natural gas liquids NYSE NYSE American Oil Crude oil and condensate RRC Railroad Commission of Texas SEC Securities and Exchange Commission Senior Notes Unsecured 10.5%

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements RILEY EXPLORATION PERMIAN, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, 2024 December 31, 2023 (In thousands, except share amounts) Assets Current Assets: Cash $ 13,322 $ 15,319 Accounts receivable, net 41,034 35,126 Prepaid expenses 2,037 1,631 Inventory 6,738 6,177 Current derivative assets 12,195 5,013 Total Current Assets 75,326 63,266 Oil and natural gas properties, net (successful efforts) 871,996 846,901 Other property and equipment, net 19,189 20,653 Non-current derivative assets 2,475 2,296 Equity method investment 22,047 5,620 Other non-current assets, net 6,842 6,975 Total Assets $ 997,875 $ 945,711 Liabilities and Shareholders' Equity Current Liabilities: Accounts payable $ 14,213 $ 3,855 Accrued liabilities 25,716 33,159 Revenue payable 33,745 30,695 Current derivative liabilities — 360 Current portion of long-term debt 20,000 20,000 Other current liabilities 13,570 6,276 Total Current Liabilities 107,244 94,345 Non-current derivative liabilities 30 — Asset retirement obligations 31,406 19,255 Long-term debt 268,620 335,959 Deferred tax liabilities 82,077 73,345 Other non-current liabilities 1,093 1,212 Total Liabilities 490,470 524,116 Commitments and Contingencies (Note 14) 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; 21,541,393 and 20,405,093 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 21 20 Additional paid-in capital 310,155 279,112 Retained earnings 197,229 142,463 Total Shareholders' Equity 507,405 421,595 Total Liabilities and Shareholders' Equity $ 997,875 $ 945,711 The accompanying notes are an integral part of these condensed consolidated financial statements. 6 Table of Contents RILEY EXPLORATION PERMIAN, INC. CONDENSED CONSOLIDATED STATEMENTS OF O

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