Riley Exploration Permian Inc (REPX) is an oil and gas exploration and production company that develops and operates hydrocarbon assets exclusively in the Permian Basin. Revenue comes from selling crude oil, natural gas, and natural gas liquids at market prices to a concentrated group of purchasers. For the year ended December 31, 2025, one purchaser accounted for 60% of revenue and a second purchaser accounted for 30%. Average net production reached 29,205 Boe/d for the year ended December 31, 2025, up from 22,546 Boe/d for the year ended December 31, 2024, with production mix approximately 60% oil, 18% natural gas, and 22% NGLs. Total proved reserves stood at 147,415 MBoe as of December 31, 2025. REPX operated 96% of its production for the year ended December 31, 2025, producing from 1,231 gross (873 net) wells. The company holds acreage in both Texas and New Mexico, with Texas acreage 100% fee and state leasehold and New Mexico acreage approximately 62% fee and state leasehold with 38% BLM leasehold as of December 31, 2025.

Revenue model

Transactional sales of crude oil, natural gas, and NGLs at market prices to a small number of purchasers. A secondary revenue stream is contract services provided to related parties. Customer concentration is high: one purchaser represented 60% of revenue and a second represented 30% for the year ended December 31, 2025.

Products and services

Crude oil, natural gas, and natural gas liquids (NGLs) produced from Permian Basin wells. All drilled wells are classified as oil wells with associated natural gas and NGLs. Contract services are also provided to related parties.

Customers and end markets

Production is sold to a small number of purchasers customary in the exploration and production industry. For the year ended December 31, 2025, two purchasers collectively accounted for 90% of revenue. Following the acquisition of Stakeholder Midstream, LLC by Targa, substantially all natural gas and NGL production is expected to be sold to a single purchaser under an amended gas purchase agreement.

Value-chain role

Upstream oil and gas operator. REPX designs, drills, completes, and operates its own wells, acting as operator for 96% of its production as of the year ended December 31, 2025. The company held 1,231 gross (873 net) producing wells as of December 31, 2025, of which 974 were operated and 257 were non-operated.

Geographic exposure

Operations are concentrated entirely in the Permian Basin, spanning Texas and New Mexico. Texas acreage is 100% fee and state leasehold. New Mexico acreage is approximately 62% fee and state leasehold with 38% BLM leasehold as of December 31, 2025. Approximately 5% of net leasehold acreage was undeveloped as of December 31, 2025.

Source: SEC 10-K, filed 2026-03-04

Industry: Crude Petroleum & Natural Gas Peers: Empire Petroleum Corp Ring Energy Inc BP PRUDHOE BAY ROYALTY TRUST ConocoPhillips SandRidge Energy Inc SILVERBOW RESOURCES, INC. VAALCO Energy Inc