Riley Exploration Permian, Inc. (REPX) Q1 2025 Earnings Call Transcript

2025-05-10 13:59:07 ET

Riley Exploration Permian, Inc. (REPX)

Q1 2025 Results Conference Call

May 8, 2025 10:00 AM ET

Company Participants

Philip Riley - CFO

John Suter - COO

Bobby Riley - Chairman and CEO

Conference Call Participants

John White - ROTH Capital

Jeff Robertson - Water Tower Research

Derrick Whitfield - Texas Capital

Noel Parks - Tuohy Brothers

Presentation

Operator

Thank you for standing by. My name is Tina, and I will be your operator today. At this time, I would like to welcome everyone to the Riley Exploration Permian Incorporated First Quarter 2025 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the call over to Philip Riley, CFO. Please go ahead.

Philip Riley

Good morning. Welcome to our conference call covering first quarter 2025 results. I'm Philip Riley, CFO. Joining me today are Bobby Riley, Chairman and CEO; and John Suter, COO. Yesterday, we published a variety of materials, which can be found on our website under the Investors section. These materials in today's conference call contain certain projections and other forward-looking statements within the meaning of the federal securities laws. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in these statements.

We'll also reference certain non-GAAP measures. The reconciliations to the appropriate GAAP measures can be found in our supplemental disclosures on our website. I'll now turn the call over to Bobby. Thank you, Philip. Good morning, and welcome to our earnings call. Riley Permian has once again demonstrated capital efficiency with strong performance this quarter. Our modest capital investing during the first quarter allowed us to generate substantial free cash flow and further reduce debt, setting us up favorably for the year ahead. We're excited to announce that we have reached an agreement to acquire Silverback Exploration for $142 million in cash. This strategic acquisition involves a largely undeveloped asset base in New Mexico, which is contiguous and overlapping with Riley Permian's existing position in the Yeso trend, thereby extending our footprint in the region....

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