Riley Permian

What Riley Permian does

Riley Exploration Permian, Inc. (NYSE American: REPX) is an independent oil and natural gas exploration and production company focused on horizontal drilling of conventional, oil-saturated and liquids-rich formations on the Permian Basin's Northwest Shelf. Core operated assets are concentrated in Yoakum County, Texas (Champions field, offsetting the legacy Wasson and Brahaney San Andres fields) and Eddy County, New Mexico (Red Lake field, offsetting Red Lake and Loco Hills fields), with 58,270 net acres and 612 net producing wells at year-end 2024. As of 2024, average net daily production was approximately 22,546 Boe/d, rising to ~29.2 MBoe/d in 2025 with 2026 guidance of 35.0–37.0 MBoe/d; the company operates 96% of its net production and holds a 91% average working interest in operated wells, providing direct operational and offtake control.

The company's revenue model is the sale of crude oil, natural gas, and natural gas liquids produced from operated wells to refiners, midstream processors, and gas gatherers at market-indexed commodity prices under a mix of long-term and spot contracts. It has no consumer-facing products, no list-price tiers, and no proprietary software; pricing is fully commodity-market driven. In December 2025, the company divested its Dovetail Midstream subsidiary (Eddy County, New Mexico natural gas infrastructure) to Targa Northern Delaware LLC for approximately $111 million and simultaneously completed the $120 million acquisition of Silverback Exploration II, redeploying midstream proceeds into upstream scale. Shareholder returns are a core component of the capital strategy, with five consecutive years of dividend increases ($0.40/share quarterly, ~6.21% yield) and a $100 million buyback program authorized in December 2025.

The business is run by a founder-led management team: Bobby D. Riley as President, CEO and Chairman (nearly 40 years of oil and gas experience), Philip Riley as CFO and EVP–Strategy (former Bluescape Energy Partners and Lazard), John Suter as COO (38 years, former SandRidge and Chesapeake), and a seven-member board including independent directors from Yorktown Partners, Hollow Brook Wealth Management, and IKAV Energy USA. Riley Permian trades on NYSE American with a market capitalization of approximately $768.9 million as of June 2026, institutional ownership of 58.91%, and a year-end 2025 debt-to-Adjusted EBITDAX ratio of 1.0x.

Name

Riley Permian

Legal name

Riley Exploration Permian, Inc.

Website

https://rileypermian.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

101–250 employees

Short description

Riley Exploration Permian (NYSE American: REPX) is an independent oil and gas exploration and production company that drills conventional horizontal wells in the Permian Basin's Northwest Shelf in Yoakum County, Texas and Eddy County, New Mexico, selling crude oil, natural gas, and NGLs to refiners and midstream processors.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration and Production

NAICS

Crude Petroleum Extraction (21112), Natural Gas Extraction (211130)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Onshore Natural Gas E&P (Conventional Fields) (EUAAAAAG)

akta.pro secondary industry

Associated Gas Production (Oil-Linked) (EUAAAAAB)

Keywords

• Oil and gas production
• Upstream exploration
• Permian Basin operations
• Horizontal drilling services
• Crude oil marketing

Headquarters

HQ city

Oklahoma City

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Oil and Natural Gas Production Sales: Riley Permian generates revenue primarily through the sale of crude oil and natural gas produced from its operated wells in the Permian Basin. Production is sold at market-indexed prices to refiners, midstream processors, and gas gatherers. As of 2025, the company produced approximately 29.2 MBoe/d (2024 average) with plans to reach 35.0–37.0 MBoe/d in 2026, driven by upstream development investments and the Silverback Exploration acquisition.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Riley Permian is an independent oil and natural gas exploration and production company that operates horizontally drilled conventional wells in the Permian Basin. The company produces crude oil, natural gas, and natural gas liquids from operated acreage in Yoakum County, Texas (Champions field) and Eddy County, New Mexico (Red Lake field), selling production at market-indexed prices to refiners, midstream processors, and gas gatherers.

Product overview

Riley Exploration Permian is a growth-oriented, independent oil and natural gas company focused on horizontal drilling of conventional oil-saturated and liquids-rich formations in the Permian Basin. The company's core product offering comprises upstream oil and gas production operations, with primary assets in Yoakum County, Texas (Champions field) and Eddy County, New Mexico (Red Lake field). The company produces crude oil, natural gas, and natural gas liquids from 612 net producing wells across 58,270 net acres. As of December 31, 2024, average net daily production was approximately 22,546 Boe/d. The company previously operated midstream infrastructure (Dovetail Midstream subsidiary), which was sold in late 2025/early 2026 to focus on upstream operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Crude Oil Primary hydrocarbon product produced from horizontal drilling operations in conventional Permian Basin formations (San Andres, Yeso, Abo), sold at market-indexed prices to refiners and midstream processors.
• Natural Gas Natural gas produced alongside crude oil from the company's operated wells in Yoakum County, Texas and Eddy County, New Mexico, sold at market-indexed prices.
• Natural Gas Liquids (NGLs) Liquids-rich gas components extracted from the company's Permian Basin natural gas production, sold to midstream processors and gas gatherers.

Quantifiable outcome

• 59.68% stock return from February 2024 to March 2026 after being identified as undervalued by Fair Value models
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Targa Northern Delaware LLCmaterialStrategic or Co-development Partner · 4 December 2025Riley Permian sold its Dovetail Midstream subsidiary's natural gas infrastructure assets in Eddy County, New Mexico, to Targa Northern Delaware LLC for approximately $111 million in cash (with additional performance-based payments possible). The transaction was part of Riley Permian's strategic focus on upstream operations and balance sheet de-leveraging, divesting midstream infrastructure in favor of a leaner asset base.

Scale indicators13 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• Matador Resources Company: Independent Permian Basin-focused oil and gas E&P operating in the Delaware Basin. Comparable in size, basin focus, and conventional/unconventional asset strategy in west Texas and New Mexico — directly competitive for capital and Permian M&A targets.
• Permian Resources: Pure-play Permian Basin E&P (formed via Colgate Energy/Pioneer Natural Resources spin combinations) with concentrated acreage in the Delaware Basin. Direct peer on basin focus, asset concentration, and upstream-focused capital return model.
• Coterra Energy: Independent E&P formed by the Cabot/Cimarex merger with significant Permian Delaware Basin footprint. Mid-cap Permian pure-play with similar upstream focus and shareholder return orientation.
• SM Energy: Independent upstream operator with concentrated Permian Midland Basin position and growing Delaware exposure. Closely comparable mid-cap Permian pure-play in terms of scale, basin focus, and capital-return orientation.

Broad incumbents

• Diamondback Energy: Large-cap Permian-focused E&P operating primarily in the Midland and Delaware sub-basins with a public dividend and buyback program. Most relevant broad incumbent for basin economics and capital-return benchmarking.
• Devon Energy: Top-tier Permian Basin operator (including legacy Centennial Resource Development assets) with disciplined variable dividend framework. Comparable on basin exposure, capital-return strategy, and balance sheet philosophy.
• EOG Resources: Large independent E&P with premier Permian Delaware Basin position among its multi-basin portfolio. Used as a benchmark for low-decline conventional-style well economics, capital discipline, and dividend growth profile.
• Ovintiv: Independent E&P with material Permian operations alongside multi-basin exposure. Comparable in size tier and on the cost-of-supply narrative within the Permian conventional plays.
• ConocoPhillips: Large integrated E&P with growing Lower 48/Permian footprint (including legacy Laredo Petroleum and Concho Resources assets). Relevant for capital allocation benchmarks and Permian basin cost-curve positioning.
• APA Corporation: Independent E&P (formerly Apache) with significant Permian Midland and Delaware Basin operations. Comparable tier on basin mix and conventional-permian acreage overlap.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/rileyexplorationpermian

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries3 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Riley Permian