RILEY EXPLORATION PERMIAN, INC., 10-Q filed on 5/6/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
May 04, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-15555  
Entity Registrant Name Riley Exploration Permian, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 87-0267438  
Entity Address, Address Line One 29 E. Reno Avenue  
Entity Address, Address Line Two Suite 500  
Entity Address, City or Town Oklahoma City  
Entity Address, State or Province OK  
Entity Address, Postal Zip Code 73104  
City Area Code 405  
Local Phone Number 415-8699  
Title of 12(b) Security Common stock, par value $0.001  
Trading Symbol REPX  
Security Exchange Name NYSEAMER  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   21,695,947
Entity Central Index Key 0001001614  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Current Fiscal Year End --12-31  
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current Assets:    
Cash $ 15,809 $ 17,889
Accounts receivable, net 56,629 41,045
Prepaid expenses 2,710 7,763
Inventory 7,919 7,929
Current derivative assets 0 19,141
Total Current Assets 83,067 93,767
Oil and natural gas properties, net (successful efforts) 1,018,168 995,539
Other property and equipment, net 22,784 21,872
Non-current derivative assets 1,388 5,117
Equity method investment 39,820 36,188
Funds held in escrow 1,196 1,196
Other non-current assets, net 13,658 15,899
Total Assets 1,180,081 1,169,578
Current Liabilities:    
Accounts payable 22,716 5,083
Accrued liabilities 44,377 37,690
Revenue payable 57,186 59,606
Current derivative liabilities 77,937 37
Current portion of long-term debt 20,000 20,000
Other current liabilities 41,439 34,089
Total Current Liabilities 263,655 156,505
Non-current derivative liabilities 14,587 112
Asset retirement obligations 59,426 59,977
Long-term debt 220,675 227,855
Deferred tax liabilities 62,811 86,119
Other non-current liabilities 5,487 4,768
Total Liabilities 626,641 535,336
Commitments and Contingencies (Note 15)
Shareholders' Equity:    
Preferred stock, $0.0001 par value, 25,000,000 shares authorized; 0 shares issued 0 0
Common stock, $0.001 par value, 240,000,000 shares authorized; 21,567,428 and 21,718,800 shares issued at March 31, 2026 and December 31, 2025, respectively 22 22
Additional paid-in capital 304,900 306,660
Retained earnings 248,518 327,560
Total Shareholders' Equity 553,440 634,242
Total Liabilities and Shareholders' Equity $ 1,180,081 $ 1,169,578
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Preferred stock, par value (USD per Share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in Shares) 25,000,000 25,000,000
Preferred stock, shares issued (in Shares) 0 0
Common stock, par value (USD per Share) $ 0.001 $ 0.001
Common stock, shares authorized (in Shares) 240,000,000 240,000,000
Common stock, shares issued (in Shares) 21,567,428 21,718,800
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Total Revenues $ 113,881 $ 102,457
Costs and Expenses:    
Lease operating expenses 24,071 18,331
Production and ad valorem taxes 9,032 6,670
Exploration costs 967 9
Depletion, depreciation, amortization and accretion 25,720 19,138
General and administrative:    
Administrative costs 8,120 7,438
Stock-based compensation expense 2,301 1,369
Total Costs and Expenses 70,211 52,955
Income from Operations 43,670 49,502
Other Expense:    
Interest expense, net (6,357) (6,661)
Loss on derivatives, net (126,970) (5,850)
Loss from equity method investment (368) (119)
Loss on acquisitions and divestitures, net (2,697) 0
Total Other Expense (136,392) (12,630)
Net Income (Loss) from Operations before Income Taxes (92,722) 36,872
Income tax benefit (expense) 22,288 (8,239)
Net Income (Loss) $ (70,434) $ 28,633
Net Income (Loss) per Share:    
Basic (USD per Share) $ (3.38) $ 1.36
Diluted (USD per Share) $ (3.38) $ 1.36
Weighted Average Common Shares Outstanding:    
Basic (in Shares) 20,869 21,111
Diluted (in Shares) 20,869 21,111
Oil and natural gas sales, net    
Revenues:    
Total Revenues $ 113,881 $ 102,457
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Beginning balance (in Shares) at Dec. 31, 2024   21,483    
Beginning balance at Dec. 31, 2024 $ 510,615 $ 21 $ 310,232 $ 200,362
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share-based compensation expense (in Shares)   404    
Stock-based compensation expense 1,369   1,369  
Repurchased shares for tax withholding (in shares)   (2)    
Repurchased shares for tax withholding (72)   (72)  
Dividends declared (8,162)     (8,162)
Net income (loss) 28,633     28,633
Ending balance (in Shares) at Mar. 31, 2025   21,885    
Ending balance at Mar. 31, 2025 532,383 $ 21 311,529 220,833
Beginning balance (in Shares) at Dec. 31, 2025   21,719    
Beginning balance at Dec. 31, 2025 634,242 $ 22 306,660 327,560
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Stock-based compensation expense 2,301   2,301  
Repurchased shares for tax withholding (13)   (13)  
Dividends declared (8,608)     (8,608)
Repurchase and retirement of shares (in shares)   (152)    
Repurchase and retirement of shares (4,048)   (4,048)  
Net income (loss) (70,434)     (70,434)
Ending balance (in Shares) at Mar. 31, 2026   21,567    
Ending balance at Mar. 31, 2026 $ 553,440 $ 22 $ 304,900 $ 248,518
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities:    
Net income (loss) $ (70,434) $ 28,633
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Exploratory well costs and lease expirations 913 9
Depletion, depreciation, amortization and accretion 25,720 19,138
Loss on derivatives, net 126,970 5,850
Settlements on derivative contracts (11,725) 1,115
Amortization of deferred financing costs and discount 1,182 1,182
Stock-based compensation expense 2,301 1,369
Deferred income tax benefit (23,308) (1,826)
Loss from equity method investment 368 119
Loss on acquisitions and divestitures, net 2,697 0
Other 0 (8)
Changes in operating assets and liabilities    
Accounts receivable, net (17,071) 6,893
Prepaid expenses (627) (269)
Inventory (1,087) (1,435)
Other non-current assets, net 502 (914)
Accounts payable and accrued liabilities 10,727 (3,457)
Revenue payable (2,420) (625)
Other current liabilities 2,468 (5,393)
Net Cash Provided by Operating Activities 47,176 50,381
Cash Flows from Investing Activities:    
Additions to oil and natural gas properties (29,570) (16,150)
Additions to midstream property and equipment (1,054) (2,879)
Additions to other property and equipment (560) (124)
Net assets acquired in business combination (2,175) 0
Acquisitions of land (544) 0
Proceeds from divestitures 7,607 0
Contributions to equity method investment (4,000) (6,250)
Distributions from equity method investment 1,487 0
Net Cash Used in Investing Activities (28,809) (25,403)
Cash Flows from Financing Activities:    
Deferred financing costs (26) (140)
Proceeds from Credit Facility 8,000 0
Repayments under Credit Facility (11,000) (16,000)
Repayments of Senior Notes (5,000) (5,000)
Payment of cash dividends (8,360) (8,033)
Repurchase of common shares (4,048) 0
Repurchase of common shares for tax withholding and other (13) (72)
Net Cash Used in Financing Activities (20,447) (29,245)
Net Decrease in Cash (2,080) (4,267)
Cash, Beginning of Period 17,889 13,124
Cash, End of Period 15,809 8,857
Cash Paid For:    
Interest, net of capitalized interest 5,469 5,860
Income taxes 10,000 9,000
Non-cash Investing and Financing Activities:    
Changes in capital expenditures in accounts payable and accrued liabilities 13,513 5,264
Transfer of inventory to oil and natural gas properties (26) 1,640
Right-of-use assets obtained in exchange for operating lease liability $ 352 $ 300
v3.26.1
Nature of Business
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business Nature of Business
Riley 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 that produce long-term cash flows. The majority of our acreage is located in Yoakum County, Texas, which represents our Champions field and Eddy County, New Mexico, which represents our Red Lake field.
v3.26.1
Basis of Presentation
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
These unaudited condensed consolidated financial statements as of March 31, 2026, and for the three months ended March 31, 2026, and 2025, include the accounts of Riley Permian and our consolidated subsidiaries and have been prepared in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated upon consolidation.
Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company's 2025 Annual Report.
These condensed consolidated financial statements have not been audited by an independent registered public accounting firm. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary for fair presentation of the results of operations for the periods presented, which adjustments were of a normal recurring nature, except as disclosed herein. The results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results to be expected for the full-year ending December 31, 2026, for various reasons, including fluctuations in prices received for oil and natural gas, natural production declines, the uncertainty of exploration and development drilling results, fluctuations in the fair value of derivative instruments, unpredictability of new tariffs, the current and future impacts of military conflicts, changes to the political environment under the current administration and other factors.
v3.26.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Significant Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. These estimates and assumptions may also affect disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
The Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Company considers reasonable in the particular circumstances. Actual results may differ significantly from the Company’s estimates. Any effects on the Company’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include, but are not limited to, estimates of proved oil and natural gas reserves and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, accounts receivable, accrued capital expenditures and operating expenses, ARO, the fair value determination of acquired assets and assumed liabilities, certain tax accruals and the fair value of derivatives.
Accounts Receivable, net
Accounts receivable, net is summarized below:
March 31, 2026December 31, 2025
(In thousands)
Oil, natural gas and NGL sales$50,196 $31,037 
Joint interest accounts receivable7,031 6,291 
Allowance for credit losses(614)(601)
Other accounts receivable16 4,318 
Total accounts receivable, net
$56,629 $41,045 
As of December 31, 2024, the Company had accounts receivables, net from oil, natural gas and NGL sales of $33.6 million.
The Company estimates uncollectible amounts based on the length of time that the accounts receivable has been outstanding, historical collection experience and current and future economic and market conditions. Allowances for credit losses are recorded as reductions to the carrying values of the accounts receivable included in the Company’s condensed consolidated balance sheets and are recorded in administrative costs in our condensed consolidated statements of operations if failure to collect an estimable portion is determined to be probable.
Other Property and Equipment, net
Other property and equipment, net is summarized below:
March 31, 2026December 31, 2025
(In thousands)
Furniture, fixtures and other
7,983 7,583 
Land
18,526 17,983 
Other property and equipment
$26,509 $25,566 
Accumulated depreciation and amortization
(3,725)(3,694)
Total other property and equipment, net
$22,784 $21,872 
Other Non-Current Assets, net
Other non-current assets, net consisted of the following:
March 31, 2026December 31, 2025
(In thousands)
Deferred financing costs, net (1)
$3,751 $4,064 
Right of use assets3,353 3,323 
Prepaid capital expenditures661 2,116 
Deposits
4,343 4,846 
Other1,550 1,550 
Total other non-current assets, net$13,658 $15,899 
_____________________
(1)Deferred financing costs, net reflects costs associated with the Company's Credit Facility which are amortized over the term of the Credit Facility.
Accrued Liabilities
Accrued liabilities consisted of the following:
March 31, 2026December 31, 2025
(In thousands)
Accrued capital expenditures$21,162 $12,125 
Accrued lease operating expenses7,561 7,160 
Accrued general and administrative costs13,672 11,403 
Accrued inventory
— 1,123 
Accrued ad valorem tax1,302 5,277 
Other accrued expenditures680 602 
Total accrued liabilities$44,377 $37,690 
Other Current Liabilities
Other current liabilities consisted of the following:
March 31, 2026December 31, 2025
(In thousands)
Advances from joint interest owners$16,532 $4,451 
Income taxes payable13,196 22,175 
Current ARO liabilities3,987 3,455 
Current portion of earnout payments4,547 1,040 
Other3,177 2,968 
Total other current liabilities
$41,439 $34,089 
Asset Retirement Obligations
Components of the changes in ARO for the three months ended March 31, 2026, and the year ended December 31, 2025, are shown below:
March 31, 2026December 31, 2025
(In thousands)
ARO, beginning balance$63,432 $35,268 
Liabilities incurred27 143 
Liabilities assumed in acquisitions— 19,284 
Liabilities removed upon sale
(71)(88)
Revision of estimated obligations— 7,724 
Liability settlements
(1,245)(2,591)
Accretion1,270 3,692 
ARO, ending balance$63,413 $63,432 
Less: current ARO (1)
(3,987)(3,455)
ARO, long-term$59,426 $59,977 
_____________________
(1)Current ARO is included within other current liabilities in our accompanying condensed consolidated balance sheets.
Revenue Recognition
The following table presents oil and natural gas sales, net disaggregated by product:
Three Months Ended March 31,
20262025
(In thousands)
Oil and natural gas sales:
Oil sales, net
$124,968 $98,592 
Natural gas sales, net
(6,359)1,584 
NGL sales, net
(4,728)2,281 
Total oil and natural gas sales, net (1)
$113,881 $102,457 
_____________________
(1) The Company's oil, natural gas and NGL sales are presented net of GP&T costs. These costs, related to natural gas and NGLs, at times exceeded the price received and resulted in negative average realized prices.
Recent Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Income Statement (Subtopic 220-40) Reporting Comprehensive Income-Expense Disaggregation Disclosures, which broadens the disclosures required for certain costs and expenses in the Company’s annual and interim consolidated financial statements. This ASU is effective prospectively for fiscal years beginning after December 15, 2026, and interim reporting periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact to disclosures related to our annual report for fiscal year 2027.
v3.26.1
Acquisitions and Divestitures
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions and Divestitures Acquisitions and Divestitures
Silverback Acquisition
On July 1, 2025, the Company completed the acquisition of 100% of the ownership interests of Silverback Exploration II, LLC and its subsidiaries ("Silverback") which owns oil and natural gas assets and operations located primarily in the Yeso trend of the Permian Basin in Eddy County, New Mexico for approximately $123 million, which included approximately $120 million paid in cash and approximately $3 million of estimated fair value related to potential earnout payments ("Silverback Acquisition"). The purchase price is subject to change pending final purchase price adjustments including the release of $1.2 million remaining in escrow, until one year from the closing date.
The Silverback Acquisition qualified as a business combination using the acquisition method of accounting. The assets acquired and liabilities assumed were recognized at fair value as of the acquisition date. The preliminary purchase price allocation is subject to change for up to one year subsequent to the closing date of the acquisition due to final customary purchase price adjustments. The assets acquired and liabilities assumed were recognized on the consolidated balance sheet at fair value as of the acquisition date. The fair value measurements of the oil and natural gas properties acquired and ARO assumed were derived utilizing an income approach and based, in part, on significant inputs not observable in the market. These inputs represent Level 3 measurements in the fair value hierarchy and include, but are not limited to, estimates of reserves, future development, future operating costs, future cash flows and the use of weighted average cost of capital. These inputs required the use of significant judgments and estimates at the date of valuation, and use of different estimates and judgments could yield different results.
The following presents the allocation of the total purchase price of the Silverback Acquisition to the identified assets acquired and liabilities assumed based on estimated fair value as of the closing date of the acquisition:    
Preliminary purchase price allocation as of March 31, 2026 (in thousands):
Consideration:
Cash consideration paid to sellers upon closing$119,559 
Preliminary estimated fair value of earnout payments3,100 
Total consideration transferred$122,659 
Fair value of assets acquired:
Cash
$1,857 
Accounts receivable7,476 
Prepaid expenses
313 
Inventory5,371 
Current derivative assets
1,029 
Oil and gas properties
140,317 
Other property and equipment
602 
Other non-current assets
1,421 
Amount attributable to assets acquired
$158,386 
Fair value of liabilities assumed:
Accounts payable$364 
Accrued liabilities
1,708 
Revenue payable14,371 
Asset retirement obligations19,284 
Amount attributable to liabilities assumed$35,727 
Net assets acquired$122,659 
Cash consideration included deposits into escrow of $14.2 million at signing and $6.9 million at closing for title defects. As of March 31, 2026, $4.6 million of the closing escrow was returned to the Company, $1.1 million was paid to the sellers and $1.2 million remains in escrow and is reflected as funds held in escrow in our condensed consolidated balance sheets.
The Company funded the acquisition with cash on hand and borrowings under our Credit Facility.
The Company may potentially pay the sellers quarterly earnout payments of up to $1.9 million per fiscal quarter during calendar years 2026 and 2027 if the NYMEX WTI quarterly average exceeds certain stated amounts set forth in the Purchase Agreement, ranging from $70 to $75 per barrel or higher. For the three months ended March 31, 2026, the average WTI was $72.67. The Company remeasured the fair value of its earnout payment liability at March 31, 2026, for the remaining 7 quarters and, as a result of the increase in the WTI forward strip pricing, a $4.1 million unrealized loss was reflected in loss on acquisitions and divestitures, net in our condensed consolidated statements of operations, inclusive of the payout of $937,500, which was realized and paid in April 2026. See additional information on the fair value measurement of the earnout payments in Note 7 - Fair Value Measurements.
Loss on acquisitions and divestitures, net consisted of the following:
Three Months Ended March 31,
20262025
(In thousands)
Gain on sale of oil and natural gas properties (1)
$1,446 $— 
Loss on earnout liabilities - Silverback Acquisition
(4,120)— 
Loss on sale of other property and equipment(23)— 
Total loss on acquisitions and divestitures, net
$(2,697)$— 
_____________________
(1) Represents sale of interest in non-operated wells.
Post-Acquisition Operating Results
The results of operations attributable to the Silverback Acquisition since the closing date of the acquisition have been included in the condensed consolidated statements of operations and include $14.2 million of total revenues and $8.4 million of earnings, which represents total revenues less production taxes and lease operating expenses ("LOE"), for the three months ended March 31, 2026.
Pro Forma Operating Results (Unaudited)
The results of operations of the Silverback Acquisition have been included in the Company's condensed consolidated financial statements since the closing date of the acquisition. The following supplemental, unaudited pro forma combined financial information for the three months ended March 31, 2025, reflect the consolidated results of operations of the Company as if the Silverback Acquisition had occurred on January 1, 2024. The information below reflects pro forma adjustments based on available information and certain assumptions that the Company believes are factual and supportable. The unaudited pro forma information includes adjustments for (i) transaction costs being reclassified to the first quarter of 2024 instead of being recorded in the year ended December 31, 2025, (ii) depletion, depreciation and amortization expense and (iii) interest expense related to the financing for the Silverback Acquisition. In addition, the pro forma information has been effected for income taxes with a blended statutory rate of 25.7% for the three months ended March 31, 2025.
Three Months Ended
March 31, 2025
(In thousands, except per share amounts)
Total revenues
$122,971 
Net income$31,631 
Basic net income per common share$1.50 
Diluted net income per common share$1.50 
The unaudited pro forma combined financial information is for informational purposes only and is not intended to represent or to be indicative of the combined results of operations that the Company would have reported had the Silverback Acquisition been completed as of January 1, 2024, and should not be taken as indicative of the Company's future combined results of operations. The actual results may differ significantly from that reflected in the unaudited pro forma combined financial information for a number of reasons, including, but not limited to, differences in assumptions used to prepare the unaudited pro forma combined financial information and actual results.
v3.26.1
Oil and Natural Gas Properties
 3 Months Ended
Mar. 31, 2026
Extractive Industries [Abstract]  
Oil and Natural Gas Properties Oil and Natural Gas Properties
Oil and natural gas properties, net are summarized below:
March 31, 2026December 31, 2025
(In thousands)
Proved$1,184,748 $1,153,126 
Unproved155,532 155,979 
Work-in-progress41,569 25,668 
Oil and natural gas properties
$1,381,849 $1,334,773 
Accumulated depletion, amortization and impairment(363,681)(339,234)
Total oil and natural gas properties, net$1,018,168 $995,539 
Depletion expense for proved oil and natural gas properties was $24.8 million and $17.5 million, respectively, for the three months ended March 31, 2026, and 2025.
Exploration costs were $1 million and nominal for the three months ended March 31, 2026, and 2025, respectively, and were primarily attributable to the expiration of oil and natural gas leases.
v3.26.1
Derivative Instruments
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
Oil and Natural Gas Contracts
The Company uses commodity based derivative contracts to reduce exposure to fluctuations in oil and natural gas prices. While the use of these contracts partially limits the downside risk for adverse price changes, their use also partially limits future revenues from favorable price changes. We have not designated our derivative contracts as hedges for accounting purposes, and therefore changes in the fair value of derivatives are included and recognized in other expense in our accompanying condensed consolidated statements of operations.
As of March 31, 2026, the Company’s oil and natural gas derivative contracts consisted of fixed price swaps, costless collars and basis swaps. The following table summarizes the open financial derivative positions as of March 31, 2026, related to our future oil and natural gas production:
20262027
2028
Second QuarterThird QuarterFourth QuarterFirst QuarterSecond Quarter
Third Quarter
Fourth Quarter
First Quarter
Oil
WTI Oil Swaps
Volume (Bbl)
960,000 1,020,000 1,020,000 755,000 620,000 600,000 570,000 180,000 
Weighted
average price
($/Bbl)
$62.52 $62.59 $62.42 $62.24 $62.42 $62.13 $62.45 $72.11 
WTI Oil Collars
Volume (Bbl)
541,000 570,000 550,000 475,000 537,000 400,000 225,000 180,000 
Weighted
 average floor
 price ($/Bbl)
$58.84 $58.25 $57.75 $57.15 $55.84 $52.93 $56.33 $55.00 
Weighted
average ceiling
price ($/Bbl)
$73.60 $72.66 $69.59 $66.42 $67.97 $65.87 $67.06 $73.33 
Natural Gas
Henry Hub
Natural Gas Swaps
Volume (MMBtu)450,000 300,000 500,000 600,000 
Weighted
average price
($/MMBtu)
$3.64 $3.59 $4.07 $4.19 
Henry Hub
Natural Gas Collars
Volume (MMBtu)900,000 900,000 600,000 450,000 
Weighted
average floor
price ($/MMBtu)
$3.05 $3.05 $3.43 $3.80 
Weighted
average ceiling
price ($/MMBtu)
$3.74 $3.74 $4.79 $5.84 
Waha Basis Swaps
Volume (MMBtu)450,000 450,000 600,000 3,150,000 3,150,000 3,150,000 3,150,000 1,800,000 
Weighted
average price
($/MMBtu)
$(2.26)$(2.26)$(1.31)$(0.94)$(0.95)$(0.95)$(0.95)$(1.01)
Interest Rate Contracts
The Company entered into floating-to-fixed interest rate swaps, in which it will receive a floating market rate equal to one-month Chicago Mercantile Exchange Term Secured Overnight Financing Rate ("SOFR") Rate and will pay a fixed interest rate to manage future interest rate exposure related to the Company’s Credit Facility.
The following table summarizes the open interest rate derivative positions as of March 31, 2026:
Open Coverage Period
Position
Notional AmountFixed Rate
(In thousands)
April 2026 - April 2026
Long
$30,000 3.18 %
April 2026 - April 2026
Long
$50,000 3.04 %
April 2026 - April 2027
Long
$45,000 3.90 %
Balance Sheet Presentation of Derivatives    
The following tables present the location and fair value of the Company’s derivative contracts included in our accompanying condensed consolidated balance sheets:
March 31, 2026
Balance Sheet ClassificationGross Fair ValueAmounts NettedNet Fair Value
(In thousands)
Current derivative assets$8,728 $(8,728)$— 
Non-current derivative assets11,388 (10,000)1,388 
Current derivative liabilities(86,665)8,728 (77,937)
Non-current derivative liabilities(24,587)10,000 (14,587)
Total$(91,136)$— $(91,136)
December 31, 2025
Balance Sheet ClassificationGross Fair ValueAmounts NettedNet Fair Value
(In thousands)
Current derivative assets$22,121 $(2,980)$19,141 
Non-current derivative assets9,316 (4,199)5,117 
Current derivative liabilities(3,017)2,980 (37)
Non-current derivative liabilities(4,311)4,199 (112)
Total$24,109 $— $24,109 
The following table presents the components of the Company's loss on derivatives, net for the periods presented below:
Three Months Ended March 31,
20262025
(In thousands)
Settlements on derivative contracts$(11,725)$1,115 
Non-cash loss on derivatives(115,245)(6,965)
Loss on derivatives, net$(126,970)$(5,850)
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The FASB has established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy consists of three broad levels. Level 1 inputs are the highest priority and consist of unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 3 are unobservable inputs for an asset or liability.
The carrying values of financial instruments comprising cash, payables, receivables and advances from joint interest owners approximate fair values due to the short-term maturities of these instruments and are classified as Level 1 in the fair value hierarchy. The carrying value reported for the Credit Facility approximates fair value because the underlying instruments are at interest rates which approximate current market rates. The fair value of the Senior Notes is based on estimates of current rates available for similar issuances with similar maturities and is classified as Level 2 in the fair value hierarchy. The oil and natural gas properties acquired and ARO assumed in the Silverback Acquisition in addition to the fair value of assets and liabilities when considered for impairment are considered Level 3 measurements.
Assets and Liabilities Measured on a Recurring Basis
The fair values of commodity derivatives and interest rate swaps are estimated using discounted cash flow calculations based on forward curves and are classified as Level 2 within the fair value hierarchy. The following table summarizes the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis by level within the fair value hierarchy:
March 31, 2026
Level 1Level 2Level 3Total
(In thousands)
Financial assets:
Commodity derivative assets$— $20,116 $— $20,116 
Financial liabilities:
Commodity derivative liabilities$— $(111,186)$— $(111,186)
Interest rate liabilities$— $(66)$— $(66)
Silverback earnout payment liabilities
$— $— $(7,220)$(7,220)
December 31, 2025
Level 1Level 2Level 3Total
(In thousands)
Financial assets:
Commodity derivative assets$— $31,437 $— $31,437 
Financial liabilities:
Commodity derivative liabilities$— $(7,179)$— $(7,179)
Interest rate liabilities$— $(149)$— $(149)
Silverback earnout payment liabilities$— $— $(3,100)$(3,100)
Silverback Earnout Payments
The earnout payments in connection with the Silverback Acquisition were valued using a Monte Carlo simulation model that incorporated forward strip pricing as of March 31, 2026. The valuation process involved modeling the potential earnout payments over numerous scenarios based on WTI futures prices. The average expected value from the simulations was then discounted using the Company's weighted average cost of debt. Based on the forward strip pricing as of March 31, 2026, the earnout payment liability was increased from $3.1 million to $7.2 million, which includes $937,500 realized and paid in April 2026 and $6.3 million unrealized. The fair value of the unrealized earnout payments is considered a Level 3 measurement due to the unobservable inputs including volatility and the discount rate, as well as the detailed modeling required to estimate fair value. See Note 4 - Acquisitions and Divestitures for additional information on the earnout payments. The following table summarizes the changes in the fair value of our Silverback earnout payments, in addition to the range and arithmetic mean of the significant unobservable inputs used in the Level 3 fair value measurement:
Unobservable Inputs
Fair Value
(In thousands)		Valuation Technique
WTI Futures (Arithmetic Average)
December 31, 2025$3,100 
Monte Carlo
$56.91 - $57.96 ($57.23)
Loss on earnout liabilities
4,120 
March 31, 2026$7,220 
Monte Carlo
$68.09 - $98.64 ($74.07)
As of March 31, 2026, $4.5 million, which includes the earned payout of $937,500 for the first quarter of 2026, is accrued in other current liabilities and $2.7 million is accrued in other long-term liabilities in our accompanying condensed consolidated balance sheets.
Liabilities Not Measured on a Recurring Basis
The following table summarizes the fair value and carrying amount of the Company's financial instruments:
March 31, 2026December 31, 2025
Carrying AmountFair ValueCarrying AmountFair Value
(In thousands)
Credit Facility (Level 2)
$107,000 $107,000 $110,000 $110,000 
Senior Notes (Level 2)(1)
$133,675 $143,798 $137,855 $149,312 
_____________________
(1)The carrying value for the Senior Notes is shown net of unamortized discount and unamortized deferred financing costs.
The carrying value reported for the Credit Facility approximates fair value because the underlying instruments are at interest rates which approximate current market rates. The fair value of the Senior Notes was determined utilizing a discounted cash flow approach.
v3.26.1
Equity Method Investment
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investment Equity Method Investment
RPC Power
RPC Power LLC ("RPC Power") is our power-focused joint venture with Conduit Power LLC, in which we have 50% ownership. The Company is currently involved in two projects with RPC Power.
The first project provides a portion of our electric power needs for our field operations in our Champions field. This project consists of two sites located within the Company's operating area. The power generated and delivered by RPC Power is consumed by operating activities and not sold to the electric grid.
The second project is intended to provide power for the sale into ERCOT, the primary electric grid of Texas, with none of the generation consumed by Riley Permian. This project consists of four sites located outside of the Company's operating area, but in the west Texas region.
As the Company has significant influence due to our ownership percentage, but lacks control, RPC Power is accounted for as an equity method investment. In November 2024, the Company signed the Second Amendment to the A&R LLC Agreement, which increased the capital commitment for each owner from $42.5 million to $51.5 million. As of March 31, 2026, the Company had invested $43.5 million in the joint venture, comprised of $41.2 million in cash and $2.3 million of contributed assets, which was reduced by distributions and the Company's share of losses and increased by our share of income in the joint venture.
During the three months ended March 31, 2026, the Company contributed an additional $4.0 million to RPC Power. The Company has a remaining commitment to invest up to an additional $8.0 million, if required, to fund our portion of the future capital budget for the RPC Power joint venture. On December 31, 2025, RPC Power declared a $3 million dividend, of which $1.5 million was the Company's portion. The dividend was paid in January 2026.
See Note 9 - Transactions with Related Parties for further discussion of the contractual agreements between the Company and RPC Power and its affiliates and Note 15 - Commitments and Contingencies for additional information on future commitments.
The following table presents the Company's equity method investment activity:
Three Months Ended March 31,
20262025
(In thousands)
Equity method investment, beginning balance$36,188 $22,811 
Contributions4,000 6,250 
Loss from equity method investment(368)(119)
Equity method investment, ending balance
$39,820 $28,942 
v3.26.1
Transactions with Related Parties
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Transactions with Related Parties Transactions with Related Parties
RPC Power
In January 2023, the Company entered into a 10-year agreement with RPC Power, which provides for the conversion of specified quantities of the Company’s produced natural gas to electricity to power a portion of our oilfield operations in our Champions field ("Tolling Agreement"). The Tolling Agreement was amended and restated in June 2024 ("A&R Tolling Agreement") primarily to reflect the new in-service date of September 2024. The Company also entered into a 10-year agreement (“Asset Optimization Agreement”) in January 2023 that requires RPC Power to provide operational expertise on the implementation and management of the power generating assets subject to the A&R Tolling Agreement for a monthly fee of $20 thousand.
In May 2024, the Company entered into the Second Amended and Restated Limited Liability Company Agreement (“A&R LLC Agreement”) to expand the scope of our joint venture to include the constructing, owning and operating of additional new power generation and storage assets, for the sale of energy and ancillary services to ERCOT ("Merchant Deal").
In May 2024, the Company entered into a 10-year natural gas supply agreement ("Supply Agreement") with RPC Merchant LLC, a wholly owned subsidiary of RPC Power ("RPC Merchant"), to supply natural gas to fuel the natural gas generators under the Merchant Deal. The Company's commitment under the Supply Agreement is contingent upon project start-up which is expected to commence during the second half of 2026.
The Company incurred LOE from RPC Power of approximately $2.0 million and $1.6 million, respectively, for the three months ended March 31, 2026, and 2025. As of March 31, 2026, and December 31, 2025, the Company had approximately $0.7 million accrued for RPC Power, which was included in accrued liabilities in our accompanying condensed consolidated balance sheets.
See additional information related to RPC Power in Note 8 - Equity Method Investment and Note 15 - Commitments and Contingencies for additional information on future commitments.
Consulting and Legal Fees
The Company has an engagement agreement with di Santo Law PLLC ("di Santo Law"), a law firm owned by Beth di Santo, a member of our Board of Directors, pursuant to which di Santo Law's attorneys provide legal services to the Company.
The Company incurred legal fees from di Santo Law of approximately $0.3 million and $0.4 million for the three months ended March 31, 2026, and 2025, respectively. As of March 31, 2026, and December 31, 2025, the Company had approximately $1.8 million and $1.7 million, respectively, in amounts accrued for di Santo Law, which was included in other current liabilities in our accompanying condensed consolidated balance sheets.
v3.26.1
Long-Term Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
The following table summarizes the Company's outstanding debt:
March 31, 2026December 31, 2025
(In thousands)
Credit Facility$107,000 $110,000 
Senior Notes
Principal$140,000 $145,000 
Less: Unamortized discount(1)
4,506 5,095 
Less: Unamortized deferred financing costs(1)
1,819 2,050 
Total Senior Notes$133,675 $137,855 
Total debt
$240,675 $247,855 
Less: Current portion of long-term debt(2)
20,000 20,000 
Total long-term debt$220,675 $227,855 
___________________
(1)Unamortized discount and unamortized deferred financing costs are attributable to and amortized over the term of the Senior Notes.
(2)As of March 31, 2026, and December 31, 2025, the current portion of long-term debt reflects $20 million due on the Senior Notes over the next twelve months.
Credit Facility
As of March 31, 2026, Riley Exploration - Permian, LLC ("REP LLC"), as borrower, and the Company, as parent guarantor, are parties to a credit agreement with Truist Bank and certain lenders party thereto, as amended, which provides for a Credit Facility with a borrowing base of $400 million. On December 13, 2024, the Company entered into the sixteenth amendment to the Credit Facility to, among other things, extend the stated maturity date from April 2026 to December 2028 (or if any Senior Notes are then outstanding, the date that is 181 days prior to the earliest stated maturity date of such Senior Notes, in this case October 2027) and increased the borrowing base from $375 million to $400 million, which was reaffirmed in December 2025 with the removal of the natural gas hedging requirement. Substantially all of the Company’s assets are pledged to secure the Credit Facility.
The Credit Facility contains certain covenants, which, among other things, require the maintenance of (i) a total leverage ratio of not greater than 3.00 to 1.00 and (ii) a minimum current ratio of not less than 1.0 to 1.0 as of the last day of any quarter. The Credit Facility also contains a total leverage ratio for the regulation of Restricted Payments, as defined in the credit agreement after giving pro forma effect to such Restricted Payments, which includes payments to any holder of the Company's shares, would not exceed 2.50 to 1.00. If the Company's leverage ratio, after giving pro forma effect to such Restricted Payments (as defined in the Credit Agreement), is above 2.0 to 1.0, then an additional test of free cash flow is applied, and the Company will only be permitted to make such Restricted Payments if such payment does not exceed the Company's free cash flow. In addition to and after giving effect to such Restricted Payments, the availability of funds under the Company's Credit Facility must be greater than or equal to 20% of the elected commitments. The Company must maintain a minimum hedging requirement for oil based on our proved developed producing projected volumes on a rolling 24-month basis.
The following table summarizes the Credit Facility balances:
March 31, 2026December 31, 2025
(In thousands)
Outstanding borrowings$107,000 $110,000 
Available under the borrowing base$293,000 $290,000 
See additional information regarding the Credit Facility in Note 16 - Subsequent Events.
Senior Notes
On April 3, 2023, the Company (as issuer) completed our issuance of $200 million aggregate principal amount of 10.50% senior unsecured notes with final maturity in April 2028 pursuant to a note purchase agreement (the "Note Purchase Agreement"), with the Senior Notes issued at a 6% discount.
Interest is due and payable at the end of each quarter. In addition to interest, the Company will repay 2.50% of the original principal amount each quarter resulting in $5 million quarterly principal payments until the maturity of the Senior Notes. As of March 31, 2026, the Company had $20 million in current liabilities in our accompanying condensed consolidated balance sheets related to the quarterly principal payments due within the next 12 months.
The Company may, at our option, redeem, at any time and from time to time on or prior to April 3, 2026, some or all of the Senior Notes at 100% of the principal amount thereof plus the make-whole amount plus a premium of 5.25% as set forth in the Note Purchase Agreement plus accrued and unpaid interest, if any. After April 3, 2026, but on or prior to October 3, 2026, the Company may, at our option, redeem, at any time and from time to time some or all of the Senior Notes at 100% of the principal amount thereof plus a premium of 5.25% as set forth in the Note Purchase Agreement plus accrued and unpaid interest, if any. After October 3, 2026, the Company may redeem some or all of the Senior Notes at 100% of the principal amount thereof plus accrued and unpaid interest, if any. The principal remaining outstanding at the time of maturity is required to be paid in full by the Company. Certain note features, including those discussed above, were evaluated and deemed to be remote. Due to the remote nature, the fair value of these features was estimated to be approximately zero.
The Senior Notes contain certain covenants, which, among other things, require the maintenance of (i) a total leverage ratio of not greater than 3.00 to 1.00 and (ii) an asset coverage ratio greater than 1.50 to 1.00. The Senior Notes also contain a total leverage ratio and an asset coverage ratio for Restricted Payments, as defined in the Note Purchase Agreement. The leverage ratio, after giving pro forma effect to such Restricted Payments, cannot exceed 2.00 to 1.00, and the asset coverage ratio, after giving effect to such Restricted Payments, must be greater than or equal to 1.50 to 1.00. In addition to and after giving effect to such Restricted Payments, the availability of funds under the Company's Credit Facility must be greater than or equal to 15% of the Aggregate Elected Commitment Amount, as defined in the Note Purchase Agreement. Upon issuance of the Senior Notes, the Company must maintain a minimum hedging requirement included within the Senior Notes for oil and natural gas based on our proved developed producing projected volumes for oil and natural gas on a rolling 18-month basis.
The Senior Notes are general unsecured obligations ranking equally in right of payment with all other senior unsecured indebtedness of the Company and are senior in right of payment to all existing and future subordinated indebtedness of the Company. The Note Purchase Agreement contains customary terms and covenants, including limitations on the Company’s ability to incur additional secured and unsecured indebtedness.
The following table summarizes the Company's interest expense:
Three Months Ended March 31,
20262025
(In thousands)
Interest expense$5,362 $6,025 
Interest income
(175)(130)
Capitalized interest(291)(691)
Amortization of deferred financing costs593 568 
Amortization of discount on Senior Notes589 614 
Unused commitment fees on Credit Facility279 275 
Total interest expense, net$6,357 $6,661 
During the three months ended March 31, 2026, and 2025, the weighted average interest rate on the Credit Facility was 6.53% and 7.25%, respectively.
As of March 31, 2026, the Senior Notes had $4.5 million of unamortized discount and $1.8 million of unamortized deferred financing costs, resulting in an effective interest rate of 13.4% during the three months ended March 31, 2026. As of December
31, 2025, the Senior Notes had $5.1 million of unamortized discount and $2.1 million of unamortized deferred financing costs, resulting in an effective interest rate of 13.4% during the year ended December 31, 2025.
As of March 31, 2026, the Company was in compliance with all covenants contained in the Credit Agreement and Note Purchase Agreement.
v3.26.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Dividends
For the three months ended March 31, 2026, and 2025, the Company declared quarterly dividends on our common stock totaling approximately $8.6 million and $8.2 million, respectively.
Stock-Based Compensation
In April 2023, at the Company's annual meeting of stockholders, the Company's stockholders approved the Amended and Restated 2021 Long Term Incentive Plan (the "A&R LTIP") which authorized up to 2,337,022 shares of common stock that may be granted as awards under the A&R LTIP. As of March 31, 2026, the A&R LTIP had 345,122 shares remaining that are available for future awards.
In March 2025, the Company introduced performance-based restricted stock awards to further align the compensation of the Company's executive officers with the long-term growth of the Company and the interests of its shareholders. Performance stock awards may be earned based on the Company’s achievement of total shareholder return ("TSR") relative to its peer group during the applicable three-year performance period. Payouts for the executive officers can range from 0% to 200% of the target and have cliff-vesting after three years, with dividends paid on the number of shares vested. As a result, the Company has reduced the remaining shares available to be granted as awards under the A&R LTIP by 168,406 shares (the full 200%), which assumes the highest percentage payout for the performance stock awards. The number of unvested shares of performance restricted stock used to calculate our fully diluted shares based on the Company's relative TSR ranking as of March 31, 2026, and December 31, 2025, is 122,936 and 149,039, respectively.
There were no performance stock awards granted during the three months ended March 31, 2026. During the three months ended March 31, 2025, the fair value of performance awards were estimated as of the date of grant using a Monte Carlo simulation with the following assumptions:
Grant-date fair value
$45.07
Risk-free interest rate
4.02%
Volatility factor
55.88%
2021 Long-Term Incentive Plan
The following table presents the Company's restricted stock activity during the three months ended March 31, 2026, under the A&R LTIP:
Restricted Stock Awards
SharesWeighted Average Grant Date Fair Value
Unvested at December 31, 2025
569,150 $29.67 
Granted 167,690 $33.44 
Vested (20,852)$23.58 
Forfeited(355)$30.00 
Unvested at March 31, 2026
715,633 $30.73 

For the three months ended March 31, 2026, and 2025, the total stock-based compensation expense was $2.3 million and $1.4 million, respectively. Stock-based compensation expense is included in general and administrative costs in the Company's accompanying condensed consolidated statements of operations for the restricted stock awards granted under the A&R LTIP.
The following table presents unrecognized stock-based compensation expense expected to be recognized and the related weighted average recognition period associated with unvested shares as of March 31, 2026:
Restricted Stock Awards
Performance Stock Awards
Unrecognized compensation expense (in millions)
$15.4 $2.5 
Weighted average period for recognition (months)
2624
Share Repurchases
In December 2025, our Board of Directors approved a stock repurchase program (the “Repurchase Program”) authorizing the repurchase of up to $100 million of our common stock from time to time over a period of 24 months, including through open market purchases, through block trades, in privately negotiated transactions, or by other means, including through the use of trading plans, each in accordance with applicable securities laws and other restrictions. The Repurchase Program does not obligate us to purchase any common stock and may be suspended from time to time, modified, extended or discontinued by the Board at any time. Under the Repurchase Program, 152,408 shares were purchased and subsequently retired during the three months ended March 31, 2026. The remaining repurchase authority under the Repurchase Program at March 31, 2026, was $96 million.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of the Company's consolidated provision for income taxes from operations are as follows:
Three Months Ended March 31,
20262025
(In thousands)
Current income tax expense:
Federal$770 $9,124 
State250 941 
Total current income tax expense
$1,020 $10,065 
Deferred income tax benefit:
Federal$(22,374)$(1,800)
State(934)(26)
Total deferred income tax benefit
$(23,308)$(1,826)
Total income tax (benefit) expense
$(22,288)$8,239 
Beginning in the first quarter of 2026, the Company elected to change its interim income tax reporting methodology from the income statement method to the balance sheet method and will apply this method consistently for the remainder of the fiscal year. The change was made because significant unrealized losses on derivative instruments recognized during the three months ended March 31, 2026 are expected to reverse in future periods, and use of the income statement method would have caused a disproportionate amount of the related tax benefit to be recognized in the first quarter. Under the balance sheet method, interim income tax expense is based on changes in deferred tax assets and liabilities during the period, which the Company believes more appropriately reflects the allocation of the annual effective tax rate between current and deferred income tax expense. This change affects only the allocation of the interim income tax expense between current and deferred income tax expense and does not affect the Company’s full-year effective tax rate or total quarterly income tax expense.
A reconciliation of the statutory federal income tax rate to the Company's effective income tax rate is as follows:
Three Months Ended March 31,
20262025
AmountPercentAmountPercent
(In thousands, except percentages)
U.S federal statutory tax rate
$(19,472)21.0 %$7,248 21.0 %
State income taxes, net of federal income tax effect(1)
(2,209)2.4 %723 2.1 %
Nondeductible items:
Nondeductible compensation
(559)0.6 %269 0.8 %
Stock-based compensation
(13)— %(5)— %
Other(35)— %4 — %
Effective income tax rate$(22,288)24.0 %$8,239 23.9 %
_____________________
(1)State taxes in New Mexico and Texas make up the tax effect in this category.
Cash paid for income taxes was as follows:
Three Months Ended March 31,
20262025
(In thousands)
Total federal
$10,000 $9,000 
Total state and local
— — 
Total income taxes paid
$10,000 $9,000 
The Company's federal income tax returns for the years subsequent to December 31, 2021, remain subject to examination. The Company's income tax returns in major state income tax jurisdictions remain subject to examination for various periods subsequent to December 31, 2020. The Company currently believes that all other significant filing positions are highly certain and that all of our other significant income tax positions and deductions would be sustained under audit or the final resolution would not have a material effect on our consolidated financial statements. Therefore, the Company has not established any reserves for uncertain tax positions.
v3.26.1
Net Income Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per Share
The Company calculated net income per share using the treasury stock method. The table below sets forth the computation of basic and diluted net income per share:
Three Months Ended March 31,
20262025
(In thousands, except per share amounts)
Net income (loss)
$(70,434)$28,633 
Basic weighted average common shares outstanding20,869 21,111 
Restricted shares— — 
Diluted weighted average common shares outstanding20,869 21,111 
Basic net income (loss) per share
$(3.38)$1.36 
Diluted net income (loss) per share
$(3.38)$1.36 

The following shares were excluded from the calculation of diluted net income per share due to their anti-dilutive effect:
Three Months Ended March 31,
20262025
(In thousands)
Restricted shares698 427 
v3.26.1
Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segments Segments
The Company’s oil and gas exploration and production activities are solely focused in the U.S. For financial reporting purposes, the Company aggregates our operating segments into one reporting segment due to the similar nature of these operations.
The following table presents consolidated net income, the significant measure of profit and loss used by the CODM, as well as total assets, capital expenditures and our equity method investment for the Company's single reportable segment:
Three Months Ended March 31,
20262025
(In thousands)
Total Revenues
$113,881 $102,457 
Less:
Lease operating expenses
24,071 18,331 
Production and ad valorem taxes
9,032 6,670 
Exploration costs
967 9 
Depletion, depreciation, amortization and accretion
25,720 19,138 
Administrative Costs
8,120 7,438 
Stock-based compensation expense
2,301 1,369 
Interest expense, net of capitalized interest(1)
6,532 6,791 
Interest income
(175)(130)
Loss on derivatives, net126,970 5,850 
Loss from equity method investment368 119 
Loss on acquisitions and divestitures, net
2,697 — 
Income tax (benefit) expense
(22,288)8,239 
Segment net income (loss)(2)
$(70,434)$28,633 
Total assets$1,180,081 $994,944 
Capital expenditures(3)
$47,087 $24,000 
Equity method investment$39,820 $28,942 
_____________________
(1)Interest expense is shown gross of or prior to the effect of interest income.
(2)There are no reconciling items between net income (loss) presented in our accompanying condensed consolidated statements of operations and segment net income (loss).
(3)Capital expenditures are accrual (activity-based) before acquisitions.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Matters
Due to the nature of the Company's business, the Company may at times be subject to claims and legal actions. The Company accrues liabilities when it is probable that future costs will be incurred, and such costs can be reasonably estimated. Such accruals are based on developments to date and the Company’s estimates of the outcomes of these matters. The Company did not recognize any material liability for legal matters as of March 31, 2026, or December 31, 2025. Management believes it is remote that the impact of such matters will have a materially adverse effect on the Company’s financial position, results of operations, or cash flows.
Environmental Matters
The Company is subject to various federal, state and local laws and regulations relating to the protection of the environment. These laws, which are often changing, regulate the discharge of materials into the environment and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances at various sites. The Company had no material environmental liabilities as of March 31, 2026, or December 31, 2025.
Contractual Commitments
The Company is a party to a gas gathering, treating and processing agreement with Targa Northern Delaware LLC ("Targa") in Texas. Under the terms of the agreement, the Company agreed to deliver an annual minimum volume during the contract term. As of March 31, 2026, approximately five years remain under this contract.
Under the A&R Tolling Agreement with RPC Power, the Company has committed to provide specified quantities of our natural gas for 10 years following the in-service date of September 2024, for a fee based on a per MMBtu basis adjusted for contractual usage factors. The Company also entered into the Asset Optimization Agreement that requires RPC Power to provide operational expertise on the implementation and management of the power generating assets subject to the A&R Tolling Agreement for a monthly fee of $20 thousand.
Under the Supply Agreement with RPC Merchant, the Company agreed to supply natural gas to fuel the natural gas generators under the Merchant Deal for 10 years. The Company's commitment under the Supply Agreement is contingent upon project start-up which is expected to commence during the second half of 2026.
Under the A&R LLC Agreement with RPC Power, the Company agreed to make additional capital contributions to fund its portion of the capital budget for RPC Power. The Company's remaining commitment, if required, is $8.0 million.
See Note 8 - Equity Method Investment and Note 9 - Transactions with Related Parties for additional information related to RPC Power.
Midstream Gas Purchase Agreement
On December 31, 2024, the Company signed a long-term gas purchase agreement for the Company's New Mexico field with Targa, which was amended and restated ("the A&R Gas Purchase Agreement") in connection with the Company's December 2025 sale of Dovetail Midstream, LLC, a wholly owned subsidiary of the Company that holds certain midstream infrastructure projects in Eddy County, New Mexico, to Targa. The agreement has a minimum volume commitment in New Mexico for an initial 15-year term from the in-service date, which is expected to commence before the end of 2026.
Waterbridge
On January 6, 2026, the Company entered into a 15-year water management services agreement ("Waterbridge Agreement") with Waterbridge Stateline LLC ("Waterbridge") to deliver a portion of its New Mexico produced water for disposal purposes within a specified dedicated area. During the first 7 years of the agreement, the Company has both annual and a cumulative volume commitment to deliver minimum quantities of produced water. The in-service date is expected to be September 2026.
v3.26.1
Subsequent Events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Dividend Declaration
On April 15, 2026, the Board of Directors of the Company declared a cash dividend of $0.40 per share of common stock payable on May 13, 2026 to our shareholders of record at the close of business on April 29, 2026.
Credit Facility Redetermination
On April 30, 2026, in connection with the semi‑annual redetermination process under the Company’s Credit Facility, the Company entered into the eighteenth amendment to the Credit Facility, which among other things, increased the Company’s borrowing base from $400 million to $425 million and documented the Company's election to maintain commitments thereunder at $400 million. In addition, the eighteenth amendment shortens the springing maturity of the Credit Facility in advance of the Senior Notes from 181 days to 91 days, effectively extending the maturity date for the Credit Facility to January 2028, given the April 2028 stated maturity of the Senior Notes. All other significant terms of the Credit Facility remained unchanged. The Company was in compliance with all covenants under the Credit Facility as of March 31, 2026.
Equity Investment Contribution
On May 1, 2026, the Company contributed an additional $2.5 million to its equity method investment, RPC Power.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Consolidation
These unaudited condensed consolidated financial statements as of March 31, 2026, and for the three months ended March 31, 2026, and 2025, include the accounts of Riley Permian and our consolidated subsidiaries and have been prepared in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated upon consolidation.
Significant Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. These estimates and assumptions may also affect disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
The Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Company considers reasonable in the particular circumstances. Actual results may differ significantly from the Company’s estimates. Any effects on the Company’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include, but are not limited to, estimates of proved oil and natural gas reserves and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, accounts receivable, accrued capital expenditures and operating expenses, ARO, the fair value determination of acquired assets and assumed liabilities, certain tax accruals and the fair value of derivatives.
Recent Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Income Statement (Subtopic 220-40) Reporting Comprehensive Income-Expense Disaggregation Disclosures, which broadens the disclosures required for certain costs and expenses in the Company’s annual and interim consolidated financial statements. This ASU is effective prospectively for fiscal years beginning after December 15, 2026, and interim reporting periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact to disclosures related to our annual report for fiscal year 2027.
v3.26.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Schedule of Accounts Receivable
Accounts receivable, net is summarized below:
March 31, 2026December 31, 2025
(In thousands)
Oil, natural gas and NGL sales$50,196 $31,037 
Joint interest accounts receivable7,031 6,291 
Allowance for credit losses(614)(601)
Other accounts receivable16 4,318 
Total accounts receivable, net
$56,629 $41,045 
Schedule of Other Property and Equipment
Other property and equipment, net is summarized below:
March 31, 2026December 31, 2025
(In thousands)
Furniture, fixtures and other
7,983 7,583 
Land
18,526 17,983 
Other property and equipment
$26,509 $25,566 
Accumulated depreciation and amortization
(3,725)(3,694)
Total other property and equipment, net
$22,784 $21,872 
Schedule of Other Non-Current Assets, Net
Other non-current assets, net consisted of the following:
March 31, 2026December 31, 2025
(In thousands)
Deferred financing costs, net (1)
$3,751 $4,064 
Right of use assets3,353 3,323 
Prepaid capital expenditures661 2,116 
Deposits
4,343 4,846 
Other1,550 1,550 
Total other non-current assets, net$13,658 $15,899 
_____________________
(1)Deferred financing costs, net reflects costs associated with the Company's Credit Facility which are amortized over the term of the Credit Facility.
Schedule of Accrued Liabilities
Accrued liabilities consisted of the following:
March 31, 2026December 31, 2025
(In thousands)
Accrued capital expenditures$21,162 $12,125 
Accrued lease operating expenses7,561 7,160 
Accrued general and administrative costs13,672 11,403 
Accrued inventory
— 1,123 
Accrued ad valorem tax1,302 5,277 
Other accrued expenditures680 602 
Total accrued liabilities$44,377 $37,690 
Schedule of Other Current Liabilities
Other current liabilities consisted of the following:
March 31, 2026December 31, 2025
(In thousands)
Advances from joint interest owners$16,532 $4,451 
Income taxes payable13,196 22,175 
Current ARO liabilities3,987 3,455 
Current portion of earnout payments4,547 1,040 
Other3,177 2,968 
Total other current liabilities
$41,439 $34,089 
Schedule of Asset Retirement Obligations
Components of the changes in ARO for the three months ended March 31, 2026, and the year ended December 31, 2025, are shown below:
March 31, 2026December 31, 2025
(In thousands)
ARO, beginning balance$63,432 $35,268 
Liabilities incurred27 143 
Liabilities assumed in acquisitions— 19,284 
Liabilities removed upon sale
(71)(88)
Revision of estimated obligations— 7,724 
Liability settlements
(1,245)(2,591)
Accretion1,270 3,692 
ARO, ending balance$63,413 $63,432 
Less: current ARO (1)
(3,987)(3,455)
ARO, long-term$59,426 $59,977 
_____________________
(1)Current ARO is included within other current liabilities in our accompanying condensed consolidated balance sheets.
Schedule of Disaggregation of Revenue
The following table presents oil and natural gas sales, net disaggregated by product:
Three Months Ended March 31,
20262025
(In thousands)
Oil and natural gas sales:
Oil sales, net
$124,968 $98,592 
Natural gas sales, net
(6,359)1,584 
NGL sales, net
(4,728)2,281 
Total oil and natural gas sales, net (1)
$113,881 $102,457 
_____________________
(1) The Company's oil, natural gas and NGL sales are presented net of GP&T costs. These costs, related to natural gas and NGLs, at times exceeded the price received and resulted in negative average realized prices.
v3.26.1
Acquisitions and Divestitures (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following presents the allocation of the total purchase price of the Silverback Acquisition to the identified assets acquired and liabilities assumed based on estimated fair value as of the closing date of the acquisition:    
Preliminary purchase price allocation as of March 31, 2026 (in thousands):
Consideration:
Cash consideration paid to sellers upon closing$119,559 
Preliminary estimated fair value of earnout payments3,100 
Total consideration transferred$122,659 
Fair value of assets acquired:
Cash
$1,857 
Accounts receivable7,476 
Prepaid expenses
313 
Inventory5,371 
Current derivative assets
1,029 
Oil and gas properties
140,317 
Other property and equipment
602 
Other non-current assets
1,421 
Amount attributable to assets acquired
$158,386 
Fair value of liabilities assumed:
Accounts payable$364 
Accrued liabilities
1,708 
Revenue payable14,371 
Asset retirement obligations19,284 
Amount attributable to liabilities assumed$35,727 
Net assets acquired$122,659 
Schedule of Gain (loss) on Divestitures and Acquisitions
Loss on acquisitions and divestitures, net consisted of the following:
Three Months Ended March 31,
20262025
(In thousands)
Gain on sale of oil and natural gas properties (1)
$1,446 $— 
Loss on earnout liabilities - Silverback Acquisition
(4,120)— 
Loss on sale of other property and equipment(23)— 
Total loss on acquisitions and divestitures, net
$(2,697)$— 
_____________________
(1) Represents sale of interest in non-operated wells.
Schedule of Business Acquisition, Pro Forma Information The following supplemental, unaudited pro forma combined financial information for the three months ended March 31, 2025, reflect the consolidated results of operations of the Company as if the Silverback Acquisition had occurred on January 1, 2024. The information below reflects pro forma adjustments based on available information and certain assumptions that the Company believes are factual and supportable. The unaudited pro forma information includes adjustments for (i) transaction costs being reclassified to the first quarter of 2024 instead of being recorded in the year ended December 31, 2025, (ii) depletion, depreciation and amortization expense and (iii) interest expense related to the financing for the Silverback Acquisition. In addition, the pro forma information has been effected for income taxes with a blended statutory rate of 25.7% for the three months ended March 31, 2025.
Three Months Ended
March 31, 2025
(In thousands, except per share amounts)
Total revenues
$122,971 
Net income$31,631 
Basic net income per common share$1.50 
Diluted net income per common share$1.50 
v3.26.1
Oil and Natural Gas Properties (Tables)
 3 Months Ended
Mar. 31, 2026
Extractive Industries [Abstract]  
Schedule of Oil and Gas Properties
Oil and natural gas properties, net are summarized below:
March 31, 2026December 31, 2025
(In thousands)
Proved$1,184,748 $1,153,126 
Unproved155,532 155,979 
Work-in-progress41,569 25,668 
Oil and natural gas properties
$1,381,849 $1,334,773 
Accumulated depletion, amortization and impairment(363,681)(339,234)
Total oil and natural gas properties, net$1,018,168 $995,539 
v3.26.1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions The following table summarizes the open financial derivative positions as of March 31, 2026, related to our future oil and natural gas production:
20262027
2028
Second QuarterThird QuarterFourth QuarterFirst QuarterSecond Quarter
Third Quarter
Fourth Quarter
First Quarter
Oil
WTI Oil Swaps
Volume (Bbl)
960,000 1,020,000 1,020,000 755,000 620,000 600,000 570,000 180,000 
Weighted
average price
($/Bbl)
$62.52 $62.59 $62.42 $62.24 $62.42 $62.13 $62.45 $72.11 
WTI Oil Collars
Volume (Bbl)
541,000 570,000 550,000 475,000 537,000 400,000 225,000 180,000 
Weighted
 average floor
 price ($/Bbl)
$58.84 $58.25 $57.75 $57.15 $55.84 $52.93 $56.33 $55.00 
Weighted
average ceiling
price ($/Bbl)
$73.60 $72.66 $69.59 $66.42 $67.97 $65.87 $67.06 $73.33 
Natural Gas
Henry Hub
Natural Gas Swaps
Volume (MMBtu)450,000 300,000 500,000 600,000 
Weighted
average price
($/MMBtu)
$3.64 $3.59 $4.07 $4.19 
Henry Hub
Natural Gas Collars
Volume (MMBtu)900,000 900,000 600,000 450,000 
Weighted
average floor
price ($/MMBtu)
$3.05 $3.05 $3.43 $3.80 
Weighted
average ceiling
price ($/MMBtu)
$3.74 $3.74 $4.79 $5.84 
Waha Basis Swaps
Volume (MMBtu)450,000 450,000 600,000 3,150,000 3,150,000 3,150,000 3,150,000 1,800,000 
Weighted
average price
($/MMBtu)
$(2.26)$(2.26)$(1.31)$(0.94)$(0.95)$(0.95)$(0.95)$(1.01)
The following table summarizes the open interest rate derivative positions as of March 31, 2026:
Open Coverage Period
Position
Notional AmountFixed Rate
(In thousands)
April 2026 - April 2026
Long
$30,000 3.18 %
April 2026 - April 2026
Long
$50,000 3.04 %
April 2026 - April 2027
Long
$45,000 3.90 %
Schedule of Derivative Instruments Location and Fair Value
The following tables present the location and fair value of the Company’s derivative contracts included in our accompanying condensed consolidated balance sheets:
March 31, 2026
Balance Sheet ClassificationGross Fair ValueAmounts NettedNet Fair Value
(In thousands)
Current derivative assets$8,728 $(8,728)$— 
Non-current derivative assets11,388 (10,000)1,388 
Current derivative liabilities(86,665)8,728 (77,937)
Non-current derivative liabilities(24,587)10,000 (14,587)
Total$(91,136)$— $(91,136)
December 31, 2025
Balance Sheet ClassificationGross Fair ValueAmounts NettedNet Fair Value
(In thousands)
Current derivative assets$22,121 $(2,980)$19,141 
Non-current derivative assets9,316 (4,199)5,117 
Current derivative liabilities(3,017)2,980 (37)
Non-current derivative liabilities(4,311)4,199 (112)
Total$24,109 $— $24,109 
Schedule of Derivative Instruments, Gain (Loss), Net
The following table presents the components of the Company's loss on derivatives, net for the periods presented below:
Three Months Ended March 31,
20262025
(In thousands)
Settlements on derivative contracts$(11,725)$1,115 
Non-cash loss on derivatives(115,245)(6,965)
Loss on derivatives, net$(126,970)$(5,850)
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis The following table summarizes the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis by level within the fair value hierarchy:
March 31, 2026
Level 1Level 2Level 3Total
(In thousands)
Financial assets:
Commodity derivative assets$— $20,116 $— $20,116 
Financial liabilities:
Commodity derivative liabilities$— $(111,186)$— $(111,186)
Interest rate liabilities$— $(66)$— $(66)
Silverback earnout payment liabilities
$— $— $(7,220)$(7,220)
December 31, 2025
Level 1Level 2Level 3Total
(In thousands)
Financial assets:
Commodity derivative assets$— $31,437 $— $31,437 
Financial liabilities:
Commodity derivative liabilities$— $(7,179)$— $(7,179)
Interest rate liabilities$— $(149)$— $(149)
Silverback earnout payment liabilities$— $— $(3,100)$(3,100)
The following table summarizes the fair value and carrying amount of the Company's financial instruments:
March 31, 2026December 31, 2025
Carrying AmountFair ValueCarrying AmountFair Value
(In thousands)
Credit Facility (Level 2)
$107,000 $107,000 $110,000 $110,000 
Senior Notes (Level 2)(1)
$133,675 $143,798 $137,855 $149,312 
Schedule of Fair Value of Earnout Payments The fair value of the unrealized earnout payments is considered a Level 3 measurement due to the unobservable inputs including volatility and the discount rate, as well as the detailed modeling required to estimate fair value. See Note 4 - Acquisitions and Divestitures for additional information on the earnout payments. The following table summarizes the changes in the fair value of our Silverback earnout payments, in addition to the range and arithmetic mean of the significant unobservable inputs used in the Level 3 fair value measurement:
Unobservable Inputs
Fair Value
(In thousands)		Valuation Technique
WTI Futures (Arithmetic Average)
December 31, 2025$3,100 
Monte Carlo
$56.91 - $57.96 ($57.23)
Loss on earnout liabilities
4,120 
March 31, 2026$7,220 
Monte Carlo
$68.09 - $98.64 ($74.07)
v3.26.1
Equity Method Investment (Tables)
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investment
The following table presents the Company's equity method investment activity:
Three Months Ended March 31,
20262025
(In thousands)
Equity method investment, beginning balance$36,188 $22,811 
Contributions4,000 6,250 
Loss from equity method investment(368)(119)
Equity method investment, ending balance
$39,820 $28,942 
v3.26.1
Long-Term Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the Company's outstanding debt:
March 31, 2026December 31, 2025
(In thousands)
Credit Facility$107,000 $110,000 
Senior Notes
Principal$140,000 $145,000 
Less: Unamortized discount(1)
4,506 5,095 
Less: Unamortized deferred financing costs(1)
1,819 2,050 
Total Senior Notes$133,675 $137,855 
Total debt
$240,675 $247,855 
Less: Current portion of long-term debt(2)
20,000 20,000 
Total long-term debt$220,675 $227,855 
___________________
(1)Unamortized discount and unamortized deferred financing costs are attributable to and amortized over the term of the Senior Notes.
(2)As of March 31, 2026, and December 31, 2025, the current portion of long-term debt reflects $20 million due on the Senior Notes over the next twelve months.
Schedule of Credit Facility
The following table summarizes the Credit Facility balances:
March 31, 2026December 31, 2025
(In thousands)
Outstanding borrowings$107,000 $110,000 
Available under the borrowing base$293,000 $290,000 
Schedule of Components of Interest Expense
The following table summarizes the Company's interest expense:
Three Months Ended March 31,
20262025
(In thousands)
Interest expense$5,362 $6,025 
Interest income
(175)(130)
Capitalized interest(291)(691)
Amortization of deferred financing costs593 568 
Amortization of discount on Senior Notes589 614 
Unused commitment fees on Credit Facility279 275 
Total interest expense, net$6,357 $6,661 
v3.26.1
Shareholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions During the three months ended March 31, 2025, the fair value of performance awards were estimated as of the date of grant using a Monte Carlo simulation with the following assumptions:
Grant-date fair value
$45.07
Risk-free interest rate
4.02%
Volatility factor
55.88%
Schedule of Restricted Stock, Activity
The following table presents the Company's restricted stock activity during the three months ended March 31, 2026, under the A&R LTIP:
Restricted Stock Awards
SharesWeighted Average Grant Date Fair Value
Unvested at December 31, 2025
569,150 $29.67 
Granted 167,690 $33.44 
Vested (20,852)$23.58 
Forfeited(355)$30.00 
Unvested at March 31, 2026
715,633 $30.73 
Schedule of Share-Based Payment Arrangement, Nonvested Award, Cost
The following table presents unrecognized stock-based compensation expense expected to be recognized and the related weighted average recognition period associated with unvested shares as of March 31, 2026:
Restricted Stock Awards
Performance Stock Awards
Unrecognized compensation expense (in millions)
$15.4 $2.5 
Weighted average period for recognition (months)
2624
v3.26.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense
The components of the Company's consolidated provision for income taxes from operations are as follows:
Three Months Ended March 31,
20262025
(In thousands)
Current income tax expense:
Federal$770 $9,124 
State250 941 
Total current income tax expense
$1,020 $10,065 
Deferred income tax benefit:
Federal$(22,374)$(1,800)
State(934)(26)
Total deferred income tax benefit
$(23,308)$(1,826)
Total income tax (benefit) expense
$(22,288)$8,239 
Beginning in the first quarter of 2026, the Company elected to change its interim income tax reporting methodology from the income statement method to the balance sheet method and will apply this method consistently for the remainder of the fiscal year. The change was made because significant unrealized losses on derivative instruments recognized during the three months ended March 31, 2026 are expected to reverse in future periods, and use of the income statement method would have caused a disproportionate amount of the related tax benefit to be recognized in the first quarter. Under the balance sheet method, interim income tax expense is based on changes in deferred tax assets and liabilities during the period, which the Company believes more appropriately reflects the allocation of the annual effective tax rate between current and deferred income tax expense. This change affects only the allocation of the interim income tax expense between current and deferred income tax expense and does not affect the Company’s full-year effective tax rate or total quarterly income tax expense.
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the statutory federal income tax rate to the Company's effective income tax rate is as follows:
Three Months Ended March 31,
20262025
AmountPercentAmountPercent
(In thousands, except percentages)
U.S federal statutory tax rate
$(19,472)21.0 %$7,248 21.0 %
State income taxes, net of federal income tax effect(1)
(2,209)2.4 %723 2.1 %
Nondeductible items:
Nondeductible compensation
(559)0.6 %269 0.8 %
Stock-based compensation
(13)— %(5)— %
Other(35)— %4 — %
Effective income tax rate$(22,288)24.0 %$8,239 23.9 %
_____________________
(1)State taxes in New Mexico and Texas make up the tax effect in this category.
Schedule of Cash Flow, Supplemental Disclosures
Cash paid for income taxes was as follows:
Three Months Ended March 31,
20262025
(In thousands)
Total federal
$10,000 $9,000 
Total state and local
— — 
Total income taxes paid
$10,000 $9,000 
v3.26.1
Net Income Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net income Per Shares The table below sets forth the computation of basic and diluted net income per share:
Three Months Ended March 31,
20262025
(In thousands, except per share amounts)
Net income (loss)
$(70,434)$28,633 
Basic weighted average common shares outstanding20,869 21,111 
Restricted shares— — 
Diluted weighted average common shares outstanding20,869 21,111 
Basic net income (loss) per share
$(3.38)$1.36 
Diluted net income (loss) per share
$(3.38)$1.36 
Schedule of Anti-Dilutive Shares
The following shares were excluded from the calculation of diluted net income per share due to their anti-dilutive effect:
Three Months Ended March 31,
20262025
(In thousands)
Restricted shares698 427 
v3.26.1
Segments (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table presents consolidated net income, the significant measure of profit and loss used by the CODM, as well as total assets, capital expenditures and our equity method investment for the Company's single reportable segment:
Three Months Ended March 31,
20262025
(In thousands)
Total Revenues
$113,881 $102,457 
Less:
Lease operating expenses
24,071 18,331 
Production and ad valorem taxes
9,032 6,670 
Exploration costs
967 9 
Depletion, depreciation, amortization and accretion
25,720 19,138 
Administrative Costs
8,120 7,438 
Stock-based compensation expense
2,301 1,369 
Interest expense, net of capitalized interest(1)
6,532 6,791 
Interest income
(175)(130)
Loss on derivatives, net126,970 5,850 
Loss from equity method investment368 119 
Loss on acquisitions and divestitures, net
2,697 — 
Income tax (benefit) expense
(22,288)8,239 
Segment net income (loss)(2)
$(70,434)$28,633 
Total assets$1,180,081 $994,944 
Capital expenditures(3)
$47,087 $24,000 
Equity method investment$39,820 $28,942 
_____________________
(1)Interest expense is shown gross of or prior to the effect of interest income.
(2)There are no reconciling items between net income (loss) presented in our accompanying condensed consolidated statements of operations and segment net income (loss).
(3)Capital expenditures are accrual (activity-based) before acquisitions.
v3.26.1
Summary of Significant Accounting Policies - Schedule of Accounts Receivable (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]      
Oil, natural gas and NGL sales $ 50,196 $ 31,037 $ 33,600
Joint interest accounts receivable 7,031 6,291  
Allowance for credit losses (614) (601)  
Other accounts receivable 16 4,318  
Total accounts receivable, net $ 56,629 $ 41,045  
v3.26.1
Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]      
Receivables from oil, natural gas and NGL sales $ 50,196 $ 31,037 $ 33,600
v3.26.1
Summary of Significant Accounting Policies - Schedule of Other Property and Equipment (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Property, Plant and Equipment [Line Items]    
Other property and equipment $ 26,509 $ 25,566
Accumulated depreciation and amortization (3,725) (3,694)
Total other property and equipment, net 22,784 21,872
Furniture, fixtures and other    
Property, Plant and Equipment [Line Items]    
Other property and equipment 7,983 7,583
Land    
Property, Plant and Equipment [Line Items]    
Other property and equipment $ 18,526 $ 17,983
v3.26.1
Summary of Significant Accounting Policies - Schedule of Other Non-current Assets, Net (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Accounting Policies [Abstract]    
Deferred financing costs, net $ 3,751 $ 4,064
Right of use assets 3,353 3,323
Prepaid capital expenditures 661 2,116
Deposits 4,343 4,846
Other 1,550 1,550
Total other non-current assets, net $ 13,658 $ 15,899
v3.26.1
Summary of Significant Accounting Policies - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Accounting Policies [Abstract]    
Accrued capital expenditures $ 21,162 $ 12,125
Accrued lease operating expenses 7,561 7,160
Accrued general and administrative costs 13,672 11,403
Accrued inventory 0 1,123
Accrued ad valorem tax 1,302 5,277
Other accrued expenditures 680 602
Total accrued liabilities $ 44,377 $ 37,690
v3.26.1
Summary of Significant Accounting Policies - Schedule of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Accounting Policies [Abstract]    
Advances from joint interest owners $ 16,532 $ 4,451
Income taxes payable 13,196 22,175
Current ARO liabilities 3,987 3,455
Current portion of earnout payments 4,547 1,040
Other 3,177 2,968
Total other current liabilities $ 41,439 $ 34,089
v3.26.1
Summary of Significant Accounting Policies - Schedule of Asset Retirement Obligations (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]    
ARO, beginning balance $ 63,432 $ 35,268
Liabilities incurred 27 143
Liabilities assumed in acquisitions 0 19,284
Liabilities removed upon sale (71) (88)
Revision of estimated obligations 0 7,724
Liability settlements (1,245) (2,591)
Accretion 1,270 3,692
ARO, ending balance 63,413 63,432
Less: current ARO (3,987) (3,455)
ARO, long-term $ 59,426 $ 59,977
v3.26.1
Summary of Significant Accounting Policies - Schedule of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Total Revenues $ 113,881 $ 102,457
Oil and natural gas sales, net    
Disaggregation of Revenue [Line Items]    
Total Revenues 113,881 102,457
Oil sales, net    
Disaggregation of Revenue [Line Items]    
Total Revenues 124,968 98,592
Natural gas sales, net    
Disaggregation of Revenue [Line Items]    
Total Revenues (6,359) 1,584
NGL sales, net    
Disaggregation of Revenue [Line Items]    
Total Revenues $ (4,728) $ 2,281
v3.26.1
Acquisitions and Divestitures - Narrative (Details)
 3 Months Ended
Jul. 01, 2025
USD ($)
$ / MMBbls
Mar. 31, 2026
USD ($)
$ / MMBbls
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Business Combination [Line Items]        
Funds held in escrow   $ 1,196,000   $ 1,196,000
Loss on earnout liabilities - Silverback Acquisition   $ (4,120,000) $ 0  
Weighted Average        
Business Combination [Line Items]        
Price per barrel (in dollars per barrel) | $ / MMBbls   72.67    
Silverback Acquisition        
Business Combination [Line Items]        
Ownership interests 100.00%      
Aggregate purchase price $ 123,000,000 $ 122,659,000    
Cash consideration paid to sellers upon closing 120,000,000 119,559,000    
Estimated fair value for earnout payments 3,000,000      
Funds held in escrow 1,200,000      
Consideration returned as escrow deposit   4,600,000    
Consideration to sellers as escrow deposit   1,100,000    
Funds held in escrow   1,200,000    
Contingent consideration liability, quarterly payment $ 1,900,000      
Loss on earnout liabilities - Silverback Acquisition   4,100,000    
Business combination, contingent consideration, liability, payment   937,500    
Revenues since acquisition date   14,200,000    
Net income since acquisition date   $ 8,400,000    
Tax rate     25.70%  
Silverback Acquisition | Minimum        
Business Combination [Line Items]        
Price per barrel (in dollars per barrel) | $ / MMBbls 70      
Silverback Acquisition | Maximum        
Business Combination [Line Items]        
Price per barrel (in dollars per barrel) | $ / MMBbls 75      
Silverback Acquisition | Escrow For Sellers        
Business Combination [Line Items]        
Aggregate purchase price $ 14,200,000      
Silverback Acquisition | Escrow For Title Defects        
Business Combination [Line Items]        
Aggregate purchase price $ 6,900,000      
v3.26.1
Acquisitions and Divestitures - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Silverback Acquisition - USD ($)
$ in Thousands
 3 Months Ended
Jul. 01, 2025
Mar. 31, 2026
Consideration:    
Cash consideration paid to sellers upon closing $ 120,000 $ 119,559
Preliminary estimated fair value of earnout payments   3,100
Total consideration transferred $ 123,000 122,659
Fair value of assets acquired:    
Cash   1,857
Accounts receivable   7,476
Prepaid expenses   313
Inventory   5,371
Current derivative assets   1,029
Oil and gas properties   140,317
Other property and equipment   602
Other non-current assets   1,421
Amount attributable to assets acquired   158,386
Fair value of liabilities assumed:    
Accounts payable   364
Accrued liabilities   1,708
Revenue payable   14,371
Asset retirement obligations   19,284
Amount attributable to liabilities assumed   35,727
Net assets acquired   $ 122,659
v3.26.1
Acquisitions and Divestitures - Schedule Of Gain (loss) On Divestitures And Acquisitions (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]    
Gain on sale of oil and natural gas properties $ 1,446 $ 0
Loss on earnout liabilities - Silverback Acquisition (4,120) 0
Loss on sale of other property and equipment (23) 0
Total loss on acquisitions and divestitures, net $ (2,697) $ 0
v3.26.1
Acquisitions and Divestitures - Schedule of Business Acquisition, Pro Forma Information (Details) - Silverback Acquisition
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
$ / shares
Business Combination, Pro Forma Information [Line Items]  
Total revenues | $ $ 122,971
Net income | $ $ 31,631
Basic net income per common share (USD per Share) | $ / shares $ 1.50
Diluted net income per common share (USD per Share) | $ / shares $ 1.50
v3.26.1
Oil and Natural Gas Properties - Schedule of Properties (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Extractive Industries [Abstract]    
Proved $ 1,184,748 $ 1,153,126
Unproved 155,532 155,979
Work-in-progress 41,569 25,668
Total oil and natural gas properties, gross 1,381,849 1,334,773
Accumulated depletion, amortization and impairment (363,681) (339,234)
Total oil and natural gas properties, net $ 1,018,168 $ 995,539
v3.26.1
Oil and Natural Gas Properties - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Extractive Industries [Abstract]    
Depletion and amortization $ 24,800 $ 17,500
Exploration costs $ 967 $ 9
v3.26.1
Derivative Instruments - Schedule of Notional Amounts, Crude Oil and Natural Gas (Details)
bbl in Thousands, MMBTU in Thousands
 3 Months Ended
Mar. 31, 2026
MMBTU
$ / bbl
$ / MMBTU
bbl
Oil Swaps Q2 2026  
Derivative [Line Items]  
Notional amount, volume | bbl 960
Weighted average price (in usd per bbl/mmbtu) 62.52
Oil Swaps Q3 2026  
Derivative [Line Items]  
Notional amount, volume | bbl 1,020
Weighted average price (in usd per bbl/mmbtu) 62.59
Oil Swaps Q4 2026  
Derivative [Line Items]  
Notional amount, volume | bbl 1,020
Weighted average price (in usd per bbl/mmbtu) 62.42
Oil Swaps Q1 2027  
Derivative [Line Items]  
Notional amount, volume | bbl 755
Weighted average price (in usd per bbl/mmbtu) 62.24
Oil Swaps Q2 2027  
Derivative [Line Items]  
Notional amount, volume | bbl 620
Weighted average price (in usd per bbl/mmbtu) 62.42
Oil Swaps Q3 2027  
Derivative [Line Items]  
Notional amount, volume | bbl 600
Weighted average price (in usd per bbl/mmbtu) 62.13
Oil Swaps Q4 2027  
Derivative [Line Items]  
Notional amount, volume | bbl 570
Weighted average price (in usd per bbl/mmbtu) 62.45
Oil Swaps Q1 2028  
Derivative [Line Items]  
Notional amount, volume | bbl 180
Weighted average price (in usd per bbl/mmbtu) 72.11
Oil Collars Q2 2026  
Derivative [Line Items]  
Notional amount, volume | bbl 541
Weighted average floor price ($/Bbl/MMBtu) 58.84
Weighted average ceiling price ($/Bbl/MMBtu) 73.60
Oil Collars Q3 2026  
Derivative [Line Items]  
Notional amount, volume | bbl 570
Weighted average floor price ($/Bbl/MMBtu) 58.25
Weighted average ceiling price ($/Bbl/MMBtu) 72.66
Oil Collars Q4 2026  
Derivative [Line Items]  
Notional amount, volume | bbl 550
Weighted average floor price ($/Bbl/MMBtu) 57.75
Weighted average ceiling price ($/Bbl/MMBtu) 69.59
Oil Collars Q1 2027  
Derivative [Line Items]  
Notional amount, volume | bbl 475
Weighted average floor price ($/Bbl/MMBtu) 57.15
Weighted average ceiling price ($/Bbl/MMBtu) 66.42
Oil Collars Q2 2027  
Derivative [Line Items]  
Notional amount, volume | bbl 537
Weighted average floor price ($/Bbl/MMBtu) 55.84
Weighted average ceiling price ($/Bbl/MMBtu) 67.97
Oil Collars Q3 2027  
Derivative [Line Items]  
Notional amount, volume | bbl 400
Weighted average floor price ($/Bbl/MMBtu) 52.93
Weighted average ceiling price ($/Bbl/MMBtu) 65.87
Oil Collars Q4 2027  
Derivative [Line Items]  
Notional amount, volume | bbl 225
Weighted average floor price ($/Bbl/MMBtu) 56.33
Weighted average ceiling price ($/Bbl/MMBtu) 67.06
Oil Collars Q1 2028  
Derivative [Line Items]  
Notional amount, volume | bbl 180
Weighted average floor price ($/Bbl/MMBtu) 55.00
Weighted average ceiling price ($/Bbl/MMBtu) 73.33
Natural Gas Swaps Q2 2026  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) | $ / MMBTU 3.64
Notional amount, energy | MMBTU 450
Natural Gas Swaps Q3 2026  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) | $ / MMBTU 3.59
Notional amount, energy | MMBTU 300
Natural Gas Swaps Q4 2026  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) | $ / MMBTU 4.07
Notional amount, energy | MMBTU 500
Natural Gas Swaps Q1 2027  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) | $ / MMBTU 4.19
Notional amount, energy | MMBTU 600
Natural Gas Collars Q2 2026  
Derivative [Line Items]  
Notional amount, energy | MMBTU 900
Weighted average floor price ($/Bbl/MMBtu) | $ / MMBTU 3.05
Weighted average ceiling price ($/Bbl/MMBtu) | $ / MMBTU 3.74
Natural Gas Collars Q3 2026  
Derivative [Line Items]  
Notional amount, energy | MMBTU 900
Weighted average floor price ($/Bbl/MMBtu) | $ / MMBTU 3.05
Weighted average ceiling price ($/Bbl/MMBtu) | $ / MMBTU 3.74
Natural Gas Collars Q4 2026  
Derivative [Line Items]  
Notional amount, energy | MMBTU 600
Weighted average floor price ($/Bbl/MMBtu) | $ / MMBTU 3.43
Weighted average ceiling price ($/Bbl/MMBtu) | $ / MMBTU 4.79
Natural Gas Collars Q1 2027  
Derivative [Line Items]  
Notional amount, energy | MMBTU 450
Weighted average floor price ($/Bbl/MMBtu) | $ / MMBTU 3.80
Weighted average ceiling price ($/Bbl/MMBtu) | $ / MMBTU 5.84
Waha Basis Swaps Q2 2026  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) | $ / MMBTU (2.26)
Notional amount, energy | MMBTU 450
Waha Basis Swaps Q3 2026  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) | $ / MMBTU (2.26)
Notional amount, energy | MMBTU 450
Waha Basis Swaps Q4 2026  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) | $ / MMBTU (1.31)
Notional amount, energy | MMBTU 600
Waha Basis Swaps Q1 2027  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) | $ / MMBTU (0.94)
Notional amount, energy | MMBTU 3,150
Waha Basis Swaps Q2 2027  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) | $ / MMBTU (0.95)
Notional amount, energy | MMBTU 3,150
Waha Basis Swaps Q3 2027  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) | $ / MMBTU (0.95)
Notional amount, energy | MMBTU 3,150
Waha Basis Swaps Q4 2027  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) | $ / MMBTU (0.95)
Notional amount, energy | MMBTU 3,150
Waha Basis Swaps Q1 2028  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) | $ / MMBTU (1.01)
Notional amount, energy | MMBTU 1,800
v3.26.1
Derivative Instruments - Schedule of Notional Amounts, Interest Rate Contracts (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
April 2026 - April 2026  
Derivative [Line Items]  
Notional Amount $ 30,000
Fixed Rate 3.18%
April 2026 - April 2026  
Derivative [Line Items]  
Notional Amount $ 50,000
Fixed Rate 3.04%
April 2026 - April 2027  
Derivative [Line Items]  
Notional Amount $ 45,000
Fixed Rate 3.90%
v3.26.1
Derivative Instruments - Statement of Financial Position (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Derivative [Line Items]    
Derivative asset, net, gross fair value $ (91,136) $ 24,109
Derivative assets, net, net fair value (91,136) 24,109
Current derivative assets    
Derivative [Line Items]    
Derivative asset, gross fair value 8,728 22,121
Derivative asset, amounts netted (8,728) (2,980)
Derivative assets, net fair value 0 19,141
Non-current derivative assets    
Derivative [Line Items]    
Derivative asset, gross fair value 11,388 9,316
Derivative asset, amounts netted (10,000) (4,199)
Derivative assets, net fair value 1,388 5,117
Current derivative liabilities    
Derivative [Line Items]    
Derivative liability, gross fair value (86,665) (3,017)
Derivative liability, amounts netted 8,728 2,980
Derivative liability, net fair value (77,937) (37)
Non-current derivative liabilities    
Derivative [Line Items]    
Derivative liability, gross fair value (24,587) (4,311)
Derivative liability, amounts netted 10,000 4,199
Derivative liability, net fair value $ (14,587) $ (112)
v3.26.1
Derivative Instruments - Schedule of Derivative Activities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Settlements on derivative contracts $ (11,725) $ 1,115
Non-cash loss on derivatives (115,245) (6,965)
Loss on derivatives, net $ (126,970) $ (5,850)
v3.26.1
Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt $ 240,675 $ 247,855
Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt 133,675 137,855
Revolving Credit Facility | Credit Facility    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt 107,000 110,000
Level 2 | Carrying Amount | Senior Notes | 10.50% Senior Unsecured Notes due 2028    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt 133,675 137,855
Level 2 | Fair Value | Senior Notes | 10.50% Senior Unsecured Notes due 2028    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt 143,798 149,312
Level 2 | Revolving Credit Facility | Carrying Amount | Credit Facility    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt 107,000 110,000
Level 2 | Revolving Credit Facility | Fair Value | Credit Facility    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt 107,000 110,000
Commodity derivative assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 20,116 31,437
Financial liabilities (111,186) (7,179)
Commodity derivative assets | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0 0
Financial liabilities 0 0
Commodity derivative assets | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 20,116 31,437
Financial liabilities (111,186) (7,179)
Commodity derivative assets | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0 0
Financial liabilities 0 0
Interest rate assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial liabilities (66) (149)
Interest rate assets | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial liabilities 0 0
Interest rate assets | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial liabilities (66) (149)
Interest rate assets | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial liabilities 0 0
Silverback earnout payment liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial liabilities (7,220) (3,100)
Silverback earnout payment liabilities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial liabilities 0 0
Silverback earnout payment liabilities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial liabilities 0 0
Silverback earnout payment liabilities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial liabilities $ (7,220) $ (3,100)
v3.26.1
Fair Value Measurements - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Other Current Liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Earnout payment liability $ 4,500,000  
Other Noncurrent Liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Earnout payment liability 2,700,000  
Silverback Acquisition    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Earnout payment liability 7,200,000 $ 3,100,000
Realized 937,500  
Unrealized 6,300,000  
Earned payout $ 937,500  
v3.26.1
Fair Value Measurements - Schedule of Fair Value of Earnout Payments (Details) - Silverback Acquisition
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
bbl
Dec. 31, 2025
bbl
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 3,100  
Loss on earnout liabilities 4,120  
Ending Balance 7,200  
Level 3    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 3,100  
Ending Balance $ 7,220  
Level 3 | Minimum    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Unobservable Inputs | bbl 68,090,000.00 56,910,000
Level 3 | Maximum    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Unobservable Inputs | bbl 98,640,000 57,960,000
Level 3 | Weighted Average    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Unobservable Inputs | bbl 74,070,000.00 57,230,000
v3.26.1
Equity Method Investment - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Nov. 30, 2024
USD ($)
Oct. 31, 2024
USD ($)
Mar. 31, 2026
USD ($)
project
site
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Schedule of Equity Method Investments [Line Items]            
Contributions to equity method investment     $ 4,000 $ 6,250    
Equity method investment     $ 39,820 $ 28,942 $ 36,188 $ 22,811
RPC Power, LLC            
Schedule of Equity Method Investments [Line Items]            
Equity method investment, ownership percentage     50.00%      
Number of projects | project     2      
Contributions to equity method investment $ 51,500 $ 42,500 $ 41,200      
Equity method investment     43,500      
Assets contributed to equity method investment     2,300      
Equity method investments, remaining commitment amount     $ 8,000      
Dividends         3,000  
RPC Power, LLC | Riley Exploration            
Schedule of Equity Method Investments [Line Items]            
Dividends         $ 1,500  
RPC Power, LLC, Project One            
Schedule of Equity Method Investments [Line Items]            
Number of sites | site     2      
RPC Power, LLC, Project Two            
Schedule of Equity Method Investments [Line Items]            
Number of sites | site     4      
v3.26.1
Equity Method Investment - Schedule of Equity Method Investment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Equity Method Investments [Roll Forward]    
Equity method investment, beginning balance $ 36,188 $ 22,811
Contributions 4,000 6,250
Loss from equity method investment (368) (119)
Equity method investment, ending balance $ 39,820 $ 28,942
v3.26.1
Transactions with Related Parties - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
May 31, 2024
Jan. 31, 2023
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Related Party Transaction [Line Items]          
Lease operating expenses     $ 24,071 $ 18,331  
Accrued liabilities     44,377   $ 37,690
Other current liabilities     41,439   34,089
Legal Services | Related Party | di Santo Law PLLC | Director          
Related Party Transaction [Line Items]          
Amounts of transaction     300 400  
Other current liabilities     1,800   1,700
RPC Power, LLC          
Related Party Transaction [Line Items]          
Contractual obligation, monthly fee     20    
RPC Power, LLC | Tolling Agreement | Equity Method Investee          
Related Party Transaction [Line Items]          
Long-term purchase commitment, period   10 years      
Contractual obligation, monthly fee   $ 20      
RPC Power, LLC | Asset Optimization Agreement | Equity Method Investee          
Related Party Transaction [Line Items]          
Long-term purchase commitment, period   10 years      
RPC Power, LLC | Supply Agreement | Equity Method Investee          
Related Party Transaction [Line Items]          
Long-term purchase commitment, period 10 years        
RPC Power, LLC | Lease Operating Expenses | Equity Method Investee          
Related Party Transaction [Line Items]          
Lease operating expenses     2,000 $ 1,600  
Accrued liabilities     $ 700   $ 700
v3.26.1
Long-Term Debt - Schedule of Outstanding Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Line of Credit Facility [Line Items]    
Total debt $ 240,675 $ 247,855
Less: Current portion of long-term debt 20,000 20,000
Total long-term debt 220,675 227,855
Senior Notes    
Line of Credit Facility [Line Items]    
Total debt 133,675 137,855
Principal 140,000 145,000
Less: Unamortized discount 4,506 5,095
Less: Unamortized deferred financing costs 1,819 2,050
Less: Current portion of long-term debt 20,000 20,000
Revolving Credit Facility | Credit Facility    
Line of Credit Facility [Line Items]    
Total debt $ 107,000 $ 110,000
v3.26.1
Long-Term Debt - Narrative (Details)
 3 Months Ended
Dec. 13, 2024
USD ($)
Apr. 03, 2023
USD ($)
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Mar. 31, 2025
Dec. 12, 2024
USD ($)
Line of Credit Facility [Line Items]            
Long-term debt, current maturities     $ 20,000,000 $ 20,000,000    
Senior Notes            
Line of Credit Facility [Line Items]            
Extended maturity earlier period term 181 days          
Long-term debt, current maturities     20,000,000 20,000,000    
Unamortized discount     4,506,000 5,095,000    
Unamortized deferred financing costs     1,819,000 2,050,000    
Senior Notes | 10.50% Senior Unsecured Notes due 2028            
Line of Credit Facility [Line Items]            
Debt instrument, face amount   $ 200,000,000        
Stated interest rate   10.50%        
Discount, percentage   6.00%        
Periodic payment, principal percentage   2.50%        
Periodic principal payment   $ 5,000,000        
Long-term debt, current maturities     20,000,000      
Debt instrument, covenant, hedging requirement minimum, term   18 months        
Unamortized discount     4,500,000 5,100,000    
Unamortized deferred financing costs     $ 1,800,000 $ 2,100,000    
Interest rate, effective percentage     13.40% 13.40%    
Senior Notes | 10.50% Senior Unsecured Notes due 2028 | On or prior to April 3, 2026            
Line of Credit Facility [Line Items]            
Redemption price, percentage   100.00%        
Premium, percentage   5.25%        
Senior Notes | 10.50% Senior Unsecured Notes due 2028 | After April 3, 2026, but on or prior to October 3, 2026            
Line of Credit Facility [Line Items]            
Redemption price, percentage   100.00%        
Premium, percentage   5.25%        
Senior Notes | 10.50% Senior Unsecured Notes due 2028 | After October 3, 2026            
Line of Credit Facility [Line Items]            
Redemption price, percentage   100.00%        
Senior Notes | Maximum | 10.50% Senior Unsecured Notes due 2028            
Line of Credit Facility [Line Items]            
Leverage ratio for restricted payments   2.00        
Senior Notes | Minimum | 10.50% Senior Unsecured Notes due 2028            
Line of Credit Facility [Line Items]            
Outstanding balance percentage   15.00%        
Asset coverage ratio   1.50        
Asset coverage ratio for restricted payments after pro forma effect   1.50        
Revolving Credit Facility | Credit Facility            
Line of Credit Facility [Line Items]            
Borrowing base $ 400,000,000   $ 400,000,000     $ 375,000,000
Outstanding balance percentage     20.00%      
Hedging requirement minimum, term     24 months      
Weighted average interest rate     6.53%   7.25%  
Revolving Credit Facility | Credit Facility | Maximum            
Line of Credit Facility [Line Items]            
Leverage ratio     3.00      
Leverage ratio for restricted payments     2.50      
Revolving Credit Facility | Credit Facility | Minimum            
Line of Credit Facility [Line Items]            
Current ratio     1.0      
Leverage ratio for restricted payments after pro forma effect     2.0      
Revolving Credit Facility | Senior Notes | Maximum | 10.50% Senior Unsecured Notes due 2028            
Line of Credit Facility [Line Items]            
Leverage ratio   3.00        
v3.26.1
Long-Term Debt - Summary of Credit Facility Balances (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Line of Credit Facility [Line Items]    
Outstanding borrowings $ 220,675 $ 227,855
Revolving Credit Facility | Credit Facility    
Line of Credit Facility [Line Items]    
Outstanding borrowings 107,000 110,000
Available under the borrowing base $ 293,000 $ 290,000
v3.26.1
Long-Term Debt - Schedule of Components of Interest Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Line of Credit Facility [Line Items]    
Interest expense $ 5,362 $ 6,025
Interest income (175) (130)
Capitalized interest (291) (691)
Amortization of deferred financing costs 593 568
Total interest expense, net 6,357 6,661
Credit Facility | Revolving Credit Facility    
Line of Credit Facility [Line Items]    
Unused commitment fees on Credit Facility 279 275
10.50% Senior Unsecured Notes due 2028 | Senior Notes    
Line of Credit Facility [Line Items]    
Amortization of discount on Senior Notes $ 589 $ 614
v3.26.1
Shareholders' Equity - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
Dec. 31, 2025
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Apr. 30, 2023
Class of Stock [Line Items]          
Dividends declared     $ 8,608 $ 8,162  
Stock-based compensation expense     $ 2,301 1,369  
Repurchase Program          
Class of Stock [Line Items]          
Share repurchase program, authorized, amount $ 100,000        
Share repurchase program, term 24 months        
Stock repurchased during period, shares (in shares)     152,408    
Share repurchase program, remaining authorized, amount     $ 96,000    
General and Administrative Expense          
Class of Stock [Line Items]          
Stock-based compensation expense     $ 2,300 $ 1,400  
A&R Long-Term Investment Plan          
Class of Stock [Line Items]          
Authorized(in Shares)         2,337,022
Common stock available (in Shares)     345,122    
Reduced remaining shares (in Shares)   168,406      
Other than options, nonvested, number (in Shares) 149,039   122,936    
A&R Long-Term Investment Plan | Maximum          
Class of Stock [Line Items]          
Payout percentage   200.00%      
A&R Long-Term Investment Plan | Performance Shares          
Class of Stock [Line Items]          
Vesting period   3 years      
Cliff vesting term   3 years      
A&R Long-Term Investment Plan | Performance Shares | Minimum          
Class of Stock [Line Items]          
Payout percentage   0.00%      
A&R Long-Term Investment Plan | Performance Shares | Maximum          
Class of Stock [Line Items]          
Payout percentage   200.00%      
v3.26.1
Shareholders' Equity - Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance Vesting Percentage (Details) - Performance Stock Awards
 3 Months Ended
Mar. 31, 2025
$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Grant-date fair value (in dollars per share) $ 45.07
Risk-free interest rate 4.02%
Volatility factor 55.88%
v3.26.1
Shareholders' Equity - Schedule of Restricted Stock Activity (Details) - Restricted Stock - 2021 Long-Term Incentive Plan
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Shares  
Unvested, beginning balance (in Shares) | shares 569,150
Granted (in Shares) | shares 167,690
Vested (in Shares) | shares (20,852)
Forfeited (in Shares) | shares (355)
Unvested, ending balance (in Shares) | shares 715,633
Weighted Average Grant Date Fair Value  
Unvested, beginning balance (USD per Share) | $ / shares $ 29.67
Granted (USD per Share) | $ / shares 33.44
Vested (USD per Share) | $ / shares 23.58
Forfeited (USD per Share) | $ / shares 30.00
Unvested, ending balance (USD per Share) | $ / shares $ 30.73
v3.26.1
Shareholders' Equity - Schedule of Unrecognized Share-Based Compensation Expense (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Restricted shares  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation expense $ 15.4
Weighted average period for recognition 26 months
Performance Shares  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation expense $ 2.5
Weighted average period for recognition 24 months
v3.26.1
Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Current income tax expense:    
Federal $ 770 $ 9,124
State 250 941
Total current income tax expense 1,020 10,065
Deferred income tax benefit:    
Federal (22,374) (1,800)
State (934) (26)
Total deferred income tax benefit (23,308) (1,826)
Total income tax (benefit) expense $ (22,288) $ 8,239
v3.26.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Amount    
U.S federal statutory tax rate $ (19,472) $ 7,248
State income taxes, net of federal income tax effect (2,209) 723
Nondeductible compensation (559) 269
Stock-based compensation (13) (5)
Other (35) 4
Total income tax (benefit) expense $ (22,288) $ 8,239
Effective Income Tax Rate Reconciliation, Percent [Abstract]    
U.S federal statutory tax rate 21.00% 21.00%
State income taxes, net of federal income tax effect 2.40% 2.10%
Nondeductible compensation 0.60% 0.80%
Stock-based compensation 0.00% 0.00%
Other 0.00% 0.00%
Effective income tax rate 24.00% 23.90%
v3.26.1
Income Taxes - Schedule of Income Taxes, Net of Refund (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Total federal $ 10,000 $ 9,000
Total state and local 0 0
Total income taxes paid $ 10,000 $ 9,000
v3.26.1
Net Income Per Share - Schedule of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Net income (loss) $ (70,434) $ 28,633
Basic weighted-average common shares outstanding (in Shares) 20,869 21,111
Restricted shares (in Shares) 0 0
Diluted weighted average common shares outstanding (in Shares) 20,869 21,111
Basic net income (loss) per share (USD per Share) $ (3.38) $ 1.36
Diluted net income (loss) per share (USD per Share) $ (3.38) $ 1.36
v3.26.1
Net Income Per Share - Schedule of Anti-Dilutive Shares (Details) - shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restricted shares    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities (in Shares) 698,000 427,000
v3.26.1
Segments - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of operating segment 1
Number of reportable segment 1
v3.26.1
Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Revenue, Major Customer [Line Items]        
Total Revenues $ 113,881 $ 102,457    
Less:        
Lease operating expenses 24,071 18,331    
Production and ad valorem taxes 9,032 6,670    
Exploration costs 967 9    
Depletion, depreciation, amortization and accretion 25,720 19,138    
Administrative costs 8,120 7,438    
Stock-based compensation expense 2,301 1,369    
Loss on derivatives, net 126,970 5,850    
Loss from equity method investment (368) (119)    
Loss on acquisitions and divestitures, net (2,697) 0    
Income tax benefit (expense) 22,288 (8,239)    
Net Income (Loss) (70,434) 28,633    
Total assets 1,180,081   $ 1,169,578  
Equity method investment 39,820 28,942 $ 36,188 $ 22,811
Reportable Segment        
Revenue, Major Customer [Line Items]        
Total Revenues 113,881 102,457    
Less:        
Lease operating expenses 24,071 18,331    
Production and ad valorem taxes 9,032 6,670    
Exploration costs 967 9    
Depletion, depreciation, amortization and accretion 25,720 19,138    
Administrative costs 8,120 7,438    
Stock-based compensation expense 2,301 1,369    
Interest expense, net of capitalized interest 6,532 6,791    
Interest income (175) (130)    
Loss on derivatives, net 126,970 5,850    
Loss from equity method investment 368 119    
Loss on acquisitions and divestitures, net 2,697 0    
Income tax benefit (expense) (22,288) 8,239    
Net Income (Loss) (70,434) 28,633    
Total assets 1,180,081 994,944    
Capital expenditures 47,087 24,000    
Equity method investment $ 39,820 $ 28,942    
v3.26.1
Commitment and Contingencies (Details) - USD ($)
 3 Months Ended 12 Months Ended
Jan. 06, 2026
Mar. 31, 2026
Dec. 31, 2024
Dec. 31, 2025
Other Commitments [Line Items]        
Environmental liabilities   $ 0   $ 0
RPC Power, LLC        
Other Commitments [Line Items]        
Contractual obligation, monthly fee   20,000    
Equity method investments, remaining commitment amount   $ 8,000,000.0    
Stakeholder Midstream LLC        
Other Commitments [Line Items]        
Contractual obligation, delivery period   5 years    
Tolling Agreement | RPC Power, LLC        
Other Commitments [Line Items]        
Long-term purchase commitment, period   10 years    
Supply Agreement | RPC Merchant        
Other Commitments [Line Items]        
Long-term purchase commitment, period   10 years    
Midstream Gas Purchase Agreement        
Other Commitments [Line Items]        
Long-term purchase commitment, period     15 years  
Waterbridge [Member]        
Other Commitments [Line Items]        
Long-term purchase commitment, period 15 years      
Annual and cumulative volume commitment period 7 years      
v3.26.1
Subsequent Events (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended
May 01, 2026
Apr. 15, 2026
Nov. 30, 2024
Oct. 31, 2024
Mar. 31, 2026
Mar. 31, 2025
Apr. 30, 2026
Apr. 29, 2026
Dec. 13, 2024
Dec. 12, 2024
Subsequent Event [Line Items]                    
Contributions to equity method investment         $ 4,000 $ 6,250        
RPC Power, LLC                    
Subsequent Event [Line Items]                    
Contributions to equity method investment     $ 51,500 $ 42,500 41,200          
Revolving Credit Facility | Credit Facility                    
Subsequent Event [Line Items]                    
Borrowing base         $ 400,000       $ 400,000 $ 375,000
Subsequent Event                    
Subsequent Event [Line Items]                    
Cash dividend declared (USD per Share)   $ 0.40                
Dividends payable (USD per share)   $ 0.40                
Subsequent Event | RPC Power, LLC                    
Subsequent Event [Line Items]                    
Contributions to equity method investment $ 2,500                  
Subsequent Event | Revolving Credit Facility | Credit Facility                    
Subsequent Event [Line Items]                    
Borrowing base             $ 425,000 $ 400,000