RILEY EXPLORATION PERMIAN, INC., 10-Q filed on 8/6/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Aug. 01, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
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 $0.001  
Trading Symbol REPX  
Security Exchange Name NYSEAMER  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   22,042,244
Entity Central Index Key 0001001614  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Current Fiscal Year End --12-31  
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current Assets:    
Cash $ 14,026 $ 13,124
Accounts receivable, net 35,295 44,411
Prepaid expenses 2,828 1,592
Inventory 3,685 5,734
Current derivative assets 11,160 3,264
Total Current Assets 66,994 68,125
Oil and natural gas properties, net (successful efforts) 867,218 860,797
Other property and equipment, net 40,744 30,477
Non-current derivative assets 0 585
Equity method investment 28,813 22,811
Funds held in escrow 14,201 0
Other non-current assets, net 15,597 10,706
Total Assets 1,033,567 993,501
Current Liabilities:    
Accounts payable 9,231 13,937
Accrued liabilities 31,198 33,918
Revenue payable 32,799 34,786
Current derivative liabilities 12 0
Current portion of long-term debt 20,000 20,000
Other current liabilities 11,535 20,123
Total Current Liabilities 104,775 122,764
Non-current derivative liabilities 1,109 414
Asset retirement obligations 33,592 32,706
Long-term debt 255,191 249,494
Deferred tax liabilities 79,587 76,547
Other non-current liabilities 2,432 961
Total Liabilities 476,686 482,886
Commitments and Contingencies (Note 15)
Shareholders' Equity:    
Preferred stock, $0.0001 par value, 25,000,000 shares authorized; 0 shares issued and outstanding 0 0
Common stock, $0.001 par value, 240,000,000 shares authorized; 22,045,608 and 21,482,555 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 22 21
Additional paid-in capital 313,908 310,232
Retained earnings 242,951 200,362
Total Shareholders' Equity 556,881 510,615
Total Liabilities and Shareholders' Equity $ 1,033,567 $ 993,501
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
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
Preferred stock, shares outstanding (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) 22,045,608 21,482,555
Common stock, shares outstanding (in Shares) 22,045,608 21,482,555
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Total Revenues $ 85,394 $ 105,403 $ 187,851 $ 205,147
Costs and Expenses:        
Lease operating expenses 18,880 16,492 37,211 33,261
Production and ad valorem taxes 6,126 7,174 12,796 14,405
Exploration costs 47 60 56 64
Depletion, depreciation, amortization and accretion 19,563 17,470 38,701 35,249
Impairment of oil and natural gas properties 1,214 0 1,214 0
General and administrative:        
Administrative costs 6,199 6,644 13,637 11,983
Share-based compensation expense 2,685 3,281 4,054 4,973
Transaction costs 1,926 670 1,926 670
Total Costs and Expenses 56,640 51,791 109,595 100,968
Income from Operations 28,754 53,612 78,256 104,179
Other Income (Expense):        
Interest expense, net (7,171) (8,857) (13,832) (17,924)
Gain (loss) on derivatives, net 18,720 (359) 12,870 (17,436)
Loss from equity method investment (129) (192) (248) (25)
Total Other Income (Expense) 11,420 (9,408) (1,210) (35,385)
Net Income from Operations before Income Taxes 40,174 44,204 77,046 68,794
Income tax expense (9,704) (10,656) (17,943) (16,488)
Net Income $ 30,470 $ 33,548 $ 59,103 $ 52,306
Net Income per Share:        
Basic (USD per Share) $ 1.44 $ 1.61 $ 2.80 $ 2.57
Diluted (USD per Share) $ 1.44 $ 1.59 $ 2.80 $ 2.55
Weighted Average Common Shares Outstanding:        
Basic (in Shares) 21,141 20,866 21,126 20,378
Diluted (in Shares) 21,158 21,087 21,135 20,539
Related Party        
General and administrative:        
Cost of contract services - related parties $ 0 $ 0 $ 0 $ 363
Oil and natural gas sales, net        
Revenues:        
Total Revenues 85,394 105,343 187,851 204,767
Contract services - related parties        
Revenues:        
Total Revenues $ 0 $ 60 $ 0 $ 380
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Beginning balance (in Shares) at Dec. 31, 2023   20,405,000    
Beginning balance at Dec. 31, 2023 $ 421,595 $ 20 $ 279,112 $ 142,463
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share-based compensation expense 1,692   1,692  
Repurchased shares for tax withholding (in Shares)   (5,000)    
Repurchased shares for tax withholding (106)   (106)  
Dividends declared (7,329)     (7,329)
Net income 18,758     18,758
Ending balance (in Shares) at Mar. 31, 2024   20,400,000    
Ending balance at Mar. 31, 2024 434,610 $ 20 280,698 153,892
Beginning balance (in Shares) at Dec. 31, 2023   20,405,000    
Beginning balance at Dec. 31, 2023 421,595 $ 20 279,112 142,463
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends declared (15,100)      
Net income 52,306      
Ending balance (in Shares) at Jun. 30, 2024   21,560,000    
Ending balance at Jun. 30, 2024 489,032 $ 21 309,341 179,670
Beginning balance (in Shares) at Mar. 31, 2024   20,400,000    
Beginning balance at Mar. 31, 2024 434,610 $ 20 280,698 153,892
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share-based compensation expense (in shares)   147,000    
Share-based compensation expense 3,281   3,281  
Repurchased shares for tax withholding (in Shares)   (2,000)    
Repurchased shares for tax withholding (52)   (52)  
Issuance of common shares, net (in Shares)   1,015,000    
Issuance of common shares, net 25,415 $ 1 25,414  
Dividends declared (7,770)     (7,770)
Net income 33,548     33,548
Ending balance (in Shares) at Jun. 30, 2024   21,560,000    
Ending balance at Jun. 30, 2024 $ 489,032 $ 21 309,341 179,670
Beginning balance (in Shares) at Dec. 31, 2024 21,482,555 21,483,000    
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)   404,000    
Share-based compensation expense 1,369   1,369  
Repurchased shares for tax withholding (in Shares)   (2,000)    
Repurchased shares for tax withholding (72)   (72)  
Dividends declared (8,162)     (8,162)
Net income 28,633     28,633
Ending balance (in Shares) at Mar. 31, 2025   21,885,000    
Ending balance at Mar. 31, 2025 $ 532,383 $ 21 311,529 220,833
Beginning balance (in Shares) at Dec. 31, 2024 21,482,555 21,483,000    
Beginning balance at Dec. 31, 2024 $ 510,615 $ 21 310,232 200,362
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends declared (16,500)      
Net income $ 59,103      
Ending balance (in Shares) at Jun. 30, 2025 22,045,608 22,046,000    
Ending balance at Jun. 30, 2025 $ 556,881 $ 22 313,908 242,951
Beginning balance (in Shares) at Mar. 31, 2025   21,885,000    
Beginning balance at Mar. 31, 2025 532,383 $ 21 311,529 220,833
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share-based compensation expense (in shares)   171,000    
Share-based compensation expense 2,685 $ 1 2,684  
Repurchased shares for tax withholding (in Shares)   (10,000)    
Repurchased shares for tax withholding (305)   (305)  
Dividends declared (8,352)     (8,352)
Net income $ 30,470     30,470
Ending balance (in Shares) at Jun. 30, 2025 22,045,608 22,046,000    
Ending balance at Jun. 30, 2025 $ 556,881 $ 22 $ 313,908 $ 242,951
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities:    
Net income $ 59,103 $ 52,306
Adjustments to reconcile net income to net cash provided by operating activities:    
Exploratory well costs and lease expirations 10 0
Depletion, depreciation, amortization and accretion 38,701 35,249
Impairment of oil and natural gas properties 1,214 0
(Gain) loss on derivatives, net (12,870) 17,436
Settlements on derivative contracts 6,266 (1,725)
Amortization of deferred financing costs and discount 2,373 2,632
Share-based compensation expense 4,054 4,973
Deferred income tax expense 3,040 5,073
Loss from equity method investment 248 25
Other (8) (42)
Changes in operating assets and liabilities    
Accounts receivable, net 9,116 (6,951)
Prepaid expenses (1,281) (186)
Inventory (1,989) 442
Other non-current assets, net (1,154) (302)
Accounts payable and accrued liabilities (10,243) (2,665)
Revenue payable (1,987) 1,931
Other current liabilities (10,572) (430)
Net Cash Provided by Operating Activities 84,021 107,766
Cash Flows from Investing Activities:    
Additions to oil and natural gas properties (40,938) (53,926)
Additions to midstream property and equipment (6,294) 0
Additions to other property and equipment (636) (430)
Acquisitions of oil and natural gas properties (2,138) (18,138)
Contributions to equity method investment (6,250) (15,162)
Funds held in escrow (14,201) 0
Net Cash Used in Investing Activities (70,457) (87,656)
Cash Flows from Financing Activities:    
Deferred financing costs (164) (69)
Proceeds from Credit Facility 30,000 15,000
Repayments under Credit Facility (16,000) (40,000)
Repayments of Senior Notes (10,000) (10,000)
Payment of common share dividends (16,121) (14,707)
Proceeds from issuance of common shares, net 0 25,415
Common stock repurchased for tax withholding (377) (158)
Net Cash Used in Financing Activities (12,662) (24,519)
Net Increase (Decrease) in Cash 902 (4,409)
Cash, Beginning of Period 13,124 15,319
Cash, End of Period 14,026 10,910
Cash Paid For:    
Interest, net of capitalized interest 11,187 16,372
Income taxes 14,784 10,773
Non-cash Investing and Financing Activities:    
Changes in capital expenditures in accounts payable and accrued liabilities 2,596 (2,699)
Transfer of inventory to oil and natural gas properties 2,307 0
Right-of-use assets obtained in exchange for operating lease liability 2,133 386
Asset retirement obligations assumed in acquisitions $ 0 $ 9,727
v3.25.2
Nature of Business
 6 Months Ended
Jun. 30, 2025
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.
v3.25.2
Basis of Presentation
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
These unaudited condensed consolidated financial statements as of June 30, 2025, and for the three and six months ended June 30, 2025, and 2024, 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. Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had no effect on the previously reported total assets, total liabilities, shareholders' equity, results of operations or cash flows. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company's 2024 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 and six months ended June 30, 2025, are not necessarily indicative of the results to be expected for the full-year ending December 31, 2025, 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 new administration and other factors.
v3.25.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
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:
June 30, 2025December 31, 2024
(In thousands)
Oil, natural gas and NGL sales$29,566 $33,632 
Joint interest accounts receivable4,464 9,626 
Allowance for credit losses(70)(62)
Other accounts receivable1,335 1,215 
Total accounts receivable, net
$35,295 $44,411 
As of December 31, 2023, the Company had accounts receivables, net from oil, natural gas and NGL sales of $31.1 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, if failure to collect is expected to occur. Allowances for credit losses are recorded as reductions to the carrying values of the accounts receivable included in the accompanying condensed consolidated balance sheets and are recorded in administrative costs in our accompanying 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:
June 30, 2025December 31, 2024
(In thousands)
Midstream property and equipment
$21,631 $11,297 
Furniture, fixtures and other
6,351 5,882 
Land
16,673 16,673 
$44,655 $33,852 
Accumulated depreciation and amortization
(3,911)(3,375)
Total other property and equipment, net
$40,744 $30,477 
Other Non-Current Assets, net
Other non-current assets, net consisted of the following:
June 30, 2025December 31, 2024
(In thousands)
Deferred financing costs, net (1)
$4,482 $4,949 
Right of use assets2,886 1,398 
Prepaid capital expenditures4,840 2,124 
Deposits
2,423 2,168 
Other966 67 
Total other non-current assets, net$15,597 $10,706 
_____________________
(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:
June 30, 2025December 31, 2024
(In thousands)
Accrued capital expenditures$16,859 $10,441 
Accrued lease operating expenses4,257 7,676 
Accrued general and administrative costs5,681 8,123 
Accrued inventory
— 1,709 
Accrued ad valorem tax2,560 5,396 
Other accrued expenditures1,841 573 
Total accrued liabilities$31,198 $33,918 
Other Current Liabilities
Other current liabilities consisted of the following:
June 30, 2025December 31, 2024
(In thousands)
Advances from joint interest owners$2,465 $11,278 
Income taxes payable5,351 5,233 
Current ARO liabilities2,123 2,562 
Other1,596 1,050 
Total other current liabilities
$11,535 $20,123 
Asset Retirement Obligations
Components of the changes in ARO for the six months ended June 30, 2025, and the year ended December 31, 2024, are shown below:
June 30, 2025December 31, 2024
(In thousands)
ARO, beginning balance$35,268 $23,044 
Liabilities incurred13 78 
Liabilities assumed in acquisitions— 9,727 
Revision of estimated obligations— 1,856 
Liability settlements and disposals(926)(2,291)
Accretion1,360 2,854 
ARO, ending balance$35,715 $35,268 
Less: current ARO (1)
(2,123)(2,562)
ARO, long-term$33,592 $32,706 
_____________________
(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 disaggregated by product:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Oil and natural gas sales:
Oil$85,921 $106,353 $184,513 $203,345 
Natural gas
(874)(977)710 (294)
NGLs
347 (33)2,628 1,716 
Total oil and natural gas sales, net (1)
$85,394 $105,343 $187,851 $204,767 
_____________________
(1) The Company's oil, natural gas and NGL sales are presented net of gathering, processing and transportation costs. The costs, related to natural gas and NGLs, at times exceeded the price received and resulted in negative average realized prices.
Recent Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this standard provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid. This ASU is effective for the Company prospectively to all annual periods beginning after December 15, 2024. The Company does not expect this standard to have a material impact on our disclosures.
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.
v3.25.2
Acquisitions of Oil and Natural Gas Properties
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions of Oil and Natural Gas Properties Acquisitions of Oil and Natural Gas Properties
Silverback Acquisition
On July 1, 2025 (the “Closing Date”), the Company closed the acquisition of 100% of the ownership interests of Silverback Exploration II, LLC and its subsidiaries which own oil and natural gas assets located primarily in the Yeso trend of the Permian Basin in Eddy County, New Mexico (the “Silverback Acquisition”).
Transaction costs associated with the acquisition were approximately $1.9 million for the three and six months ended June 30, 2025, respectively. In connection with the acquisition, a deposit of $14.2 million was paid by the Company and is reflected as funds held in escrow in our accompanying condensed consolidated balance sheets as of June 30, 2025. See Note 16 - Subsequent Events for additional information.
New Mexico Mineral Rights Acquisition
In April 2025, the Company closed on its acquisition of undivided interests in oil, natural gas and minerals, which added approximately 140 contiguous net acres to our Red Lake field for approximately $2.1 million.
2024 New Mexico Asset Acquisition
On May 7, 2024, the Company completed the acquisition of oil and natural gas properties in Eddy County, New Mexico ("2024 New Mexico Asset Acquisition"), which added 13,900 contiguous net acres to the Company's existing acreage in Eddy County, for a cash purchase price of approximately $19.1 million plus $0.5 million in transaction costs. The 2024 New Mexico Asset Acquisition was accounted for as an asset acquisition, with the final purchase price and transaction costs being capitalized to oil and natural gas properties. This acquisition was funded through a combination of proceeds from the 2024 equity issuance ("2024 Equity Offering") discussed in Note 11 - Shareholders' Equity and cash on hand.
v3.25.2
Oil and Natural Gas Properties
 6 Months Ended
Jun. 30, 2025
Extractive Industries [Abstract]  
Oil and Natural Gas Properties Oil and Natural Gas Properties
Oil and natural gas properties are summarized below:
June 30, 2025December 31, 2024
(In thousands)
Proved$1,053,197 $1,027,183 
Unproved104,789 100,974 
Work-in-progress34,439 21,318 
$1,192,425 $1,149,475 
Accumulated depletion, amortization and impairment(325,207)(288,678)
Total oil and natural gas properties, net$867,218 $860,797 
Depletion and amortization expense for proved oil and natural gas properties was $17.8 million and $16.5 million, respectively, for the three months ended June 30, 2025, and 2024 and $35.3 million and $33.5 million, respectively, for the six months ended June 30, 2025, and 2024.
The cost of proved and unproved oil and natural gas properties are assessed for impairment at least annually or whenever events and circumstances indicate that a decline in the recoverability of their carrying value may have occurred. We compare the undiscounted future cash flows to the carrying amount to determine if the carrying amount is recoverable. If the carrying amount exceeds the estimated undiscounted future cash flows, we adjust the carrying amount to their estimated fair value which is considered a Level 3 measurement.
Certain oil and natural gas property in New Mexico outside of the Company's acreage in the Red Lake field failed the initial step assessment, which looked at the carrying value compared to undiscounted cash flows for this property. Based on this assessment of our long-lived assets impairment test, the carrying value exceeded the estimated fair market value and we recognized a $1.2 million non-cash impairment on proved properties during the three and six months ended June 30, 2025.
v3.25.2
Derivative Instruments
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
Oil and Natural Gas Contracts
The Company uses commodity based derivative contracts to reduce exposure to fluctuations in oil and natural gas prices. While the use of these contracts partially limits the downside risk for adverse price changes, their use also partially limits future revenues from favorable price changes. We have not designated our derivative contracts as hedges for accounting purposes, and therefore changes in the fair value of derivatives are included and recognized in other income (expense) in our accompanying condensed consolidated statements of operations.
As of June 30, 2025, the Company’s oil and natural gas derivative contracts consisted of fixed price swaps, costless collars and basis swaps. The following table summarizes the open financial derivative positions as of June 30, 2025, related to our future oil and natural gas production:
Weighted Average Price
Calendar Quarter / YearNotional VolumeFixedPutCall
($ per unit)
Oil Swaps (Bbl)
Q3 2025675,000 $67.08 
Q4 2025630,000 $66.68 
20261,740,000 $61.33 
2027285,000 $61.26 
Natural Gas Swaps (MMbtu)
Q3 2025480,000 $3.30 
Q4 2025965,000 $3.74 
20262,255,000 $3.87 
2027600,000 $4.19 
Oil Collars (Bbl)
Q3 2025452,000 $64.23 $74.19 
Q4 2025480,000 $63.10 $77.07 
20261,602,000 $57.84 $74.67 
2027310,000 $57.16 $66.16 
Natural Gas Collars (MMbtu)
Q3 20251,110,000 $3.12 $3.76 
Q4 2025400,000 $3.30 $4.00 
20262,625,000 $3.19 $4.03 
2027450,000 $3.80 $5.84 
Natural Gas Basis Swaps (MMbtu)
Q3 2025450,000 $(2.18)
Q4 2025450,000 $(2.07)
20261,950,000 $(1.91)
2027675,000 $(0.99)
Interest Rate Contracts
In March 2024, the Company entered into a fixed-to-floating interest rate swap for the period from May 2024 to December 2024, to reduce our interest rate exposure, which resulted in a gain of approximately $1 million on a notional amount of $80 million. This gain was realized upon settlement of the contracts throughout 2024.
The following table summarizes the open interest rate derivative positions as of June 30, 2025:
Open Coverage Period
Position
Notional AmountFixed Rate
(In thousands)
July 2025 - April 2026
Long
$30,000 3.18 %
July 2025 - April 2026
Long
$50,000 3.04 %
July 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:
June 30, 2025
Balance Sheet ClassificationGross Fair ValueAmounts NettedNet Fair Value
(In thousands)
Current derivative assets$16,747 $(5,587)$11,160 
Non-current derivative assets6,611 (6,611)— 
Current derivative liabilities(5,599)5,587 (12)
Non-current derivative liabilities(7,720)6,611 (1,109)
Total$10,039 $— $10,039 
December 31, 2024
Balance Sheet ClassificationGross Fair ValueAmounts NettedNet Fair Value
(In thousands)
Current derivative assets$9,817 $(6,553)$3,264 
Non-current derivative assets6,661 (6,076)585 
Current derivative liabilities(6,553)6,553 — 
Non-current derivative liabilities(6,490)6,076 (414)
Total$3,435 $— $3,435 
The following table presents the components of the Company's gain (loss) on derivatives, net for the periods presented below:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Settlements on derivative contracts$5,151 $(1,829)$6,266 $(1,725)
Non-cash gain (loss) on derivatives13,569 1,470 6,604 (15,711)
Gain (loss) on derivatives, net$18,720 $(359)$12,870 $(17,436)
v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
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 2024 New Mexico Asset Acquisition and 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 value of commodity derivatives and interest rate swaps is estimated using discounted cash flow calculations based upon forward curves and are classified as Level 2 in the fair value hierarchy. The following table presents 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:
June 30, 2025
Level 1Level 2Level 3Total
(In thousands)
Financial assets:
Commodity derivative assets$— $22,848 $— $22,848 
Interest rate assets$— $510 $— $510 
Financial liabilities:
Commodity derivative liabilities$— $(13,027)$— $(13,027)
Interest rate liabilities$— $(292)$— $(292)
December 31, 2024
Level 1Level 2Level 3Total
(In thousands)
Financial assets:
Commodity derivative assets$— $15,301 $— $15,301 
Interest rate assets$— $1,177 $— $1,177 
Financial liabilities:
Commodity derivative liabilities$— $(13,043)$— $(13,043)
Liabilities Not Measured on a Recurring Basis
The following table summarizes the fair value and carrying amount of the Company's financial instruments:
June 30, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
(In thousands)
Credit Facility (Level 2)
$129,000 $129,000 $115,000 $115,000 
Senior Notes (Level 2)(1)
$146,191 $156,671 $154,494 $172,864 
_____________________
(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.
v3.25.2
Equity Method Investment
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investment Equity Method Investment
In January 2023, the Company formed a joint venture, RPC Power LLC, a Delaware limited liability company ("RPC Power"), with Conduit Power LLC for the purpose of constructing, owning and operating power generation assets. RPC Power's initial scope and assets use the Company’s produced natural gas to power a portion of our operations in Yoakum County, Texas which became fully operational in September 2024. 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"). Upon signing the A&R LLC Agreement, the Company invested an
additional $9.5 million and also increased our equity ownership in RPC Power from 35% to 50%. 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 June 30, 2025, the Company had invested $30 million in the joint venture, comprised of $27.7 million in cash and $2.3 million of contributed assets, which was reduced by the Company's share of losses and increased by our share of income in the joint venture. The Company also had a remaining commitment to invest up to an additional $21.5 million, if required, to fund our portion of the remaining 2025 capital budget for the RPC Power joint venture.
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 June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Equity method investment, beginning balance$28,942 $11,406 $22,811 $5,620 
Contributions— 9,543 6,250 15,162 
Loss from equity method investment(129)(192)(248)(25)
Equity method investment, ending balance
$28,813 $20,757 $28,813 $20,757 
v3.25.2
Transactions with Related Parties
 6 Months Ended
Jun. 30, 2025
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 Yoakum County, Texas ("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 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 occur before the end of 2026.
The Company incurred lease operating expenses ("LOE") from RPC Power of approximately $2.1 million and $0.4 million for the three months ended June 30, 2025, and 2024, respectively, and approximately $3.7 million and $1.1 million for the six months ended June 30, 2025, and 2024, respectively. As of June 30, 2025, and December 31, 2024, the Company had approximately $0.6 million and $1.2 million accrued for RPC Power, which was included in accrued liabilities in our accompanying condensed consolidated balance sheets.
See additional information related to RPC Power in Note 8 - Equity Method Investment and Note 15 - Commitments and Contingencies for additional information on future commitments.
Contract Services
The Company and Combo Resources, LLC (“Combo”) own interests in six established units in Lee and Fayette Counties, Texas, which were jointly developed by the parties pursuant to participation agreements (collectively, the "Combo PA") and are currently operated by Riley Permian Operating Company, LLC ("RPOC"). RPOC also provided certain administrative and operational services to Combo pursuant to a management services agreement (the "Combo MSA") for a monthly fee and reimbursement of all third party expenses until the Combo MSA was terminated on January 31, 2024. Separately, the Combo PA was also terminated as of December 31, 2023, and pursuant to a letter agreement effective as of December 31, 2023, the
Company agreed to relinquish our right to acquire additional working interests within a specified area. The rights of the Company in the six jointly owned units were not affected by this letter agreement and remain subject to the existing joint operating agreements between the parties.
The Company also provided certain administrative services pursuant to a services agreement (the "REG MSA") with Riley Exploration Group, LLC (“REG”) for a monthly fee and reimbursement of all third party expenses until the REG MSA was terminated effective May 31, 2024.
The following table presents revenues from and related cost for contract services for related parties:
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
(In thousands)
Combo$— $100 
REG60 280 
Contract services - related parties$60 $380 
Cost of contract services - related parties
$— $363 
The Company had no revenues from or related cost for contract services for related parties as of the three and six months ended June 30, 2025, and no amounts payable or receivable to Combo or REG at June 30, 2025, and December 31, 2024.
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 $0.5 million for the three months ended June 30, 2025, and 2024, respectively, and approximately $0.7 million and $0.8 million for the six months ended June 30, 2025, and 2024, respectively. As of June 30, 2025, and December 31, 2024, the Company had approximately $0.7 million and $0.3 million, respectively, in amounts accrued for di Santo Law, which was included in other current liabilities in our accompanying condensed consolidated balance sheets.
v3.25.2
Long-Term Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
The following table summarizes the Company's outstanding debt:
June 30, 2025December 31, 2024
(In thousands)
Credit Facility$129,000 $115,000 
Senior Notes
Principal$155,000 $165,000 
Less: Unamortized discount(1)
6,319 7,547 
Less: Unamortized deferred financing costs(1)
2,490 2,959 
Total Senior Notes$146,191 $154,494 
Total debt
$275,191 $269,494 
Less: Current portion of long-term debt(2)
20,000 20,000 
Total long-term debt$255,191 $249,494 
___________________
(1)Unamortized discount and unamortized deferred financing costs are attributable to and amortized over the term of the Senior Notes.
(2)As of June 30, 2025, and December 31, 2024, the current portion of long-term debt reflects $20 million due on the Senior Notes over the next twelve months.
Credit Facility
As of June 30, 2025, 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 May 2025. 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 and natural gas based on our proved developed producing projected volumes for oil and natural gas on a rolling 24-month basis.
The following table summarizes the Credit Facility balances:
June 30, 2025December 31, 2024
(In thousands)
Outstanding borrowings$129,000 $115,000 
Available under the borrowing base$271,000 $285,000 
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 June 30, 2025, 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 June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Interest expense$6,228 $8,409 $12,253 $17,152 
Interest income
(149)(236)(279)(443)
Capitalized interest(364)(834)(1,055)(1,798)
Amortization of deferred financing costs576 680 1,144 1,351 
Amortization of discount on Senior Notes615 637 1,229 1,281 
Unused commitment fees on Credit Facility265 201 540 381 
Total interest expense, net$7,171 $8,857 $13,832 $17,924 
As of June 30, 2025, and December 31, 2024, the weighted average interest rate on outstanding borrowings under the Credit Facility was 7.31% and 7.79%, respectively.
As of June 30, 2025, the Senior Notes had $6.3 million of unamortized discount and $2.5 million of unamortized deferred financing costs, resulting in an effective interest rate of 13.38% during the six months ended June 30, 2025. As of December 31, 2024, the Senior Notes had $7.5 million of unamortized discount and $3.0 million of unamortized deferred financing costs, resulting in an effective interest rate of 13.38% during the year ended December 31, 2024.
As of June 30, 2025, the Company was in compliance with all covenants contained in the Credit Agreement and Note Purchase Agreement.
v3.25.2
Shareholders' Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Dividends
For the three months ended June 30, 2025, and 2024, the Company declared quarterly dividends on our common stock totaling approximately $8.4 million and $7.8 million, respectively. For the six months ended June 30, 2025, and 2024, the Company declared quarterly dividends on its common stock totaling approximately $16.5 million and $15.1 million, respectively.
Share-Based Compensation
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. In March 2025, the Company introduced performance-based restricted stock awards in addition to time-based restricted stock awards to further align the compensation of the Company's executive officers with the long-term growth and the interests of its shareholders. Performance-based restricted stock awards represent 30% of total executive award value and may be earned based on the Company’s achievement of total shareholder return 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. 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-based restricted stock awards. As of June 30, 2025, the A&R LTIP had 345,302 shares remaining that are available for future awards.
2021 Long-Term Incentive Plan
The following table presents the Company's restricted stock activity during the six months ended June 30, 2025, under the A&R LTIP:
Amended and Restated 2021 Long-Term Incentive Plan
Restricted SharesWeighted Average Grant Date Fair Value
Unvested at December 31, 2024
387,915 $26.57 
Granted 491,021 $30.07 
Vested (73,184)$28.41 
Forfeited(6,311)$27.31 
Unvested at June 30, 2025
799,441 $28.54 
For the three months ended June 30, 2025, and 2024, the total share-based compensation expense was $2.7 million and $3.3 million, respectively. For the six months ended June 30, 2025, and 2024, the total share-based compensation expense was $4.1 million and $5.0 million, respectively. Share-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. Approximately $19.8 million of additional share-based compensation expense will be recognized over the weighted average life of 28 months for the unvested restricted stock awards as of June 30, 2025.
At-The-Market Equity Sales Program
The Company's Equity Distribution Agreement in connection with an ATM allows the Company to offer and sell from time to time up to an aggregate $50 million in shares of the Company's common stock through our agents. During the six months ended June 30, 2025, the Company did not execute any sales under the ATM program. As of June 30, 2025, the Company had remaining capacity to sell up to an additional $49.7 million of common stock under the ATM program.
2024 Equity Offering
On April 8, 2024, the Company issued and sold 1,015,000 shares of common stock at a price of $27.00 per share. Net proceeds from the 2024 Equity Offering were approximately $25.4 million, after deducting underwriting discounts and commissions and expenses. The proceeds were used for financing an acquisition, repayment of outstanding debt and general corporate purposes.
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
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 June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Current income tax expense:
Federal$4,345 $6,952 $13,469 $10,529 
State493 517 1,434 886 
Total current income tax expense$4,838 $7,469 $14,903 $11,415 
Deferred income tax expense:
Federal$4,466 $2,541 $2,666 $4,054 
State400 646 374 1,019 
Total deferred income tax expense$4,866 $3,187 $3,040 $5,073 
Total income tax expense$9,704 $10,656 $17,943 $16,488 
A reconciliation of the statutory federal income tax rate to the Company's effective income tax rate is as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Tax at statutory rate21.0 %21.0 %21.0 %21.0 %
Nondeductible compensation0.4 %0.8 %0.6 %0.7 %
Share-based compensation(0.3)%0.1 %(0.2)%0.1 %
State income taxes, net of federal benefit1.7 %2.1 %1.9 %2.2 %
Effective income tax rate22.8 %24.0 %23.3 %24.0 %
The Company's federal income tax returns for the years subsequent to December 31, 2020, 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, 2019. 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.
On July 4, 2025, new tax legislation know as the One Big Beautiful Bill Act was signed into law. The legislation, among other things, makes permanent, extends or modifies certain provisions under the 2017 Tax Cuts and Jobs Act, including permanent extension of 100% bonus depreciation for certain capital expenditures and the limitation on interest expense deductions. Pursuant to ASC Topic 740, Income Taxes, the effects of changes in tax law are recognized in the period of enactment. As such, this legislation is not reflected in the Company's unaudited condensed consolidated financial statements for the period ended June 30, 2025. The Company is currently evaluating the impact of this new legislation on our consolidated financial statements.
v3.25.2
Net Income Per Share
 6 Months Ended
Jun. 30, 2025
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 June 30,Six Months Ended June 30,
2025202420252024
(In thousands, except per share amounts)
Net income$30,470 $33,548 $59,103 $52,306 
Basic weighted average common shares outstanding21,141 20,866 21,126 20,378 
Restricted shares17 221 9 161 
Diluted weighted average common shares outstanding21,158 21,087 21,135 20,539 
Basic net income per share
$1.44 $1.61 $2.80 $2.57 
Diluted net income per share$1.44 $1.59 $2.80 $2.55 

The following shares were excluded from the calculation of diluted net income per share due to their anti-dilutive effect:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Restricted shares779,601 363,331 787,937 423,377 
v3.25.2
Segments
 6 Months Ended
Jun. 30, 2025
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 June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Total Revenues
$85,394 $105,403 $187,851 $205,147 
Less:
Lease operating expenses
18,880 16,492 37,211 33,261 
Production and ad valorem taxes
6,126 7,174 12,796 14,405 
Exploration costs
47 60 56 64 
Depletion, depreciation, amortization and accretion
19,563 17,470 38,701 35,249 
Impairment of oil and natural gas properties
1,214 — 1,214 — 
Administrative Costs
6,199 6,644 13,637 11,983 
Share-based compensation expense
2,685 3,281 4,054 4,973 
Other segment items(1)
1,926 670 1,926 1,033 
Interest expense, net of capitalized interest(2)
7,320 9,093 14,111 18,367 
Interest income
(149)(236)(279)(443)
(Gain) loss on derivatives, net(18,720)359 (12,870)17,436 
Loss from equity method investment129 192 248 25 
Income tax expense
9,704 10,656 17,943 16,488 
Segment net income(3)
$30,470 $33,548 $59,103 $52,306 
Total assets$1,033,567 $1,002,957 $1,033,567 $1,002,957 
Capital expenditures(4)
$27,786 $21,438 $51,786 $47,620 
Equity method investment$28,813 $20,757 $28,813 $20,757 
_____________________
(1)Other segment items include transaction costs and cost of contract services - related parties.
(2)Interest expense is shown gross of, or prior to the effect of interest income.
(3)There are no reconciling items between net income presented in our accompanying condensed consolidated statements of operations and segment net income.
(4)Capital expenditures are accrual (activity-based) before acquisitions.
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025, or December 31, 2024. 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 June 30, 2025, or December 31, 2024.
Contractual Commitments
The Company is a party to a gas gathering, treating and processing agreement with our primary midstream counterparty in Texas. Under the terms of the agreement, the Company agreed to deliver an annual minimum volume during the contract term. As of June 30, 2025, approximately six 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, 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 occur before the end 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 the RPC Power. The Company's remaining commitment, if required, is $21.5 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 (the "Midstream Gas Purchase Agreement") for the Company's New Mexico field with a new midstream counterparty, which includes dedicated acreage for a significant portion of the Company’s oil and gas assets in New Mexico, reimbursement by the Company of construction costs incurred by the midstream counterparty to connect to the Company’s pipeline (subject to a monetary cap of $18.7 million) and an initial 15-year term from the in-service date followed by a year-to-year continuation until terminated by either party upon 180 days written notice. In conjunction with the agreement, the Company intends to construct, own and operate low and high-pressure gathering lines and compression facilities that will connect to the new high capacity 20-inch natural gas pipeline to be constructed by the Company and designed to deliver gas volumes of up to 150 MMcf per day. In March 2025, the Company entered into a $10.9 million purchase agreement for two compressors as part of the midstream buildout plan. In June 2025, the Company entered into a $15.6 million pipe purchase agreement to further the midstream buildout plan. The remaining amounts owed for the compressors and pipe purchase agreements at June 30, 2025, was $23.8 million.
v3.25.2
Subsequent Events
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Dividend Declaration
On July 8, 2025, the Board of Directors of the Company declared a cash dividend of $0.38 per share of common stock payable on August 7, 2025 to our shareholders of record at the close of business on July 24, 2025.
Silverback Acquisition
On July 1, 2025, the Company closed on the Silverback Acquisition. The Silverback Acquisition adds approximately 47,000 net acres directly adjacent to and overlapping with the Company's existing core acreage primarily in Eddy County, New Mexico.
The aggregate purchase price of the Silverback Acquisition is $142 million, subject to customary purchase price adjustments pursuant to the securities purchase agreement (the "Purchase Agreement"), plus quarterly earnout payments of up to $1,875,000 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. The Company funded the acquisition with cash on hand and borrowings under our Credit Facility. This acquisition will be accounted for as a business combination.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Bobby Riley [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On June 29, 2025, Bobby Riley, our Chief Executive Officer, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) providing for the sale of up to 50,000 shares of Common Stock. The expiration date for Bobby Riley's plan is August 31, 2026.
Name Bobby Riley
Title Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 29, 2025
Expiration Date August 31, 2026
Arrangement Duration 428 days
Aggregate Available 50,000
v3.25.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Consolidation
These unaudited condensed consolidated financial statements as of June 30, 2025, and for the three and six months ended June 30, 2025, and 2024, 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.
Accounts Receivable
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, if failure to collect is expected to occur. Allowances for credit losses are recorded as reductions to the carrying values of the accounts receivable included in the accompanying condensed consolidated balance sheets and are recorded in administrative costs in our accompanying condensed consolidated statements of operations if failure to collect an estimable portion is determined to be probable.
Recent Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this standard provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid. This ASU is effective for the Company prospectively to all annual periods beginning after December 15, 2024. The Company does not expect this standard to have a material impact on our disclosures.
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.
v3.25.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Accounts Receivable
Accounts receivable, net is summarized below:
June 30, 2025December 31, 2024
(In thousands)
Oil, natural gas and NGL sales$29,566 $33,632 
Joint interest accounts receivable4,464 9,626 
Allowance for credit losses(70)(62)
Other accounts receivable1,335 1,215 
Total accounts receivable, net
$35,295 $44,411 
Schedule of Other Property and Equipment
Other property and equipment, net is summarized below:
June 30, 2025December 31, 2024
(In thousands)
Midstream property and equipment
$21,631 $11,297 
Furniture, fixtures and other
6,351 5,882 
Land
16,673 16,673 
$44,655 $33,852 
Accumulated depreciation and amortization
(3,911)(3,375)
Total other property and equipment, net
$40,744 $30,477 
Schedule of Other Non-Current Assets, Net
Other non-current assets, net consisted of the following:
June 30, 2025December 31, 2024
(In thousands)
Deferred financing costs, net (1)
$4,482 $4,949 
Right of use assets2,886 1,398 
Prepaid capital expenditures4,840 2,124 
Deposits
2,423 2,168 
Other966 67 
Total other non-current assets, net$15,597 $10,706 
_____________________
(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:
June 30, 2025December 31, 2024
(In thousands)
Accrued capital expenditures$16,859 $10,441 
Accrued lease operating expenses4,257 7,676 
Accrued general and administrative costs5,681 8,123 
Accrued inventory
— 1,709 
Accrued ad valorem tax2,560 5,396 
Other accrued expenditures1,841 573 
Total accrued liabilities$31,198 $33,918 
Schedule of Other Current Liabilities
Other current liabilities consisted of the following:
June 30, 2025December 31, 2024
(In thousands)
Advances from joint interest owners$2,465 $11,278 
Income taxes payable5,351 5,233 
Current ARO liabilities2,123 2,562 
Other1,596 1,050 
Total other current liabilities
$11,535 $20,123 
Schedule of Asset Retirement Obligations
Components of the changes in ARO for the six months ended June 30, 2025, and the year ended December 31, 2024, are shown below:
June 30, 2025December 31, 2024
(In thousands)
ARO, beginning balance$35,268 $23,044 
Liabilities incurred13 78 
Liabilities assumed in acquisitions— 9,727 
Revision of estimated obligations— 1,856 
Liability settlements and disposals(926)(2,291)
Accretion1,360 2,854 
ARO, ending balance$35,715 $35,268 
Less: current ARO (1)
(2,123)(2,562)
ARO, long-term$33,592 $32,706 
_____________________
(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 disaggregated by product:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Oil and natural gas sales:
Oil$85,921 $106,353 $184,513 $203,345 
Natural gas
(874)(977)710 (294)
NGLs
347 (33)2,628 1,716 
Total oil and natural gas sales, net (1)
$85,394 $105,343 $187,851 $204,767 
_____________________
(1) The Company's oil, natural gas and NGL sales are presented net of gathering, processing and transportation costs. The costs, related to natural gas and NGLs, at times exceeded the price received and resulted in negative average realized prices.
v3.25.2
Oil and Natural Gas Properties (Tables)
 6 Months Ended
Jun. 30, 2025
Extractive Industries [Abstract]  
Schedule of Oil and Gas Properties
Oil and natural gas properties are summarized below:
June 30, 2025December 31, 2024
(In thousands)
Proved$1,053,197 $1,027,183 
Unproved104,789 100,974 
Work-in-progress34,439 21,318 
$1,192,425 $1,149,475 
Accumulated depletion, amortization and impairment(325,207)(288,678)
Total oil and natural gas properties, net$867,218 $860,797 
v3.25.2
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions The following table summarizes the open financial derivative positions as of June 30, 2025, related to our future oil and natural gas production:
Weighted Average Price
Calendar Quarter / YearNotional VolumeFixedPutCall
($ per unit)
Oil Swaps (Bbl)
Q3 2025675,000 $67.08 
Q4 2025630,000 $66.68 
20261,740,000 $61.33 
2027285,000 $61.26 
Natural Gas Swaps (MMbtu)
Q3 2025480,000 $3.30 
Q4 2025965,000 $3.74 
20262,255,000 $3.87 
2027600,000 $4.19 
Oil Collars (Bbl)
Q3 2025452,000 $64.23 $74.19 
Q4 2025480,000 $63.10 $77.07 
20261,602,000 $57.84 $74.67 
2027310,000 $57.16 $66.16 
Natural Gas Collars (MMbtu)
Q3 20251,110,000 $3.12 $3.76 
Q4 2025400,000 $3.30 $4.00 
20262,625,000 $3.19 $4.03 
2027450,000 $3.80 $5.84 
Natural Gas Basis Swaps (MMbtu)
Q3 2025450,000 $(2.18)
Q4 2025450,000 $(2.07)
20261,950,000 $(1.91)
2027675,000 $(0.99)
The following table summarizes the open interest rate derivative positions as of June 30, 2025:
Open Coverage Period
Position
Notional AmountFixed Rate
(In thousands)
July 2025 - April 2026
Long
$30,000 3.18 %
July 2025 - April 2026
Long
$50,000 3.04 %
July 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:
June 30, 2025
Balance Sheet ClassificationGross Fair ValueAmounts NettedNet Fair Value
(In thousands)
Current derivative assets$16,747 $(5,587)$11,160 
Non-current derivative assets6,611 (6,611)— 
Current derivative liabilities(5,599)5,587 (12)
Non-current derivative liabilities(7,720)6,611 (1,109)
Total$10,039 $— $10,039 
December 31, 2024
Balance Sheet ClassificationGross Fair ValueAmounts NettedNet Fair Value
(In thousands)
Current derivative assets$9,817 $(6,553)$3,264 
Non-current derivative assets6,661 (6,076)585 
Current derivative liabilities(6,553)6,553 — 
Non-current derivative liabilities(6,490)6,076 (414)
Total$3,435 $— $3,435 
Schedule of Derivative Instruments, Gain (Loss), Net
The following table presents the components of the Company's gain (loss) on derivatives, net for the periods presented below:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Settlements on derivative contracts$5,151 $(1,829)$6,266 $(1,725)
Non-cash gain (loss) on derivatives13,569 1,470 6,604 (15,711)
Gain (loss) on derivatives, net$18,720 $(359)$12,870 $(17,436)
v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis The following table presents the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis by level within the fair value hierarchy:
June 30, 2025
Level 1Level 2Level 3Total
(In thousands)
Financial assets:
Commodity derivative assets$— $22,848 $— $22,848 
Interest rate assets$— $510 $— $510 
Financial liabilities:
Commodity derivative liabilities$— $(13,027)$— $(13,027)
Interest rate liabilities$— $(292)$— $(292)
December 31, 2024
Level 1Level 2Level 3Total
(In thousands)
Financial assets:
Commodity derivative assets$— $15,301 $— $15,301 
Interest rate assets$— $1,177 $— $1,177 
Financial liabilities:
Commodity derivative liabilities$— $(13,043)$— $(13,043)
Liabilities Not Measured on a Recurring Basis
The following table summarizes the fair value and carrying amount of the Company's financial instruments:
June 30, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
(In thousands)
Credit Facility (Level 2)
$129,000 $129,000 $115,000 $115,000 
Senior Notes (Level 2)(1)
$146,191 $156,671 $154,494 $172,864 
_____________________
(1)The carrying value for the Senior Notes is shown net of unamortized discount and unamortized deferred financing costs.
v3.25.2
Equity Method Investment (Tables)
 6 Months Ended
Jun. 30, 2025
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 June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Equity method investment, beginning balance$28,942 $11,406 $22,811 $5,620 
Contributions— 9,543 6,250 15,162 
Loss from equity method investment(129)(192)(248)(25)
Equity method investment, ending balance
$28,813 $20,757 $28,813 $20,757 
v3.25.2
Transactions with Related Parties (Tables)
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
The following table presents revenues from and related cost for contract services for related parties:
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
(In thousands)
Combo$— $100 
REG60 280 
Contract services - related parties$60 $380 
Cost of contract services - related parties
$— $363 
v3.25.2
Long-Term Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the Company's outstanding debt:
June 30, 2025December 31, 2024
(In thousands)
Credit Facility$129,000 $115,000 
Senior Notes
Principal$155,000 $165,000 
Less: Unamortized discount(1)
6,319 7,547 
Less: Unamortized deferred financing costs(1)
2,490 2,959 
Total Senior Notes$146,191 $154,494 
Total debt
$275,191 $269,494 
Less: Current portion of long-term debt(2)
20,000 20,000 
Total long-term debt$255,191 $249,494 
___________________
(1)Unamortized discount and unamortized deferred financing costs are attributable to and amortized over the term of the Senior Notes.
(2)As of June 30, 2025, and December 31, 2024, 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:
June 30, 2025December 31, 2024
(In thousands)
Outstanding borrowings$129,000 $115,000 
Available under the borrowing base$271,000 $285,000 
Schedule of Components of Interest Expense
The following table summarizes the Company's interest expense:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Interest expense$6,228 $8,409 $12,253 $17,152 
Interest income
(149)(236)(279)(443)
Capitalized interest(364)(834)(1,055)(1,798)
Amortization of deferred financing costs576 680 1,144 1,351 
Amortization of discount on Senior Notes615 637 1,229 1,281 
Unused commitment fees on Credit Facility265 201 540 381 
Total interest expense, net$7,171 $8,857 $13,832 $17,924 
v3.25.2
Shareholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Restricted Stock, Activity
The following table presents the Company's restricted stock activity during the six months ended June 30, 2025, under the A&R LTIP:
Amended and Restated 2021 Long-Term Incentive Plan
Restricted SharesWeighted Average Grant Date Fair Value
Unvested at December 31, 2024
387,915 $26.57 
Granted 491,021 $30.07 
Vested (73,184)$28.41 
Forfeited(6,311)$27.31 
Unvested at June 30, 2025
799,441 $28.54 
v3.25.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2025
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 June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Current income tax expense:
Federal$4,345 $6,952 $13,469 $10,529 
State493 517 1,434 886 
Total current income tax expense$4,838 $7,469 $14,903 $11,415 
Deferred income tax expense:
Federal$4,466 $2,541 $2,666 $4,054 
State400 646 374 1,019 
Total deferred income tax expense$4,866 $3,187 $3,040 $5,073 
Total income tax expense$9,704 $10,656 $17,943 $16,488 
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 June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Tax at statutory rate21.0 %21.0 %21.0 %21.0 %
Nondeductible compensation0.4 %0.8 %0.6 %0.7 %
Share-based compensation(0.3)%0.1 %(0.2)%0.1 %
State income taxes, net of federal benefit1.7 %2.1 %1.9 %2.2 %
Effective income tax rate22.8 %24.0 %23.3 %24.0 %
v3.25.2
Net Income Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
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 June 30,Six Months Ended June 30,
2025202420252024
(In thousands, except per share amounts)
Net income$30,470 $33,548 $59,103 $52,306 
Basic weighted average common shares outstanding21,141 20,866 21,126 20,378 
Restricted shares17 221 9 161 
Diluted weighted average common shares outstanding21,158 21,087 21,135 20,539 
Basic net income per share
$1.44 $1.61 $2.80 $2.57 
Diluted net income per share$1.44 $1.59 $2.80 $2.55 
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 June 30,Six Months Ended June 30,
2025202420252024
Restricted shares779,601 363,331 787,937 423,377 
v3.25.2
Segments (Tables)
 6 Months Ended
Jun. 30, 2025
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 June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Total Revenues
$85,394 $105,403 $187,851 $205,147 
Less:
Lease operating expenses
18,880 16,492 37,211 33,261 
Production and ad valorem taxes
6,126 7,174 12,796 14,405 
Exploration costs
47 60 56 64 
Depletion, depreciation, amortization and accretion
19,563 17,470 38,701 35,249 
Impairment of oil and natural gas properties
1,214 — 1,214 — 
Administrative Costs
6,199 6,644 13,637 11,983 
Share-based compensation expense
2,685 3,281 4,054 4,973 
Other segment items(1)
1,926 670 1,926 1,033 
Interest expense, net of capitalized interest(2)
7,320 9,093 14,111 18,367 
Interest income
(149)(236)(279)(443)
(Gain) loss on derivatives, net(18,720)359 (12,870)17,436 
Loss from equity method investment129 192 248 25 
Income tax expense
9,704 10,656 17,943 16,488 
Segment net income(3)
$30,470 $33,548 $59,103 $52,306 
Total assets$1,033,567 $1,002,957 $1,033,567 $1,002,957 
Capital expenditures(4)
$27,786 $21,438 $51,786 $47,620 
Equity method investment$28,813 $20,757 $28,813 $20,757 
_____________________
(1)Other segment items include transaction costs and cost of contract services - related parties.
(2)Interest expense is shown gross of, or prior to the effect of interest income.
(3)There are no reconciling items between net income presented in our accompanying condensed consolidated statements of operations and segment net income.
(4)Capital expenditures are accrual (activity-based) before acquisitions.
v3.25.2
Summary of Significant Accounting Policies - Schedule of Accounts Receivable (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Oil, natural gas and NGL sales $ 29,566 $ 33,632 $ 31,100
Joint interest accounts receivable 4,464 9,626  
Allowance for credit losses (70) (62)  
Other accounts receivable 1,335 1,215  
Total accounts receivable, net $ 35,295 $ 44,411  
v3.25.2
Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Receivables from oil, natural gas and NGL sales $ 29,566 $ 33,632 $ 31,100
v3.25.2
Summary of Significant Accounting Policies - Schedule of Other Property and Equipment (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, costs $ 44,655 $ 33,852
Accumulated depreciation and amortization (3,911) (3,375)
Total other property and equipment, net 40,744 30,477
Midstream property and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, costs 21,631 11,297
Furniture, fixtures and other    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, costs 6,351 5,882
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, costs $ 16,673 $ 16,673
v3.25.2
Summary of Significant Accounting Policies - Schedule of Other Non-current Assets, Net (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Deferred financing costs, net $ 4,482 $ 4,949
Right of use assets 2,886 1,398
Prepaid capital expenditures 4,840 2,124
Deposits 2,423 2,168
Other 966 67
Total other non-current assets, net $ 15,597 $ 10,706
v3.25.2
Summary of Significant Accounting Policies - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Accrued capital expenditures $ 16,859 $ 10,441
Accrued lease operating expenses 4,257 7,676
Accrued general and administrative costs 5,681 8,123
Accrued inventory 0 1,709
Accrued ad valorem tax 2,560 5,396
Other accrued expenditures 1,841 573
Total accrued liabilities $ 31,198 $ 33,918
v3.25.2
Summary of Significant Accounting Policies - Schedule of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Advances from joint interest owners $ 2,465 $ 11,278
Income taxes payable 5,351 5,233
Current ARO liabilities 2,123 2,562
Other 1,596 1,050
Total other current liabilities $ 11,535 $ 20,123
v3.25.2
Summary of Significant Accounting Policies - Schedule of Asset Retirement Obligations (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]    
ARO, beginning balance $ 35,268 $ 23,044
Liabilities incurred 13 78
Liabilities assumed in acquisitions 0 9,727
Revision of estimated obligations 0 1,856
Liability settlements and disposals (926) (2,291)
Accretion 1,360 2,854
ARO, ending balance 35,715 35,268
Less: current ARO (2,123) (2,562)
ARO, long-term $ 33,592 $ 32,706
v3.25.2
Summary of Significant Accounting Policies - Schedule of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Total Revenues $ 85,394 $ 105,403 $ 187,851 $ 205,147
Oil and natural gas sales, net        
Disaggregation of Revenue [Line Items]        
Total Revenues 85,394 105,343 187,851 204,767
Oil        
Disaggregation of Revenue [Line Items]        
Total Revenues 85,921 106,353 184,513 203,345
Natural Gas        
Disaggregation of Revenue [Line Items]        
Total Revenues (874) (977) 710 (294)
NGLs        
Disaggregation of Revenue [Line Items]        
Total Revenues $ 347 $ (33) $ 2,628 $ 1,716
v3.25.2
Acquisitions of Oil and Natural Gas Properties (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Jul. 01, 2025
USD ($)
May 07, 2024
USD ($)
a
Apr. 30, 2025
USD ($)
a
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Business Combination [Line Items]              
Transaction costs       $ 1,926 $ 670 $ 1,926 $ 670
New Mexico Mineral Rights Acquisition              
Business Combination [Line Items]              
Asset acquisition, number of acres | a     140        
Asset acquisition, contingent consideration, liability     $ 2,100        
2024 New Mexico Asset Acquisition              
Business Combination [Line Items]              
Net acres of leasehold targeting acquired | a   13,900          
Payments for asset acquisitions   $ 19,100          
Aggregate purchase price, transaction cost   $ 500          
Silverback Acquisition              
Business Combination [Line Items]              
Transaction costs       $ 1,900   $ 1,900  
Silverback Acquisition | Subsequent Event              
Business Combination [Line Items]              
Ownership interests 100.00%            
Funds held in escrow $ 14,200            
v3.25.2
Oil and Natural Gas Properties - Schedule of Properties (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Extractive Industries [Abstract]    
Proved $ 1,053,197 $ 1,027,183
Unproved 104,789 100,974
Work-in-progress 34,439 21,318
Total oil and natural gas properties, gross 1,192,425 1,149,475
Accumulated depletion, amortization and impairment (325,207) (288,678)
Total oil and natural gas properties, net $ 867,218 $ 860,797
v3.25.2
Oil and Natural Gas Properties - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Extractive Industries [Abstract]        
Depletion and amortization $ 17,800 $ 16,500 $ 35,300 $ 33,500
Impairment of oil and natural gas properties $ 1,214 $ 0 $ 1,214 $ 0
v3.25.2
Derivative Instruments - Schedule of Notional Amounts, Crude Oil and Natural Gas (Details)
bbl in Thousands, MMBTU in Thousands
 6 Months Ended
Jun. 30, 2025
MMBTU
$ / MMBTU
$ / bbl
bbl
Oil Swap Q3 2025  
Derivative [Line Items]  
Notional amount, volume | bbl 675
Weighted average price (in usd per bbl/mmbtu) | $ / bbl 67.08
Oil Swap Q4 2025  
Derivative [Line Items]  
Notional amount, volume | bbl 630
Weighted average price (in usd per bbl/mmbtu) | $ / bbl 66.68
Oil Swaps 2026  
Derivative [Line Items]  
Notional amount, volume | bbl 1,740
Weighted average price (in usd per bbl/mmbtu) | $ / bbl 61.33
Oil Swaps 2027  
Derivative [Line Items]  
Notional amount, volume | bbl 285
Weighted average price (in usd per bbl/mmbtu) | $ / bbl 61.26
Natural Gas Swaps Q3 2025  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) 3.30
Notional amount, energy | MMBTU 480
Natural Gas Swaps Q4 2025  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) 3.74
Notional amount, energy | MMBTU 965
Natural Gas Swaps 2026  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) 3.87
Notional amount, energy | MMBTU 2,255
Natural Gas Swaps 2027  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) 4.19
Notional amount, energy | MMBTU 600
Oil Collars Q3 2025  
Derivative [Line Items]  
Notional amount, volume | bbl 452
Oil Collars Q3 2025 | Put  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) | $ / bbl 64.23
Oil Collars Q3 2025 | Call  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) | $ / bbl 74.19
Oil Collars Q4 2025  
Derivative [Line Items]  
Notional amount, volume | bbl 480
Oil Collars Q4 2025 | Put  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) | $ / bbl 63.10
Oil Collars Q4 2025 | Call  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) | $ / bbl 77.07
Oil Collars 2026  
Derivative [Line Items]  
Notional amount, volume | bbl 1,602
Oil Collars 2026 | Put  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) | $ / bbl 57.84
Oil Collars 2026 | Call  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) | $ / bbl 74.67
Oil Collars 2027  
Derivative [Line Items]  
Notional amount, volume | bbl 310
Oil Collars 2027 | Put  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) | $ / bbl 57.16
Oil Collars 2027 | Call  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) | $ / bbl 66.16
Natural Gas Collars Q3 2025  
Derivative [Line Items]  
Notional amount, energy | MMBTU 1,110
Natural Gas Collars Q3 2025 | Put  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) 3.12
Natural Gas Collars Q3 2025 | Call  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) 3.76
Natural Gas Collars Q4 2025  
Derivative [Line Items]  
Notional amount, energy | MMBTU 400
Natural Gas Collars Q4 2025 | Put  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) 3.30
Natural Gas Collars Q4 2025 | Call  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) 4.00
Natural Gas Collars 2026  
Derivative [Line Items]  
Notional amount, energy | MMBTU 2,625
Natural Gas Collars 2026 | Put  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) 3.19
Natural Gas Collars 2026 | Call  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) 4.03
Natural Gas Collars 2027  
Derivative [Line Items]  
Notional amount, energy | MMBTU 450
Natural Gas Collars 2027 | Put  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) 3.80
Natural Gas Collars 2027 | Call  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) 5.84
Natural Gas Basis Q3 2025  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) (2.18)
Notional amount, energy | MMBTU 450
Natural Gas Basis Q4 2025  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) (2.07)
Notional amount, energy | MMBTU 450
Natural Gas Basis 2026  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) (1.91)
Notional amount, energy | MMBTU 1,950
Natural Gas Basis 2027  
Derivative [Line Items]  
Weighted average price (in usd per bbl/mmbtu) (0.99)
Notional amount, energy | MMBTU 675
v3.25.2
Derivative Instruments - Narrative (Details) - Interest rate swap
$ in Millions
 1 Months Ended
Mar. 31, 2024
USD ($)
Derivative [Line Items]  
Gain on derivative $ 1
Notional amount $ 80
v3.25.2
Derivative Instruments - Schedule of Notional Amounts, Interest Rate Contracts (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
July 2025 - April 2026  
Derivative [Line Items]  
Notional Amount $ 30,000
Fixed Rate 3.18%
July 2025 - April 2026  
Derivative [Line Items]  
Notional Amount $ 50,000
Fixed Rate 3.04%
July 2026 - April 2027  
Derivative [Line Items]  
Notional Amount $ 45,000
Fixed Rate 3.90%
v3.25.2
Derivative Instruments - Statement of Financial Position (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Derivative asset, net, gross fair value $ 10,039 $ 3,435
Derivative assets, net, net fair value 10,039 3,435
Current derivative assets    
Derivative [Line Items]    
Derivative asset, gross fair value 16,747 9,817
Derivative asset, amounts netted (5,587) (6,553)
Derivative assets, net fair value 11,160 3,264
Non-current derivative assets    
Derivative [Line Items]    
Derivative asset, gross fair value 6,611 6,661
Derivative asset, amounts netted (6,611) (6,076)
Derivative assets, net fair value 0 585
Current derivative liabilities    
Derivative [Line Items]    
Derivative liability, gross fair value (5,599) (6,553)
Derivative liability, amounts netted 5,587 6,553
Derivative liability, net fair value (12) 0
Non-current derivative liabilities    
Derivative [Line Items]    
Derivative liability, gross fair value (7,720) (6,490)
Derivative liability, amounts netted 6,611 6,076
Derivative liability, net fair value $ (1,109) $ (414)
v3.25.2
Derivative Instruments - Schedule of Derivative Activities (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]        
Settlements on derivative contracts $ 5,151 $ (1,829) $ 6,266 $ (1,725)
Non-cash gain (loss) on derivatives 13,569 1,470 6,604 (15,711)
Gain (loss) on derivatives, net $ 18,720 $ (359) $ 12,870 $ (17,436)
v3.25.2
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt $ 275,191 $ 269,494
Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt 146,191 154,494
Revolving Credit Facility | Credit Facility    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt 129,000 115,000
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 146,191 154,494
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 156,671 172,864
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 129,000 115,000
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 129,000 115,000
Commodity derivative    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 22,848 15,301
Financial liabilities (13,027) (13,043)
Commodity derivative | 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 | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 22,848 15,301
Financial liabilities (13,027) (13,043)
Commodity derivative | 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    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 510 1,177
Financial liabilities (292)  
Interest rate | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0 0
Financial liabilities 0  
Interest rate | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 510 1,177
Financial liabilities (292)  
Interest rate | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0 $ 0
Financial liabilities $ 0  
v3.25.2
Equity Method Investment - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 6 Months Ended
Nov. 30, 2024
Oct. 31, 2024
May 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Jan. 31, 2023
Schedule of Equity Method Investments [Line Items]                    
Contributions to equity method investment       $ 6,250 $ 15,162          
Equity method investment       28,813 $ 20,757 $ 28,942 $ 22,811 $ 11,406 $ 5,620  
RPC Power, LLC                    
Schedule of Equity Method Investments [Line Items]                    
Contributions to equity method investment $ 51,500 $ 42,500 $ 9,500 27,700            
Equity method investment, ownership percentage     50.00%             35.00%
Equity method investment       30,000            
Assets contributed to equity method investment       2,300            
Equity method investments, remaining commitment amount       $ 21,500            
v3.25.2
Equity Method Investment - Schedule of Equity Method Investment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Equity Method Investments [Roll Forward]        
Equity method investment, beginning balance $ 28,942 $ 11,406 $ 22,811 $ 5,620
Contributions 0 9,543 6,250 15,162
Loss from equity method investment (129) (192) (248) (25)
Equity method investment, ending balance $ 28,813 $ 20,757 $ 28,813 $ 20,757
v3.25.2
Transactions with Related Parties - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
May 31, 2024
Jan. 31, 2023
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Jan. 31, 2024
unit
Related Party Transaction [Line Items]                
Lease operating expenses     $ 18,880 $ 16,492 $ 37,211 $ 33,261    
Accrued liabilities     31,198   31,198   $ 33,918  
Other current liabilities     11,535   11,535   20,123  
Contract Services Agreement | Related Party | Combo Resources, LLC                
Related Party Transaction [Line Items]                
Number of established units owned jointly | unit               6
Legal Services | Related Party | di Santo Law PLLC | Director                
Related Party Transaction [Line Items]                
Amounts of transaction     300 500 700 800    
Other current liabilities     700   700   300  
RPC Power, LLC                
Related Party Transaction [Line Items]                
Contractual obligation, monthly fee     20   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     2,100 $ 400 3,700 $ 1,100    
Accrued liabilities     $ 600   $ 600   $ 1,200  
v3.25.2
Transactions with Related Parties - Schedule of Related Party Transactions (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Related Party Transaction [Line Items]        
Contract services $ 85,394 $ 105,403 $ 187,851 $ 205,147
Related Party        
Related Party Transaction [Line Items]        
Cost of contract services - related parties $ 0 0 $ 0 363
Contract Services Agreement | Related Party        
Related Party Transaction [Line Items]        
Contract services   60   380
Combo Resources, LLC | Contract Services Agreement | Related Party        
Related Party Transaction [Line Items]        
Contract services   0   100
Riley Exploration Group, Inc | Contract Services Agreement | Related Party        
Related Party Transaction [Line Items]        
Contract services   $ 60   $ 280
v3.25.2
Long-Term Debt - Schedule of Outstanding Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Line of Credit Facility [Line Items]    
Total debt $ 275,191 $ 269,494
Less: Current portion of long-term debt 20,000 20,000
Total long-term debt 255,191 249,494
Senior Notes    
Line of Credit Facility [Line Items]    
Total debt 146,191 154,494
Principal 155,000 165,000
Less: Unamortized discount 6,319 7,547
Less: Unamortized deferred financing costs 2,490 2,959
Less: Current portion of long-term debt 20,000 20,000
Revolving Credit Facility | Credit Facility    
Line of Credit Facility [Line Items]    
Total debt $ 129,000 $ 115,000
v3.25.2
Long-Term Debt - Narrative (Details)
 6 Months Ended
Dec. 13, 2024
USD ($)
Apr. 03, 2023
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 12, 2024
USD ($)
Line of Credit Facility [Line Items]          
Less: Current portion of long-term debt     $ 20,000,000 $ 20,000,000  
Senior Notes          
Line of Credit Facility [Line Items]          
Extended maturity earlier period term 181 days        
Less: Current portion of long-term debt     20,000,000 20,000,000  
Less: Unamortized discount     6,319,000 7,547,000  
Less: Unamortized deferred financing costs     2,490,000 2,959,000  
Senior Notes | 10.50% Senior Unsecured Notes due 2028          
Line of Credit Facility [Line Items]          
Hedging requirement minimum, term   18 months      
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      
Less: Current portion of long-term debt     20,000,000    
Less: Unamortized discount     6,300,000 7,500,000  
Less: Unamortized deferred financing costs     $ 2,500,000 $ 3,000,000  
Interest rate, effective percentage     13.38% 13.38%  
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     7.31% 7.79%  
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      
v3.25.2
Long-Term Debt - Summary of Credit Facility Balances (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Line of Credit Facility [Line Items]    
Outstanding borrowings $ 255,191 $ 249,494
Revolving Credit Facility | Credit Facility    
Line of Credit Facility [Line Items]    
Outstanding borrowings 129,000 115,000
Available under the borrowing base $ 271,000 $ 285,000
v3.25.2
Long-Term Debt - Schedule of Components of Interest Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Line of Credit Facility [Line Items]        
Interest expense $ 6,228 $ 8,409 $ 12,253 $ 17,152
Interest income (149) (236) (279) (443)
Capitalized interest (364) (834) (1,055) (1,798)
Amortization of deferred financing costs 576 680 1,144 1,351
Total interest expense, net 7,171 8,857 13,832 17,924
Credit Facility | Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Unused commitment fees on Credit Facility 265 201 540 381
10.50% Senior Unsecured Notes due 2028 | Senior Notes        
Line of Credit Facility [Line Items]        
Amortization of discount on Senior Notes $ 615 $ 637 $ 1,229 $ 1,281
v3.25.2
Shareholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Apr. 08, 2024
Mar. 31, 2025
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]                    
Dividends declared     $ 8,352 $ 8,162 $ 7,770 $ 7,329 $ 16,500 $ 15,100    
Common stock available (in Shares)     22,045,608       22,045,608   21,482,555  
Share-based compensation expense     $ 2,685   $ 3,281   $ 4,054 $ 4,973    
Common Stock                    
Class of Stock [Line Items]                    
Common stock available (in Shares)   21,885,000 22,046,000 21,885,000 21,560,000 20,400,000 22,046,000 21,560,000 21,483,000 20,405,000
ATM Equity Program                    
Class of Stock [Line Items]                    
Sale of stock, maximum aggregate offering price     $ 50,000       $ 50,000      
Sale of stock, currently available for issuance under current program     49,700       49,700      
2024 Equity Offering | Common Stock                    
Class of Stock [Line Items]                    
Sale of stock, number of shares issued and sold in transaction (in Shares) 1,015,000                  
Sale of stock, price per share (USD per Share) $ 27.00                  
Sale of stock, received on transaction $ 25,400                  
General and Administrative Expense                    
Class of Stock [Line Items]                    
Share-based compensation expense     $ 2,700   $ 3,300   $ 4,100 $ 5,000    
A&R Long-Term Investment Plan                    
Class of Stock [Line Items]                    
Authorized(in shares)     2,337,022       2,337,022      
Total executive award value (in percentage)   30.00%                
Vesting period   3 years                
Common stock available (in Shares)     345,302       345,302      
Cliff vesting term   3 years                
Reduced remaining shares (in shares)             168,406      
A&R Long-Term Investment Plan | Minimum                    
Class of Stock [Line Items]                    
Payout percentage   0.00%                
A&R Long-Term Investment Plan | Maximum                    
Class of Stock [Line Items]                    
Payout percentage   200.00%                
2021 Long-Term Incentive Plan | Restricted shares                    
Class of Stock [Line Items]                    
Additional share based compensation to be recognized     $ 19,800       $ 19,800      
Weighted average life             28 months      
v3.25.2
Shareholders' Equity - Schedule of Restricted Stock Activity (Details) - Restricted Stock - 2021 Long-Term Incentive Plan
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Restricted Shares  
Unvested, beginning balance (in Shares) | shares 387,915
Granted (in Shares) | shares 491,021
Vested (in Shares) | shares (73,184)
Forfeited (in Shares) | shares (6,311)
Unvested, ending balance (in Shares) | shares 799,441
Weighted Average Grant Date Fair Value  
Unvested, beginning balance (USD per Share) | $ / shares $ 26.57
Granted (USD per Share) | $ / shares 30.07
Vested (USD per Share) | $ / shares 28.41
Forfeited (USD per Share) | $ / shares 27.31
Unvested, ending balance (USD per Share) | $ / shares $ 28.54
v3.25.2
Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Current income tax expense:        
Federal $ 4,345 $ 6,952 $ 13,469 $ 10,529
State 493 517 1,434 886
Total current income tax expense 4,838 7,469 14,903 11,415
Deferred income tax expense:        
Federal 4,466 2,541 2,666 4,054
State 400 646 374 1,019
Total deferred income tax expense 4,866 3,187 3,040 5,073
Total income tax expense $ 9,704 $ 10,656 $ 17,943 $ 16,488
v3.25.2
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Effective Income Tax Rate Reconciliation, Percent [Abstract]        
Tax at statutory rate 21.00% 21.00% 21.00% 21.00%
Nondeductible compensation 0.40% 0.80% 0.60% 0.70%
Share-based compensation (0.30%) 0.10% (0.20%) 0.10%
State income taxes, net of federal benefit 1.70% 2.10% 1.90% 2.20%
Effective income tax rate 22.80% 24.00% 23.30% 24.00%
v3.25.2
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 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]            
Net income $ 30,470 $ 28,633 $ 33,548 $ 18,758 $ 59,103 $ 52,306
Basic weighted-average common shares outstanding (in Shares) 21,141   20,866   21,126 20,378
Restricted shares (in Shares) 17   221   9 161
Diluted weighted average common shares outstanding (in Shares) 21,158   21,087   21,135 20,539
Basic net income per share (USD per Share) $ 1.44   $ 1.61   $ 2.80 $ 2.57
Diluted net income per share (USD per Share) $ 1.44   $ 1.59   $ 2.80 $ 2.55
v3.25.2
Net Income Per Share - Schedule of Anti-Dilutive Shares (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Restricted shares        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive securities (in Shares) 779,601 363,331 787,937 423,377
v3.25.2
Segments - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of operating segment 1
Number of reportable segment 1
v3.25.2
Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Revenue, Major Customer [Line Items]                
Total Revenues $ 85,394   $ 105,403   $ 187,851 $ 205,147    
Less:                
Lease operating expenses 18,880   16,492   37,211 33,261    
Production and ad valorem taxes 6,126   7,174   12,796 14,405    
Exploration costs 47   60   56 64    
Depletion, depreciation, amortization and accretion 19,563   17,470   38,701 35,249    
Impairment of oil and natural gas properties 1,214   0   1,214 0    
Administrative costs 6,199   6,644   13,637 11,983    
Share-based compensation expense 2,685   3,281   4,054 4,973    
Interest income (149)   (236)   (279) (443)    
(Gain) loss on derivatives, net (18,720)   359   (12,870) 17,436    
Loss from equity method investment (129)   (192)   (248) (25)    
Income tax expense (9,704)   (10,656)   (17,943) (16,488)    
Net Income 30,470 $ 28,633 33,548 $ 18,758 59,103 52,306    
Total assets 1,033,567       1,033,567   $ 993,501  
Equity method investment 28,813 $ 28,942 20,757 $ 11,406 28,813 20,757 $ 22,811 $ 5,620
Reportable Segment                
Revenue, Major Customer [Line Items]                
Total Revenues 85,394   105,403   187,851 205,147    
Less:                
Lease operating expenses 18,880   16,492   37,211 33,261    
Production and ad valorem taxes 6,126   7,174   12,796 14,405    
Exploration costs 47   60   56 64    
Depletion, depreciation, amortization and accretion 19,563   17,470   38,701 35,249    
Impairment of oil and natural gas properties 1,214   0   1,214 0    
Administrative costs 6,199   6,644   13,637 11,983    
Share-based compensation expense 2,685   3,281   4,054 4,973    
Other segment items 1,926   670   1,926 1,033    
Interest expense, net of capitalized interest 7,320   9,093   14,111 18,367    
Interest income (149)   (236)   (279) (443)    
(Gain) loss on derivatives, net (18,720)   359   (12,870) 17,436    
Loss from equity method investment 129   192   248 25    
Income tax expense 9,704   10,656   17,943 16,488    
Net Income 30,470   33,548   59,103 52,306    
Total assets 1,033,567   1,002,957   1,033,567 1,002,957    
Capital expenditures 27,786   21,438   51,786 47,620    
Equity method investment $ 28,813   $ 20,757   $ 28,813 $ 20,757    
v3.25.2
Commitment and Contingencies (Details)
 6 Months Ended
Dec. 31, 2024
USD ($)
in
MMcf
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
compressor
Other Commitments [Line Items]      
Environmental liabilities $ 0 $ 0  
Contractual obligation, delivery period   6 years  
Midstream Gas Purchase Agreement      
Other Commitments [Line Items]      
Long-term purchase commitment, period 15 years    
Long-term purchase commitment, reimbursable construction costs $ 18,700,000    
Long-term purchase commitment, termination notice period 180 days    
Long-term purchase commitment, size of pipeline | in 20    
Long-term purchase commitment, daily volume of pipeline | MMcf 150    
Purchase obligation   $ 15,600,000 $ 10,900,000
Number of compressors | compressor     2
Purchase obligation, remaining liability   23,800,000  
RPC Power, LLC      
Other Commitments [Line Items]      
Contractual obligation, monthly fee   20,000  
Equity method investments, remaining commitment amount   $ 21,500,000  
RPC Power, LLC | Tolling Agreement      
Other Commitments [Line Items]      
Long-term purchase commitment, period   10 years  
RPC Merchant | Supply Agreement      
Other Commitments [Line Items]      
Long-term purchase commitment, period   10 years  
v3.25.2
Subsequent Events (Details) - Subsequent Event
Jul. 08, 2025
$ / shares
Jul. 01, 2025
USD ($)
a
$ / MMBbls
Subsequent Event [Line Items]    
Cash dividend declared (USD per Share) | $ / shares $ 0.38  
Silverback Acquisition    
Subsequent Event [Line Items]    
Expected increase in acreage | a   47,000
Aggregate purchase price | $   $ 142,000,000
Contingent consideration liability, quarterly payment | $   $ 1,875,000
Silverback Acquisition | Minimum    
Subsequent Event [Line Items]    
Price per barrel (in dollars per barrel) | $ / MMBbls   70
Silverback Acquisition | Maximum    
Subsequent Event [Line Items]    
Price per barrel (in dollars per barrel) | $ / MMBbls   75