Riley Exploration Permian Q1 Production Tops Guidance by 7%, $60M CapEx Allocated
REPX•Riley Exploration Permian reported average Q1 2026 production of 15,800 boe/d, 7% above its guidance, and approved a $60 million Permian Basin drilling program. Management maintained a sub-$45/barrel breakeven target and reiterated a 75,000 boe/d full-year output forecast.
1. Q1 Production Performance
Riley Exploration Permian achieved average first-quarter production of 15,800 barrels of oil equivalent per day, exceeding its mid-point guidance by 7%. Management attributed the outperformance to optimized well designs and faster-than-expected completion times.
2. Permian Basin CapEx Plan
The board approved a $60 million capital budget for Permian Basin drilling in 2026, representing a 10% increase over the prior year. Funds will target five new horizontal well pads with a focus on higher-margin Wolfcamp zones.
3. Breakeven and Full-Year Forecast
Management reaffirmed a breakeven oil price below $45 per barrel, leveraging cost efficiencies, and maintained its full-year output forecast of 75,000 boe/d, signaling confidence in sustained operational momentum.
