Riley Exploration reports Q2 adjusted EPS $1.02 vs. $1.57 last year

Reports Q2 revenue $85.4M, consensus $85.68M. Averaged 24.4 MBoe/d of total equivalent production, oil production of 15.2 MBbls/d. CEO Bobby Riley commented, “Riley Permian demonstrated solid overall performance in the second quarter in spite of a challenging oil market and regional operating environment. We adjusted our development activity and capital budget in response to lower oil prices and generated significant free cash flow for the first half of the year. We experienced constraints with infrastructure, like many operators in the Permian Basin, which impacted our second quarter production. These challenges also present opportunities, which we’re addressing through our midstream and power generation initiatives. We closed our acquisition of Silverback in July, marking our third successful transaction in the region since 2023. This deal significantly increased our regional footprint and offers substantial undeveloped potential for future growth.”