reports
- Jeff Robertson
Strategy Execution Drives Value
We hosted a fireside chat with Chairman, President, and CEO Bobby Riley and CFO Philip Riley on April 10, 2024, to discuss Riley’s strategy of delivering value from its conventional asset base in the Permian Basin. This report contains a transcript of the conversation, which can be accessed on demand. Link is accessible in our full report. Riley’s business focuses on acquiring, developing, and producing oil from conventional formations with significant volumes of original oil in place. Managemen...
- Jeff Robertson
Strong Free Cash Flow Conversion
Riley’s asset base delivered 22% Y/Y organic growth in net operated oil production in FY23 from reinvesting about two-thirds of discretionary cash flow into the ground. Solid growth reflects the manageable capital intensity of the company’s conventional oil-producing assets in the Permian Basin. The midpoints of management’s FY24 capital and operating guidance imply that Riley expects to increase oil production ~10% Y/Y from a capital program that is ~10% lower than FY23. The midpoint of managem...
- Jeff Robertson
Expect 2H23 Free Cash Flow Growth
We are updating our 3Q23 estimates to reflect actual reference prices of $82.26/bbl for oil and $2.66/MMBtu for natural gas. Our FY23 adjusted EBITDA estimate is $257 million, based on average oil and gas reference prices of $79.29/bbl and $2.69/MMBtu. Riley’s 2Q23 production averaged 21.2 MBOE/d (71% oil), representing 109% Y/Y and 62% Q/Q gains. Management’s 3Q23 production guidance is 18.6-19.8 MBOE/d. Initial production from new completions and the April acquisition of producing assets in Ne...
- Jeff Robertson
New Mexico Acquisition to Lift 2Q23 Results
Riley’s 2Q23 financial and operating results will include the impact of the $330-million New Mexico acquisition, which closed on April 3, 2023. Around the time of the closing, the acquired assets were producing ~7.2 MBOE/d (58% oil / 81% liquids). 1Q23 production averaged ~13.2 MBOE/d. Riley’s 2Q23 production guidance range is 20.0-21.0 MBOE/d, representing a 56% Q/Q increase and a 101% Y/Y increase at the midpoints. Materially higher production is expected to drive a step change increase in 2Q2...
- Jeff Robertson
Solid Strategy Drives Shareholder Value
We hosted a fireside chat on May 18, 2023, with Riley Exploration Permian. We were joined by Chairman and CEO Riley, President Kevin Riley, and CFO Philip Riley. Riley has concentrated on acquiring and developing conventional assets in the Permian Basin. The Champions Area covers ~30,500 net acres on the Northwest Shelf portion of the Permian Basin in Yoakum County targeting horizontal development of the San Andres Formation. On April 3, 2023, the company closed the $330-million acquisition of a...
- Jonathan Moreland
- Jonathan Moreland
- Jonathan Moreland
- Jonathan Moreland
- Jonathan Moreland
- Jonathan Moreland
- Jonathan Moreland
- Jonathan Moreland
WAL WESTERN ALLIANCE BANCORP
SXT SENSIENT TECHNOLOGIES CORPORATION
LBAI LAKELAND BANCORP INC.
HZN HORIZON GLOBAL CORP.
CLR CONTINENTAL RESOURCES INC.
BCOV BRIGHTCOVE
ARDC ARES DYNAMIC CREDIT ALLOCATION
AVTX AVANTIUM NV
GIM TEMPLETON GLOBAL INCOME FUND
KOD KODIAK SCIENCES
MIDD THE MIDDLEBY CORPORATION
WTRH WAITR HOLDINGS INC
TELA TELA BIO
CMCT CIM COMMERCIAL TRUST CORPORATION
ALTG ALTA EQUIPMENT GROUP INC.
CRCT CRICUT
REPX INC.
XPOF RILEY EXPLORATION PERMIAN
INC.
XPONENTIAL FITNESS
INC.
- Jonathan Moreland
WAL WESTERN ALLIANCE BANCORP
TDY TELEDYNE TECHNOLOGIES INCORPORATED
SXT SENSIENT TECHNOLOGIES CORPORATION
OPK OPKO HEALTH INC.
NGL NGL ENERGY PARTNERS LP
LMRK LANDMARK INFRASTRUCTURE PARTNERS
KSS KOHL'S CORPORATION
HZN HORIZON GLOBAL CORP.
FTAI FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
FMNB FARMERS NATIONAL BANC CORP.
FFIN FIRST FINANCIAL BANKSHARES INC
FEYE FIREEYE INC.
CVGW CALAVO GROWERS INC.
CLR CONTINENTAL RESOURCES INC.
CCNE CNB FINANCIAL CORP. (PENNSYLVANIA)
CCBG CAPITAL CITY BANK GROUP INC.
BDC BELDEN INC.
BCOV BRIGHTCOVE
BANF BANCFIRST
AMG AFFILIATED MANAGERS GROUP INC.
RAIN RAIN INDUSTRIES LIMITED
LEG LEGGETT & PLATT INCORPORATED
ARDC ARES DYNAMIC CREDIT ALLOCATION
PDEX PRO-DEX INC.
AVTX AVANTIUM NV
SSTI SHOTSPOTTER
GIM TEMPLETON GLOBAL INCOME FUND
KOD KODIAK SCIENCES
MIDD THE MIDDLEBY CORPORATION
APLT APPLIED THERAPEUTICS
TELA TELA BIO
GCI GANNETT CO. INC.
CMCT CIM COMMERCIAL TRUST CORPORATION
ALTG ALTA EQUIPMENT GROUP INC.
AOUT AMERICAN OUTDOOR BRANDS
ATCX INC.
RILY ATLAS TECHNICAL CONSULTANTS INC (A)
ASAN B. RILEY FINANCIAL
SLQT ASANA
CSU SELECTQUOTE
IMNM INC.
PACE CAPITAL SENIOR LIVING
NRGX IMMUNOME
LFMD TPG PACE TECH OPPORTUNITIES
CRCT PIMCO ENERGY & TACTICAL CREDIT OPPORTUNITIES FUND
REPX LIFEMD
XPOF INC.
OSCR CRICUT
FSBC INC.
SIMP RILEY EXPLORATION PERMIAN
SUNL INC.
SLGC XPONENTIAL FITNESS
BLFY INC.
OSCAR HEALTH
FIVE STAR BANCORP
SIMPLY
SUNLIGHT FINANCIAL HOLDINGS INC.
SOMALOGIC
INC.
BLUE FOUNDRY BANCORP
- Jonathan Moreland
OPK OPKO HEALTH INC.
NGL NGL ENERGY PARTNERS LP
LMRK LANDMARK INFRASTRUCTURE PARTNERS
FFIN FIRST FINANCIAL BANKSHARES INC
BDC BELDEN INC.
AMG AFFILIATED MANAGERS GROUP INC.
RAIN RAIN INDUSTRIES LIMITED
TELA TELA BIO
CMCT CIM COMMERCIAL TRUST CORPORATION
ATCX ATLAS TECHNICAL CONSULTANTS INC (A)
ASAN ASANA
ANNX ANNEXON
LFMD LIFEMD
REPX INC.
XPOF RILEY EXPLORATION PERMIAN
SIMP INC.
FGF XPONENTIAL FITNESS
INC.
SIMPLY
FG FINANCIAL GROUP INC
- Jonathan Moreland
SXT SENSIENT TECHNOLOGIES CORPORATION
HZN HORIZON GLOBAL CORP.
FFIN FIRST FINANCIAL BANKSHARES INC
FEYE FIREEYE INC.
CCNE CNB FINANCIAL CORP. (PENNSYLVANIA)
CCBG CAPITAL CITY BANK GROUP INC.
LEG LEGGETT & PLATT INCORPORATED
TELA TELA BIO
CMCT CIM COMMERCIAL TRUST CORPORATION
AOUT AMERICAN OUTDOOR BRANDS
GDRX INC.
SLQT GOODRX HOLDINGS
CSU INC.
IMNM SELECTQUOTE
PACE INC.
NRGX CAPITAL SENIOR LIVING
WMPN IMMUNOME
REPX TPG PACE TECH OPPORTUNITIES
OSCR PIMCO ENERGY & TACTICAL CREDIT OPPORTUNITIES FUND
SUNL WILLIAM PENN BANCORP
PALI RILEY EXPLORATION PERMIAN
INC.
OSCAR HEALTH
SUNLIGHT FINANCIAL HOLDINGS INC.
PALISADE BIO
INC.
- Jonathan Moreland
VRAY VIEWRAY INC.
SXT SENSIENT TECHNOLOGIES CORPORATION
SPNE SEASPINE HOLDINGS CORP.
REGI RENEWABLE ENERGY GROUP INC.
PAHC PHIBRO ANIMAL HEALTH CORPORATION CLASS A
OGE OGE ENERGY CORP.
NRIM NORTHRIM BANCORP INC.
NGL NGL ENERGY PARTNERS LP
FMNB FARMERS NATIONAL BANC CORP.
CRMT AMERICA'S CAR-MART INC.
VAL VALOR RESOURCES
AMTX AEMETIS
PBHC PATHFINDER BANCORP INC.
RMCF ROCKY MOUNTAIN CHOCOLATE FACTORY INC.
MYOV MYOVANT SCIENCE
RFL RAFAEL HOLDINGS CL B
FDEU FIRST TRUST DYNAMIC EUROPE EQUITY INCOME FUND
FUND ROYCE FOCUS TRUST
PFIS INC.
WLMS PEOPLES FINANCIAL SERVICES CORP.
PHAS WILLIAMS INDUSTRIAL SERVICES GROUP INC.
STIM PHASEBIO PHARMACEUTICALS INC
KTB STIMSONITE CORP
NLTX KONTOOR BRANDS
RMBI NEOLEUKIN THERAPEUTICS
GDRX RICHMOND MUTUAL BANCORPORATION
ATCX INC.
LUMO GOODRX HOLDINGS
CPE INC.
CERE ATLAS TECHNICAL CONSULTANTS INC (A)
SLQT LUMOS PHARMA INC.
HOFV CALLON PETROLEUM
AM CEREVEL THERAPEUTICS HOLDINGS (A)
HIMS SELECTQUOTE
UAN INC.
PFX HALL OF FAME RESORT AND ENTERTAINMENT COMPANY (A)
VYNT ANTERO MIDSTREAM CORP.
RPHM HIMS AND HERS HEALTH INC (A)
REPX CVR PARTNERS LP
DIBS PHENIXFIN CORP
BMEA VYANT BIO
UP INC.
HUMA RENEO PHARMACEUTICALS
AUID INC.
FSBC RILEY EXPLORATION PERMIAN
LGIQ INC.
IVFH 1STDIBS.COM
BTTR INC.
LOWLF BIOMEA FUSION
INC.
WHEELS UP EXPERIENCE INC.
HUMAN CARE HC AB
IPSIDY INC.
FIVE STAR BANCORP
LOGIQ
INC.
INNOVATIVE FOOD HLDG
BETTER CHOICE CO INC.
LOWELL FARMS INC.
- Jonathan Moreland
- Jonathan Moreland
CRMT AMERICA'S CAR-MART INC.
BCOV BRIGHTCOVE
SCOR COMSCORE INC.
PBHC PATHFINDER BANCORP INC.
MYOV MYOVANT SCIENCE
PHAS PHASEBIO PHARMACEUTICALS INC
KFS KINGSWAY FINANCIAL SERVICES
IMVT IMMUNOVANT INC
ATCX ATLAS TECHNICAL CONSULTANTS INC (A)
SLQT SELECTQUOTE
HIMS INC.
REPX HIMS AND HERS HEALTH INC (A)
AUID RILEY EXPLORATION PERMIAN
IVFH INC.
IPSIDY INC.
INNOVATIVE FOOD HLDG
- Jonathan Moreland
REGI RENEWABLE ENERGY GROUP INC.
OGE OGE ENERGY CORP.
MNOV MEDICINOVA
MCHX MARCHEX INC. CL B
FEYE FIREEYE INC.
CTBI COMMUNITY TRUST BANCORP INC.
BECN BEACON ROOFING SUPPLY INC.
AAT AMERICAN ASSETS TRUST INC.
VAL VALOR RESOURCES
SCOR COMSCORE INC.
EPD ENTERPRISE PRODUCTS PARTNERS L.P.
GLV CLOUGH GLOBAL DIVIDEND AND INC
MYOV MYOVANT SCIENCE
NHF NEXPOINT CREDIT STRATEGIES FUN
RFL RAFAEL HOLDINGS CL B
FDEU FIRST TRUST DYNAMIC EUROPE EQUITY INCOME FUND
WLMS WILLIAMS INDUSTRIAL SERVICES GROUP INC.
FSK FS KKR CAPITAL CORP
KFS KINGSWAY FINANCIAL SERVICES
KTB KONTOOR BRANDS
NLTX NEOLEUKIN THERAPEUTICS
ATCX ATLAS TECHNICAL CONSULTANTS INC (A)
LUMO LUMOS PHARMA INC.
CPE CALLON PETROLEUM
CERE CEREVEL THERAPEUTICS HOLDINGS (A)
HOFV HALL OF FAME RESORT AND ENTERTAINMENT COMPANY (A)
HIPO HIPPO VALLEY ESTATES LTD
TURN 180 DEGREE CAPITAL
AM ANTERO MIDSTREAM CORP.
RPHM RENEO PHARMACEUTICALS
REPX INC.
DXC RILEY EXPLORATION PERMIAN
BHG INC.
AFBI EVERETT SPINCO
OSCR INC.
AMSF BRIGHT HEALTH GROUP INC.
BMEA AFFINITY BANCSHARES
HUMA INC.
AUID OSCAR HEALTH
FSBC AAMES FINANCIAL CORP/DE
LGIQ BIOMEA FUSION
INC.
HUMAN CARE HC AB
IPSIDY INC.
FIVE STAR BANCORP
LOGIQ
INC.
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