Equity Method Investment

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

RPC Power

RPC Power LLC ("RPC Power") is our power-focused joint venture with Conduit Power LLC, in which we have 50% ownership. The Company is currently involved in two projects with RPC Power.

The first project provides a portion of our electric power needs for our field operations in our Champions field. This project consists of two sites located within the Company's operating area. The power generated and delivered by RPC Power is consumed by operating activities and not sold to the electric grid.

The second project is intended to provide power for the sale into ERCOT, the primary electric grid of Texas, with none of the generation consumed by Riley Permian. This project consists of four sites located outside of the Company's operating area, but in the west Texas region.

As the Company has significant influence due to our ownership percentage, but lacks control, RPC Power is accounted for as an equity method investment. In November 2024, the Company signed the Second Amendment to the A&R LLC Agreement, which increased the capital commitment for each owner from $42.5 million to $51.5 million. As of March 31, 2026, the Company had invested $43.5 million in the joint venture, comprised of $41.2 million in cash and $2.3 million of contributed assets, which was reduced by distributions and the Company's share of losses and increased by our share of income in the joint venture.

During the three months ended March 31, 2026, the Company contributed an additional $4.0 million to RPC Power. The Company has a remaining commitment to invest up to an additional $8.0 million, if required, to fund our portion of the future capital budget for the RPC Power joint venture. On December 31, 2025, RPC Power declared a $3 million dividend, of which $1.5 million was the Company's portion. The dividend was paid in January 2026.

See Note 9 - Transactions with Related Parties for further discussion of the contractual agreements between the Company and RPC Power and its affiliates and Note 15 - Commitments and Contingencies for additional information on future commitments.

The following table presents the Company's equity method investment activity:


	Three Months Ended March 31,
			2026		2025
		(In thousands)
Equity method investment, beginning balance			$	36,188	$	22,811
Contributions			4,000		6,250

Loss from equity method investment			(368)		(119)
Equity method investment, ending balance			$	39,820	$	28,942