Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Shares of our common stock are listed on the NYSE American under the symbol "REPX". There were approximately 231 holders of record of our common stock as of March 2, 2026.
Dividends
The Company declared quarterly dividends totaling approximately $33.6 million and $31.0 million for the years ended December 31, 2025, and 2024, respectively. The cash dividends were declared for all issued and outstanding common shares including unvested restricted stock issued under the Company's Amended and Restated 2021 Long-Term Incentive Plan.
The decision to pay any future dividends is solely within the discretion of, and subject to approval by, our Board. Our Board's determination of any such dividends, including the record date, the payment date and the actual amount of the dividend, will depend upon our profitability and financial condition, contractual restrictions, restrictions imposed by applicable law and other factors that the Board deems relevant at the time of such determination. The Company's Credit Facility and Senior Notes can limit the dividends the Company is able to pay unless the Company meets certain covenants in accordance with our credit agreement and the terms of the Senior Notes. See Note 11 - Shareholders' Equity in the Company's consolidated financial statements in "Item 15. Exhibits and Financial Statement Schedules" for additional information on our dividends.
Unregistered Sales of Equity Securities
None.
Issuer Repurchases of Equity Securities
In December 2025, our Board of Directors approved a stock repurchase program (the “Public Repurchase Program”) authorizing the repurchase of up to $100 million of our common stock from time to time over a period of 24 months, including through open market purchases, through block trades, in privately negotiated transactions, or by other means, including through the use of trading plans, each in accordance with applicable securities laws and other restrictions. The Public Repurchase Program does not obligate us to purchase any common stock and may be suspended, modified, extended or discontinued by the Board at any time. During the fourth quarter of 2025, no shares were purchased under the Public Repurchase Program. The remaining repurchase authority under the Public Repurchase Program at December 31, 2025, was $100 million.
We also receive shares from employees for the payment of personal income tax withholding upon vesting of stock-based compensation transactions. The acquisition of the surrendered shares is not part of our Public Repurchase Program to repurchase shares of our common stock. Any shares repurchased by the Company for personal tax withholdings are immediately retired upon repurchase.
Our common stock repurchase activity during the fourth quarter of 2025 was as follows:
Month Ended Total Number of Shares Purchased (1)
Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plan or Programs Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plan or Programs
October 31 38,910 $ 26.97 — —
November 30 250,106 $ 26.41 — —
December 31 — $ — — $ 100,000,000
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(1) On November 21, 2025, the Company retired 250,000 shares of our common stock received as consideration in connection with the Viking Sale. All other shares purchased during the fourth quarter reflect shares received from employees for personal income tax withholding upon vesting of stock-based compensation awards. These shares were not part of our Public Repurchase Program. See Note 4 - Acquisitions and Divestitures in the Company's consolidated financial statements in "Item 15. Exhibits and Financial Statement Schedules" for a full discussion of the Viking Sale.
Stock Performance Graph
The following graph compares the cumulative total shareholder return on Riley Permian's common stock over a five fiscal-year period plus the three months ending December 31, 2021, with the cumulative total returns of the Russell 2000 Index and
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the SPDR Oil and Gas Exploration & Production ETF (“XOP”). The graph was prepared assuming $100 was invested on September 30, 2020, our fiscal year-end in effect prior to the 2021 fiscal year-end change, in Riley Permian’s common stock, the Russell 2000 Index and the XOP and dividends reinvested subsequent to the initial investment. The closing price of our common stock on December 31, 2025, was $26.40.
The graph and related information should not be deemed “soliciting material” or to be “filed” with the SEC, nor should such information be incorporated by reference into any future filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that we specifically incorporate such information by reference into such a filing. The graph and information are included for historical comparative purposes only and should not be considered indicative of future stock performance.
Item 6. Selected Financial Data
[Reserved]