RING ENERGY (REI) Company Report

Ring Energy, Inc. (REI) announced on December 16, 2025, that its borrowing base was reaffirmed at $585 million under its $1.0 billion senior revolving credit facility.
There were no changes to the terms of the Credit Facility, with the next regularly scheduled bank redetermination set for spring 2026.
For 2026, Ring Energy's primary focus will be on strengthening its balance sheet, managing costs, and maintaining production levels.

Dec 16, 2025, 11:45 AM

Press Release

Ring Energy Provides Q3 2025 Operational Update and 2026 Capital Strategy

REI

Guidance Update

New Projects/Investments

M&A

Ring Energy reported third quarter total average production of 20,789 BOE per day, with approximately 64% oil, and generated $13.9 million of adjusted free cash flow.
Since the early Q2 2025 Limerock acquisition, Ring Energy has repaid long-term debt by about $32 million, and the Limerock assets' production performance has exceeded initial estimates. The company aims to reduce balance sheet liabilities by approximately $18 million in Q4 2025, which includes a $10 million deferred payment for the Limerock acquisition.
Lease operating expenses in Q3 2025 were $10.73 per BOE, which was below the low end of guidance of $11 per BOE.
For 2026, Ring Energy's capital plan, based on a $60 WTI per barrel oil price assumption, prioritizes debt reduction and maintaining or slightly growing production through capital-efficient projects. This strategy includes drilling more horizontal wells, extending lateral lengths, and testing horizontally untested zones to significantly grow its inventory of undeveloped locations.

Dec 9, 2025, 4:00 PM

Transcript

Ring Energy Discusses Q3 2025 Performance, Debt Reduction, and 2026 Capital Plans

REI

Guidance Update

New Projects/Investments

Demand Weakening

Ring Energy reported Q3 2025 total average production of 20,789 BOE per day, with 64% oil, and generated $13.9 million of Adjusted Free Cash Flow.
The company reduced outstanding borrowings by $20 million in Q3 2025, bringing total debt repayment to $32 million since the early Q2 2025 Lime Rock acquisition, and targets an additional $18 million reduction in balance sheet liabilities in Q4 2025.
Lease operating expenses in Q3 2025 were a "bright spot" at $10.73 per BOE, which was below the low end of guidance of $11 per BOE.
The 2025 capital expenditure budget was reduced from an original $154 million to a current midpoint of $97 million.
For 2026, Ring Energy's capital plan assumes $60 WTI per barrel, prioritizing debt reduction and maintaining or slightly growing production, with a focus on capital-efficient horizontal drilling, including longer laterals and the first 2-mile horizontal well.

Dec 9, 2025, 4:00 PM

Transcript

Ring Energy Inc. Discusses Q3 2025 Performance and 2026 Outlook

REI

M&A

Guidance Update

Debt Issuance

Ring Energy reported Q3 2025 total average production of 20,789 BOE per day, with approximately 64% oil, and generated $13.9 million in adjusted free cash flow.
The company reduced outstanding borrowings by $20 million in Q3 2025, bringing the total debt reduction to $32 million since the Limerock acquisition closed in early Q2. Ring Energy aims for an additional $18 million debt reduction in Q4 2025, which includes a $10 million deferred payment for the Limerock acquisition.
Lease operating expenses were $10.73 per BOE in Q3 2025, which was below the low end of guidance. The Limerock assets have exceeded production estimates, with April production exceeding forecasts by almost 15%.
The 2025 capital expenditure (CapEx) budget was reduced from an original $154 million to a midpoint of $97 million, with $23 million expected in Q4 2025.
For 2026, Ring Energy plans to focus on capital-efficient projects to maintain or slightly grow production, with a base case oil price assumption of $60 WTI per barrel, prioritizing debt reduction over growth in a lower price environment. The company intends to drill more horizontal wells, including its first two-mile horizontal well, to improve capital efficiency and grow its inventory of undeveloped locations.

Dec 9, 2025, 4:00 PM

Transcript

Ring Energy, Inc. Reports Q3 2025 Results and Updates Guidance

REI

Earnings

Guidance Update

Ring Energy, Inc. reported a net loss of $51.6 million, or $(0.25) per diluted share, for Q3 2025, which included $72.9 million in non-cash ceiling test impairment charges. The company's Adjusted Net Income was $13.1 million, or $0.06 per diluted share, and Adjusted EBITDA was $47.7 million.
In Q3 2025, Ring Energy sold 13,332 barrels of oil per day (Bo/d) and 20,789 barrels of oil equivalent per day (Boe/d). Lease Operating Expense (LOE) was $10.73 per Boe, which was 2% below the low end of recently lowered guidance.
Capital expenditures for the quarter totaled $24.6 million. The company paid down $20 million of debt and increased its liquidity to $157.3 million as of September 30, 2025, marking its 24th consecutive quarter of positive cash flow.
Management reaffirmed production and capital expenditure guidance for the remainder of 2025, with a slight adjustment to lower LOE for the second half of the year. The company's strategy remains focused on maximizing free cash flow generation, maintaining capital discipline, and further debt reduction.

Nov 7, 2025, 9:35 PM

8-K

Ring Energy Reports Q3 2025 Results

REI

Earnings

Guidance Update

Ring Energy's net production for Q3 2025 was 20,789 Boe/d, with 13,332 barrels of oil sold per day.
The company generated $13.9 million in Adjusted Free Cash Flow for Q3 2025, marking its 24th consecutive quarter of positive cash flow, despite reporting a net loss of $(51.6) million and basic EPS of $(0.25) for the quarter.
Ring Energy paid down $20 million of debt in Q3 2025, exceeding guidance, and increased its liquidity to $157.3 million. The revolving line of credit balance stood at $428 million as of September 30, 2025.
Capital expenditures for Q3 2025 were $24.6 million, during which 5 wells were drilled and completed. The company reaffirmed its production and capital expenditure guidance for the remainder of FY 2025, with a slight adjustment to lower Lease Operating Expenses (LOE) for the second half of 2025; Q3 2025 LOE was $10.73 per Boe.

Nov 7, 2025, 4:00 PM

Presentation

Ring Energy Reports Q3 2025 Results and Updates Guidance

REI

Earnings

Guidance Update

Ring Energy reported a net loss of $51.6 million, or $(0.25) per diluted share, for the third quarter of 2025, which included $72.9 million of non-cash ceiling test impairment charges. Adjusted Net Income for the quarter was $13.1 million, or $0.06 per diluted share.
The company generated $13.9 million in Adjusted Free Cash Flow (AFCF) in Q3 2025, marking its 24th consecutive quarter of positive cash flow.
Ring Energy paid down $20 million of debt during Q3 2025, exceeding earlier guidance, and increased its liquidity to $157.3 million as of September 30, 2025.
Operational highlights for Q3 2025 included sales of 13,332 barrels of oil per day (Bo/d) and 20,789 barrels of oil equivalent per day (Boe/d). Lease Operating Expense (LOE) was $10.73 per Boe, which was 2% below the low end of recently lowered guidance.
For Q4 2025, the company provided guidance for total oil sales volumes between 12,700 - 13,600 Bo/d (midpoint 13,150 Bo/d) and total Boe/d between 19,100 - 20,700 Boe/d (midpoint 19,900 Boe/d). The full-year 2025 capital spending guidance midpoint is $97 million.

Nov 6, 2025, 9:56 PM

Press Release

Ring Energy Announces CFO Departure and Interim Appointment

REI

CFO Change

Management Change

Ring Energy, Inc. (REI) announced the immediate resignation of its Chief Financial Officer, Travis T. Thomas, who served for five years.
The Company stated that Mr. Thomas's resignation was not a result of any disagreement with the Company.
Rocky Kwon, the current Vice President of Accounting, Controller, and Assistant Treasurer, has been appointed Interim Chief Financial Officer while a search for a new CFO is conducted.
Chairman and CEO Paul D. McKinney expressed confidence in Mr. Kwon's leadership and reiterated the Company's commitment to debt reduction and delivering shareholder value.

Sep 12, 2025, 9:16 PM

Press Release

Ring Energy Announces Q3 2025 Debt Reduction Target and Warburg Pincus Exit

REI

Guidance Update

Demand Weakening

Ring Energy has established a debt reduction target of approximately $18 million for the third quarter of 2025.
The company anticipates its borrowings outstanding on its credit facility will decrease from $448 million as of June 30, 2025, to approximately $430 million by September 30, 2025.
This debt reduction effort is a response to a drop in oil prices experienced earlier this year, aimed at maximizing free cash flow and strengthening the balance sheet.
Warburg Pincus has recently exited its full common equity position in Ring Energy.