Ring Energy, Inc. · AMEX:REI
Ring Energy — Q3 2026 Earnings Presentation
30 slides from Ring Energy's earnings presentation, Nov 6, 2026
Slide 1: Disciplined Portfolio Management Driving Long-Term Value
DISCIPLINED PORTFOLIO MANAGEMENT DRIVING LONG-TERM VALUE Q3 2026 EARNINGS www.ringenergy.com NYSE American: REI www.ringenergy.com
Slide 2: Forward-Looking Statements and Supplemental Non-GAAP Financial Measures
Forward-Looking Statements and Supplemental Non-GAAP Financial Measures Forward–Looking Statements Supplemental Non-GAAP Financial This Presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Measures Securi
Slide 3: Ring: A Differentiated Permian Company
Ring: A Differentiated Permian Company An operated conventional Permian company with scale, inventory depth and a long-life production base. OPERATED PERMIAN POSITION RING ENERGY AT A GLANCE Northwest SCALE ASSET LONGEVITY Leverage Ratio 1 Shelf 20 $1.3B 20+ yrs 10+ yrs 1.5x Horseshoe Atoll Capitan
Slide 4: A Disciplined Framework for Capital Allocation
A Disciplined Framework for Capital Allocation We allocate capital to maximize long-term per-share value while maintaining balance sheet strength and flexibility through commodity cycles. 01 Financial 02 High-Return 03 Actively Manage 04 Long-Term Strength Development The Portfolio Value Creation Ba
Slide 5: Ring's Acreage in Core Development Areas
Ring’s Acreage in Core Development Areas Horizontal development is expanding the opportunity across Ring’s conventional asset base. Horizontal Activity Across Ring’s Horizontal Development has Accelerated Across Ring’s Core Counties Core Operating Areas Ring Core Operating Areas 150 >90% of Ring Acr
Slide 6: Q3 2026: Upgrading the Portfolio & Executing Plan
Q3 2026: Upgrading the Portfolio & Executing Plan Monetized non-core assets at accretive valuations, expanded core inventory and reduced debt. ✓ Continued Operational Discipline ✓ Expanded Core Inventory • Brought online Company’s first 2-mile co- • Leased ~16,500 net acres in core operating areas d
Slide 7: Q3 2026 Expanded Core Inventory and Reduced Debt
Q3 2026 Expanded Core Inventory and Reduced Debt Non-Core Asset Sales $ 30.5MM Monetized non-core assets to redeploy capital into core inventory and reduce debt Portfolio Upgrade Debt Reduction $ 18.8MM $ 10.0MM Leasehold acquisitions within Ring’s existing operating footprint HIGHER-QUALITY INVENTO
Slide 8: Creating Value Through Active Portfolio Management
Creating Value Through Active Portfolio Management Successful divestitures capture attractive value that helped pay down debt. YTD 2026 Implied Value Ring Implied Divestiture Summary Allocation Metrics Valuation Metrics ~$49 MM Includes divestiture Closed in October 2026 Total Proceeds ~800 ~3.6x vs
Slide 9: Q3 2026 Actuals & Updated Q4 26E & 27E Guidance
Q3 2026 Actuals & Updated Q4 26E & 27E Guidance Guidance Range Actuals Guidance Oil Sales Volumes (Bo/d) LOE (per Boe) 14,300 $11.75 13,950 $11.25 13,600 13,450 13,500 $11.05 $10.60 $10.50 13,124 $10.75 $10.75 13,200 $10.30 $10.41 12,818 12,500 12,683 12,900 $10.12 $10.20 12,700 $10.02 12,276 $10.05
Slide 10: Updated Guidance (Continued)
Updated Guidance (Continued) Post divestures 2026 Well Lateral Length Q4 2026E FY 2027E Sales Volumes 70% > 1.5-mile Update Update 42% Total (Bo/d) 12,900 – 13,500 13,200 – 14,300 26% 1-mile 39% Total (Boe/d) 20,400 – 21,200 21,000 – 23,000 4% – Oil (%) 63% 63% Vertical Updated Guidance 19% Original
Slide 11: Meaningful Upside to Adjusted Free Cash Flow
Meaningful Upside to Adjusted Free Cash Flow1,2 2026 hedges support the development plan while unhedged and collar volumes give exposure to upside. Realized Price vs. After-Hedge Realized Price ($/Boe) Daily Hedge Volumes (Bbl/d)3 Realized Price After-Hedge Realized Price Swaps Collars Unhedged $80
Slide 12: Ring Energy's Strategic Advantage
Ring Energy’s Strategic Advantage A Leader Redefining Conventional Assets Through Unconventional Thinking & Modern Technology to Deliver Sustainable Returns A Proven Cash Flow Machine: Over 6 Consecutive Years of Positive AFCF1 Conventional Asset Advantage: Shallow Decline, High Margin and Long Life
Slide 13: Operational Improvements
Q3 2026 EARNINGS | NOVEMBER 6, 2026 OPERATIONAL IMPROVEMENTS www.ringenergy.com | NYSE American: REI 13
Slide 14: Operational Excellence
Operational Excellence Driving sustainable free cash flow through capital efficiency and ongoing reductions to operating costs. Reducing Hz D&C Cost Per Lateral Foot1 Structural Reduction in Monthly LOE $MM $10 $550 REI Legacy LRR $8 $500 ~6% reduction ~$1.8 Million Includes five 2-mi laterals YTD p
Slide 15: Significant Reduction in Cash Costs
Significant Reduction in Cash Costs Structural cost cutting initiatives expected to drive sustainable cash cost improvement through YE 2027. Cash Cost Savings ($ / BOE) Bridge 1. Operating Cost Actions • LOE optimization • Proactively renegotiate agreements to lower rates $22.35 ($0.53) • Reduce wel
Slide 16: Investing Today to Enhance Future Returns
Investing Today to Enhance Future Returns Infrastructure investments lower future development costs, improve well-level economics and enhance returns across future drilling programs. Upfront Infrastructure Investment Lower Development Costs and Improved Reliability Frac Pond Central Tank Batteries S
Slide 17: Strengthening the Business Through Cost Discipline
Strengthening the Business Through Cost Discipline Operational cost improvements continue to enhance margins and free cash flow generation. All-in Cash Operating Costs1 per Boe Q3 All-in Cash Op. Costs1 per Boe LOE Prod Tax GP&T / Other Interest Cash G&A $21.03 3% below Q2 2026 $3.41 $3.40 $3.19 $3.
Slide 18: Potential Catalysts for 2026 & Beyond
Potential Catalysts for 2026 & Beyond Organically Grow High-Quality Inventory and Reserves Further Strengthen Balance Sheet and Increase Financial Flexibility Ongoing Cost and Capital Efficiency Gains Substantial Upside, Proved Reserves Trading Discount and Increasing Commodity Prices 18 Ring Energy
Slide 19: Thank You
Q3 2026 EARNINGS | NOVEMBER 6, 2026 THANK YOU Ring Headquarters 1725 Hughes Landing Blvd Ste 900 The Woodlands, TX 77380 Phone: (281) 397-3699 Company Contact Analyst Coverage Sonu Singh Johl Alliance Global Partners (AGP) Bank of America Securities Mizuho Securities USA LLC (281) 397-3699 Poe Fratt
Slide 20: Appendix
Q3 2026 EARNINGS | NOVEMBER 6, 2026 APPENDIX www.ringenergy.com | NYSE American: REI
Slide 21: Oil Derivative Summary
Oil Derivative Summary As of November 5, 2026 Oil Hedges (WTI) Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Q2 2029 Q3 2029 Q4 2029 Q1 2030 Q2 2030 Swaps: Hedged volume (Bbl) 620,500 779,500 674,000 616,000 412,963 — — — — — — — — — — Weighted average swap price $
Slide 22: Gas Derivative Summary
Gas Derivative Summary As of November 5, 2026 Gas Hedges (Henry Hub) Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Q2 2029 Q3 2029 Q4 2029 Q1 2030 Q2 2030 NYMEX Swaps: Hedged volume (MMBtu) 1,072,305 439,678 423,035 1,079,906 1,046,151 1,012,567 984,322 956,865 931,
Slide 23: Non-GAAP Disclosure
Non-GAAP Disclosure Certain financial information included in this Presentation are not measures of financial performance recognized by accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are “Adjusted Net Income,” “Adjusted EBITDA,” “Adjusted Fr
Slide 24: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Net Income (Unaudited for All Periods) Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2026 2026 2025 2026 2025 Per Per Per Per Per share - share - share - share - share - Total diluted Total diluted Total dilute
Slide 25: Non-GAAP Reconciliations (cont.)
Non-GAAP Reconciliations (cont.) Adjusted EBITDA (Unaudited for All Periods) Three Months Ended Nine Months Ended September 30, June 30, March 31, December 31, September 30, September 30, September 30, 2026 2026 2026 2025 2025 2026 2025 Net income (loss) $ (16,600,229) $ 64,793,310 $ (220,591,482) $
Slide 26: Non-GAAP Reconciliations (cont.)
Non-GAAP Reconciliations (cont.) Adjusted Free Cash Flow (Unaudited for All Periods) Three Months Ended Nine Months Ended September 30, June 30, March 31, December 31, September 30, September 30, September 30, 2026 2026 2026 2025 2025 2026 2025 Net Cash Provided by Operating Activities $ 63,050,556
Slide 27: Non-GAAP Reconciliations (cont.)
Non-GAAP Reconciliations (cont.) Leverage Ratio (Current Period End) Leverage Ratio (Comparative Period End) (Unaudited) (Unaudited) Three Months Ended Three Months Ended Last Four Last Four December 31, March 31, June 30, September 30, Quarters December 31, March 31, June 30, September 30, Quarters
Slide 28: Non-GAAP Reconciliations (cont.)
Non-GAAP Reconciliations (cont.) Leverage Ratio (Summary of Other Periods) Consolidated Total Debt to LQA (Unaudited) Last Four Quarters Ended Consolidated EBITDAX September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Three Months Ended Consolidated EBITDAX Calculation
Slide 29: Non-GAAP Reconciliations (cont.)
Non-GAAP Reconciliations (cont.) Adjusted Cash Flow from Operations (ACFFO) Cash Return on Capital Employed (CROCE) As of and for the twelve months ended (Unaudited for All Periods) December 31, December 31, December 31, Three Months Ended Nine Months Ended 2025 2024 2023 September 30, June 30, Sept
Slide 30: Non-GAAP Reconciliations (cont.)
Non-GAAP Reconciliations (cont.) All-In Cash Operating Costs (Unaudited for All Periods) Three Months Ended Nine Months Ended Trailing Twelve Months Ended September 30, June 30, September 30, September 30, September 30, September 30, June 30, 2026 2026 2025 2026 2025 2026 2026 All-In Cash Operating