Ring Energy, Inc. · AMEX:REI
Ring Energy — Q4 2025 Earnings Presentation
31 slides from Ring Energy's earnings presentation, Mar 5, 2026
Slide 1: Q4 & FY 2025 Earnings, 2026 Guidance
Q4 & FY 2025 EARNINGS 2026 GUIDANCE 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 Secu
Slide 3: Ring Energy's Strategic Advantage
Ring Energy’s Strategic Advantage Proven Business Model with Low Decline, High Margin Assets that Produce Sustainable AFCF1 Through Cycles A Proven Cash Flow Machine: 25 Consecutive Quarters of AFCF Conventional Asset Advantage: High Margin, Shallow Decline and Long Life 10+ Years of Drilling Invent
Slide 4: Ring Energy – Transforming Conventional Assets
Ring Energy – Transforming Conventional Assets Applying Unconventional Perspectives with an Exploration Mindset Key Metrics 96k+ Net Acres Core Asset Advantages Q3 2025 Net Production 99% Operated 20,789 20.5 MBoe/d Boe/doil) (64% (64% oil and 84% liquids) Yoakum Q4 2025 Production ✓ Shallow Base De
Slide 5: Q4 2025 – Strong Operational Quarter
Q4 2025 – Strong Operational Quarter Beat on Production and Costs, Exceeded Debt Paydown Despite 14% QoQ Decrease in Realized $ per Boe ✓ Continued Adjusted Free Cash ✓ Continued Debt Pay Down Flow1 Generation • Paid down $8 million of debt plus an additional • 25th consecutive quarter of AFCF1 $10
Slide 6: FY 2025 – Maximizing Adjusted Free Cash Flow
FY 2025 – Maximizing Adjusted Free Cash Flow1 Grew AFCF1 to $50 Million Despite 18% Lower Realized Prices – Improved All Controllable Metrics ✓Enhanced AFCF1 ✓Operational Excellence ✓Add Size & Scale Record yearly AFCF YoY+15% Decreased cost structure, beat updated Record yearly sales, beat updated
Slide 7: FY 2025 – Operational Excellence
FY 2025 – Operational Excellence Driving Sustainable Free Cash Flow Through Lower Capital and Operating Costs Reducing Capital Spend $MM Reducing LOE $MM per Month REI Legacy LRR $10 ~$56 Million $154 improvement since original guidance ~$1.4 Million $8 per month savings Includes $6 $99 $98 Founders
Slide 8: Proved Reserves and Inventory
Proved Reserves1 and Inventory Long Life Assets With Scale and Cycle Resilient Free Cash Flow Generation: R/P 20+ Years Reserves by Category (%) Reserves by PV-102 ($MM) Reserves by Product (%) Reserve Extensions4 (MMBoe) 3 years of reserve 24% 22% 19% 20 replacement & extensions 32% 15 ~153 $1,318
Slide 9: High-Margin Assets with Multi-Zone Horizontal Upside
High-Margin Assets with Multi-Zone Horizontal Upside Unlocking Value Transitioning Proved Vertical Development to Multi-Bench Horizontal Locations 2025 Central Basin Northwest Geologic Target Formation CBP WPS CBP Hz NWS WPS Period “Stacked Pay Zones” Active Potential Active NWS Core Platform Shelf
Slide 10: Operational Discipline Delivered Higher AFCF
Operational Discipline Delivered Higher AFCF1 Business Execution Driving Growth And Stronger AFCF1 Despite ~18% Lower Realized Prices Commodity Prices ✓Additional Size & Scale ✓Operational Excellence Realized Oil $ per Bbl Sales MBoe/d Capex $MM $80 $22 $200 ✓ Cash Flow Generation $76.2 $74.9 Adjust
Slide 11: Focused on Maximizing Adjusted Free Cash Flow
Focused on Maximizing Adjusted Free Cash Flow1 Driving Success Through Volatile Oil Prices Building Scale & Pursuing Operational Excellence 2026E Adjusted Free Cash Flow2 $75MM Production (Boe/d) Essentially Flat YoY $50MM 20,253 20,150 • Winter storm negative $50 impact in Q1 is ~540 Boe/d $44 • No
Slide 12: Track Record of Enhancing Value for Stockholders
Track Record of Enhancing Value for Stockholders Scale, Measurable Performance and Long-Term Value Creation Production per Share Boe/Share Adjusted Free Cash Flow1 $/Boe $6.85 $6.78 0.0359 0.0361 $6.07 0.0339 Includes Founders Includes Acquisition LRR Acquisition 2023 2024 2025 2023 2024 2025 All-in
Slide 13: Permian's Premier Conventional Consolidator
Permian’s Premier Conventional Consolidator Ring is One of the Top Three Operators in the CBP & NWS – Uniquely Positioned to Lead Consolidation Publics Privates NWS CBP & NWS: Fragmented Ownership •1 CBP/NWS Publics Scale gives Ring the edge – As one of the largest operators in the CBP/NWS CBP & NWS
Slide 14: Potential Catalysts for 2026 & Beyond
Potential Catalysts for 2026 & Beyond Organically Grow High-Quality Inventory and Reserves Further Strengthen Balance Sheet Increase Financial Flexibility Ongoing Cost and Capital Efficiency Gains Substantial Upside with Increasing Commodity Prices 14 Ring Energy, Inc. Q4 & FY 2025 Earnings | March
Slide 15: Financial Overview
Q4 & FY 2025 EARNINGS | MARCH 5, 2026 FINANCIAL OVERVIEW www.ringenergy.com | NYSE American: REI
Slide 16: Updated Guidance
Updated Guidance Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2026 Sales Volumes Total Capex Comparison $MM Guidance Total (Bo/d) 12,100 – 12,500 12,450 – 13,450 12,750 – 13,750 12,800 – 13,800 12,500 – 13,400 $115 Mid Point (Bo/d) 12,300 12,950 13,250 13,300 12,950 Total (Boe/d) 19,100 – 19,600 19,400 – 21,0
Slide 17: REI Historical Price Performance
REI Historical Price Performance1 Price Performance Since January 1, 2021 $6 $120 $5 $100 $4 $80 3.0 MM warrants excercised 6.5 MM warrants 4.5 MM exercised warrants excercised $3 Warburg Pincus sells down 12.6 MM shares $60 14.5 MM warrants excercised Warburg Pincus sells down 4.4 MM shares Warburg
Slide 18: Historical Metrics
Historical Metrics Quarterly Analysis of Adjusted Free Cash Flow1 Leverage Ratio (LTM)1 1.66x 1.90x 2.05x 2.10x 2.20x Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Higher leverage is a result of the LRR Acquisition in Q2 2025 $50.9 $51.5 $46.4 $47.7 $24.8 $38.4 $13.9 $4.7 $5.8 $5.7 -$16.8 -$24.6 -$24.3 -$
Slide 19: Reducing Debt & Increasing Liquidity
Reducing Debt & Increasing Liquidity Disciplined Paying Down Debt and Improving Liquidity Since Closing LRR Acquisition RBL Balance & Debt Paydown1 Liquidity2 ($MM) RBL Balance ($MM) $500 $460 $217 $450 $208 RBL reduced from $194 $600MM to $585MM in $400 $420 Q2 2025 $179 $40 million paid $175 $350
Slide 20: Thank You
Q4 & FY 2025 EARNINGS | MARCH 5, 2026 THANK YOU Ring Headquarters 1725 Hughes Landing Blvd Ste 900 The Woodlands, TX 77830 Phone: (281) 397-3699 Company Contact Analyst Coverage Al Petrie Alliance Global Partners (AGP) (281) 975-2146 Poe Fratt (314) 719-6084 apetrie@ringenergy.com pfratt@allianceg.c
Slide 21: Appendix
Q4 & FY 2025 EARNINGS | MARCH 5, 2026 APPENDIX www.ringenergy.com | NYSE American: REI
Slide 22: Derivative Summary – Oil Hedges
Derivative Summary As of March 5, 2026 Oil Hedges (WTI) Q1 2026 Q2 2026 Q3 2026 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 Swaps: Hedged volume (Bbl) 260,741 622,601 263,400 529,000 509,500 492,000 432,000 412,963 — — — — — — — — Weighted
Slide 23: Derivative Summary – Gas Hedges
Derivative Summary As of March 5, 2026 Gas Hedges (Henry Hub) Q1 2026 Q2 2026 Q3 2026 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 NYMEX Swaps: Hedged volume (MMBtu) 1,165,628 600,016 1,072,305 439,678 423,035 1,079,906 1,046,151 1,012,567 9
Slide 24: 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 EBITDA,” “Adjusted Free Cash Flow” or “AFCF,
Slide 25: Non-GAAP Reconciliations – Adjusted Net Income
Non-GAAP Reconciliations Adjusted Net Income (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024 Per share - Per share - Per share - Per share - Per share - Total diluted Total diluted Total dil
Slide 26: Non-GAAP Reconciliations – Adjusted EBITDA
Non-GAAP Reconciliations (continued) Adjusted EBITDA (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2025 2025 2025 2025 2024 2025 2024 Net Income (Loss) $ (12,845,294) $ (51,631,530) $ 20,634,887
Slide 27: Non-GAAP Reconciliations – Adjusted Free Cash Flow
Non-GAAP Reconciliations (continued) Adjusted Free Cash Flow (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2025 2025 2025 2025 2024 2025 2024 Net Cash Provided by Operating Activities $ 44,688,8
Slide 28: Non-GAAP Reconciliations – Leverage Ratio
Non-GAAP Reconciliations (continued) Leverage Ratio (Current Period End) Leverage Ratio (Comparative Period End) (Unaudited) (Unaudited) Three Months Ended Three Months Ended March 31, June 30, September 30, December 31, Last Four March 31, June 30, September 30, December 31, Last Four 2025 2025 202
Slide 29: Non-GAAP Reconciliations – Leverage Ratio, Other Periods
Non-GAAP Reconciliations (continued) Leverage Ratio (Summary of Other Periods) (Unaudited) Twelve Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Consolidated EBITDAX Calculation: Net Income (Loss) $ (34,731,199) $ (16,228,386) $ 69,281,568 $ 71,065,6
Slide 30: Non-GAAP Reconciliations – ACFFO and CROCE
Non-GAAP Reconciliations (continued) Adjusted Cash Flow from Operations (ACFFO) Cash Return on Capital Employed (CROCE) As of and for the twelve months ended (Unaudited for All Periods) Three Months Ended Twelve Months Ended December 31, December 31, December 31, December September December December
Slide 31: Non-GAAP Reconciliations – All-In Cash Operating Costs
Non-GAAP Reconciliations (continued) All-In Cash Operating Costs Current Ratio (Unaudited for All Periods) Three Months Ended Twelve Months Ended As of December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024 December 31, All-In Cash Operating Costs: 2025 Lease oper