Ring Energy, Inc. · AMEX:REI
Ring Energy — Q3 2025 Earnings Presentation
41 slides from Ring Energy's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 Earnings & Updated Guidance
Q3 2025 EARNINGS & UPDATED 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 - Independent Oil & Gas Company
Ring Energy - Independent Oil & Gas Company Focused on Conventional Permian Assets in Texas Q3 2025 Net Production 20,789 Boe/d (64% oil and 84% liquids) Yoakum 2024 SEC Proved Reserves1,2 Differentiated approach by 134 MMBoe/PV10 ~$1.5 Billion Gaines applying unconventional Proved Developed ~69% te
Slide 4: Q3 Performance versus Guidance
Q3 Performance versus Guidance ✓ Strong operational execution ✓ Continued Adjusted Free Cash Flow1 despite market volatility generation • 13,332 barrels of oil sold per day • Remained cash flow positive for the (near the mid-point of guidance) 24th consecutive quarter ($13.9 million Adjusted Free Ca
Slide 5: Q3 2025 Scorecard
Q3 2025 Scorecard Focused on Debt paydown ($20MM paid in Q3); Lime Rock acquisition closed end of Q1 2025 Oil Total All-in Cash Adjusted Realized Adjusted L Lifting Debt Leverage Sales Sales CapEx Operating Free Cash $/Boe EBITDA1 i Costs Balance Ratio3 Bo Boe Costs2 Flow1 Q3 2025 Q3 2025 Q3 2025 Q3
Slide 6: Improving Portfolio Led to Strength and Flexibility
Improving Portfolio Led to Strength and Flexibility Despite Lower Oil & Realized Product Prices- Proven Strategy Demonstrates Resilience and Enhanced FCF Commodity Prices ✓Add Size & Scale ✓Operational Excellence ✓ Generate Cash Flow Oil Realized $ per Bbl Sales MBoe/d Capex $MM Adjusted FCF4 $MM $8
Slide 7: Focused on Maximizing FCF in 2025 & Beyond
Focused on Maximizing FCF in 2025 & Beyond Outlook – High Margin, Low Decline, High Netback Assets Drive Success Through Volatile Oil Prices Pursue Operational Excellence & Maximizing 2025E AFCF1,2 Building Scale Total Sales FY’25E Oil Sales FY’25E $100 50% Mid-point ~20,100 Boe/d Mid-point ~13,300
Slide 8: Updated Guidance
Updated Guidance Q3 2025 Q3 2025 % FY 2025E FY 2025 CAPEX Allocation Sales Volumes Guidance Actuals Difference Guidance Land & Leasing Facilities & ESG 5% 2% Total (Bo/d) 12,850 – 13,850 13,100 – 13,500 Recompl & Workovers Mid Point (Bo/d) 13,350 13,332 0% ~13,300 33% $97 Total (Boe/d) 19,200 – 21,2
Slide 9: Distinguishing Attributes: What Makes Ring Different?
Distinguishing Attributes: What Makes Ring Different? Differentiated Approach by Applying Unconventional Technology and Thinking to Conventional Permian Assets ✓ Ring Conventional Assets Characteristics: Shallow Base Decline, High Netbacks (NRI> 79%), Long Life Wells (> 35 years) and Highly Oil Weig
Slide 10: Distinguishing Attributes: High Operating Margins
Distinguishing Attributes: High Operating Margins Ring’s Conventional Assets with High Netbacks Drive Strong Cash Operating Margins 2Q 2025 TTM Cash Operating Margin and Realized Pricing ($/Boe) Operational Excellence and Cost Control Drive $70 Profitability Cash Operating Margin Realized Pricing •
Slide 11: Enhanced Value for Stockholders
Enhanced Value for Stockholders Strong Performance since closing Lime Rock acquisition has Led to Improved Metrics and AFCF Production/Share Boe/Share All-in-Cash Operating Costs1 $/Boe Adjusted Free Cash Flow1 $/Boe 0.020 0.0186 $25 0.0184 $22.60 $10.03 0.018 $21.92 $10 0.016 $20 Up 57% Down 3% 0.0
Slide 12: Track Record of Strategic Consolidation
Track Record of Strategic Consolidation Four Acquisitions Since 2019 Increases Net Production by >3.0x Legend Acquisition Track Record Ring Energy Legacy ~20,000 Lime Rock Resources ▪ Ring’s pursuit of accretive, balance Founders Oil & Gas sheet enhancing acquisitions is a Stronghold Energy Operatin
Slide 13: Permian Basin – Conventional Opportunities
Permian Basin – Conventional Opportunities Focused on Consolidating Conventional Assets in the Central Basin Platform & Northwest Shelf Publics NWS Acquire accretive, balance sheet enhancing CBP & NWS assets Privates CBP/NWS Publics ✓ CBP & NWS remain the “shale era” underexplored CBP/NWS opportunit
Slide 14: Ring Trading at Discount Compared to Recent Transactions
Ring Trading at Discount Compared to Recent Transactions REI Suggested Valuation Using APA Divestiture and MNR Acquisition Valuation Metrics for CBP & NWS Assets Public and Private Buyers Paying Higher Valuation Multiples for Conventional Permian Assets MNR Permian Acquisition5 $3.00 Date Announced
Slide 15: REI Historical Price Performance
REI Historical Price Performance1 Price Performance Since January 1, 2021 $6 $120 $5 $100 $4 3.0 MM $80 warrants excercised 6.5 MM 4.5 MM warrants warrants excercised Warburg Pincus sells $3 exercised down 12.6 MM shares $60 14.5 MM warrants excercised Warburg Pincus sells Warburg Pincus sells down
Slide 16: Robust Value Proposition Through Commodity Price Cycles
Robust Value Proposition Through Commodity Price Cycles 2025 and Beyond Remaining focused on maximizing FCF generation to strengthen the balance sheet Strong Cash Operating margins help deliver superior results & helps manage risk in market downturns Disciplined capital program retains flexibility t
Slide 17: Financial Overview
Q3 EARNINGS & UPDATED GUIDANCE | NOVEMBER 7, 2025 FINANCIAL OVERVIEW www.ringenergy.com | NYSE American: REI
Slide 18: Historical Metrics
Historical Metrics Quarterly Analysis of AFCF1 Leverage Ratio (LTM)1 1.59x 1.66x 1.90x 2.05x 2.10x Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $54.0 $50.9 $51.5 $46.4 $47.7 $24.8 $13.9 $4.7 $5.8 $1.9 -$16.8 -$24.6 -$37.6 -$32.5 -$42.7 -$9.9 -$9.3 -$8.2 -$8.7 -$9.4 Realized $/Boe $48.24 $46.14 $47.78 $42
Slide 19: Reducing Debt & Increasing Liquidity
Reducing Debt & Increasing Liquidity Disciplined Capital Spending & Sustainably Generating AFCF RBL Balance & Adjusted Debt Paydown1 ($ Million) Liquidity2 ($ Million) RBL Balance ($MM) $500 $460 $240 $450 $428 $220 $400 $217 $428 $200 $208 RBL reduced from $600MM to $585MM $350 $385 $32 million pai
Slide 20: Competitive Value for Stockholders
Competitive Value for Stockholders Track Record of 3 Consecutive Years of Corporate Returns Above 15% Despite Drop in Commodity Prices Cash Return on Capital Employed1 Avg WTI $/Bbl & Avg Realized $/Boe (CROCE) % Strong CROCE % 25.0% $100.00 Avg Realized $94.90 $/Boe • Disciplined and successful cap
Slide 21: Asset Overview
Q3 EARNINGS & UPDATED GUIDANCE | NOVEMBER 7, 2025 ASSET OVERVIEW www.ringenergy.com | NYSE American: REI
Slide 22: Committed to Sustainable Success
Committed to Sustainable Success 2024 Sustainability Report Progressing our ESG Journey A Target Zero Day is a Day that Results in: Download Report PDF • Created ESG Task Force and established Target Zero 365 (TZ-365) Safety & Environmental Initiative in 2021 to Zero Company or monitor and guide the
Slide 23: Proved Reserves and Inventory
Proved Reserves1 and Inventory Reserves by Category (%) Reserves by PV-102 ($MM) Reserves by Product (%) Locations by Area3 19% NWS SEC YE 2024, excl. LRR 23% 21% 31% CBP-N REI Legacy ~134 $1,463 ~134 Penwell MMBoe MM MMBoe CBP-S 69% 60% 77% PD ~93 PUD ~42 PD $1,130 PUD $333 Oil Gas NGL 210+ PUDs, 2
Slide 24: Assets Overview
Assets Overview Deep Inventory of High-Return Drilling and Re-Completion Locations Select Recent New Drill Horizontal Well Results – Northwest Shelf Select Recent New Drill Vertical Well Results Peak IP Lateral Geological – Central Basin Platform Region Area Well Name 30 / 60 Oil (%) Length WI (%) (
Slide 25: LRR Acquisition Expands Legacy High-Return Area
LRR Acquisition Expands Legacy High-Return Area Continuing Our Transformation to a Scaled Conventional Permian Operator Legend Ring Energy Leasehold Transaction Summary ($MM) Asset Overview Lime Rock Resources ✓ Bolt-on acquisition of Lime Rock’s ✓ Closed on March 31, 2025 Shafter Lake and Midland F
Slide 26: Impact of Founders Acquisition
Impact of Founders Acquisition Performance Exceeded Initial Expectations REI Pro Forma – Post Closing Performance Founders Acquisition $75MM REI Net Prod. (MBoe/d) 1 REI Net Debt $MM $100 21.0 $450 Cash Due @ Close 16% growth to PF Net Debt reduced Eff date (Post Adj Close) company 20.1 over 5 qtrs
Slide 27: San Andres Horizontal Play Characteristics
San Andres Horizontal Play Characteristics Proven, Conventional, Top Tier Returns San Andres Hz Delaware Hz Midland Hz High ROR Oil Play ✓ ✓ ✓ • Permian Basin has produced >30 BBbl Low D&C Costs ✓ — San Andres accounts for ~40% Lower 1st Year Decline ✓ • Low D&C costs1 $2.2 - $3.3 MM per Hz well Low
Slide 28: Vertical Multi-Stacked Pay Characteristics
Vertical Multi-Stacked Pay Characteristics Proven, Conventional, Top Tier Returns CBP Vt Stack & Frac Delaware Hz Midland Hz High ROR Oil Play ✓ ✓ ✓ • Central Basin Platform has produced >15 BBboe Low D&C Costs ✓ — Vertical multi-stage fracs targeting legacy reservoirs that have been productive thro
Slide 29: Thank You
Q3 EARNINGS & UPDATED GUIDANCE | NOVEMBER 7, 2025 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@a
Slide 30: Appendix
Q3 EARNINGS & UPDATED GUIDANCE | NOVEMBER 7, 2025 APPENDIX www.ringenergy.com | NYSE American: REI
Slide 31: Financial Overview: Derivative Summary
Financial Overview Derivative Summary as of September 30, 2025 Oil Hedges (WTI) Gas Hedges (Henry Hub) Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Swaps: NYMEX Swaps: Hedged volume (Bbl) 241,755 608,350 577,101 171,4
Slide 32: Income Statement and Operational Stats
Income Statement and Operational Stats Income Statement Operational Stats (Unaudited) Three Months Ended Nine Months Ended (Unaudited) September 30, June 30, September 30, September 30, September 30, Three Months Ended Nine Months Ended 2025 2025 2024 2025 2024 September 30, June 30, September 30, S
Slide 33: Balance Sheet Statements of Cash Flows
(Unaudited) Balance Sheet September 30, 2025 December 31, 2024 (Unaudited) ASSETS Statements of Cash Flows Three Months Ended Nine Months Ended Current Assets September 30, June 30, September 30, September 30, September 30, Cash and cash equivalents $ 286,907 $ 1,866,395 2025 2025 2024 2025 2024 Acc
Slide 34: 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 35: 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, 2025 2025 2024 2025 2024 Per Per Per Per Per share - share - share - share - share - Total diluted Total diluted Total dilute
Slide 36: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted EBITDA (Unaudited for All Periods) Three Months Ended Nine Months Ended September September September 30, June 30, March 31, December 31, September 30, 30, 30, 2025 2025 2025 2024 2024 2025 2024 Net income (loss) $ (51,631,530) $ 20,634,887 $ 9,110,738 $ 5,657,519 $
Slide 37: 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, 2025 2025 2025 2024 2024 2025 2024 Net Cash Provided by Operating Activities $ 44,492,325
Slide 38: 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 39: Non-GAAP Reconciliations (cont.)
Non-GAAP Reconciliations (cont.) Leverage Ratio (Summary of Other Periods) (Unaudited) Last Four Quarters Ended September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 Consolidated EBITDAX Calculation: Net Income (Loss) $ (16,228,386) $ 69,281,568 $ 71,065,675 $ 67,470,3
Slide 40: 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 2024 2023 2022 September 30, June 30, Sept
Slide 41: 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, 2025 2025 2024 2025 2024 2025 2025 All-In Cash Operating