Ring Energy Announces First Quarter 2025 Results and Provides Updated 2025 Outlook

About this update from Ring Energy, Inc.

[{"type":"image","alt":"Ring Energy, Inc.","displaySize":"","headline":null,"caption":"Ring Energy, Inc.","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":80,"url":"https://media.zenfs.com/en/globenewswire.com/09153d463635a5846a69b2bf3ca43a1b"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/lvkfOe.mMarHf9TUbcw5Ww--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTExMjtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/09153d463635a5846a69b2bf3ca43a1b","width":300,"height":80}},"lazy":false},{"type":"text","content":"THE WOODLANDS, Texas, May 07, 2025 (GLOBE NEWSWIRE) -- Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today reported operational and financial results for first quarter 2025 and provided updated guidance for the second half of the year.","length":254,"tagName":"p"},{"type":"text","content":" First Quarter 2025 Highlights ","length":29,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Sold 12,074 barrels of oil per day (“Bo/d”) (> high end of guidance) and 18,392 barrels of oil equivalent per day (“Boe/d”) (> mid point of guidance);","length":156,"tagName":"p"}]},{"val":[{"type":"text","content":"Reported net income of $9.1 million, or $0.05 per diluted share, and Adjusted Net Income 1 of $10.7 million, or $0.05 per diluted share;","length":135,"tagName":"p"}]},{"val":[{"type":"text","content":"Recorded Adjusted EBITDA 1 of $46.4 million and Lease Operating Expense (“LOE”) of $11.89 per Boe (< mid point of guidance);","length":126,"tagName":"p"}]},{"val":[{"type":"text","content":"Invested $32.5 million in capital expenditures (within guidance, excluding acquisitions) that was 14% lower than 4Q 2024","length":120,"tagName":"p"}]},{"val":[{"type":"text","content":"Generated Adjusted Cash Flow from Operations 1 of $38.2 million and Adjusted Free Cash Flow (“AFCF”) 1 of $5.8 million;","length":117,"tagName":"p"}]},{"val":[{"type":"text","content":"Remained cash flow positive for the 22 nd consecutive quarter and had liquidity of $141.1 million at the end of the period;","length":122,"tagName":"p"}]},{"val":[{"type":"text","content":"Completed highly-accretive acquisition of Central Basin Platform (“CBP”) assets from Lime Rock Resources IV, LP (“Lime Rock’) on March 31, 2025 with operations to date exceeding expectations; and","length":195,"tagName":"p"}]},{"val":[{"type":"text","content":"Provided updated guidance for the remainder of 2025, which reflects more than a 47% decrease in capital spending from original guidance for time period 2Q to 4Q 2025.","length":166,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1137,"olType":false},{"type":"text","content":" Management Commentary ","length":21,"tagName":"p"},{"type":"text","content":"Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “We’re excited to kick off 2025 with a strong first quarter, showcasing the flexibility, resilience, and strength of our proven, value-focused strategy amid fluctuating oil prices. Our performance met or surpassed all guidance targets, driven by exceptional oil sales volumes. As shared earlier, this success stemmed from the outperformance of our newly drilled wells and the tireless dedication of our operations team, who kept our PDP assets running at peak efficiency. On the final day of the quarter, we closed the highly accretive acquisition of Lime Rock’s CBP assets, which are outperforming the forecasts originally used to value them, adding more value to our portfolio. To set the stage for this synergistic transaction, we strategically adjusted the timing of our drilling program and capital spending initiatives, optimizing our financial position and reinforcing our balance sheet. With this strong foundation, we’re poised to continue delivering value to our stockholders despite the uncertainties currently facing our industry.”","length":1127,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"Mr. McKinney concluded, “We have been looking forward to sharing more about our proactive approach to navigating the recent dip in oil prices, showcasing the strength of our value-focused strategy. As previously announced, we’ve strategically reduced our second quarter capital spending by over 50%, while maintaining our sales volume guidance. Looking ahead, our updated full-year guidance reflects a 36% reduction in capital spending with only a 5% reduction to sales volumes, made possible by the exceptional performance of both our existing and newly acquired assets so far this year. This represents a 2% increase of year-over-year total sales. Should oil prices rise later in the year, we’re positioned to accelerate our debt reduction efforts, channeling the benefits of higher prices into strengthening our balance sheet. This disciplined approach highlights our proven strategy. We’re committed to delivering value for our stockholders and are deeply grateful for your trust and investment in Ring Energy as we build a brighter, more resilient future together.”","length":1070,"tagName":"p"},{"type":"text","content":" Summary Results and Additional Key Items ","length":40,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"max-width:50%;width:50%;min-width:50%;border-top:solid black 1pt;border-left:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"max-width:10%;width:10%;min-width:10%;border-top:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" Q 1 2025 ","length":7,"tagName":"p","attribs":{}}]},{"style":"max-width:10%;width:10%;min-width:10%;border-top:solid black 1pt;border-bottom:solid black 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The weighted average natural gas price for 1Q 2025 reflects continued natural gas product takeaway constraints, which are being alleviated through additional third-party pipeline capacity. The average oil price differential the Company experienced from NYMEX WTI ("West Texas Intermediate") futures pricing in 1Q 2025 was a negative $0.89 per barrel of crude oil, while the average natural gas price differential from NYMEX futures pricing was a negative $3.81 per Mcf.","length":945,"tagName":"p"},{"type":"text","content":"Revenues were $79.1 million for 1Q 2025 compared to $83.4 million for 4Q 2024 and $94.5 million for 1Q 2024. The 5% decrease in 1Q 2025 revenues from 4Q 2024 was driven by a negative $7.3 million volume variance offset by a positive $3.0 million price variance.","length":261,"tagName":"p"},{"type":"text","content":" Select Expenses and Other Items ","length":31,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"max-width:50%;width:50%;min-width:50%;border-top:solid black 1pt;border-left:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"max-width:10%;width:10%;min-width:10%;border-top:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" Q 1 2025 ","length":7,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"max-width:10%;width:10%;min-width:10%;border-top:solid black 1pt;border-bottom:solid black 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1pt;vertical-align:bottom;","val":[{"type":"text","content":"Total","length":5,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"7","length":1,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"7","length":1,"tagName":"p","attribs":{}}]}]}],"length":305},{"type":"text","content":" Acquisition - CBP Assets of Lime Rock ","length":37,"tagName":"p"},{"type":"text","content":"During 1Q 2025, Ring completed the acquisition of CBP assets from Lime Rock. Those properties are located in the Permian Basin in Andrews County, Texas, and are focused on the development of approximately 17,700 net acres where the majority are similar to Ring’s existing CBP assets in the Shafter Lake area, and the remaining acreage exposes the Company to new active plays.","length":375,"tagName":"p"},{"type":"text","content":"The key transaction highlights include:","length":39,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Highly Accretive : ~2,300 Boe/d (>75% oil) of low-decline net production from ~101 gross wells;","length":97,"tagName":"p"}]},{"val":[{"type":"text","content":" Increased Scale and Operational Synergies : ~17,700 net acres (100% HBP) mostly contiguous to Ring’s existing footprint;","length":119,"tagName":"p"}]},{"val":[{"type":"text","content":" Meaningful AFCF Generation : Supported by $121 million of oil-weighted reserves (based on NYMEX strip pricing as of February 19, 2025; and","length":137,"tagName":"p"}]},{"val":[{"type":"text","content":" Strengthens High-Return Inventory Portfoli o: >40 gross locations that immediately compete for capital.","length":105,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":458,"olType":false},{"type":"text","content":"After taking into account preliminary purchase price adjustments, consideration for the acquisition consisted of:","length":113,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"A cash payment of approximately $63.6 million net of the $5.0 million deposit payment made in February;","length":103,"tagName":"p"}]},{"val":[{"type":"text","content":"$10.0 million deferred cash payment due on or about December 31, 2025; and","length":74,"tagName":"p"}]},{"val":[{"type":"text","content":"The issuance of approximately 6.5 million shares of common stock. ","length":65,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":242,"olType":false},{"type":"text","content":"The cash payment at closing on March 31, 2025 was funded with cash on hand and borrowings under Ring’s senior revolving credit facility.","length":136,"tagName":"p"},{"type":"text","content":" Balance Sheet and Liquidity ","length":27,"tagName":"p"},{"type":"text","content":"Total liquidity (defined as cash and cash equivalents plus borrowing base availability under the Company’s credit facility) at March 31, 2025 was approximately $141.1 million, consisting of $140.0 million of availability under Ring’s revolving credit facility, which included a reduction of $35 thousand for letters of credit, and $1.1 million in cash and cash equivalents. On March 31, 2025, the Company had $460 million in borrowings outstanding on its credit facility that has a current borrowing base of $600 million and reflects the draw on the revolving credit facility to fund the Lime Rock Acquisition. The Company is targeting continued debt reduction, dependent on market conditions, the timing and level of capital spending, and other considerations.","length":771,"tagName":"p"},{"type":"text","content":" Second Half of 2025 Sales Volumes, Capital Investment and Operating Expense Guidance ","length":84,"tagName":"p"},{"type":"text","content":"Ring’s 2025 development program has been updated to reflect a reduction in capital spending in response to the weakened price environment. For full year 2025, Ring now expects total capital spending of $85 million to $113 million (versus $138 million to $170 million previously disclosed). In addition to wells that the Company plans to drill and complete, the full year capital spending program includes funds for targeted well recompletions, capital workovers, infrastructure upgrades, reactivations, and leasing costs, as well as non-operated drilling, completion, capital workovers, and facility improvements.","length":613,"tagName":"p"},{"type":"text","content":"All projects and estimates are based on assumed WTI oil prices of $50 to $70 per barrel and Henry Hub prices of $3.00 to $4.00 per Mcf. As in the past, Ring has designed its spending program with flexibility to respond to changes in commodity prices and other market conditions as appropriate.","length":293,"tagName":"p"},{"type":"text","content":"Based on the $99 million midpoint of spending guidance, the Company continues to expect the following estimated allocation of capital, including:","length":145,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"61% for drilling, completion, and related infrastructure;","length":57,"tagName":"p"}]},{"val":[{"type":"text","content":"33% for recompletions and capital workovers;","length":44,"tagName":"p"}]},{"val":[{"type":"text","content":"4% for facility improvements (environmental and emission reducing upgrades); and","length":80,"tagName":"p"}]},{"val":[{"type":"text","content":"2% for land, non-operated capital, and other.","length":45,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":226,"olType":false},{"type":"text","content":"The guidance in the table below represents the Company's current good faith estimate of the range of likely future results. Guidance could be affected by the factors discussed below in the "Safe Harbor Statement" section.","length":235,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Q2 ","length":2,"tagName":"p","attribs":{}}]},{"style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 2H ","length":2,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"border-bottom:solid black 1pt;padding-left:0;padding-right:0;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 2025 ","length":4,"tagName":"p","attribs":{}}]},{"style":"border-bottom:solid black 1pt;padding-left:0;padding-right:0;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 2025 ","length":4,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"vertical-align:bottom;","val":[{"type":"text","content":" Sales Volumes: ","length":14,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"vertical-align:middle;text-align:left;padding-left:20.0px;vertical-align:bottom;","val":[{"type":"text","content":"Total Oil (Bo/d)","length":16,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"13,700 – 14,700","length":15,"tagName":"p","attribs":{}}]},{"style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"12,500 - 14,000","length":15,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"vertical-align:middle;text-align:left;padding-left:20.0px;vertical-align:bottom;","val":[{"type":"text","content":" Midpoint (Bo/d) ","length":15,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"padding-left:0;padding-right:0;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 14,200 ","length":6,"tagName":"p","attribs":{}}]},{"style":"padding-left:0;padding-right:0;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 13,250 ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"vertical-align:middle;text-align:left;padding-left:20.0px;vertical-align:bottom;","val":[{"type":"text","content":"Total (Boe/d)","length":13,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"20,500 – 22,500","length":15,"tagName":"p","attribs":{}}]},{"style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"19,000 - 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$12.50","length":15,"tagName":"p","attribs":{}}]},{"style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$11.50 - $12.50","length":15,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"vertical-align:middle;text-align:left;padding-left:20.0px;vertical-align:bottom;","val":[{"type":"text","content":" Midpoint (per Boe) ","length":18,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"padding-left:0;padding-right:0;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" $ 12.00 ","length":6,"tagName":"p","attribs":{}}]},{"style":"padding-left:0;padding-right:0;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" $ 12.00 ","length":6,"tagName":"p","attribs":{}}]}]}],"length":658},{"type":"text","content":" (1) In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted well recompletions, capital workovers, infrastructure upgrades, and well reactivations. Also included is anticipated spending for leasing acreage; and non-operated drilling, completion, capital workovers, and facility improvements. (2) Includes wells drilled, completed, and placed online.","length":418,"tagName":"p"},{"type":"text","content":" Conference Call Information ","length":27,"tagName":"p"},{"type":"text","content":"Ring will hold a conference call on Thursday, May 8, 2025 at 12:00 p.m. ET (11 a.m. CT) to discuss its 1Q 2025 operational and financial results. An updated investor presentation will be posted to the Company’s website prior to the conference call.","length":248,"tagName":"p"},{"type":"text","content":"To participate in the conference call, interested parties should dial 833-953-2433 at least five minutes before the call is to begin. Please reference the “Ring Energy 1Q 2025 Earnings Conference Call”. International callers may participate by dialing 412-317-5762. The call will also be webcast and available on Ring’s website at www.ringenergy.com under “Investors” on the “News & Events” page. An audio replay will also be available on the Company’s website following the call.","length":484,"tagName":"p"},{"type":"text","content":" About Ring Energy, Inc. ","length":23,"tagName":"p"},{"type":"text","content":"Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit www.ringenergy.com .","length":225,"tagName":"p"},{"type":"text","content":" Safe Harbor Statement ","length":21,"tagName":"p"},{"type":"text","content":"This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitation, statements with respect to the Company’s strategy and prospects. The forward-looking statements include statements about the expected future reserves, production, financial position, business strategy, revenues, earnings, costs, capital expenditures and debt levels of the Company, expected benefits to the Company and its stockholders from the Lime Rock Acquisition, and plans and objectives of management for future operations. Forward-looking statements also include assumptions and projections for second quarter and full year 2025 guidance for sales volumes, oil mix as a percentage of total sales, capital expenditures, operating expenses and the projected impacts thereon, and the number of wells expected to be drilled and completed. Forward-looking statements are based on current expectations and assumptions and analyses made by Ring and its management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities particularly in the winter; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base and interest rates under the Company’s credit facility; Ring’s ability to generate sufficient cash flows from operations to meet the internally funded portion of its capital expenditures budget; the impacts of hedging on results of operations; changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; cost and availability of transportation and storage capacity as a result of oversupply, government regulation or other factors; and Ring’s ability to replace oil and natural gas reserves. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including its Form 10-K for the fiscal year ended December 31, 2024, and its other SEC filings. 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