Ring Energy Announces Second Quarter 2025 Results and Updates Guidance

About this update from Ring Energy, Inc.

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(NYSE American: REI) (“Ring” or the “Company”) today reported operational and financial results for the second quarter of 2025 and updated guidance for the remainder of the year.","length":252,"tagName":"p"},{"type":"text","content":" Second Quarter 2025 Highlights ","length":30,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Sold record 14,511 barrels of oil per day (“Bo/d”), exceeding the mid point of guidance and record 21,295 barrels of oil equivalent per day (“Boe/d”) which was near the mid point of guidance;","length":191,"tagName":"p"}]},{"val":[{"type":"text","content":"Reported net income of $20.6 million, or $0.10 per diluted share, and Adjusted Net Income 1 of $11.0 million, or $0.05 per diluted share;","length":136,"tagName":"p"}]},{"val":[{"type":"text","content":"Recorded Adjusted EBITDA 1 of $51.5 million;","length":43,"tagName":"p"}]},{"val":[{"type":"text","content":"Incurred Lease Operating Expense (“LOE”) of $10.45 per Boe, 9% below the low end of guidance due to proactive efforts to reduce costs;","length":134,"tagName":"p"}]},{"val":[{"type":"text","content":"Invested $16.8 million in capital expenditures which was lower than the mid point of guidance and 48% lower than 1Q 2025;","length":121,"tagName":"p"}]},{"val":[{"type":"text","content":"Generated Adjusted Cash Flow from Operations 1 of $41.6 million and record Adjusted Free Cash Flow (“AFCF”) 1 of $24.8 million;","length":125,"tagName":"p"}]},{"val":[{"type":"text","content":"Remained cash flow positive for the 23 rd consecutive quarter, paid down $12 million of debt during the period, and had liquidity of $137.0 million at June 30, 2025;","length":169,"tagName":"p"}]},{"val":[{"type":"text","content":"Entered into a Third Amended and Restated Credit Agreement with a borrowing base of $585 million and an extended maturity of 34 months, to June 2029, supported by an 11-member banking syndicate; and","length":198,"tagName":"p"}]},{"val":[{"type":"text","content":"Reaffirmed production and capital expenditures guidance and lowered LOE per BOE guidance for the second half of 2025, provided 3Q 2025 guidance, and updated capital expenditures guidance for the full year 2025.","length":210,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1327,"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 are excited to announce our second quarter operational and financial performance and the results of our reduced capital spending initiatives. In response to the drop in oil prices that occurred early in the second quarter, we provided revised guidance reducing our second quarter and annual capital spending plans to reflect a year-over-year (“YOY”) reduction of 36% while maintaining 2% YOY production growth. Our Q2 results demonstrate that we are successfully executing this plan. With the benefit of our first full quarter operating the Lime Rock assets, our oil sales set a new Company record this quarter coming in near the high-end of guidance and our total sales on a Boe basis were near to the mid-point of guidance, also setting a new Company record.  We reduced our second quarter capex by 48% over the previous quarter which was near the low end of our revised Q2 guidance. Contributing to our success this quarter was the outperformance of our existing PDP assets and recently acquired Lime Rock assets as well as the robust performance of the new wells drilled and brought online so far this year. Thanks to the operational excellence of our team, we have continued to make progress reducing operating costs in this volatile commodity price environment. Our progress in this regard was evidenced by our lease operating expense of $10.45 per Boe in the quarter, which is below the low end of guidance which is why we reduced our LOE/Boe guidance by $0.50 for the last half of the year. As a result of our strong production, reduced capital expenditures, and reduced LOE, we generated a record of $24.8 million in Adjusted Free Cash Flow for the quarter despite an 11% reduction in realized pricing per Boe as compared to Q1. We are proud of the team and their efforts that led to these results and encouraged by the success and flexibility provided by our value-focused, proven strategy.  The results of our second quarter demonstrate the quality and resilience of our team and assets and the changes we implemented this quarter should allow us to pay down debt more aggressively than we have in previous quarters despite lower commodity prices.”","length":2257,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"Mr. McKinney concluded, “This quarter underscores a key strength of our value-focused, proven strategy, the ability to swiftly adapt to changing market conditions while delivering consistent shareholder value, even in low-price environments. Our focus on oil-rich assets with shallow declines, long lifespans, and low operating costs ensures resilience against commodity price volatility. Through a disciplined capital program that prioritizes high-return wells with low breakeven costs, we are more able to sustain production and liquidity. In higher-price markets, we balanced growth with improving the balance sheet; in today’s lower-price landscape, we are prioritizing debt reduction. For the second half of 2025, we will seek to maximize cash flow, control costs, and further strengthen our financial position.”","length":817,"tagName":"p"},{"type":"text","content":" Summary Results and Additional Key Items ","length":40,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"border-top:solid black 1pt;border-left:solid black 1pt;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"border-top:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;","val":[{"type":"text","content":" Q2 2025 ","length":7,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:center;vertical-align:middle;","val":[{"type":"text","content":" Q1 2025 ","length":7,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"border-top:solid black 1pt;border-bottom:solid black 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(1) A summary listing of the Company’s outstanding derivative positions at June 30, 2025 is included in the tables shown later in this release. For the remainder (July through December) of 2025, the Company has approximately 1.3 million barrels of oil (approximately 55% of oil sales guidance midpoint) hedged at an average downside protection price of $64.87 and approximately 1.5 billion cubic feet of natural gas (approximately 42% of natural gas sales guidance midpoint) hedged at an average downside protection price of $3.37. ","length":536,"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 June 30, 2025 was approximately $137.0 million. On June 30, 2025, the Company had $448 million in borrowings outstanding on its credit facility that has a current borrowing base of $585 million. This reflects a reduction of $12 million from the balance of $460 million at March 31, 2025. The Company is targeting continued debt reduction, dependent on market conditions, the timing and level of capital spending, and other considerations.","length":575,"tagName":"p"},{"type":"text","content":" Drilling and Completion Activity ","length":32,"tagName":"p"},{"type":"text","content":"In 2Q 2025, the Company drilled, completed, and placed on production two wells in the Central Basin Platform. This included one 1-mile horizontal well in Andrews County and one vertical well in Crane County, both with a working interest of 100%.","length":245,"tagName":"p"},{"type":"text","content":"The table below sets forth Ring’s drilling and completion activities in the first and second quarter of 2025:","length":109,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"max-width:11%;width:11%;min-width:11%;border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Quarter ","length":7,"tagName":"p","attribs":{}}]},{"style":"max-width:1%;width:1%;min-width:1%;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"max-width:46%;width:46%;min-width:46%;border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Area ","length":4,"tagName":"p","attribs":{}}]},{"style":"max-width:1%;width:1%;min-width:1%;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"max-width:20%;width:20%;min-width:20%;border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Wells Drilled ","length":13,"tagName":"p","attribs":{}}]},{"style":"max-width:1%;width:1%;min-width:1%;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"max-width:20%;width:20%;min-width:20%;border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Wells Completed ","length":15,"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":"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":"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":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"vertical-align:bottom;","val":[{"type":"text","content":"1Q 2025","length":7,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":"Northwest Shelf (Horizontal)","length":28,"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":"4","length":1,"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":[{"typ...

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