Company: REI
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038401
Chunk: 53

Company: RING ENERGY, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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 favorable market conditions. The realized revenue pricing includes the impact of gas plant processing fees that were netted from revenue. For the six months ended June 30, 2025, gross revenues were $1.35 per Mcf and fees were $(2.12) per Mcf, compared to gross revenues of $0.42 per Mcf and fees of $(1.67) per Mcf for the six months ended June 30, 2024. This resulted in a net realized price of $(0.77) for the six months ended June 30, 2025 compared to $(1.25) per Mcf for the six months ended June 30, 2024.

Natural gas liquids sales. NGL sales slightly decreased by approximately $0.8 million from $5.8 million to $5.0 million. NGL sales volumes for the six months ended June 30, 2025 were 632,740 barrels of NGLs compared to 568,250 barrels of NGLs for the comparable period in 2024. Of the increase in volume of 64,490 barrels, 20,603 was due to the Lime Rock Acquisition while the remaining 43,887 was  from legacy assets. The average realized price per barrel of NGLs decreased by $2.46 to $7.83 for the six months ended June 30, 2025 compared to $10.29 for the six months ended June 30, 2024, attributable to weaker market conditions. Specifically, the gross realized price per NGL barrel was $20.74 and the average fees per barrel was $(12.91), resulting in a net realized price of $7.83 for the six months ended June 30, 2025, while the gross realized price per NGL barrel was $20.37 and the average fees per barrel was $(10.08), resulting in a net realized price of $10.29 for the same period in 2024. 

45

Production Costs for the Three Months Ended June 30, 2025 and 2024

For the Three Months EndedJune 30, 2025June 30, 2024Change% ChangeLease operating expenses ("LOE")$20,245,981 $19,309,017 $936,964 5 %Average LOE per Boe$10.45 $10.72 $(0.27)(3)%Gathering, transportation and processing