Company: REI
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038401
Chunk: 135

Company: RING ENERGY, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 135
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9.3% during the six months ended June 30, 2024. Slightly offsetting this impact was higher amounts outstanding on our Credit Facility, with a weighted average daily debt of approximately $425.0 million during the six months ended June 30, 2025 compared to approximately $424.6 million during the six months ended June 30, 2024. Further offsetting was the increase in deferred financing costs recognized from the credit agreement modification.

Gain (loss) on derivative contracts. We recorded a gain on derivative contracts of $13.7 million for the six months ended June 30, 2025 and a loss on derivative contracts of $20.8 million for the six months ended June 30, 2024. For the derivative contract settlements, we recorded a realized gain of $0.1 million for the six months ended June 30, 2025 and a realized loss of $4.1 million for the six months ended June 30, 2024. The change of $4.2 million in the realized derivative gain (loss) was a result of more favorable settlements of crude oil derivative contracts during the current year. For the marked-to-market contracts, we recorded an unrealized gain of $13.6 million for the six months ended June 30, 2025 and an unrealized loss of $16.8 million for the six months ended June 30, 2024. This positive change in unrealized derivatives primarily was due to the changes in crude oil futures prices on derivative contracts in the Company's portfolio.

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Gain (loss) on disposal of assets. The Company's gain on disposal of assets increased by $190,210 from $89,693 to $279,903 with $182,945 of the increase from the sale of leased vehicles as well as $7,265 from more favorable sales of Company owned vehicles.

Other income. Other income increased $134,026 from $25,686 to $159,712 from due to an increase in income of $150,770 from a pipeline easement lease, offset by a reduction of $16,744 in income from the Company's charge card rebate program.

Provision for Income Taxes: for the Three Months Ended June 30, 2025 and 2024

For the Three Months EndedJune 30, 2025June 30, 2024Change% ChangeProvision for Income Taxes:Deferred federal income tax provision$(5,776,325)$(6,427,