Company: REI
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023254
Chunk: 3

Company: RING ENERGY, INC.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 3
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 inflationary effect on our cost structure and also work to enhance our efficiency to minimize additional cost increases where possible.

35

Results of Operations

Oil, Natural Gas, and Natural Gas Liquids Revenues for the Three Months Ended March 31, 2025 and 2024

For the Three Months EndedMarch 31, 2025March 31, 2024Change% ChangeNet sales:Oil$76,505,050 $92,294,585 $(15,789,535)(17)%Natural gas(302,727)(818,235)515,508 63 %Natural gas liquids2,888,884 3,026,786 (137,902)(5)%Total sales$79,091,207 $94,503,136 $(15,411,929)(16)%Net production:Oil (Bbls)1,086,694 1,218,837 (132,143)(11)%Natural gas (Mcf)1,615,196 1,496,507 118,689 8 %Natural gas liquids (Bbls)299,366 263,802 35,564 13 %Total production (Boe)(1)1,655,259 1,732,057 (76,798)(4)%Average sales price:Oil (per Bbl)$70.40 $75.72 $(5.32)(7)%Natural gas (per Mcf)(0.19)(0.55)0.36 65 %Natural gas liquids (Bbl)9.65 11.47 (1.82)(16)%Total per Boe$47.78 $54.56 $(6.78)(12)%

(1) Boe is calculated using six Mcf of natural gas as the equivalent of one barrel of oil.

Oil sales. Oil sales decreased approximately $15.8 million from $92.3 million to $76.5 million, with a volume variance of $(10.0) million due to an decrease in sales volume from 1,218,837 barrels of oil to 1,086,694 barrels of oil, as well as a price variance of $(5.8) million from a decrease in the average realized price per barrel from $75.72 to $70.40. Of the decrease in volume of (132,143) barrels, 62% was related to a reduction in production in the