Company: REI
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001384195-25-000018
Chunk: 52

Company: RING ENERGY, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 52
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 continue to closely monitor costs and take all reasonable steps to mitigate the inflationary effect on our cost structure and also work to enhance our efficiency to minimize additional cost increases where possible.

42

Results of Operations

Oil, Natural Gas, and Natural Gas Liquids Revenues for the Three Months Ended September 30, 2025 and 2024

For the Three Months EndedSeptember 30, 2025September 30, 2024Change% ChangeNet sales:Oil$78,884,753 $90,416,363 $(11,531,610)(13)%Natural gas(2,253,323)(3,859,603)1,606,280 42 %Natural gas liquids1,969,906 2,687,623 (717,717)(27)%Total sales$78,601,336 $89,244,383 $(10,643,047)(12)%Net production:Oil (Bbls)1,226,537 1,214,788 11,749 1 %Natural gas (Mcf)1,853,599 1,705,027 148,572 9 %Natural gas liquids (Bbls)377,141 350,975 26,166 7 %Total production (Boe)(1)1,912,611 1,849,934 62,677 3 %Average sales price:Oil (per Bbl)$64.32 $74.43 $(10.11)(14)%Natural gas (per Mcf)(1.22)(2.26)1.04 46 %Natural gas liquids (Bbl)5.22 7.66 (2.44)(32)%Total per Boe$41.10 $48.24 $(7.14)(15)%

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

Oil sales. Oil sales decreased approximately $11.5 million from $90.4 million to $78.9 million, driven by a price variance of $(12.4) million from a decrease in the average realized price per barrel from $74.43 to $64.32. This was offset by a volume variance of $0.9 million from an increase in sales volume from 1,214,788 barrels to 1,226,537 barrels. The increase in volume of 11,749 barrels