Company: REI
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023254
Chunk: 138

Company: RING ENERGY, INC.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 138
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 31, 2025 compared to $(0.55) per Mcf for the three months ended March 31, 2024.

Natural gas liquids sales. NGL sales slightly decreased by $0.1 million from $3.0 million to $2.9 million. NGL sales volumes for the three months ended March 31, 2025 were 299,366 barrels of NGLs compared to 263,802 barrels of NGLs for the comparable period in 2024. Of the increase in volume of 35,564 barrels, 128% was due to increased production in the Northwest Shelf while a reduction of 28% was due to lower production in the Central Basin Platform. The average realized price per barrel of NGLs decreased by $1.82 to $9.65 for the three months ended March 31, 2025 compared to $11.47 for the three months ended March 31, 2024, attributable to weaker market conditions. Specifically, the gross realized price per NGL barrel was $22.64 and the average fees per barrel was $(12.99), resulting in a net realized price of 

36

$9.65 for the three months ended March 31, 2025, while the gross realized price per NGL barrel was $21.40 and the average fees per barrel was $(9.93), resulting in a net realized price of $11.47 for the same period in 2024. 

Production Costs for the Three Months Ended March 31, 2025 and 2024

For the Three Months EndedMarch 31, 2025March 31, 2024Change% ChangeLease operating expenses ("LOE")$19,677,552 $18,360,434 $1,317,118 7 %Average LOE per Boe$11.89 $10.60 $1.29 12 %Gathering, transportation and processing costs ("GTP")$203,612 $166,054 $37,558 23 %Average GTP per Boe$0.12 $0.10 $0.02 20 %Ad valorem taxes$1,532,108 $2,145,631 $(613,523)(29)%Average Ad valorem taxes per Boe$0.93 $1.24 $(0.31)(25)%Oil and natural gas production taxes$