Company: REI
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038401
Chunk: 188

Company: RING ENERGY, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 7
Chunk 188
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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$(5,776,325)$(6,427,828)$651,503 10 %Current state income tax provision(147,461)(152,385)4,924 3 %Deferred state income tax provision(183,639)(240,272)56,633 24 %Provision for Income Taxes$(6,107,425)$(6,820,485)$713,060 10 %

Provision for income taxes. The provision for income taxes changed from a provision of $6.8 million for the three months ended June 30, 2024 to a provision of $6.1 million for the three months ended June 30, 2025. The provision for income taxes was calculated using the annual effective tax rate method based on our estimated earnings and estimated state and federal income taxes due for 2025, taking into account all applicable tax rates and laws.

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

For the Six Months EndedJune 30, 2025June 30, 2024Change% ChangeProvision for Income Taxes:Deferred federal income tax provision$(8,592,403)$(7,979,587)$(612,816)(8)%Current state income tax provision(283,854)(255,018)(28,836)(11)%Deferred state income tax provision(272,345)(314,766)42,421 13 %Provision for Income Taxes$(9,148,602)$(8,549,371)$(599,231)(7)%

Provision for income taxes. The provision for income taxes changed from a provision of $8.5 million for the six months ended June 30, 2024 to a provision of $9.