Company: REI
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023254
Chunk: 76

Company: RING ENERGY, INC.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 76
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 which 10% or more of revenues were derived in the years noted.For the Three Months Ended March 31,20252024Purchasers with 10% or more percentage of total revenue (4)Phillips 66 Company ("Phillips")67%61%Concord Energy LLC13%13%LPC Crude III, LLC*12%NGL Crude Partners ("NGL Crude")10%10%(4) All the Company's purchasers are within the Exploration and Production operating segment.

* Represents less than 10% 

NOTE 14 — SUBSEQUENT EVENTSIn accordance with ASC Topic 855, Subsequent Events, the Company has evaluated all events subsequent to the balance sheet date of March 31, 2025, through the date these condensed financial statements were issued, May 7, 2025. The Company did not have any material subsequent events to report.

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Item 2:    Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with our accompanying condensed financial statements and the notes to those condensed financial statements included elsewhere in this Quarterly Report. The following discussion includes forward-looking statements that reflect our plans, estimates and beliefs and our actual results could differ materially from those discussed in these forward-looking statements as a result of many factors, including those discussed under “Risk Factors,” "Forward Looking Statements" and elsewhere in this Quarterly Report.

Overview

Ring Energy, Inc. (the "Company," "Ring," "we," "us," "our" and similar terms) is a growth oriented independent oil and natural gas exploration and production company based in The Woodlands, Texas engaged in oil and natural gas development, production, acquisition, and exploration activities currently focused in the Permian Basin in Texas. Our primary drilling operations target the oil and liquids rich producing formations in the Northwest Shelf and the Central Basin Platform, both of which are part of the Permian Basin.

Business Description and Plan of Operation

The Company is focused on balancing the need to reduce long-term debt and further developing our oil and gas properties to maintain or grow our annual production. We intend to achieve both through proper allocation of cash flow generated by our operations and potentially through the sale of non-core assets. We intend to continue evaluating potential transactions to acquire strategic producing assets with attractive acreage positions that can provide competitive returns for our stockholders.

•Growing production and reserves by developing our oil-rich resource base through conventional and horizontal drilling. In an effort to maximize its value and