Company: REI
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038401
Chunk: 117

Company: RING ENERGY, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 117
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71,621,840 

The following table discloses the purchasers from which 10% or more of revenues were derived in the years noted.For the Three Months Ended June 30,For the Six Months Ended June 30,2025202420252024Purchasers with 10% or more percentage of total revenue (4)Phillips 66 Company ("Phillips")65%62%66%61%Concord Energy LLC14%14%13%13%LPC Crude III, LLC*12%*12%NGL Crude Partners ("NGL Crude")*10%*10%Energy Transfer Crude Marketing11%***(4) All the Company's purchasers are within the Exploration and Production operating segment.

* Represents less than 10% 

NOTE 14 — SUBSEQUENT EVENTS

One Big Beautiful Bill Act – On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted, which, among other items, allows for 100% bonus depreciation on a permanent basis for property acquired after January 19, 2025. Further, the OBBBA basis for Code Section 163(j) net interest expense deduction is based on EBITDA (earnings before interest, taxes, depreciation and amortization) rather than EBIT (earnings before interest and taxes) for taxable years beginning after December 31, 2024, and any disallowed interest expense can be carried forward indefinitely. We do not anticipate these changes to have a material impact on our income tax provision. In accordance with ASC 740, the effect of a change in tax laws or rates is to be recognized at the date of enactment. As such, the impact of the OBBBA constitutes a non-recognized subsequent event. 

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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