Company: REI
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038401
Chunk: 136

Company: RING ENERGY, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 136
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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 $9.1 million for the six 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. 

53

Liquidity and Capital Resources

As of June 30, 2025, we had cash on hand of $0.0 million, compared to $1.9 million as of December 31, 2024. We strive to keep our cash balance as low as possible to minimize our outstanding debt and associated interest. At certain times we reflect a zero book balance while utilizing the float on outstanding checks. We had net cash provided by operating activities