Company: REI
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001384195-25-000018
Chunk: 158

Company: RING ENERGY, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 158
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4, attributable to lower prices. Specifically, the gross realized price per NGL barrel was $19.53 and the average fees per barrel was $(12.68), resulting in a net realized price of $6.85 for the nine months ended September 30, 2025, while the gross realized price per barrel was $19.64 and the average fees per barrel was $(10.35), resulting in a net realized price of $9.29 for the same period in 2024. 

44

Production Costs for the Three Months Ended September 30, 2025 and 2024

For the Three Months EndedSeptember 30, 2025September 30, 2024Change% ChangeLease operating expenses ("LOE")$20,518,472 $20,315,282 $203,190 1 %Average LOE per Boe$10.73 $10.98 $(0.25)(2)%Gathering, transportation and processing costs ("GTP")$126,569 $102,420 $24,149 24 %Average GTP per Boe$0.07 $0.06 $0.01 17 %Ad valorem taxes$2,446,565 $2,164,562 $282,003 13 %Average Ad valorem taxes per Boe$1.28 $1.17 $0.11 9 %Oil and natural gas production taxes$3,670,987 $4,203,851 $(532,864)(13)%Average Production taxes per Boe$1.92 $2.27 $(0.35)(15)%Production taxes as a percentage of total sales4.67 %4.71 %(0.04)%(1)%

Lease operating expenses. Our total lease operating expenses (“LOE”) increased from $20.3 million to $20.5 million and decreased on a per Boe basis from $10.98 to $10.73. These per Boe amounts are calculated by dividing our total lease operating expenses by our total volume sold, in Boe. Total LOE increased primarily due to an 3% increase in production of 62,677 Boe as a result of the increased production and well count from the Lime Rock Acquisition as well as new wells drilled and completed in our development program. The primary cost drivers for the period were an increase of $0