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- **Resilient Operations**: Exceeded BOE guidance with $10.73/BOE lifting costs, down 3% QoQ. 
- **Debt Reduction**: $20M debt paydown (vs. $2M guide), targeting 2.1x leverage ratio. 
- **Hedging Strength**: 53% oil hedged at $62.08, mitigating price risk. 
- **Growth Strategy**: Organic inventory build for future expansion, avoiding acquisitions due to leverage. 
- **Financial Focus**: Debt reduction prioritized over dividends, with potential asset sales for additional paydown.

**【Management Opening Remarks】**
- Al Petrie provided procedural instructions and highlighted the availability of the updated corporate presentation. He emphasized forward-looking statements and risks, including commodity price volatility and leverage ratio management.

**【CEO Summary Section】**
- **Operational Resilience**: Achieved 13,332 barrels of oil per day (BOE) and 20,789 BOE per day, above midpoint guidance, driven by new wells and cost-cutting (lifting costs $10.73/BOE). 
- **Cash Flow & Debt Reduction**: Generated $13.9M adjusted free cash flow, reducing debt by $20M (vs. $2M guidance). 
- **Strategic Focus**: Prioritizes balance sheet strength (leverage ratio 2.1x) over acquisitions, with potential organic growth through undeveloped inventory.
- **Market Position**: Undervalued stock and focus on debt reduction over dividends or buybacks.

**【CFO Financial Commentary】**
- **Revenue & Pricing**: $78.6M revenue, with oil prices $64.32/BOE (3% higher QoQ), offset by 16% NGL price decline. 
- **Cost Efficiency**: LOE $10.73/BOE (below $11-$12 guidance), G&A $6.5M (up due to executive separation costs). 
- **Financial Metrics**: Net loss $51.6M (due to $72.9M impairment), adjusted EBITDA $47.7M. 
- **Hedging**: 53% oil and 33% gas hedged for Q4, with $62.08 oil floor price. 
- **Guidance Update**: Full year 2025 BOE 19,800-20,400, cost $10.95-$11.25/BOE.

**【Q&A Key Highlights】**
- **Balance Sheet Strategy**: Exploring terming revolver, but RBL remains lowest cost. 
- **Service Costs**: Pressure on service costs expected to continue, with savings from operational efficiency. 
- **Debt Reduction**: Q4 target $10M (excluding $10M Lime Rock payment), potential $20M if non-op asset sold. 
- **Organic Growth**: Focusing on undeveloped inventory in Central Basin Platform, with deeper benches for future wells. 
- **Stock Performance**: Undervalued relative to peers, with potential re-rating as leverage improves.

Ring Energy, Inc. (REI) Q3 2025 Earnings Call Transcript

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