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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

REI

REI fundamentals

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