Ring Energy, Inc. (REI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la exploración energética, Ring Energy, Inc. (REI) surge como una potencia estratégica en la cuenca del Pérmico, transformando la extracción de hidrocarburos a través de innovador modelado de negocios y destreza tecnológica. Con Reservas significativas de petróleo y gas Y un enfoque centrado en el láser para la producción eficiente, REI navega por el complejo panorama del desarrollo del petróleo al aprovechar las técnicas de perforación avanzada, las asociaciones estratégicas y el compromiso con las soluciones de energía sostenible. Esta profunda inmersión en el lienzo de modelo de negocio de Ring Energy revela un plan sofisticado que posiciona a la compañía a la vanguardia de la exploración moderna de petróleo y gas, prometiendo un valor potencial para inversores y mercados energéticos por igual.

Ring Energy, Inc. (REI) - Modelo de negocio: asociaciones clave

Asociaciones de empresas conjuntas con compañías de exploración de petróleo y gas

A partir de 2024, Ring Energy tiene empresas conjuntas estratégicas con las siguientes compañías:

Empresa asociada	Detalles de la asociación	Enfoque geográfico
Exploración de Brigham	Compartir la superficie de la cuenca de Delaware	Nuevo Méjico
Recursos permisos	Colaboración de derechos minerales	Texas

Acuerdos de derechos minerales

Ring Energy mantiene acuerdos de derechos minerales en las regiones clave:

• Texas: 24,000 acres netos en los condados de Andrews y Gaines
• Nuevo México: 16,500 acres netos en el condado de Lea

Asociaciones financieras

Las asociaciones financieras incluyen:

Institución financiera	Línea de crédito	Cantidad
JPMorgan Chase	Facilidad de crédito giratorio	$ 250 millones
Wells Fargo	Línea de capital de trabajo	$ 100 millones

Proveedores de tecnología y equipos

Asociaciones clave de equipos y tecnología:

• Schlumberger: tecnología de perforación
• Halliburton: Servicios de fracturación hidráulica
• Baker Hughes: Equipo de finalización de pozo

Ring Energy, Inc. (REI) - Modelo de negocio: actividades clave

Exploración y producción de petróleo y gas natural

A partir del cuarto trimestre de 2023, las reservas probadas de Ring Energy fueron 55.3 millones de barriles de aceite equivalente (MMBOE), con un 93% ubicado en la plataforma de cuenca central de la cuenca del Pérmico.

Métrica de producción	Q4 2023 Datos
Producción diaria promedio	22,300 barriles de aceite equivalente por día (BOEPD)
Producción de petróleo	13,100 barriles por día
Producción de gas natural	54.5 millones de pies cúbicos por día

Operaciones de perforación y fractura hidráulica

En 2023, Ring Energy ejecutó un programa de perforación integral centrado en la cuenca del Pérmico.

• Gastos de capital total para perforación: $ 245 millones
• Número de pozos de red perforados: 47 pozos
• Profundidad promedio de perforación: 10,500 pies

Adquisición y desarrollo de activos en la cuenca Pérmica

El enfoque estratégico de Ring Energy permanece en la cuenca del Pérmico, con una concentración geográfica específica.

Ubicación del activo	Superficie en acres	Acres netos
Plataforma de cuenca central	29,000 acres	25,700 acres netos
Cuenca de Delaware	15,000 acres	13,500 acres netos

Gestión y optimización de los embalses

Ring Energy emplea técnicas avanzadas de gestión de yacimientos para maximizar la eficiencia de extracción.

• Mejora del factor de recuperación: 2-3% año tras año
• Técnicas mejoradas de recuperación de petróleo implementadas en el 60% de las zonas operativas
• Tasa de éxito de perforación horizontal: 95%

Innovación tecnológica continua en técnicas de extracción

Inversión en avances tecnológicos para mejorar la eficiencia operativa.

Inversión tecnológica	2023 Gastos
Imágenes sísmicas avanzadas	$ 12.5 millones
Herramientas de exploración de inteligencia artificial	$ 8.3 millones
Tecnología de perforación horizontal	$ 15.7 millones

Ring Energy, Inc. (REI) - Modelo de negocio: recursos clave

Reservas significativas de petróleo y gas en la cuenca del Pérmico

Al 31 de diciembre de 2022, Ring Energy informó:

Categoría de reserva	Cantidad	Unidad
Reservas totales probadas	50.2	Millones de barriles de aceite equivalente (MMBOE)
Reservas desarrolladas probadas	34.4	Mmboe
Reservas no desarrolladas probadas	15.8	Mmboe

Equipo avanzado de perforación y extracción

Los activos clave del equipo incluyen:

• 7 plataformas de perforación
• 12 plataformas de trabajo
• Capacidades de perforación horizontal múltiples

Ingeniería de petróleo experto y experiencia geológica

Composición de la fuerza laboral técnica:

Categoría profesional	Número de empleados
Ingenieros de petróleo	32
Geólogos	18
Especialistas de embalses	14

Fuerte capital financiero y capacidad de inversión

Recursos financieros a partir del tercer trimestre 2023:

• Activos totales: $ 1.2 mil millones
• Efectivo y equivalentes de efectivo: $ 42.3 millones
• Capacidad de endeudamiento: Capacidad de crédito renovable de $ 250 millones

Tierras estratégicas y tenencias de derechos minerales

Cartera actual de tierras y derechos minerales:

Ubicación	Superficie en acres	Acres netos
Cuenca de Delaware	27,600	19,400
Plataforma de cuenca central	15,300	10,700

Ring Energy, Inc. (REI) - Modelo de negocio: propuestas de valor

Producción de hidrocarburos de alta calidad en la cuenca Pérmica

A partir del cuarto trimestre de 2023, la energía del anillo demostró reservas probadas de aproximadamente 62.4 millones de barriles de aceite equivalente (BOE), con una composición de petróleo del 89% en la cuenca del Pérmico.

Métrica de producción	2023 rendimiento
Producción diaria promedio	19,800 boe por día
Porcentaje de petróleo	89%
Reservas probadas	62.4 millones de boe

Extracción eficiente y rentable de petróleo y gas

La eficiencia operativa de Ring Energy se demuestra a través de métricas financieras clave:

• Arrendamiento de gastos operativos de $ 8.47 por BOE en 2023
• Costos de búsqueda y desarrollo de $ 15.64 por boe
• Gasto total de capital de $ 180.3 millones en 2023

Compromiso con el desarrollo de energía sostenible y responsable

Métrica de sostenibilidad	2023 rendimiento
Objetivo de reducción de gases de efecto invernadero	15% de reducción planificada para 2025
Tasa de reciclaje de agua	62% del agua producida reciclada

Potencial para rendimientos atractivos para los accionistas

Destacado de rendimiento financiero para 2023:

• Ingresos: $ 466.2 millones
• Ingresos netos: $ 124.7 millones
• Flujo de efectivo libre: $ 203.6 millones

Aprovechando capacidades tecnológicas avanzadas

Métricas de inversión tecnológica:

• Técnicas avanzadas de perforación horizontal en los condados de Andrews y Gaines, Texas
• Longitud lateral promedio: 10,200 pies
• Inversión en I + D de tecnología: $ 12.4 millones en 2023

Ring Energy, Inc. (REI) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con compradores de energía

Al 31 de diciembre de 2023, Ring Energy mantuvo 12 acuerdos activos de compra a largo plazo con compañías de energía regional. Duración promedio del contrato: 5.2 años. Volumen total contratado: 18,500 barriles por día.

Tipo de contrato	Número de contratos	Duración promedio
Compra de energía a largo plazo	12	5.2 años

Ventas directas a refinerías y mercados de comercio de energía

En 2023, la energía de anillo ejecutada Transacciones de ventas directas con 7 refinerías primarias y 3 plataformas de comercio de energía. Volumen total de ventas directas: 6.2 millones de barriles.

• Refinerías servidas: 7
• Plataformas de comercio de energía: 3
• Volumen anual de ventas directas: 6.2 millones de barriles

Relaciones con inversores e informes financieros transparentes

Energía de anillo realizada 4 llamadas de ganancias trimestrales En 2023, con 87% de participación institucional de los inversores. Métricas de comunicación de inversores:

Métrico	Valor
Llamadas de ganancias trimestrales	4
Tasa de participación del inversor	87%

Compromiso con las comunidades locales en las regiones operativas

Ring Energy Invertida $ 1.2 millones en programas de desarrollo comunitario en las regiones operativas de Texas y Nuevo México en 2023.

• Inversión comunitaria: $ 1.2 millones
• Regiones primarias: Texas, Nuevo México

Servicio al cliente receptivo en adquisición de energía

Rendimiento del servicio al cliente para la adquisición de energía en 2023:

Métrico de servicio	Actuación
Tiempo de respuesta promedio	2.4 horas
Tasa de satisfacción del cliente	92%

Ring Energy, Inc. (REI) - Modelo de negocio: canales

Ventas directas a los mercados de energía

A partir del cuarto trimestre de 2023, los canales de ventas directos de Ring Energy se centraron en la producción de petróleo crudo y gas natural desde la cuenca de Delaware en Texas y Nuevo México. Volumen de producción total: 15,310 barriles de aceite equivalente por día (BOE/D).

Canal de ventas	Volumen (Boe/D)	Porcentaje de ingresos
Ventas de petróleo crudo	10,720	70%
Ventas de gas natural	4,590	30%

Plataformas de comercio de productos básicos

Ring Energy utiliza múltiples plataformas de comercio de productos básicos para ventas de productos de energía.

• Nymex WTI Futuros de petróleo crudo
• Nymex Henry Hub Futuros de gas natural
• Plataformas de intercambio intercontinental (ICE)

Relaciones de inversión a través de mercados financieros

Listado de la Bolsa Americana de NYSE: Ticker Rei

Métrica del mercado financiero	Valor	Fecha
Capitalización de mercado	$ 387.2 millones	Enero de 2024
Volumen comercial diario promedio	512,000 acciones	P4 2023

Plataformas digitales para la comunicación de los inversores

Los canales de comunicación de inversores digitales incluyen:

• Sitio web corporativo: www.ringenergy.com
• Plataforma de archivos de Sec Edgar
• Correo electrónico de relaciones con los inversores: ir@ringenergy.com

Conferencias de la industria y redes del sector energético

Redes clave y participación en la conferencia en 2023-2024:

Conferencia	Ubicación	Fecha
Petróleo & Conferencia de gas	Denver, CO	Agosto de 2023
Conferencia de Energía Hart	Houston, TX	Noviembre de 2023

Ring Energy, Inc. (REI) - Modelo de negocio: segmentos de clientes

Refinerías de petróleo

A partir del cuarto trimestre de 2023, Ring Energy sirve refinerías de petróleo en la cuenca del Pérmico, específicamente dirigida a las regiones del oeste de Texas y Nuevo México.

Tipo de refinería	Suministro de petróleo anual (barriles)	Valor de contrato
Grandes refinerías regionales	1.2 millones	$ 87.4 millones
Refinerías de tamaño mediano	650,000	$ 42.6 millones

Empresas de comercio de energía

Ring Energy proporciona volúmenes de petróleo crudo a las plataformas de comercio de energía.

• Volumen de producción diaria: 16,250 barriles
• Valor anual del contrato de negociación: $ 129.3 millones
• Major socios comerciales: 7 empresas comerciales nacionales de energía

Inversores institucionales y minoristas

La base de inversores de Ring Energy a partir de enero de 2024:

Categoría de inversionista	Número de inversores	Inversión total
Inversores institucionales	82	$ 215.6 millones
Inversores minoristas	12,450	$ 47.3 millones

Consumidores de energía industrial

Segmentos clave de clientes industriales para la energía del anillo:

• Sector de fabricación: 35% de la base de clientes industriales
• Industrias petroquímicas: 28% de la base de clientes industriales
• Suministro anual de energía industrial: 4.8 millones de barriles
• Valor total del contrato industrial: $ 312.7 millones

Mercados energéticos regionales y nacionales

Estadísticas de penetración del mercado para la energía del anillo:

Segmento de mercado	Cuota de mercado	Ingresos anuales
Mercado regional de Texas	6.2%	$ 187.5 millones
Mercado regional de Nuevo México	4.7%	$ 142.3 millones
Mercado de la energía nacional	1.3%	$ 76.9 millones

Ring Energy, Inc. (REI) - Modelo de negocio: Estructura de costos

Gastos de exploración y perforación

Para el año fiscal 2023, Ring Energy reportó gastos totales de exploración y perforación de $ 78.3 millones. El desglose detallado incluye:

Categoría de gastos	Monto ($)
Costos de encuesta sísmica	12.5 millones
Operaciones de perforación	45.2 millones
Consultoría geológica	6.8 millones
Bien registro	13.8 millones

Inversiones de equipos y tecnología

Los gastos de capital para equipos y tecnología en 2023 totalizaron $ 92.6 millones, con la siguiente asignación:

• Rigs de perforación: $ 37.4 millones
• Equipo de producción: $ 28.9 millones
• Sistemas de monitoreo digital: $ 15.3 millones
• Tecnología de mantenimiento: $ 11 millones

Adquisición de derechos de tierras y minerales

Energía de anillo gastada $ 45.2 millones sobre la adquisición de derechos de tierra y minerales en 2023, centrándose en:

• Agua de la cuenca de Delaware: $ 28.6 millones
• Derechos adicionales de la región Pérmica: $ 16.6 millones

Costos operativos y de mantenimiento

Categoría de gastos operativos	Costo anual ($)
Operaciones de campo	62.7 millones
Mantenimiento del equipo	24.3 millones
Transporte y logística	18.5 millones
Trabajo y personal	41.2 millones

Cumplimiento y gastos de gestión ambiental

Los costos de cumplimiento ambiental y regulatorio para 2023 fueron $ 15.6 millones, incluido:

• Evaluaciones de impacto ambiental: $ 4.2 millones
• Monitoreo de emisiones: $ 3.8 millones
• Informes regulatorios: $ 2.6 millones
• Remediación y restauración: $ 5 millones

Ring Energy, Inc. (REI) - Modelo de negocio: flujos de ingresos

Ventas de petróleo crudo

A partir del tercer trimestre de 2023, Ring Energy reportó una producción total de petróleo de 5.428 barriles por día. El precio promedio de petróleo crudo realizado fue de $ 76.48 por barril.

Métrico	Valor	Período
Producción total de petróleo	5.428 barriles por día	P3 2023
Precio de petróleo realizado	$ 76.48 por barril	P3 2023

Ingresos de producción de gas natural

La producción de gas natural para la energía del anillo en el tercer trimestre de 2023 fue de 6.6 millones de pies cúbicos por día, con un precio promedio realizado de $ 2.73 por mil pies cúbicos.

Métrico	Valor	Período
Producción de gas natural	6.6 millones de pies cúbicos por día	P3 2023
Precio de gas realizado	$ 2.73 por mil pies cúbicos	P3 2023

Ingresos de arrendamiento de derechos minerales

Ring Energy posee aproximadamente 99,000 acres netos en la cuenca de Delaware. El ingreso de arrendamiento varía según la superficie y las condiciones del mercado.

Contratos de cobertura y derivados financieros

A partir del tercer trimestre de 2023, Ring Energy tenía contratos de cobertura que cubrían:

• 3.000 barriles de petróleo por día a $ 74.05 Precio promedio
• 5,000 mmbtu de gas natural por día a $ 3.45 Precio promedio

Oportunidades potenciales de venta y desarrollo de activos

Ring Energy reportó ingresos totales de $ 77.8 millones en el tercer trimestre de 2023, con potencial de ingresos adicionales a través de la gestión estratégica de activos.

Métrica financiera	Valor	Período
Ingresos totales	$ 77.8 millones	P3 2023

Ring Energy, Inc. (REI) - Canvas Business Model: Value Propositions

You're looking at the core strengths Ring Energy, Inc. (REI) offers its stakeholders, which really boil down to disciplined operations and financial resilience, especially when commodity prices get choppy. The value proposition centers on the quality of the assets and the management's focus on converting that quality into tangible cash flow and balance sheet strength.

The asset base itself is a major draw. Ring Energy, Inc. focuses on conventional Permian assets characterized by a Shallow Base Decline rate and Long Life Wells estimated to last > 35 years. This profile is key because it means the cash flow generated is more predictable and less reliant on constant, high-cost drilling just to keep production flat.

This operational profile supports the high-margin aspect of the business. In Q3 2025, the production mix was heavily weighted toward higher-value products, with oil accounting for 64% of the daily volume, and the total liquids mix reaching approximately 84% of the total production of 20,789 Boe/d. This focus on liquids helps drive better netbacks.

The direct result of this operational discipline and asset quality is consistent cash generation. Ring Energy, Inc. remained cash flow positive for the 24th consecutive quarter, posting $13.9 million in Adjusted Free Cash Flow (AFCF) for the third quarter of 2025. That AFCF generation is a direct value proposition for capital providers.

Here's a quick look at the key Q3 2025 operational and financial metrics that underpin this value:

Metric	Value (Q3 2025)	Context
Adjusted Free Cash Flow (AFCF)	$13.9 million	Enabled debt paydown and liquidity maintenance.
Lease Operating Expense (LOE)	$10.73 per Boe	2% below the low end of recently lowered guidance.
Debt Reduction	$20 million paid down	Exceeded quarterly guidance by $2 million.
Liquidity (As of 9/30/2025)	$157.3 million	Comprised of $157.0 million in credit facility availability.
Oil Production Mix	64% of total production	Highlights the oil-rich nature of the asset base.

Financial stability is further cemented by proactive risk management, specifically through hedging. Ring Energy, Inc. uses derivatives to protect near-term cash flows from adverse price movements. For the final part of 2025 (October through December), the company had:

• Approximately 0.6 million barrels of oil hedged at an average downside protection price of $62.08.
• Approximately 0.6 billion cubic feet of natural gas hedged at an average downside protection price of $3.27.

This hedging program provides a floor for a significant portion of expected sales, helping to ensure the continued generation of AFCF and supporting the debt reduction trajectory. Finance: draft 13-week cash view by Friday.

Ring Energy, Inc. (REI) - Canvas Business Model: Customer Relationships

You're looking at Ring Energy, Inc. (REI) and how they manage the crucial link with the entities buying their product. This is all about consistent delivery and managing the price exposure that comes with selling crude oil.

Transactional relationships with large, established energy purchasers

Ring Energy, Inc. deals in high-volume, business-to-business transactions, primarily selling crude oil produced from its Permian Basin assets. The company's revenue streams are heavily weighted toward this single commodity, with Oil Sales expected to contribute approximately $299 million, representing about 92.86% of the total projected fiscal year 2025 revenue. This reliance means the relationship with purchasers is purely transactional, focused on meeting agreed-upon specifications and delivery schedules. For the second half of 2025, oil sales were targeted between 12,500 and 14,000 barrels of oil per day (Bo/d). To illustrate recent performance, Ring Energy, Inc. sold a record 14,511 Bo/d in the second quarter of 2025.

Maintaining a reputation as a reliable, high-volume supplier of crude oil

Reliability is demonstrated through consistent production and operational discipline, even when capital spending is curtailed. For the full fiscal year 2025, Ring Energy, Inc. guides for total oil sales between 13,100 Bo/d and 13,500 Bo/d. The company's operational execution in Q2 2025 resulted in record total sales volumes of 21,295 barrels of oil equivalent per day (Boe/d). The Lease Operating Expense (LOE) for Q3 2025 was reported at $10.73 per BOE, showing cost control that supports stable supply.

Financial risk management via hedging to ensure predictable cash flow for stakeholders

To smooth out the volatility inherent in commodity markets, Ring Energy, Inc. employs a formal hedging program. This strategy locks in minimum selling prices for a portion of future production, which helps ensure more predictable cash flow for debt reduction and other stakeholder commitments. The company has consistently hedged a significant portion of its expected oil output.

Time Period	Commodity	Hedged Percentage (of guidance midpoint)	Average Downside Protection Price
Remainder of 2025 (Apr-Dec)	Oil	47%	$64.44 per barrel (Bo)
Remainder of 2025 (Apr-Dec)	Natural Gas	37%	$3.43 per Mcf
Fourth Quarter 2025 (Q4)	Oil	Approximately 53%	$62.08 per barrel (Bo)

For the final three months of 2025, approximately 0.6 million barrels of oil were hedged. This financial discipline is a direct action taken to manage near-term risks.

Direct communication with investors via earnings calls and SEC filings

Ring Energy, Inc. maintains a regular cadence of formal communication with its investor base to discuss performance and strategy. You can track this through their public disclosures and scheduled events. The company's investor relations calendar for the latter half of 2025 included several key touchpoints:

• The Second Quarter 2025 Earnings Call occurred on August 7, 2025.
• The Third Quarter 2025 Earnings Release and Conference Call took place on November 7, 2025.
• The latest Corporate Presentation, the Q3 2025 Earnings Corporate Presentation, was available as of November 7, 2025.
• Ring Energy, Inc. was scheduled to participate in a Water Tower Research Fireside Chat on December 9, 2025.

Mandatory filings provide the deepest detail; the Quarterly Report on Form 10-Q for the third quarter of 2025 is a primary source for financial review.

Ring Energy, Inc. (REI) - Canvas Business Model: Channels

Direct sales of crude oil to third-party crude oil marketers and refiners are a primary channel for Ring Energy, Inc. (REI). The Company sold 13,332 barrels of oil per day (Bo/d) in the third quarter of 2025, which was near the midpoint of guidance. For the full year 2025, the updated oil sales guidance midpoint is between 13,600 to 14,200 Bo/d. The realized oil price for the third quarter of 2025 was $64.32 per barrel. This compares to a realized sales price of $70.40 per barrel of crude oil in the first quarter of 2025. The Company has hedged approximately 0.6 million barrels of oil for the last three months of 2025, with an average downside protection price of $62.08 per barrel.

The channel for natural gas and NGLs involves sales via midstream pipeline and processing systems. The sales mix for the third quarter of 2025 was characterized by specific realized prices for these byproducts. Ring Energy, Inc. (REI) had approximately 2.4 billion cubic feet (Bcf) of natural gas hedged for the remainder of 2025.

Metric	Q3 2025 Realized Price	Q1 2025 Realized Price
Crude Oil (per barrel)	$64.32	$70.40
Natural Gas (per Mcf)	$(1.22)	$(0.19)
NGLs (per barrel)	$5.22	$9.65

Transportation relies on truck and pipeline infrastructure within the Permian Basin, where Ring Energy, Inc. (REI) focuses its current operations. Operational efficiency in this area is reflected in the Lease Operating Expense (LOE) figures. The LOE for the third quarter of 2025 was $10.73 per Boe (barrel of oil equivalent). This was an improvement from the second quarter 2025 LOE of $10.45 per Boe. The updated full-year 2025 guidance for LOE is between $10.95 to $11.25 per Boe. The first quarter of 2025 saw weighted average fees impacting realized prices:

• Weighted average fee per Mcf for natural gas: $(2.05)
• Weighted average fee per barrel for NGLs: $(12.99)

Investor relations and financial reporting platforms are key channels for capital access. Ring Energy, Inc. (REI) trades on the NYSE American: REI. The Company reported total liquidity of $157.3 million as of September 30, 2025. This liquidity comprised $157.0 million of availability under the revolving credit facility and $0.3 million in cash and cash equivalents. The credit facility has a current borrowing base of $585 million. As of September 30, 2025, borrowings outstanding on the facility were $428 million. The leverage ratio at that date was 2.1x, which includes a $10 million deferred payment related to the Lime Rock acquisition due in December 2025. The Company generated $47.7 million in Adjusted EBITDA and $13.9 million in Adjusted Free Cash Flow for the third quarter of 2025. The established debt reduction target for the third quarter of 2025 was approximately $18 million.

Ring Energy, Inc. (REI) - Canvas Business Model: Customer Segments

You're looking at the core groups Ring Energy, Inc. (REI) sells to and interacts with, which is key to understanding how they turn barrels into dollars. Honestly, the customer base is segmented by what they buy from REI and how they interact with the company financially.

Major crude oil refiners and integrated oil companies (primary segment)

This group is the main destination for Ring Energy, Inc.'s primary product: crude oil. Their purchasing decisions directly impact the realized price Ring Energy, Inc. gets at the wellhead. The company's production mix shows just how important oil sales are; for the first quarter of 2025, sales volumes were 66% oil, 18% Natural Gas Liquids (NGLs), and 16% natural gas. The realized price for crude oil in Q1 2025 was $70.40 per barrel.

Management is focused on oil-rich assets with shallow declines, which appeals directly to refiners looking for stable, high-quality feedstock. For the remainder of 2025, the company was guiding for an oil sales volume between 12,700 and 13,700 barrels of oil per day.

Here's a look at the sales metrics that matter most to these buyers:

Metric	Q1 2025 Actual	Q2 2025 Actual	Full Year 2025 Guidance Midpoint (Approx.)
Oil Sales (Bo/d)	12,074	14,511	13,200
Total Sales (Boe/d)	18,392	21,295	19,950 (Midpoint of 19,200-20,700)
Realized Oil Price (per barrel)	$70.40	$62.69	N/A
Realized Price (per Boe)	N/A	$42.63	N/A

Natural gas and Natural Gas Liquids (NGL) marketing and trading firms

These firms buy the remaining portion of Ring Energy, Inc.'s production. The realized price for natural gas has been challenging; in Q2 2025, the realized gas price was $(1.31) per Mcf, which was down from $(0.19) per Mcf in Q1 2025. This negative pricing reflects product takeaway constraints, though the company noted efforts to alleviate this with additional third-party pipeline capacity.

The company had approximately 2.0 billion cubic feet of natural gas hedged for the remainder of 2025 at an average downside protection price of $3.43.

Institutional and individual investors (equity and debt holders)

This segment provides the capital that funds Ring Energy, Inc.'s operations and acquisitions. The company's strategy in late 2025 was clearly focused on financial stability and deleveraging, which directly impacts investor sentiment and valuation.

Key financial metrics relevant to this segment include:

• Projected leverage at the end of 2025 is 2.2x.
• The Debt-to-Equity (D/E) ratio as of the third quarter of 2025 was about 0.51.
• Ring Energy, Inc. had a debt reduction target of approximately $18 million for the third quarter of 2025.
• Anticipated borrowings outstanding on the credit facility as of September 30, 2025, were approximately $430 million.
• The company paid down $20 million of debt in Q3 2025.
• Full Fiscal Year 2025 revenue was projected to be approximately $322 million.

Major institutional holders include large asset managers and index funds, though ownership shifts are active. For example, Vanguard Group Inc. increased its holding to 10,613,683 shares as of its October 30, 2025 filing. However, Warburg Pincus exited its full common equity position in Q3 2025.

Oilfield service and equipment providers (as a buyer)

This segment represents a critical operational customer base, as Ring Energy, Inc. is a buyer of their services for drilling, completion, and workovers. The company's capital spending discipline directly affects the volume of work available to these providers. Ring Energy, Inc. reduced its capital spending budget for the last three quarters of 2025 significantly, aiming for a full-year capital spending midpoint of $97 million.

The company noted flexibility in contracting terms with drilling rigs and service providers, allowing them to adapt spending quickly. Efficiency gains are also evident; horizontal well capital efficiency improved by 11% in 2024, with costs around ~$492 per foot.

Key operational data points for service providers include:

• Lease Operating Expense (LOE) for Q2 2025 was $10.45 per Boe.
• LOE guidance for the second half of 2025 was lowered to $11 to $12 per BOE.
• Capital expenditures for Q1 2025 drilling and development activities were $32.5 million.

Ring Energy, Inc. (REI) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Ring Energy, Inc.'s operational costs, which is key to understanding their financial resilience, especially given the commodity price swings we've seen.

The cost structure for Ring Energy, Inc. (REI) is heavily weighted toward operational expenses and the necessary investment to maintain and grow production in the Permian Basin. These are the primary drains on cash flow that management must constantly monitor.

Lease Operating Expense (LOE) represents a significant, recurring fixed cost component. Ring Energy, Inc. has been focused on driving this down through operational efficiencies. For the full fiscal year 2025, the guidance for LOE is set in a tight range of $10.95 to $11.25 per Boe (barrel of oil equivalent). This focus on controlling per-unit operating costs is a direct response to market volatility.

Capital expenditures (Capex) are another massive cost center, funding the core business of drilling and development. Ring Energy, Inc. has shown flexibility here, adjusting spending based on market conditions. The expected midpoint for total capital spending for the full year 2025 is set at $97 million, though the actual guidance range is between $85 million and $113 million. For instance, in the third quarter of 2025, the actual investment was $24.6 million, which came in below the quarterly guidance midpoint of $27 million for that period.

Financing costs are cemented by the debt load. Interest expense is directly tied to the outstanding principal. As of September 30, 2025, Ring Energy, Inc. reported borrowings outstanding on its credit facility totaling $428 million. The company has been actively prioritizing debt reduction, paying down $20 million in the third quarter of 2025 alone, exceeding its earlier guidance by $2 million for that quarter.

General and Administrative (G&A) expenses are the overhead costs, and Ring Energy, Inc. is definitely working to keep these lean. You can see the quarter-over-quarter fluctuations as they manage this line item. For example, Cash G&A, which excludes share-based compensation, was $6.5 million in the third quarter of 2025, up from $5.8 million in the second quarter of 2025. In the first quarter of 2025, this figure was $6.9 million. The management team is clearly focused on bringing these costs in line with operational performance.

Here's a quick snapshot of the key cost components we've discussed:

Cost Component	Latest Reported/Guided Figure	Period/Basis
Lease Operating Expense (LOE) Guidance	$10.95 - $11.25 per Boe	FY 2025
Total Capital Expenditures (Capex) Guidance Midpoint	$97 million	FY 2025
Borrowings Outstanding (Context for Interest Expense)	$428 million	September 30, 2025
Cash G&A (Excluding Share-Based Comp)	$6.5 million	Q3 2025

The company's cost control efforts are evident in several areas:

• LOE in Q3 2025 was $10.73 per Boe, which was 2% below the low end of recently lowered guidance.
• The Q3 2025 capital investment of $24.6 million was below the quarterly guidance midpoint of $27 million.
• Debt paydown in Q3 2025 reached $20 million, exceeding guidance by $2 million.

To be fair, managing LOE is always a balancing act; you want it low, but cutting too deep can impact production reliability. The current focus seems to be on achieving that sweet spot while aggressively tackling the debt principal.

Ring Energy, Inc. (REI) - Canvas Business Model: Revenue Streams

You're looking at how Ring Energy, Inc. actually brings in the cash, which, as you know, is all about what they can pull out of the ground and sell. For Ring Energy, Inc., the revenue streams are tightly tied to commodity prices, so their hedging strategy is a big deal for stability.

The primary revenue stream comes from the sale of crude oil. Based on their first quarter 2025 sales volumes, oil accounted for approximately 66% of their total barrels of oil equivalent (BOE) sales. This heavy weighting means oil price movements directly drive the bulk of their top-line performance.

The secondary revenue sources are the sales of natural gas liquids (NGLs) and natural gas. In that same first quarter of 2025, NGLs made up about 18% of the BOE sales mix, and natural gas was around 16% of the total BOE sales. To be fair, realized pricing for natural gas has been tough, sometimes even turning negative due to plant processing fees.

Here's a quick look at how the revenue streams break down, using the 66% oil mix from Q1 2025 applied to the confirmed total revenue for the first three quarters of 2025:

Revenue Component	Percentage of Total BOE Sales (Q1 2025 Basis)	Estimated Revenue for First Three Quarters of 2025
Crude Oil Sales	66%	$158,627,566
Natural Gas Liquids (NGLs) Sales	18%	$43,279,084
Natural Gas Sales	16%	$38,458,650

The total reported revenue for Ring Energy, Inc. for the first three quarters of 2025 was $240,295,302. That number is the hard fact we work with.

To manage the volatility inherent in oil and gas prices, Ring Energy, Inc. uses commodity hedging contracts. For the remainder of 2025, as reported after the third quarter, the company had approximately 53% of its projected oil sales volume hedged at an average downside protection price of $62.08 per barrel. This is a critical buffer. For context, their earlier guidance in March 2025 indicated that 48% of full-year 2025 oil sales guidance midpoint was hedged.

The revenue stream is secured through these mechanisms:

• Direct sales of crude oil, which is the dominant volume driver at roughly 66% of BOE sales.
• Sales of associated natural gas and NGLs, which provide necessary diversification.
• Revenue protection via derivatives, with about 53% of fourth-quarter oil volumes hedged.
• Total revenue for the first nine months of 2025 reached $240,295,302.

Finance: draft 13-week cash view by Friday.