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Ring Energy Releases First Quarter 2026 Results

REI
  • Ring Energy reported Q1 2026 average daily sales volumes of 12,276 barrels of oil per day & 19,351 barrels of oil equivalent per day, both at the mid-point of guidance.
  • The company reported a net loss of $220.6 million ($1.06 per diluted share), driven by a $162.1 million non-cash ceiling test impairment & a $77.0 million unrealized mark-to-market derivative loss.
  • Adjusted Net Income was $7.4 million ($0.04 per diluted share), while Adjusted EBITDA was $38.3 million.
  • Ring generated net cash flow from operating activities of $25.9 million, maintaining cash flow positivity for 26 consecutive quarters.
  • Lease Operating Expenses were $10.41 per Boe, 3% below the low end of guidance.
  • Capital expenditures totaled $34.5 million, with investments accelerated to expand flexibility & unlock longer lateral inventory.
  • The company closed the sale of approximately 200 Boe/d of non-operated NWS assets for $4.5 million.
  • NWS spud-to-TD drilling time improved by approximately 15% versus the 2025 average.
  • Borrowings increased by $6 million to $426 million to capture attractively priced opportunities, while liquidity remained at $160.0 million as of March 31, 2026.
  • Management noted a $162.1 million non-cash impairment due to decreased SEC commodity pricing, which had no impact on cash flows.
  • The company temporarily paused debt reduction to invest in select opportunities while expecting to resume debt reduction later in 2026.
  • As of May 5, 2026, the company had approximately 2.6 million barrels of oil & 3.8 billion cubic feet of natural gas hedged for the remainder of 2026.
  • Guidance for remaining 2026 quarters includes total oil production midpoints ranging from 12,950 to 13,300 Bo/d & capital spending midpoints from $21 million to $32 million.
  • Total assets were $1.25 billion as of March 31, 2026, with total stockholders' equity of $621.98 million.
  • The leverage ratio stood at 2.42x as of March 31, 2026, well within the 3.00x maximum covenant limit.
  • All-in cash operating costs were $21.77 per Boe, resulting in a cash operating margin of $20.53 per Boe.