GlobeNewswire·Nov 5, 2026, 4:45 PM ET

Ring Energy Reports Third Quarter 2026 Results, Updates Guidance and Advances Disciplined Portfolio Strategy

REI

Ring Energy reported third-quarter 2026 revenue of $102.3 million, a 2% decrease from Q2, driven by a 12% decline in realized oil prices to $83.72 per barrel.
The company reported a net loss of $16.6 million including a $41.0 million unrealized loss on commodity derivatives, while adjusted net income rose 14% to $27.3 million.
Adjusted EBITDA increased 5% to $57.1 million, and net cash provided by operating activities was $63.1 million.
Ring executed portfolio optimization by selling non-core assets for approximately $30.5 million in Q3, with an additional $13.4 million divestiture completed in late October.
The company acquired $18.8 million in leasehold interests in the Central Basin Platform, expanding its core development footprint in Crane and Ector Counties by over 25%.
Total borrowings under the revolving credit facility were reduced by $10.0 million to $350.0 million, improving the LQA leverage ratio to 1.5x.
Average daily sales volumes increased 3% to 20,635 Boe/d, with oil production rising 1% to 12,818 Bo/d.
Drilling costs were reduced to approximately $475 per foot, and lease operating expenses were reported at $10.20 per Boe, below the guidance mid-point.
Management accelerated capital investment to $64.0 million to advance a higher-return development program featuring 2-mile horizontal wells.
Q4 2026 guidance sets oil production between 12,900 and 13,500 Bopd, total sales between 20,400 and 21,200 Boepd, and LOE between $9.80 and $10.30 per Boe.
2027 guidance projects total oil production between 13,200 and 14,300 Bopd with capital spending between $135 million and $165 million.
As of November 5, 2026, the company had approximately 1.0 million barrels of oil hedged at an average upside protection price of $74.10 for the remainder of 2026.
Total liquidity stood at approximately $236.4 million at September 30, 2026, consisting of $1.5 million in cash and $235.0 million in borrowing base availability.