Ring Energy Posts $16.6 Million Q3 Loss as Revenue Climbs 30%

Ring Energy, Inc. posted a $16.6 million GAAP net loss for the third quarter even as revenue rose 30% year over year to $102.3 million. The results included a $41 million unrealized loss on commodity derivative contracts.

Ring Energy released results Nov. 5 for the quarter ended Sept. 30. Revenue increased from $78.6 million in the third quarter of 2025, but was 2% below the $104.7 million recorded in the second quarter of 2026.

Adjusted net income was $27.3 million, or $0.10 per diluted share, compared with $13.1 million, or $0.06 per diluted share, a year earlier. The GAAP loss was $0.06 per diluted share.

The non-GAAP calculation removes the estimated after-tax effect of selected items, including unrealized derivative gains and losses; it supplements GAAP results and can differ from similarly named measures at other companies.

Average daily sales volume rose 3% from the second quarter to 20,635 barrels of oil equivalent per day. Crude oil sales averaged 12,818 barrels per day, up 1%, while the realized crude price fell 12% to $83.72 per barrel.

Ring sold about $30.5 million in non-core assets during the quarter and acquired about 16,500 net acres of Central Basin Platform leasehold interests for $18.8 million. Revolving-credit borrowings fell by $10 million to $350 million as of Sept. 30.

For the fourth quarter, the Permian-focused oil and gas producer forecast sales of 20,400 to 21,200 barrels of oil equivalent per day and capital spending of $43 million to $48 million. Its 2027 guidance calls for sales of 21,000 to 23,000 barrels of oil equivalent per day and capital spending of $135 million to $165 million.