Quarterly ResultAug 5, 2026, 04:59 PM
Ring Energy Reports Q2 Net Loss of $155.8M Due to Impairment
AI Summary
Ring Energy, Inc. reported a net loss of $155.8 million, or $(0.70) per share, for the six months ended June 30, 2026, a significant decline from a net income of $29.7 million in the prior year. This loss was primarily driven by a $162.1 million ceiling test impairment on oil and natural gas properties. Despite the loss, revenues increased to $178.4 million, and the company reduced its revolving line of credit by $60 million.
Key Highlights
- Net loss of $155.8 million for the six months ended June 30, 2026.
- Basic EPS of $(0.70) for the six months ended June 30, 2026.
- Recorded $162.1 million ceiling test impairment on oil and gas properties.
- Oil and natural gas revenues increased to $178.4 million.
- Revolving line of credit reduced by $60 million to $360 million.
- Issued 51.1 million shares in public offering for $64.5 million.
- Total assets decreased to $1.28 billion from $1.41 billion.
Price Impact
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