Ring Energy is a small independent oil and gas exploration and production company focused entirely on the Permian Basin in West Texas. Ring drills for and produces crude oil, natural gas, and NGLs from two areas: the Northwest Shelf and the Central Basin Platform. Production is heavily oil-weighted at roughly 65% of volume, though oil drives essentially all of Ring's revenue — gas and NGLs contribute very little economic value, partly because Permian Basin gas frequently sells at steep discounts to Henry Hub, and at times Ring effectively pays to move its gas to market. Ring operated roughly 20,000 Boepd across ~96,000 net acres as of year-end 2025. Ring's assets are characterized by shallow production decline rates and long reserve lives, which reduce the capital needed to maintain production and provide stability through price cycles. Ring sells production to a small number of buyers, with Phillips 66 alone accounting for 67% of FY25 revenues. Ring's profitability is driven primarily by WTI oil prices, low lease operating expenses (~$10.73/Boe in FY25), and capital discipline — Ring hedges roughly half of forecasted production to protect cash flows and trims its drilling program when prices weaken. Ring has grown primarily through bolt-on acquisitions of conventional Permian Basin assets with shallow declines and low costs, following a playbook of acquiring, reducing costs, generating free cash flow, and paying down debt before pursuing the next deal. Organically, Ring is also testing horizontal drilling and evaluating emerging horizons on its existing acreage.