Ring Energy Releases Third Quarter 2025 Results and Updates Guidance

2025-11-06

NYSE - New York Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · United States

THE WOODLANDS, Texas, Nov. 06, 2025 (GLOBE NEWSWIRE) -- Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today reported operational and financial results for the third quarter of 2025 and updated guidance for the remainder of the year.

Third Quarter 2025 Highlights

Sold 13,332 barrels of oil per day (“Bo/d”), near the mid-point of guidance and 20,789 barrels of oil equivalent per day (“Boe/d”) which was above the mid-point of guidance; Reported a net loss of $51.6 million, or $(0.25) per diluted share, which includes $72.9 million of non-cash ceiling test impairment charges, and Adjusted Net Income 1 of $13.1 million, or $0.06 per diluted share; Recorded Adjusted EBITDA 1 of $47.7 million; Incurred Lease Operating Expense (“LOE”) of $10.73 per Boe, 2% below the low end of recently lowered guidance due to ongoing efforts to reduce costs; Invested $24.6 million in capital expenditures which was below the mid-point of guidance; Generated Adjusted Free Cash Flow (“AFCF”) 1 of $13.9 million, and remained cash flow positive for the 24 th consecutive quarter; and Paid down $20 million of debt, exceeding earlier guidance by $2 million and increased liquidity to $157.3 million as of September 30, 2025.

Management Commentary

Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “Ring Energy again maintained strong cash generation and superior capital and operational discipline despite the significant headwinds of volatile commodity prices. During the third quarter of 2025, we met our production guidance and generated $13.9 million of Adjusted Free Cash Flow through the combination of slightly higher realized oil prices, capital savings from our drilling and completion program, and operational savings from below-guidance LOE costs. We applied these savings to debt reduction, paying down $20 million of debt and exceeding our debt reduction guidance by $2 million. We exited the quarter with $157.3 million in liquidity and were cash flow positive for the 24 th consecutive quarter. We are pleased to reaffirm that our plan of reducing capital spending year-over-year (“YOY”) by 36% while maintaining a YOY production growth rate of 2% or more is firmly on track.

Mr. McKinney concluded, “As we look forward to the fourth quarter and beyond, our focus remains centered on maximizing free cash flow generation through continued capital discipline and improvements in capital efficiency, reducing operating costs and G&A, and applying these benefits to further debt reduction. If we incur the windfalls of higher oil prices, we will continue this focus until we achieve a leverage ratio that clearly places our balance sheet in a competitive position with our peers and better positions the Company to achieve the size and scale necessary to sustainably implement a capital return framework to our stockholders.”

1 A non-GAAP financial measure; see the “Non-GAAP Financial Information” section in this release for more information including reconciliations to the most comparable GAAP measures.

Summary Results and Additional Key Items

| | Q 3 2025 | Q 2 2025 | Q 3 2025 to Q 2 2025 % Change | Q 3 2024 | Q 3 2025 to Q 3 2024 % Change | YTD 2025 | YTD 2024 | YTD % Change | | Average Daily Sales Volumes (Boe/d) | 20,789 | 21,295 | (2)% | 20,108 | 3% | 20,167 | 19,644 | 3% | | Crude Oil (Bo/d) | 13,332 | 14,511 | (8 )% | 13,204 | 1 % | 13,310 | 13,406 | (1 )% | | Net Sales (MBoe) | 1,912.6 | 1,937.9 | (1)% | 1,849.9 | 3% | 5,505.7 | 5,382.6 | 2% | | Realized Price - All Products ($/Boe) | $41.10 | $42.63 | (4)% | $48.24 | (15)% | $43.64 | $52.56 | (17)% | | Realized Price - Crude Oil ($/Bo) | $ 64.32 | $ 62.69 | 3 % | $ 74.43 | (14 )% | $ 65.54 | $ 76.77 | (15 )% | | Revenues ($MM) | $78.6 | $82.6 | (5)% | $89.2 | (12)% | $240.3 | $282.9 | (15)% | | Net Income (Loss) ($MM) | $(51.6) | $20.6 | (350)% | $33.9 | (252)% | $(21.9) | $61.8 | (135)% | | Adjusted Net Income 1 ($MM) | $13.1 | $11.0 | 19% | $13.4 | (2)% | $34.8 | $57.2 | (39)% | | Adjusted EBITDA 1 ($MM) | $47.7 | $51.5 | (7)% | $54.0 | (12)% | $145.6 | $182.4 | (20)% | | Capital Expenditures ($MM) | $24.6 | $16.8 | 46% | $42.7 | (42)% | $73.9 | $114.3 | (35)% | | Adjusted Free Cash Flow 1 ($MM) | $13.9 | $24.8 | (44)% | $1.9 | 632% | $44.5 | $38.9 | 14% |

_ Adjusted Net Income, Adjusted EBITDA, and Adjusted Free Cash Flow are non-GAAP financial measures, which are described in more detail and reconciled to the most comparable GAAP measures, in the tables shown later in this release under “Non-GAAP Financial Information.” In addition, see section titled “Condensed Operating Data” for additional details concerning costs and expenses discussed below. _

Select Expenses and Other Items

| | Q 3 2025 | Q 2 2025 | Q 3 2025 to Q 2 2025 % Change | Q 3 2024 | Q 3 2025 to Q 3 2024 % Change | YTD 2025 | YTD 2024 | YTD % Change | | Lease operating expenses (“LOE”) ($MM) | $20.5 | $20.2 | 1% | $20.3 | 1% | $60.4 | $58.0 | 4% | | Lease operating expenses ($/BOE) | $ 10.73 | $ 10.45 | 3 % | $ 10.98 | (2 )% | $ 10.98 | $ 10.77 | 2 % | | Depreciation, depletion and amortization ($MM) | $25.2 | $25.6 | (2)% | $25.7 | (2)% | $73.4 | $74.2 | (1)% | | Depreciation, depletion and amortization ($/BOE) | $ 13.19 | $ 13.19 | —% | $ 13.87 | (5 )% | $ 13.33 | $ 13.78 | (3 )% | | General and administrative expenses (“G&A”) ($MM) | $ 8.1 | $ 7.1 | 14 % | $ 6.4 | 27 % | $ 23.9 | $ 21.6 | 11 % | | General and administrative expenses ($/BOE) | $ 4.26 | $ 3.68 | 16 % | $ 3.47 | 23 % | $ 4.34 | $ 4.01 | 8 % | | G&A excluding share-based compensation ($MM) | $6.5 | $5.8 | 12% | $6.4 | 2% | $19.2 | $17.8 | 8% | | G&A excluding share-based compensation ($/BOE) | $ 3.41 | $ 2.99 | 14 % | $ 3.45 | (1 )% | $ 3.49 | $ 3.30 | 6 % | | G&A excluding share-based compensation & transaction costs ($MM) | $6.5 | $5.8 | 12% | $6.4 | 2% | $19.2 | $17.8 | 8% | | G&A excluding share-based compensation & transaction costs ($/BOE) | $ 3.41 | $ 2.99 | 14 % | $ 3.45 | (1 )% | $ 3.49 | $ 3.30 | 6 % | | Interest expense ($MM) | $10.1 | $11.8 | (14)% | $10.8 | (6)% | $31.3 | $33.2 | (6)% | | Interest expense ($/BOE) | $ 5.26 | $ 6.07 | (13 )% | $ 5.81 | (9 )% | $ 5.69 | $ 6.17 | (8 )% | | Gain (loss) on derivative contracts ($MM) (1) | $0.4 | $14.6 | (97)% | $24.7 | (98)% | $14.2 | $3.9 | 264% | | Realized gain (loss) on derivative contracts ($MM) | $ 2.5 | $ 0.6 | 317 % | $ (1.9 ) | 232 % | $ 2.7 | $ (5.9 ) | 146 % | | Unrealized gain (loss) on derivative contracts ($MM) | $ (2.1 ) | $ 14.0 | (115 )% | $ 26.6 | (108 )% | $ 11.5 | $ 9.8 | 17 % |

(1) A summary listing of the Company’s outstanding derivative positions at September 30, 2025 is included in the tables shown later in this release. For the remainder (October through December) of 2025, the Company has approximately 0.6 million barrels of oil (approximately 53% of oil sales guidance midpoint) hedged at an average downside protection price of $62.08 and approximately 0.6 billion cubic feet of natural gas (approximately 33% of natural gas sales guidance midpoint) hedged at an average downside protection price of $3.27.

Balance Sheet and Liquidity

Total liquidity (defined as cash and cash equivalents plus borrowing base availability under the Company’s credit facility) at September 30, 2025 was approximately $157.3 million, consisting of $157.0 million of availability under Ring’s revolving credit facility, which included a reduction of $35 thousand for letters of credit, and $0.3 million in cash and cash equivalents. On September 30, 2025, the Company had $428 million in borrowings outstanding on its credit facility that has a current borrowing base of $585 million. This reflects a reduction of $20 million from the balance of $448 million at June 30, 2025. The Company is targeting continued debt reduction, dependent on market conditions, the timing and level of capital spending, and other considerations.

Ceiling Test Impairment

The Company accounts for its assets under the full cost method of accounting, which requires calculation of the limitation on capitalized costs (the full cost ceiling) each quarter. Due to a decrease in the twelve month average commodity pricing over the past few months, the Company recorded a non-cash impairment charge of $72.9 million in the third quarter of 2025. This non-cash charge had no net impact on cash flows.

Drilling and Completion Activity

In 3Q 2025 in the Central Basin Platform, the Company drilled, completed, and placed on production five wells. This included three 1-mile horizontal wells in Andrews County, one 1-mile horizontal well in Crane County, and one vertical well in Crane County. All wells had a working interest of 100%.

The table below sets forth Ring’s drilling and completion activities in the first three quarters of 2025:

| Quarter | | Area | | Wells Drilled | | Wells Completed | | | | | | | | | | 1Q 2025 | | Northwest Shelf (Horizontal) | | 4 | | 4 | | | | Central Basin Platform (Vertical) | | 3 | | 3 | | | | Total | | 7 | | 7 | | | | | | | | | | 2Q 2025 | | Central Basin Platform (Horizontal) | | 1 | | 1 | | | | Central Basin Platform (Vertical) | | 1 | | 1 | | | | Total | | 2 | | 2 | | | | | | | | | | 3Q 2025 | | Central Basin Platform (Horizontal) | | 4 | | 4 | | | | Central Basin Platform (Vertical) | | 1 | | 1 | | | | Total | | 5 | | 5 |

Fourth Quarter and Full Year 2025 Sales Volumes, Capital Investment and Operating Expense Guidance

The guidance in the table below represents the Company's current good faith estimate of the range of likely future results. Guidance could be affected by the factors discussed below in the "Safe Harbor Statement" section.

| | | Q4 | FY | | | | 2025 | 2025 | | Sales Volumes: | | | | | Total Oil (Bo/d) | | 12,700 - 13,600 | 13,100 - 13,500 | | Midpoint (Bo/d) | | 13,150 | 13,300 | | Total (Boe/d) | | 19,100 - 20,700 | 19,800 - 20,400 | | Midpoint (Boe/d) | | 19,900 | 20,100 | | Oil (%) | | 66% | 66% | | NGLs (%) | | 18% | 18% | | Gas (%) | | 16% | 16% | | | | | | | Capital Program: | | | | | Capital spending (1)(2)(3) (millions) | | $18 - $28 | $92 - $102 | | Midpoint (millions) | | _$ __23 _ | _$ __97 _ | | | | | | | Operating Expenses: | | | | | LOE (per Boe) | | $10.75 - $11.75 | $10.95 - $11.25 | | Midpoint (per Boe) | | _$ __11.25 _ | _$ __11.10 _ |

| (1) In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted well recompletions, capital workovers, infrastructure upgrades, and well reactivations. Also included is anticipated spending for leasing acreage; and non-operated drilling, completion, capital workovers, and facility improvements. | | | | | | (2) Based on the $97 million midpoint of spending guidance for the full year of 2025, the Company continues to expect the following estimated allocation of capital, including: | | | • | 60% for drilling, completion, and related infrastructure; | | • | 33% for recompletions and capital workovers; | | • | 5% for land, non-operated capital, and other; and | | • | 2% for facility improvements (environmental and emission reducing upgrades). | | | | | (3) Capital expenditures for the full year 2025 are now at a midpoint of $97 million (low of $92 million and high of $102 million). | |

Conference Call Information

Ring will hold a conference call on Friday, November 7, 2025 at 11:00 a.m. ET (10 a.m. CT) to discuss its 3Q 2025 operational and financial results. An updated investor presentation will be posted to the Company’s website prior to the conference call.

To participate in the conference call, interested parties should dial 833-953-2433 at least five minutes before the call is to begin. Please reference the “Ring Energy 3Q 2025 Earnings Conference Call”. International callers may participate by dialing 412-317-5762. The call will also be webcast and available on Ring’s website at www.ringenergy.com under “Investors” on the “News & Events” page. An audio replay will also be available on the Company’s website following the call.

About Ring Energy, Inc.

Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit www.ringenergy.com .

Safe Harbor Statement

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitation, statements with respect to the Company’s strategy and prospects. The forward-looking statements include statements about the expected future reserves, production, financial position, business strategy, revenues, earnings, costs, capital expenditures and debt levels of the Company, and plans and objectives of management for future operations. Forward-looking statements also include assumptions and projections for fourth quarter and full year 2025 guidance for sales volumes, oil mix as a percentage of total sales, capital expenditures, operating expenses and the projected impacts thereon. Forward-looking statements are based on current expectations and assumptions and analyses made by Ring and its management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities particularly in the winter; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base and interest rates under the Company’s credit facility; Ring’s ability to generate sufficient cash flows from operations to meet the internally funded portion of its capital expenditures budget; the impacts of hedging on results of operations; changes in U.S. energy, environmental, monetary, tax and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; cost and availability of transportation and storage capacity as a result of oversupply, government regulation or other factors; and Ring’s ability to replace oil and natural gas reserves. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including its Form 10-K for the fiscal year ended December 31, 2024, and its other SEC filings. Ring undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

Contact Information

Al Petrie Advisors Al Petrie, Senior Partner Phone: 281-975-2146 Email: apetrie@ringenergy.com

| | | | | | | | | | | | | | | | | | | | | | RING ENERGY, INC. Condensed Statements of Operations (Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | | | | | | | | | | | | | | | | | September 30, | | June 30, | | September 30, | | September 30, | | September 30, | | | | | | | | | | | | | | 2025 | | | | 2025 | | | | 2024 | | | | 2025 | | | | 2024 | | | | | | | | | | | | | | | | | | | | | | | | Oil, Natural Gas, and Natural Gas Liquids Revenues | $ | 78,601,336 | | | $ | 82,602,759 | | | $ | 89,244,383 | | | $ | 240,295,302 | | | $ | 282,886,868 | | | | | | | | | | | | | | | | | | | | | | | | Costs and Operating Expenses | | | | | | | | | | | | | | | | | | | | | Lease operating expenses | | 20,518,472 | | | | 20,245,981 | | | | 20,315,282 | | | | 60,442,005 | | | | 57,984,733 | | | Gathering, transportation and processing costs | | 126,569 | | | | 133,809 | | | | 102,420 | | | | 463,990 | | | | 376,103 | | | Ad valorem taxes | | 2,446,565 | | | | 1,648,647 | | | | 2,164,562 | | | | 5,627,320 | | | | 5,647,469 | | | Oil and natural gas production taxes | | 3,670,987 | | | | 3,832,607 | | | | 4,203,851 | | | | 11,088,049 | | | | 12,259,418 | | | Depreciation, depletion and amortization | | 25,225,345 | | | | 25,569,914 | | | | 25,662,123 | | | | 73,411,242 | | | | 74,153,994 | | | Ceiling test impairment | | 72,912,330 | | | | — | | | | — | | | | 72,912,330 | | | | — | | | Asset retirement obligation accretion | | 390,563 | | | | 382,251 | | | | 354,195 | | | | 1,099,363 | | | | 1,057,213 | | | Operating lease expense | | 175,091 | | | | 175,090 | | | | 175,091 | | | | 525,272 | | | | 525,272 | | | General and administrative expense | | 8,139,771 | | | | 7,138,519 | | | | 6,421,567 | | | | 23,898,266 | | | | 21,604,323 | | | | | | | | | | | | | | | | | | | | | | | | Total Costs and Operating Expenses | | 133,605,693 | | | | 59,126,818 | | | | 59,399,091 | | | | 249,467,837 | | | | 173,608,525 | | | | | | | | | | | | | | | | | | | | | | | | Income (Loss) fom Operations | | (55,004,357 | ) | | | 23,475,941 | | | | 29,845,292 | | | | (9,172,535 | ) | | | 109,278,343 | | | | | | | | | | | | | | | | | | | | | | | | Other Income (Expense) | | | | | | | | | | | | | | | | | | | | | Interest income | | 74,253 | | | | 69,658 | | | | 143,704 | | | | 233,969 | | | | 367,181 | | | Interest (expense) | | (10,052,320 | ) | | | (11,757,404 | ) | | | (10,754,243 | ) | | | (31,308,510 | ) | | | (33,199,314 | ) | | Gain (loss) on derivative contracts | | 444,305 | | | | 14,648,054 | | | | 24,731,625 | | | | 14,163,569 | | | | 3,888,531 | | | Gain (loss) on disposal of assets | | 105,642 | | | | 155,293 | | | | — | | | | 385,545 | | | | 89,693 | | | Other income | | — | | | | 150,770 | | | | — | | | | 159,712 | | | | 25,686 | | | Net Other Income (Expense) | | (9,428,120 | ) | | | 3,266,371 | | | | 14,121,086 | | | | (16,365,715 | ) | | | (28,828,223 | ) | | | | | | | | | | | | | | | | | | | | | | | Income (Loss) Before Benefit from (Provision for) Income Taxes | | (64,432,477 | ) | | | 26,742,312 | | | | 43,966,378 | | | | (25,538,250 | ) | | | 80,450,120 | | | | | | | | | | | | | | | | | | | | | | | | Benefit from (Provision for) Income Taxes | | 12,800,947 | | | | (6,107,425 | ) | | | (10,087,954 | ) | | | 3,652,345 | | | | (18,637,325 | ) | | | | | | | | | | | | | | | | | | | | | | | Net Income (Loss) | $ | (51,631,530 | ) | | $ | 20,634,887 | | | $ | 33,878,424 | | | $ | (21,885,905 | ) | | $ | 61,812,795 | | | | | | | | | | | | | | | | | | | | | | | | Basic Earnings (Loss) per Share | $ | (0.25 | ) | | $ | 0.10 | | | $ | 0.17 | | | $ | (0.11 | ) | | $ | 0.31 | | | Diluted Earnings (Loss) per Share | $ | (0.25 | ) | | $ | 0.10 | | | $ | 0.17 | | | $ | (0.11 | ) | | $ | 0.31 | | | | | | | | | | | | | | | | | | | | | | | | Basic Weighted-Average Shares Outstanding | | 206,688,003 | | | | 206,522,356 | | | | 198,177,046 | | | | 204,223,621 | | | | 197,850,538 | | | Diluted Weighted-Average Shares Outstanding | | 206,688,003 | | | | 206,982,327 | | | | 200,723,863 | | | | 204,223,621 | | | | 200,139,478 | |

| | | | | | | | | | | | | | | | | | | | | | RING ENERGY, INC. Condensed Operating Data (Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | | | | | | | | | | | | | | | | | September 30, | | June 30, | | September 30, | | September 30, | | September 30, | | | | | | | | | | | | | | 2025 | | | | 2025 | | | | 2024 | | | | 2025 | | | | 2024 | | | | | | | | | | | | | | | | | | | | | | | | Net sales volumes: | | | | | | | | | | | | | | | | | | | | | Oil (Bbls) | | 1,226,537 | | | | 1,320,508 | | | | 1,214,788 | | | | 3,633,739 | | | | 3,673,356 | | | Natural gas (Mcf) | | 1,853,599 | | | | 1,703,808 | | | | 1,705,027 | | | | 5,172,603 | | | | 4,739,881 | | | Natural gas liquids (Bbls) | | 377,141 | | | | 333,374 | | | | 350,975 | | | | 1,009,881 | | | | 919,225 | | | Total oil, natural gas and natural gas liquids (Boe) (1) | | 1,912,611 | | | | 1,937,850 | | | | 1,849,934 | | | | 5,505,721 | | | | 5,382,561 | | | | | | | | | | | | | | | | | | | | | | | | % Oil | | 64 | % | | | 68 | % | | | 66 | % | | | 66 | % | | | 68 | % | | % Natural Gas | | 16 | % | | | 15 | % | | | 15 | % | | | 16 | % | | | 15 | % | | % Natural Gas Liquids | | 20 | % | | | 17 | % | | | 19 | % | | | 18 | % | | | 17 | % | | | | | | | | | | | | | | | | | | | | | | | Average daily sales volumes: | | | | | | | | | | | | | | | | | | | | | Oil (Bbls/d) | | 13,332 | | | | 14,511 | | | | 13,204 | | | | 13,310 | | | | 13,406 | | | Natural gas (Mcf/d) | | 20,148 | | | | 18,723 | | | | 18,533 | | | | 18,947 | | | | 17,299 | | | Natural gas liquids (Bbls/d) | | 4,099 | | | | 3,663 | | | | 3,815 | | | | 3,699 | | | | 3,355 | | | Average daily equivalent sales (Boe/d) | | 20,789 | | | | 21,295 | | | | 20,108 | | | | 20,167 | | | | 19,644 | | | | | | | | | | | | | | | | | | | | | | | | Average realized sales prices: | | | | | | | | | | | | | | | | | | | | | Oil ($/Bbl) | $ | 64.32 | | | $ | 62.69 | | | $ | 74.43 | | | $ | 65.54 | | | $ | 76.77 | | | Natural gas ($/Mcf) | | (1.22 | ) | | | (1.31 | ) | | | (2.26 | ) | | | (0.93 | ) | | | (1.61 | ) | | Natural gas liquids ($/Bbls) | | 5.22 | | | | 6.19 | | | | 7.66 | | | | 6.85 | | | | 9.29 | | | Barrel of oil equivalent ($/Boe) | $ | 41.10 | | | $ | 42.63 | | | $ | 48.24 | | | $ | 43.64 | | | $ | 52.56 | | | | | | | | | | | | | | | | | | | | | | | | Average costs and expenses per Boe ($/Boe): | | | | | | | | | | | | | | | | | | | | | Lease operating expenses | $ | 10.73 | | | $ | 10.45 | | | $ | 10.98 | | | $ | 10.98 | | | $ | 10.77 | | | Gathering, transportation and processing costs | | 0.07 | | | | 0.07 | | | | 0.06 | | | | 0.08 | | | | 0.07 | | | Ad valorem taxes | | 1.28 | | | | 0.85 | | | | 1.17 | | | | 1.02 | | | | 1.05 | | | Oil and natural gas production taxes | | 1.92 | | | | 1.98 | | | | 2.27 | | | | 2.01 | | | | 2.28 | | | Depreciation, depletion and amortization | | 13.19 | | | | 13.19 | | | | 13.87 | | | | 13.33 | | | | 13.78 | | | Asset retirement obligation accretion | | 0.20 | | | | 0.20 | | | | 0.19 | | | | 0.20 | | | | 0.20 | | | Operating lease expense | | 0.09 | | | | 0.09 | | | | 0.09 | | | | 0.10 | | | | 0.10 | | | G&A (including share-based compensation) | | 4.26 | | | | 3.68 | | | | 3.47 | | | | 4.34 | | | | 4.01 | | | G&A (excluding share-based compensation) | | 3.41 | | | | 2.99 | | | | 3.45 | | | | 3.49 | | | | 3.30 | | | G&A (excluding share-based compensation and transaction costs) | | 3.41 | | | | 2.99 | | | | 3.45 | | | | 3.49 | | | | 3.30 | |