Ring Energy Inc. is strengthening its balance sheet with a plan to reduce debt by $18 million in the third quarter, the company said in an Aug. 26 press release.
Ring said it will have approximately $430 million in borrowings outstanding on its credit facility as of Sept. 30—down from $448 million in borrowings outstanding as of June 30.
CEO and Board Chairman Paul McKinney said the company is focused on strengthening its balance sheet amid “volatile times.”
The company responded to 2025’s drop in oil prices by adjusting capital spending and operations to focus on maximizing free cash flow generation and paying down debt, he said.
Warburg Pincus also recently exited its full common equity position in Ring, the press release added.
Ring bought Stronghold Energy, majority owned by Warburg Pincus, in 2022 for $465 million. The deal added 37,000 net acres in the Permian Basin’s Central Basin Platform to Ring’s portfolio.
“We want to thank Warburg Pincus for our past partnership and the key role they played in helping Ring increase its size and scale significantly in mid-2022 with our Stronghold acquisition,” McKinney said.
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Ring Energy Plans to Reduce $18MM in Debt in 3Q
Ring Energy Inc. is strengthening its balance sheet with a plan to reduce debt by $18 million in the third quarter, the company said in an Aug. 26 press release.
Ring said it will have approximately $430 million in borrowings outstanding on its credit facility as of Sept. 30—down from $448 million in borrowings outstanding as of June 30.
CEO and Board Chairman Paul McKinney said the company is focused on strengthening its balance sheet amid “volatile times.”
The company responded to 2025’s drop in oil prices by adjusting capital spending and operations to focus on maximizing free cash flow generation and paying down debt, he said.
Warburg Pincus also recently exited its full common equity position in Ring, the press release added.
Ring bought Stronghold Energy, majority owned by Warburg Pincus, in 2022 for $465 million. The deal added 37,000 net acres in the Permian Basin’s Central Basin Platform to Ring’s portfolio.
“We want to thank Warburg Pincus for our past partnership and the key role they played in helping Ring increase its size and scale significantly in mid-2022 with our Stronghold acquisition,” McKinney said.
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