💥 Gate Square Event: #PTB Creative Contest# 💥
Post original content related to PTB, CandyDrop #77, or Launchpool on Gate Square for a chance to share 5,000 PTB rewards!
CandyDrop x PTB 👉 https://www.gate.com/zh/announcements/article/46922
PTB Launchpool is live 👉 https://www.gate.com/zh/announcements/article/46934
📅 Event Period: Sep 10, 2025 04:00 UTC – Sep 14, 2025 16:00 UTC
📌 How to Participate:
Post original content related to PTB, CandyDrop, or Launchpool
Minimum 80 words
Add hashtag: #PTB Creative Contest#
Include CandyDrop or Launchpool participation screenshot
🏆 Rewards:
🥇 1st
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.
View Comments