Welcome to our dedicated page for Ring Energy news (Ticker: REI), a resource for investors and traders seeking the latest updates and insights on Ring Energy stock.
Ring Energy, Inc. (NYSE American: REI) is an independent oil and gas exploration, development, and production company with operations focused on the Permian Basin. The Ring Energy news feed on Stock Titan aggregates company-issued press releases and related coverage so readers can follow how the business is performing and evolving over time.
Recent news highlights include quarterly operational and financial results, updates to sales volume and capital investment guidance, and commentary on lease operating expenses, general and administrative costs, and free cash flow generation. The company regularly reports on its drilling and completion activity in the Central Basin Platform and Northwest Shelf, including one-mile horizontal wells and vertical wells, as well as recompletions, capital workovers, and infrastructure upgrades on its existing asset base.
Ring Energy’s news flow also covers balance sheet and liquidity topics such as its senior revolving credit facility, borrowing base reaffirmations at $585 million, and targeted debt reduction using free cash flow. Management commentary in these releases discusses capital discipline, production levels, and the impact of commodity price volatility on spending plans and operating costs.
Beyond financial and operational updates, Ring Energy issues news on corporate governance and organizational changes, such as executive transitions, and on partnerships that affect its operations, including the selection of Veriforce as its exclusive contractor management partner to support safety and compliance processes. Investors and followers of REI can use this news page to review earnings announcements, guidance revisions, credit facility updates, and corporate developments in one place.
American Resources, Inc. and SK Energy encourage Ring Energy, Inc. (NYSE: REI) for its recent actions aligning with their March 2020 recommendations. These include board reconstitution, consolidation of operations, and a focus on core assets. Ring Energy's share price rose over 270% since their last letter, outperforming industry benchmarks. However, challenges remain, including accelerated deadlines for shareholder nominations and high debt levels, which could hinder future growth unless effectively managed.
Travis Thomas has been promoted to Chief Financial Officer (CFO) of Ring Energy, effective March 24, 2021. He previously served as Vice President of Finance and will work from the company's new headquarters in The Woodlands, Texas. Former CFO Randy Broaddrick is stepping down to focus on personal interests but will continue to support the company in a limited capacity. Travis brings 16 years of financial leadership, including 11 years in the energy sector, and is expected to enhance the company's strategic goals aimed at growth and shareholder value.
Ring Energy, Inc. (NYSE American: REI) reported its fourth quarter and full year 2020 operational and financial results on March 16, 2021. Despite challenges from the pandemic, the company achieved 9,307 Boe/d sales volumes, exceeding guidance, and generated Free Cash Flow of $12.7 million in Q4, marking its fifth consecutive quarter of positive cash flow. However, it faced a net loss of $160.3 million in Q4 and $253.4 million for the year. The company utilized cash flow to pay down $75 million of debt and initiated a drilling program in response to rising oil prices.
Ring Energy, Inc. (REI) is set to announce its year-end 2020 earnings on March 16, 2021, after market close. A conference call will follow on March 17, 2021, at 11:00 a.m. ET to discuss the fourth quarter and full year financial results, alongside plans for 2021. The Company specializes in oil and gas exploration and production, focusing on the Permian Basin in West Texas and New Mexico. Participants can join via phone or webcast through the Company’s website.
Ring Energy, Inc. (NYSE American: REI) updated its Q4 2020 operational and financial results, announcing plans for 2021. The company reported 9,307 net barrels of oil equivalent per day, exceeding production guidance. In Q4, it reduced debt by $47 million and continued positive cash flow for five consecutive quarters. The strategic vision emphasizes free cash flow, cost reductions, and debt management, with plans to drill 6 to 8 wells in 2021, funded by operating cash flow. The forecast includes a 3% to 8% production growth over 2020 averages.
Ring Energy, Inc. (NYSEAM: REI) has relocated its corporate headquarters to The Woodlands, Texas, effective January 19, 2021. The company's new address is 1725 Hughes Landing Blvd, Suite 900, The Woodlands, Texas 77380. As part of this strategic move, Ring is closing its Andrews field office, downsizing the Midland office, and closing the Tulsa office by Q1 2021. These changes aim to achieve a 15% annual reduction in general and administrative costs while enhancing access to a skilled energy workforce in the greater Houston area.
Ring Energy, Inc. (NYSEAM: REI) revealed a $350 million borrowing base for its $1 billion credit facility, a decrease of 6.7% from the previous $375 million. The company paid down $45 million, bringing the drawn amount to $315 million with $35 million liquidity. Additionally, Ring secured new oil hedges for 2021 and 2022, increasing their hedged oil volume to 9,000 Bopd for 2021. CEO Paul McKinney emphasized the focus on reducing debt by $73 million this year, marking a 19% reduction.
SK Energy and American Resources express concern over the shareholder support for Ring Energy, following the December 15, 2020 Annual Meeting. They claim that the Board no longer represents shareholder interests, citing over 55% of votes withheld from the new Chairman and Directors. Ring Energy's share price has declined ~72% year-to-date, underperforming against peers. SK Energy and American Resources propose appointing independent candidates to improve governance and shareholder returns, emphasizing the need for action in light of the Board's poor performance and potential fiduciary issues.
Ring Energy, Inc. (NYSE American: REI) announces significant executive management changes effective December 31, 2020. Mr. Alex Dyes is promoted to Executive Vice President of Engineering and Corporate Strategy, Mr. Marinos Baghdati to Executive Vice President of Operations, and Hollie Lamb to Vice President of Compliance and General Manager of Midland office. David A. Fowler steps down as President but will support Business Development. Danny Wilson, COO since 2013, is departing the Company. These changes aim to enhance profitability and growth, as stated by CEO Paul D. McKinney.
Ring Energy, Inc. (NYSEAM: REI) announced the shareholders' approval of Mr. Paul D. McKinney as Chairman of the Board, alongside the election of six independent directors. All seven directors will serve a one-year term, concluding at the 2021 Annual Meeting. McKinney expressed gratitude for the support, emphasizing the board's diversity and the unique strengths each member brings to enhance shareholder value.
Ring Energy is engaged in oil and gas exploration, development, and production primarily in Texas and New Mexico.