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.
Ring Energy (NYSE American: REI) has announced a key addition to its management team. Phillip Feiner has joined the company as Vice President, General Counsel, bringing over 25 years of energy industry experience. Mr. Feiner will lead Ring's legal and human resources efforts, playing a important role in executing the company's long-term strategy.
CEO Paul D. McKinney expressed confidence in Mr. Feiner's appointment, highlighting the importance of this role in maximizing cash flow, improving the balance sheet, and driving increased stockholder value. Mr. Feiner's extensive background includes positions at Nacero Inc., HSB Solomon Associates, Kosmos Energy, and Cano Petroleum, demonstrating his expertise in various sectors of the energy industry.
Ring Energy (NYSE American: REI) has announced the schedule for its second quarter 2024 earnings release and conference call. The company plans to issue its earnings release after the market closes on Tuesday, August 6, 2024. A conference call is scheduled for Wednesday, August 7, 2024, at 11:00 a.m. Central Time to discuss the operational and financial results.
Interested parties can participate in the call by dialing 833-953-2433 (US) or 412-317-5762 (International). The call will also be webcast on Ring Energy's website. An audio replay will be available on the company's website following the call.
Ring Energy has increased its sales guidance for Q2 2024, projecting 13,500 to 13,700 Bopd and 19,500 to 19,700 Boepd, surpassing prior guidance ranges. The company reduced its debt by $15 million, ending the period with $407 million of outstanding borrowings. This debt reduction was driven by higher-than-expected sales volumes and efficiencies in their drilling program. Ring Energy reaffirmed its $600 million borrowing base under its $1 billion credit facility, with $193 million of borrowing availability remaining. CEO Paul D. McKinney emphasized the company's focus on maximizing free cash flow and further debt reduction for the rest of the year.
Ring Energy announced significant changes to its management team. Stephen D. Brooks, the Executive VP of Land, Legal, HR, and Marketing, will retire on July 1, 2024. The company is actively searching for his replacement. Marinos Baghdati, Executive VP of Operations, will leave on July 17, 2024. Shawn Young, currently the Production Engineering Manager, will be promoted to VP of Operations. Young joined Ring in 2022 and has over 33 years of experience in the energy industry. CEO Paul D. McKinney expressed gratitude for Brooks and Baghdati's contributions and confidence in Young's capabilities. A formal announcement regarding the new legal and HR executive is expected soon.
Ring Energy, Inc. (NYSE American: REI) reported operational and financial results for Q1 2024, exceeding sales volumes guidance by 5%, net income of $5.5 million, Adjusted Net Income of $20.3 million, and Adjusted EBITDA of $62.0 million. The company also announced guidance for Q2 2024, with sales volumes of 13,000 to 13,400 Bo/d and capital spending of $37 million to $42 million.
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