Ring Energy Inc. reports recurring operational and financial developments for an independent oil and natural gas exploration and production company focused on the Permian Basin in Texas. Company updates commonly cover oil and natural gas sales volumes, lease operating expense, capital expenditures, drilling activity, proved reserves, guidance and commodity-price effects such as ceiling-test impairments and derivative mark-to-market results.
Ring Energy news also includes balance-sheet and portfolio items, including debt reduction, borrowing-base reaffirmations under its senior revolving credit facility, liquidity, asset sales and development inventory on the Northwest Shelf and Central Basin Platform. Governance updates include finance leadership appointments and related executive responsibilities.
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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