Ring Energy Q4 2022 net income $14.5M; full-year records; guides 2023 volumes up 40%

RING ENERGY, INC.

Record Q4 sales volumes 17,856 Boe/d (+34% QoQ); full-year 12,364 Boe/d (+45% YoY)
Full-year net income $138.6M ($0.98 diluted) vs $3.3M in 2021; adjusted net income $107.5M ($0.89), up 251%
Adjusted EBITDA full-year $195.2M (+134%); Free Cash Flow $34.8M; paid down $37M debt since Stronghold close
Year-end proved reserves 138.1 MMBoe (+78%); PV-10 $2.8B (+108%); leverage ratio reduced to 1.6x from 3.5x
2023 guidance: Q1 volumes 17,800-18,300 Boe/d; full-year 17,800-18,800 Boe/d; expects >40% increase over 2022

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

RING ENERGY, INC. updated its fourth quarter and full year 2022 guidance (reaffirmed).

Period: fourth quarter and full year 2022
Guidance: reaffirmed
Result: reported results

Exact text from the filing

On March 9, 2023, Ring Energy, Inc. (the “Company”) issued a press release announcing its financial and operating results for the fourth quarter and year ended December 31, 2022.

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RING ENERGY, INC. filing history →

Source: SEC EDGAR

accession 0001628280-23-007519

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