Ring Energy Q3 net loss $7.5M ($0.04/sh); adj. EBITDA record $58.6M, up 10% QoQ

RING ENERGY, INC.

2023-Q3 EPS reported $0.28 revenue$261,113,283

Net loss of $7.5M ($0.04 diluted EPS) vs Q2 net income of $28.8M ($0.15); adjusted net income $26.3M ($0.13).
Record Adjusted EBITDA of $58.6M, up 10% from $53.5M in Q2; Adjusted Free Cash Flow of $6.1M.
Production averaged 17,509 Boe/d (69% oil); Q3 exit rate above 19,000 Boe/d; stepped-up drilling: 11 wells spud, 8 completed.
Closed Founders acquisition for $50M cash (Aug 15); sold non-core New Mexico assets for $4.5M (Sept 27); credit facility debt $428M, liquidity $171.4M, leverage 1.69x.
Updated Q4 2023 guidance; expect strong Q4 from full quarter of Founders and stepped-up Q3 capital program of $42.4M.

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. reported third quarter 2023 results: net income ($7.5 million), EPS ($0.04) per diluted share.

Period: third quarter 2023
Net income: ($7.5 million)
EPS: ($0.04) per diluted share
Result: reported results

Exact text from the filing

Reported a net loss of $7.5 million, or $(0.04) per diluted share, in the third quarter of 2023

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Source: SEC EDGAR

accession 0001628280-23-036710

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