Ring Energy Q1 2024 crude sales top guidance; adj. net income $20.3M, FCF $15.6M

RING ENERGY, INC.

2024-Q1 EPS reported $0.03 revenue$94,503,136

Crude sales 13,394 Bo/d (19,034 Boe/d), exceeding high-end guidance by 5% and 3%.
GAAP net income $5.5M ($0.03/diluted); adjusted net income $20.3M ($0.10/diluted), excluding $17.6M unrealized derivative loss.
LOE $10.60/Boe and capex $36.3M both below low-end guidance; Adjusted EBITDA $62.0M.
Generated $15.6M Adjusted Free Cash Flow, 18th consecutive positive quarter; paid down $3M on credit facility.
Provided Q2 2024 outlook and reiterated full-year 2024 guidance.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

RING ENERGY, INC. reported first quarter ended March 31, 2024 results: revenue $94.5 million, net income $5.5 million, EPS $0.03 per diluted share. Guidance reaffirmed.

Period: first quarter ended March 31, 2024
Revenue: $94.5 million
Net income: $5.5 million
EPS: $0.03 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Summary Results Q1 2024 Q4 2023 Q1 2024 to Q4 2023 % Change Q1 2023 Q1 2024 to Q1 2023 % Change Net Sales (Boe/d) 19,034 19,397 (2)% 18,292 4% Crude Oil (Bo/d) 13,394 13,637 (2)% 12,660 6% Net Sales (MBoe) 1,732.1 1,784.5 (3)% 1,646.3 5% Realized Price - All Products ($/Boe) $54.56 $56.01 (3)% $53.50 2% Revenues ($MM) $94.5 $99.9 (5)% $88.1 7% Net Income ($MM) $5.5 $50.9 (89)% $32.7 (83)% Adjusted Net Income ($MM) $20.3 $21.2 (4)% $25.0 (19)% Adjusted EBITDA ($MM) $62.0 $65.4 (5)% $58.6 6% Capital Expenditures ($MM) $36.3 $38.8 (7)% $38.9 (7)% Adjusted Free Cash Flow ($MM) $15.6 $16.3 (4)% $10.5 48%

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Source: SEC EDGAR

accession 0001628280-24-021232

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