2024-05-06 16:53:53 ET
- Ring Energy press release ( NYSE: REI ): Q1 Non-GAAP EPS of $0.10 in-line.
- Revenue of $94.5M (+7.3% Y/Y) beats by $4.57M .
- Outlook: Ring expects second quarter 2024 sales volumes of 13,000 to 13,400 Bo/d and 18,500 to 19,100 Boe/d (70% oil, 15% natural gas, and 15% NGLs)
- For full year 2024, Ring continues to expect total capital spending of $135 million to $175 million that includes a balanced and capital efficient combination of drilling, completing and placing on production 18 to 24 Hz and 20 to 30 vertical wells across the Company’s asset portfolio.
- The Company forecasts full year 2024 oil sales volumes of 12,600 to 13,300 Bo/d compared with full year 2023 oil sales volumes of 12,548 Bo/d, with the mid-point of guidance reflecting a 3% increase.
- The Company remains focused on continuing to generate Adjusted Free Cash Flow. All 2024 planned capital expenditures will be fully funded by cash on hand and cash from operations, and excess Adjusted Free Cash Flow is currently targeted for further debt reduction.
- Shares +1.02% .
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Ring Energy Non-GAAP EPS of $0.10 in-line, revenue of $94.5M beats by $4.57M