2024-04-02 20:13:57 ET
Summary
- Ring is projected to generate $67 million in free cash flow in 2024 at current strip.
- Ring has around 45% of its oil production hedged, and that is partially reducing its benefit from low-$80s oil.
- Ring's Q4 2023 results were largely in-line with my expectations.
- Its 2024 production guidance was slightly below my expectations at $155 million in capital expenditures.
Ring Energy ( REI ) is currently projected to generate $67 million in free cash flow in 2024 at low-$80s WTI oil strip prices. Ring has hedged approximately 45% of its 2024 oil production (at guidance midpoint) and those oil hedges reduce its free cash flow by around $19 million (while its natural gas hedges have $4 million in positive value)....
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For further details see:
Ring Energy: Reviewing Its Outlook For 2024