In This Article:
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Record Sales Volumes: Q4 total sales volumes surged 11% to 19,397 Boe/d, with full-year volumes up 47% to 18,119 Boe/d.
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Net Income Growth: Q4 net income reached $50.9 million, with full-year net income at $104.9 million.
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Adjusted EBITDA: Achieved record Q4 Adjusted EBITDA of $65.4 million, a 12% increase from Q3, and a 21% year-over-year growth to $236.0 million.
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Cost Reduction: All-in Q4 cash operating costs decreased by 4% from Q3, contributing to a 6% full-year reduction.
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Debt Reduction: Paid down $3.0 million of debt in Q4 and $30.0 million since the Founders Acquisition in August 2023.
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Proved Reserves: Ended 2023 with 129.8 MMBoe in proved reserves and a PV-10 of $1.6 billion.
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Capital Expenditures: Full-year capital expenditures totaled $152.0 million, funding the drilling and completion of 31 wells.
On March 7, 2024, Ring Energy Inc (REI) released its 8-K filing, announcing record operational and financial results for the fourth quarter and full year 2023. The independent exploration and production company, operating primarily in the Permian Basin of Texas, has demonstrated significant growth in sales volumes and a strong commitment to cost efficiency.
Financial and Operational Performance
Ring Energy's performance in the fourth quarter was marked by an 11% increase in total sales volumes, reaching a record 19,397 barrels of oil equivalent per day (Boe/d). This growth was even more pronounced on an annual basis, with a 47% increase in total sales volumes to 18,119 Boe/d. The company's net income for the fourth quarter stood at $50.9 million, translating to $0.26 per diluted share. For the full year, net income was reported at $104.9 million, or $0.54 per diluted share.
The company's Adjusted EBITDA for the fourth quarter was a record $65.4 million, a 12% increase from the third quarter and a 16% increase from the fourth quarter of the previous year. Full-year Adjusted EBITDA grew by 21% to a record $236.0 million. Ring Energy also reported a significant reduction in all-in cash operating costs, which decreased by 4% from the third quarter and by 6% for the full year.
Strategic Achievements and Financial Health
Ring Energy's financial achievements in 2023 reflect the successful execution of its strategic initiatives, including the integration of two acquisitions made over the past 18 months and a high rate-of-return drilling and recompletion programs. The company's focus on reducing costs has also contributed to its robust financial performance.