Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”)
today reported operational and financial results for the fourth
quarter and full year 2024, year-end 2024 proved reserves and
provided 2025 operational and financial guidance.
Fourth Quarter
2024 Highlights
- Recorded net
income of $5.7 million, or $0.03 per diluted share;
- Reported
Adjusted Net Income1 of $12.3 million, or $0.06 per diluted
share;
- Sold 19,658
barrels of oil equivalent per day (“Boe/d”), exceeding midpoint of
guidance and 12,916 barrels of oil per day (“Bo/d”);
- Held all-in cash
operating costs1 (on a Boe basis) substantially flat with Q3
2024;
- Reduced total
capital expenditures by 12% to $37.6 million as compared to Q3
2024;
- Recorded
Adjusted Cash Flow from Operations1 of $42.2 million and delivered
Adjusted Free Cash Flow1 of $4.7 million, remaining cash flow
positive for 21 consecutive quarters; and
- Strengthened
balance sheet by an additional $7.0 million in debt reduction.
Full Year 2024 Highlights
- Recorded net
income of $67.5 million, or $0.34 per diluted share;
- Reported
Adjusted Net Income1 of $69.5 million, or $0.35 per diluted
share;
- Grew sales
volumes year-over-year (“Y-O-Y”) by 8% to a record 19,648 Boe/d and
oil sales by 6% to a record 13,283 Bo/d;
- Reduced Y-O-Y
all-in cash operating costs1 (on a Boe basis) by 2%;
- Generated
Adjusted EBITDA1 of $233.3 million despite a 7% reduction in
realized prices;
- Maintained
capital spending essentially flat at $151.9 million while improving
capital efficiency on horizontal (“Hz”) wells by 11% to ~$492 per
foot and vertical wells by ~3% on a per completed interval
basis;
- Generated a Cash
Return on Capital Employed (“CROCE”)1 of 15.9% despite lower
commodity pricing, which is the third consecutive year that Ring
has achieved a CROCE in excess of 15%;
- Recorded
Adjusted Cash Flow from Operations1 of $195.3 million and delivered
Adjusted Free Cash Flow1 of $43.6 million, remaining cash flow
positive for over 5 years;
- Divested
non-core vertical wells with high operating cost for $5.5
million;
- Paid down $40.0
million in debt and $70.0 million since closing the Founders
acquisition in August 2023;
- Reaffirmed the
borrowing base at $600 million, exited 2024 with ~$217 million of
liquidity, borrowings of $385 million, and a Leverage Ratio1 of
1.66x; and
- Organically grew
proved reserves by 4.4 MMBoe, or 3%, to 134.2 MMBoe.
2025
Outlook2
- Average annual
sales midpoint of 21,000 Boe/d and 13,900 Bo/d, a 7% and 5%
increase, respectively;
- Annual capital
spending midpoint of $154 million, essentially flat with the prior
year;
- Total wells
drilled, completed and online (midpoint) of ~49 wells; and
- Assumes nine
months of Lime Rock asset operations without the benefit of
anticipated synergies and cost reductions.
Mr. Paul D. McKinney, Chairman of the Board and
Chief Executive Officer, commented, “We finished 2024 delivering on
our promises during the fourth quarter, in a year in which the Ring
Team enhanced nearly every controllable metric. We grew our sales
by 8% over the prior year to a record 19,648 Boe/d and our oil
sales by 6% to a record 13,283 Bo/d. We reduced our all-in cash
operating costs per Boe by 2% and drilled 13 more wells for
slightly less capital than the previous year representing a
substantial increase in capital efficiency for both our horizontal
and vertical wells. We paid down debt by $40 million and exited the
year with $385 million borrowings and approximately $217 million of
liquidity. During the fourth quarter of 2024, we reduced our
capital expenditures in anticipation of seeking and completing a
meaningful acquisition of producing properties, while achieving the
midpoint of our guidance on a Boe basis. As we have previously
stated, we intend to maintain or slightly grow our production
through our organic drilling program and grow through accretive,
balance sheet enhancing acquisitions of assets that meet specific
criteria. Our strategy retains the flexibility to respond to
changing conditions to ensure we continue to make progress
profitably growing the Company, achieving the size and scale to
earn more attractive market metrics, and build long term
shareholder value. Looking forward to 2025, we intend to continue a
reduced capital spending program in the first quarter to help us
achieve a satisfactory leverage ratio upon closing the Lime Rock
transaction. The rest of the year will be consistent with our past.
We will continue our focus on maximizing cash flow generation and
intend to allocate a portion of our cash flow from operations to
maintain production and liquidity and allocate the balance to
paying down debt. With the potential added benefit of the proposed
Lime Rock production beginning in the second quarter and our
historically successful capital spending program, we anticipate
ending 2025 stronger than ever.”
Mr. McKinney concluded, “I would like to thank
the Ring Team for the hard work and dedication it took to deliver
our 2024 results. I also want to express our gratitude for the
continued support of our shareholders. Despite an environment of
lower realized commodity prices, being a member of a market segment
where investor interest has waned, and other market conditions
beyond our control, our shareholders continued to support us as we
pursue our value focused proven strategy to build long-term
value.”
Summary Results
|
|
Quarter |
Year |
|
|
Q4 2024 |
Q3 2024 |
Q4 2024to
Q32024
%Change |
Q4 2023 |
Q4 2024to
Q42023
%Change |
FY 2024 |
FY 2023 |
FY % Change |
|
Average Daily Sales Volumes (Boe/d) |
19,658 |
20,108 |
(2 |
)% |
19,397 |
1 |
% |
19,648 |
18,119 |
8 |
% |
|
Crude Oil (Bo/d) |
12,916 |
13,204 |
(2 |
)% |
13,637 |
(5 |
)% |
13,283 |
12,548 |
6 |
% |
|
Net Sales (MBoe) |
1,808.5 |
1,849.9 |
(2 |
)% |
1,784.5 |
1 |
% |
7,191.1 |
6,613.3 |
9 |
% |
|
Realized Price - All Products ($/Boe) |
$46.14 |
$48.24 |
(4 |
)% |
$56.01 |
(18 |
)% |
$50.94 |
$54.60 |
(7 |
)% |
|
Realized Price - Crude Oil ($/Bo) |
$68.98 |
$74.43 |
(7 |
)% |
$77.33 |
(11 |
)% |
$74.87 |
$76.21 |
(2 |
)% |
|
Revenues ($MM) |
$83.4 |
$89.2 |
(7 |
)% |
$99.9 |
(17 |
)% |
$366.3 |
$361.1 |
1 |
% |
|
Net Income/Loss ($MM) |
$5.7 |
$33.9 |
(83 |
)% |
$50.9 |
(89 |
)% |
$67.5 |
$104.9 |
(36 |
)% |
|
Adjusted Net Income1 ($MM) |
$12.3 |
$13.4 |
(8 |
)% |
$21.2 |
(42 |
)% |
$69.5 |
$100.5 |
(31 |
)% |
|
Adjusted EBITDA1 ($MM) |
$50.9 |
$54.0 |
(6 |
)% |
$65.4 |
(22 |
)% |
$233.3 |
$236.0 |
(1 |
)% |
|
Capital Expenditures ($MM) |
$37.6 |
$42.7 |
(12 |
)% |
$38.8 |
(3 |
)% |
$151.9 |
$152.0 |
— |
% |
|
Adjusted Free Cash Flow1 ($MM) |
$4.7 |
$1.9 |
144 |
% |
$16.3 |
(71 |
)% |
$43.6 |
$45.3 |
(4 |
)% |
Adjusted Net Income, Adjusted EBITDA, Adjusted
Free Cash Flow, Adjusted Cash Flow from Operations, Cash Return on
Capital Employed and PV-10 are non-GAAP financial measures, which
are described in more detail and reconciled to the most comparable
GAAP measures, in the tables shown later in this release under
“Non-GAAP Financial Information.”
Sales Volumes, Prices and
Revenues: Sales volumes for the fourth quarter of 2024 are
shown in the table above.
For the fourth quarter of 2024, realized average
sales prices were $68.98 per barrel of crude oil, $(0.96) per Mcf
of natural gas and $9.08 per barrel of NGLs. The realized natural
gas and NGL prices are impacted by a fee reduction to the value
received. For the fourth quarter of 2024, the weighted average
natural gas price per Mcf was $0.87 offset by a weighted average
fee value per Mcf of $(1.83), and the weighted average NGL price
per barrel was $20.96 partially offset by a weighted average fee of
$(11.88) per barrel. The combined average realized sales price for
the period was $46.14 per Boe, down 4% versus $48.24 per Boe for
the third quarter of 2024, and down 18% from $56.01 per Boe in the
fourth quarter of 2023. The average oil price differential the
Company experienced from WTI NYMEX futures pricing in the fourth
quarter of 2024 was a negative $1.42 per barrel of crude oil, while
the average natural gas price differential from NYMEX futures
pricing was a negative $3.83 per Mcf.
Revenues were $83.4 million for the fourth
quarter of 2024 compared to $89.2 million for the third quarter of
2024 and $99.9 million for the fourth quarter of 2023. The 7%
decrease in fourth quarter 2024 revenues from the third quarter was
driven by a ($3.8MM) price variance and a ($2.0MM) volume
variance.
Lease Operating Expense
(“LOE”): LOE, which includes expensed workovers and
facilities maintenance, was $20.3 million, or $11.24 per Boe, in
the fourth quarter of 2024 versus $20.3 million, or $10.98 per Boe,
in the third quarter of 2024 and $18.7 million, or $10.50 per Boe,
for the fourth quarter of 2023. Fourth quarter 2024 LOE per Boe was
within the Company’s guidance range, and the Company remains
focused on further improving the efficiencies of its
operations.
Gathering, Transportation and Processing
(“GTP”) Costs: As previously disclosed, due to a
contractual change effective May 1, 2022, the Company no longer
maintains ownership and control of the majority of its natural gas
through processing. As a result, GTP costs are now substantially
reflected as a reduction to the natural gas sales price and not as
an expense item. There remains only one contract in place with a
natural gas processing entity where the point of control of gas
dictates requiring the fees to be recorded as an expense.
Ad Valorem Taxes: Ad valorem
taxes, inclusive of an accrual for methane taxes of $527,687, were
$1.34 per Boe for the fourth quarter of 2024, compared to $1.17 per
Boe in the third quarter of 2024 and $0.92 per Boe for the fourth
quarter of 2023.
Production
Taxes: Production taxes were $2.13 per
Boe in the fourth quarter of 2024 compared to $2.27 per Boe in the
third quarter of 2024 and $2.78 per Boe in fourth quarter of 2023.
Production taxes ranged between 4.6% to 5.0% of revenue for all
three periods.
Depreciation, Depletion and Amortization
(“DD&A”) and Asset Retirement Obligation Accretion:
DD&A was $13.57 per Boe in the fourth quarter of 2024 versus
$13.87 per Boe for the third quarter of 2024 and $13.76 per Boe in
the fourth quarter of 2023. Asset retirement obligation accretion
was $0.18 per Boe in the fourth quarter of 2024 compared to $0.19
per Boe for the third quarter of 2024 and $0.20 per Boe in the
fourth quarter of 2023.
General and Administrative Expenses
(“G&A”): G&A was $8.0 million ($4.44 per Boe)
for the fourth quarter of 2024 versus $6.4 million ($3.47 per
Boe) for the third quarter of 2024 and $8.2 million ($4.58 per
Boe) in the fourth quarter of 2023. G&A, excluding share-based
compensation1, was $6.4 million for the fourth quarter of 2024
($3.52 per Boe) versus $6.4 million for the third quarter of 2024
($3.45 per Boe) and $5.7 million in the fourth quarter of 2023
($3.20 per Boe). The fourth quarter of 2024 included $21,017 of
Transaction Costs. Excluding these costs and share-based
compensation, G&A was $3.51 per Boe for the period.
Interest Expense: Interest
expense was $10.1 million in the fourth quarter of 2024 versus
$10.8 million for the third quarter of 2024 and $11.6 million for
the fourth quarter of 2023.
Derivative (Loss) Gain: In the
fourth quarter of 2024, Ring recorded a net loss of $6.3 million on
its commodity derivative contracts, including a realized $0.7
million cash commodity derivative gain and an unrealized $7.0
million non-cash commodity derivative loss. This compared to a net
gain of $24.7 million in the third quarter of 2024, including a
realized $1.9 million cash commodity derivative loss and an
unrealized $26.6 million non-cash commodity derivative gain, and a
net gain of $29.3 million in the fourth quarter of 2023, including
a realized $3.3 million cash commodity derivative loss and an
unrealized $32.5 million non-cash commodity derivative gain.
A summary listing of the Company’s outstanding
derivative positions at December 31, 2024 is included in the
tables shown later in this release. A quarterly breakout is
provided in the Company’s investor presentation.
For full year 2025, the Company currently has
approximately 2.4 million barrels of oil (48% of oil sales guidance
midpoint) hedged and 2.4 billion cubic feet of natural gas (33% of
natural gas sales guidance midpoint) hedged.
Income Tax: The Company
recorded a non-cash income tax provision of $1.8 million in the
fourth quarter of 2024, $10.1 million in the third quarter of 2024,
and $7.9 million for fourth quarter 2023.
Balance Sheet and Liquidity:
Total liquidity at December 31, 2024 was $216.8 million, a 4%
increase from September 30, 2024 and a 24% increase from
December 31, 2023. Liquidity at December 31, 2024
consisted of cash and cash equivalents of $1.9 million and $215.0
million of availability under Ring’s revolving credit facility,
which includes a reduction of $35 thousand for letters of credit.
On December 31, 2024, the Company had $385.0 million in borrowings
outstanding on its revolving credit facility that has a current
borrowing base of $600.0 million. Ring paid down $7 million of
debt during the fourth quarter of 2024 and $70.0 million since
the closing of the Founders Transaction in August 2023. The Company
is targeting further debt pay down during 2025 dependent on market
conditions, the timing of capital spending, and other
considerations.
During the fourth quarter of 2024, the Company’s
borrowing base of $600 million under its revolving credit facility
was reaffirmed. The next regularly scheduled bank redetermination
is scheduled to occur during May 2025. Ring is currently in
compliance with all applicable covenants under its revolving credit
facility.
Capital Expenditures: During
the fourth quarter of 2024, capital expenditures on an accrual
basis were $37.6 million, which was near the midpoint of Ring’s
guidance of $33 million to $41 million. The Company drilled five Hz
and four vertical wells, and completed ten wells — with all
drilling and completion activity occurring in the Central Basin
Platform (“CBP”). Also included in fourth quarter 2024 capital
spending were costs for capital workovers, infrastructure upgrades,
recompletions, leasing costs, and ESG improvements.
For the year ended December 31, 2024,
capital expenditures on an accrual basis were $151.9 million —
substantially flat with full year 2023 despite more than a 40%
increase in drilling and completion activity in 2024. Capital
spending in 2024 included costs to drill, complete and place on
production 21 Hz wells (five in the NWS and 16 in the CBP) and 22
vertical wells in the CBP, as well as costs for capital workovers,
infrastructure upgrades, recompletions, leasing costs, and ESG
improvements.
The table below sets forth Ring’s drilling and
completions activities by quarter for 2024:
|
Quarter |
|
Area |
|
WellsDrilled |
|
WellsCompleted |
|
DrilledUncompleted("DUC")
(2) |
|
|
|
|
|
|
|
|
|
|
| 1Q 2024 |
|
Northwest Shelf
(Horizontal) |
|
2 |
|
2 |
|
— |
| |
|
Central Basin Platform
(Horizontal) |
|
3 |
|
3 |
|
— |
| |
|
Central
Basin Platform (Vertical) |
|
6 |
|
6 |
|
— |
| |
|
Total (1) |
|
11 |
|
11 |
|
— |
| |
|
|
|
|
|
|
|
|
| 2Q 2024 |
|
Northwest Shelf
(Horizontal) |
|
— |
|
— |
|
— |
| |
|
Central Basin Platform
(Horizontal) |
|
5 |
|
5 |
|
— |
| |
|
Central
Basin Platform (Vertical) |
|
6 |
|
6 |
|
— |
| |
|
Total |
|
11 |
|
11 |
|
— |
| |
|
|
|
|
|
|
|
|
| 3Q 2024 |
|
Northwest Shelf
(Horizontal) |
|
3 |
|
3 |
|
— |
| |
|
Central Basin Platform
(Horizontal) |
|
4 |
|
2 |
|
2 |
| |
|
Central
Basin Platform (Vertical) |
|
6 |
|
6 |
|
— |
| |
|
Total |
|
13 |
|
11 |
|
2 |
| |
|
|
|
|
|
|
|
|
| 4Q 2024 |
|
Northwest Shelf
(Horizontal) |
|
— |
|
— |
|
— |
| |
|
Central Basin Platform
(Horizontal) |
|
5 |
|
6 |
|
1 |
| |
|
Central
Basin Platform (Vertical) |
|
4 |
|
4 |
|
— |
| |
|
Total |
|
9 |
|
10 |
|
1 |
| |
|
|
|
|
|
|
|
|
| FY 2024 |
|
Northwest Shelf
(Horizontal) |
|
5 |
|
5 |
|
— |
| |
|
Central Basin Platform
(Horizontal) |
|
17 |
|
16 |
|
1 |
| |
|
Central
Basin Platform (Vertical) |
|
22 |
|
22 |
|
— |
| |
|
Total |
|
44 |
|
43 |
|
1 |
(1) First quarter total and full year total do
not include one salt water disposal (“SWD”) well completed in the
Central Basin Platform(2) Note that the DUC wells represent
period-end counts rather than period-to-date totals.
Full Year 2024
Summary Financial Review
The Company reported net income for full year
2024 of $67.5 million, or $0.34 per diluted share, and Adjusted Net
Income of $69.5 million, or $0.35 per diluted share. For full year
2023, Ring reported net income of $104.9 million, or $0.54 per
diluted share, and Adjusted Net Income of $100.5 million, or $0.51
per diluted share.
In full year 2024, the Company generated
Adjusted EBITDA of $233.3 million, Adjusted Free Cash Flow of $43.6
million, and Adjusted Cash Flow from Operations of $195.3 million —
representing a four percent or less decline in all three metrics
from full year 2023, despite an almost seven percent decrease in
overall realized commodity pricing.
Revenues totaled $366.3 million for 2024
compared to $361.1 million in 2023, with the increase driven by
higher sales volumes partially offset by lower overall realized
commodity prices.
Net sales for full year 2024 were a record
19,648 Boe/d, or 7,191,054 Boe, comprised of 4,861,628 Bbls of oil,
6,423,674 Mcf of natural gas, and 1,258,814 Bbls of NGLs. Full year
2023 net sales averaged 18,119 Boe/d, or 6,613,321 Boe, which
included 4,579,942 Bbls of oil, 6,339,158 Mcf of natural gas, and
976,852 Bbls of NGLs. The increase in sales volumes was primarily
associated with a full year of production from the Founders
Acquisition that closed in August 2023, as well as strong organic
growth from the Company’s targeted capital spending program.
For full year 2024, the Company’s realized crude
oil sales price was $74.87 per barrel, the natural gas sales price
was $(1.44) per Mcf, and the NGLs sales price was $9.23 per barrel.
The combined average sales price for full year 2024 was $50.94 per
Boe compared to $54.60 per Boe for full year 2023.
For the full year 2024, LOE was $78.3 million,
or $10.89 per Boe (substantially at the midpoint of guidance of
$10.70 to $11.00 per Boe). The increase in LOE on an absolute basis
from full year 2023 was primarily due to the full year of expenses
from the assets acquired with the Founders Acquisition (closed in
August 2023) which contributed to the previously discussed 9%
increase in production. Also affecting absolute LOE were higher
activity levels, partially offset by the Company’s ongoing cost
reduction and increased efficiency initiatives.
For the full year 2024, G&A was
$29.6 million, or $4.12 per Boe, compared to
$29.2 million, or $4.41 per Boe for full year 2023. G&A,
excluding share-based compensation, was $24.1 million, or $3.36 per
Boe, compared to $20.4 million, or $3.08 per Boe for full year
2023. Excluding Transaction Costs, full year 2024 G&A, net of
share-based compensation, was $3.35 per Boe. The increase from full
year 2023 was primarily associated with higher total compensation
levels driven by higher activity levels in 2024 and a non-recurring
employee retention tax credit in 2023, with the overall net
increase partially offset by a $3.3 million year-over-year
reduction in share-based compensation.
Recently Announced Proposed Accretive Bolt-On
Acquisition
On February 25, 2025, the Company entered into
an agreement to acquire Lime Rock’s CBP assets for $90 million in
cash with $80 million due at closing and $10 million due on the
nine month anniversary of closing, and approximately 7.4 million
shares of our common stock. The purchase price is subject to
customary purchase price adjustments. The transaction has an
effective date of October 1, 2024, and is expected to close by the
end of the first quarter of 2025.
Lime Rock’s CBP acreage is in Andrews County,
Texas, where the majority of the acreage directly offsets Ring’s
core Shafter Lake operations, and the remaining acreage is
prospective for multiple horizontal targets and exposes the Company
to new active plays. The transaction represents another opportunity
for the Company to seamlessly integrate strategic, high-quality
assets with Ring’s existing operations and create shareholder value
through improved operations and synergy capture.
The Lime Rock position has been a key target for
Ring as the Company has historically sought to consolidate
producing assets in core counties in the CBP defined by shallow
declines, high margin production and undeveloped inventory that
immediately competes for capital. Additionally, these assets add
significant near-term opportunities for field level optimization
and cost savings that are core competencies of Ring’s operating
team.
2025 Capital
Investment, Sales Volumes, and Operating Expense
Guidance
In January, the Company commenced its 2025
development program with one rig drilling horizontal wells followed
by another rig drilling vertical wells. During the first quarter,
this disciplined capital program is intended to achieve a
satisfactory leverage ratio upon the closing of the Lime Rock
transaction. The Company intends to utilize a phased (versus
continuous) capital drilling program to maximize free cash flow and
retain the flexibility to respond to changes in commodity prices
and other market conditions.
For full year 2025, Ring expects total capital
spending of $138 million to $170 million that includes a balanced
and capital efficient combination of drilling, completing and
placing on production 27 to 32 Hz and 15 to 22 vertical wells
across the Company’s asset portfolio. Additionally, the full year
capital spending program includes funds for the drilling of
targeted well recompletions, capital workovers, infrastructure
upgrades, reactivations, leasing costs, ESG improvements, and the
drilling of approximately three SWD wells, in addition to the
Company’s pro-rata capital spending for non-operated drilling,
completion, and capital workover activities.
All projects and estimates are based on assumed
WTI oil prices of $65 to $75 per barrel and Henry Hub prices of
$2.00 to $4.00 per Mcf.
Based on the $154 million midpoint of spending
guidance, the Company expects the following estimated allocation of
capital investment:
- 73% for drilling, completion, and
related infrastructure;
- 19% for recompletions and capital
workovers;
- 5% for environmental and emission
reducing facility upgrades; and
- 3% for land and non-operated
capital.
The Company remains focused on continuing to
generate Adjusted Free Cash Flow. All 2025 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.
The Company currently forecasts full year 2025
oil sales volumes of 13,600 to 14,200 Bo/d compared with full year
2024 oil sales volumes of 13,283 Bo/d, with the midpoint of
guidance reflecting almost a 5% increase from last year.
The guidance in the table below represents the
Company's current good faith estimate of the range of likely future
results for the first quarter and full year of 2025 and assumes the
closing of the Lime Rock transaction at the end of the first
quarter of 2025. Guidance could be affected by the factors
discussed below in the "Safe Harbor Statement" section. LOE per Boe
assumes the full operating costs of the Lime Rock assets before
anticipated synergies and cost reductions after the assets are
integrated.
|
|
|
Q1 2025 |
|
Q2 2025 |
|
Q3 2025 |
|
Q4 2025 |
|
FY 2025 |
| |
|
|
|
|
|
|
|
|
|
|
| Sales
Volumes: |
|
|
|
|
|
|
|
|
|
|
|
Total Oil (Bo/d) |
|
11,700 – 12,000 |
|
13,700 – 14,700 |
|
14,000 – 15,000 |
|
14,400 – 15,400 |
|
13,600 – 14,200 |
|
Midpoint (Bo/d) |
|
11,850 |
|
14,200 |
|
14,500 |
|
14,900 |
|
13,900 |
|
Total (Boe/d) |
|
18,000-18,500 |
|
20,500 – 22,500 |
|
20,700 – 22,700 |
|
21,000 – 23,000 |
|
20,000 - 22,000 |
|
Midpoint (Boe/d) |
|
18,250 |
|
21,500 |
|
21,700 |
|
22,000 |
|
21,000 |
|
Oil (%) |
|
65% |
|
66% |
|
67% |
|
68% |
|
66% |
|
NGLs (%) |
|
19% |
|
18% |
|
18% |
|
18% |
|
18% |
|
Gas (%) |
|
16% |
|
16% |
|
15% |
|
14% |
|
16% |
| |
|
|
|
|
|
|
|
|
|
|
| Capital
Program: |
|
|
|
|
|
|
|
|
|
|
|
Capital spending(1) (millions) |
|
$26 - $34 |
|
$34 - $42 |
|
$46 - $54 |
|
$32 - $40 |
|
$138 - $170 |
|
Midpoint (millions) |
|
$30 |
|
$38 |
|
$50 |
|
$36 |
|
$154 |
|
New Hz wells drilled |
|
4 - 5 |
|
8 - 9 |
|
11 - 13 |
|
4 - 5 |
|
27 - 32 |
|
New Vertical wells drilled |
|
3 - 4 |
|
3 - 5 |
|
4 - 6 |
|
5 - 7 |
|
15 - 22 |
|
Completion of DUC wells |
|
0 |
|
1 |
|
0 |
|
0 |
|
1 |
|
Wells completed and online |
|
7 - 9 |
|
12 - 15 |
|
15 - 19 |
|
9 - 12 |
|
43 - 55 |
| |
|
|
|
|
|
|
|
|
|
|
| Operating
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
LOE (per Boe) |
|
$11.75 - $12.25 |
|
$11.50 - $12.50 |
|
$11.25 - $12.25 |
|
$11.00 - $12.00 |
|
$11.25 - $12.25 |
|
Midpoint (per Boe) |
|
$12.00 |
|
$12.00 |
|
$11.75 |
|
$11.50 |
|
$11.75 |
(1) In addition to Company-directed drilling and
completion activities, the capital spending outlook includes funds
for targeted well recompletions, capital workovers, infrastructure
upgrades and well reactivations. Also included is anticipated
spending for leasing acreage and non-operated drilling, completion,
capital workovers, and ESG improvements.
Year-End 2024
Proved Reserves
The Company's year-end 2024 SEC proved reserves
were 134.2 MMBoe, up 3% compared to 129.8 MMBoe at year-end 2023.
During 2024, Ring recorded reserve additions of 16.0 MMBoe for
extensions, discoveries and improved recovery. Offsetting these
additions were 1.2 MMBoe related to the sale of non-core assets,
7.2 MMBoe of production, and 3.2 MMBoe of revisions related to
changes in pricing and performance.
The SEC twelve-month first day of the month
average prices used for year-end 2024 were $71.96 per barrel of
crude oil and $2.130 per MMBtu of natural gas, both before
adjustment for quality, transportation, fees, energy content, and
regional price differentials, while for year-end 2023 they were
$74.70 per barrel of crude oil and $2.637 per MMBtu of natural gas
— a decrease of four percent and two percent, respectively.
Year-end 2024 SEC proved reserves were comprised
of approximately 60% crude oil, 19% natural gas, and 21% natural
gas liquids. At year end, approximately 69% of 2024 proved reserves
were classified as proved developed and 31% as proved undeveloped.
This is compared to year-end 2023 when approximately 68% of proved
reserves were classified as proved developed and 32% were
classified as proved undeveloped. The Company’s year-end 2024
proved reserves were prepared by Cawley, Gillespie &
Associates, Inc., and independent petroleum engineering firm.
The PV-10 value at year-end 2024 was $1,462.8
million versus $1,647.0 million at the end of 2023.
| |
|
Oil (Bbl) |
|
Gas (Mcf) |
|
NaturalGasLiquids(Bbl) |
|
Net(Boe) |
|
PV-10(1) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2023 |
|
82,141,277 |
|
|
146,396,322 |
|
|
23,218,564 |
|
|
129,759,229 |
|
|
$ |
1,647,031,127 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of minerals in place |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
Extensions, discoveries and improved recovery |
|
11,495,236 |
|
|
10,630,769 |
|
|
2,738,451 |
|
|
16,005,482 |
|
|
|
|
|
|
Sales of minerals in place |
|
(1,140,568 |
) |
|
(56,020 |
) |
|
(16,361 |
) |
|
(1,166,266 |
) |
|
|
|
|
|
Production |
|
(4,861,628 |
) |
|
(6,423,674 |
) |
|
(1,258,814 |
) |
|
(7,191,054 |
) |
|
|
|
|
|
Revisions of previous quantity estimates |
|
(6,730,246 |
) |
|
(730,235 |
) |
|
3,621,245 |
|
|
(3,230,707 |
) |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, December 31,
2024 |
|
80,904,071 |
|
|
149,817,162 |
|
|
28,303,085 |
|
|
134,176,684 |
|
|
$ |
1,462,827,136 |
|
(1) PV-10 is a non-GAAP financial measure and is
derived from the Standardized Measure of Discounted Futures Net
Cash Flows, which is the most directly comparable generally
accepted accounting principles (“GAAP”) measure.
In accordance with guidelines established by the
SEC, estimated proved reserves as of December 31, 2024 were
determined to be economically producible under existing economic
conditions, which requires the use of the 12-month average
commodity price for each product, calculated as the unweighted
arithmetic average of the first-day-of-the-month price for the year
ended December 31, 2024. The SEC average prices used for
year-end 2024 were $71.96 per barrel of crude oil (WTI) and $2.130
per MMBtu of natural gas (Henry Hub), both before adjustment for
quality, transportation, fees, energy content, and regional price
differentials. Such prices were held constant throughout the
estimated lives of the reserves. Future production and development
costs are based on year-end costs with no escalations.
Standardized Measure of Discounted
Future Net Cash Flows
Ring’s standardized measure of discounted future
net cash flows relating to proved oil and natural gas reserves and
changes in the standardized measure as described below were
prepared in accordance with GAAP.
|
As of December 31, |
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
| Future cash inflows |
|
$ |
6,165,487,616 |
|
|
$ |
6,622,410,752 |
|
| Future production costs |
|
|
(2,432,555,200 |
) |
|
|
(2,413,303,488 |
) |
| Future development costs
(1) |
|
|
(536,825,664 |
) |
|
|
(562,063,424 |
) |
| Future income taxes |
|
|
(465,768,645 |
) |
|
|
(548,664,988 |
) |
| Future net cash flows |
|
|
2,730,338,107 |
|
|
|
3,098,378,852 |
|
| 10% annual discount for
estimated timing of cash flows |
|
|
(1,497,401,764 |
) |
|
|
(1,699,193,661 |
) |
| |
|
|
|
|
| Standardized Measure
of Discounted Future Net Cash Flows |
|
$ |
1,232,936,343 |
|
|
$ |
1,399,185,191 |
|
(1) Future development costs include not only
development costs but also future asset retirement costs.
Reconciliation of PV-10 to Standardized
Measure
PV-10 is derived from the Standardized Measure
of Discounted Future Net Cash Flows (“Standardized Measure”), which
is the most directly comparable GAAP financial measure for proved
reserves calculated using SEC pricing. PV-10 is a computation of
the Standardized Measure on a pre-tax basis. PV-10 is equal to the
Standardized Measure at the applicable date, before deducting
future income taxes, discounted at 10 percent. We believe that the
presentation of PV-10 is relevant and useful to investors because
it presents the discounted future net cash flows attributable to
our estimated net proved reserves prior to taking into account
future corporate income taxes, and it is a useful measure for
evaluating the relative monetary significance of our oil and
natural gas properties. Further, investors may utilize the measure
as a basis for comparison of the relative size and value of our
reserves to other companies without regard to the specific tax
characteristics of such entities. Moreover, GAAP does not provide a
measure of estimated future net cash flows for reserves other than
proved reserves or for reserves calculated using prices other than
SEC prices. We use this measure when assessing the potential return
on investment related to our oil and natural gas properties. PV-10,
however, is not a substitute for the Standardized Measure. Our
PV-10 measure and the Standardized Measure do not purport to
represent the fair value of our oil and natural gas reserves.
The following table reconciles the PV-10 value of the Company’s
estimated proved reserves as of December 31, 2024 to the
Standardized Measure:
|
SEC Pricing Proved Reserves |
| Standardized Measure
Reconciliation |
|
|
|
Present Value of Estimated Future Net Revenues (PV-10) |
|
$ |
1,462,827,136 |
|
| Future Income Taxes, Discounted
at 10% |
|
|
229,890,793 |
|
| Standardized Measure of
Discounted Future Net Cash Flows |
|
$ |
1,232,936,343 |
|
Conference Call Information
Ring will hold a conference call on Thursday,
March 6, 2025 at 11:00 a.m. ET (10:00 a.m. CT) to discuss its
fourth quarter and full year 2024 operational and financial
results. An updated investor presentation will be posted to the
Company’s website prior to the conference call.
To participate in the conference call,
interested parties should dial 833-953-2433 at least five minutes
before the call is to begin. Please reference the “Ring Energy 2024
Earnings Conference Call”. International callers may participate by
dialing 412-317-5762. The call will also be webcast and available
on Ring’s website at www.ringenergy.com under “Investors” on the
“News & Events” page. An audio replay will also be available on
the Company’s website following the call.
About Ring Energy, Inc.
Ring Energy, Inc. is an oil and gas exploration,
development, and production company with current operations focused
on the development of its Permian Basin assets. For additional
information, please visit www.ringenergy.com.
Safe Harbor Statement
This release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical fact
included in this release, regarding our strategy, future
operations, financial position, estimated revenues and losses,
projected costs, prospects, plans and objectives of management are
forward-looking statements. Additionally, forward-looking
statements include statements about the expected benefits to the
Company and its shareholders from the proposed Lime Rock
acquisition and the anticipated completion of the Lime Rock
acquisition or the timing thereof. When used in this release, the
words “could,” “may,” “will,” “believe,” “anticipate,” “intend,”
“estimate,” “expect,” “guidance,” “project,” “goal,” “plan,”
“target” and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain such identifying words. These forward-looking
statements are based on management’s current expectations and
assumptions about future events and are based on currently
available information as to the outcome and timing of future
events. However, whether actual results and developments will
conform to expectations is subject to a number of material risks
and uncertainties, including but not limited to: declines in oil,
natural gas liquids or natural gas prices; the level of success in
exploration, development and production activities; adverse weather
conditions that may negatively impact development or production
activities; the timing of exploration and development expenditures;
inaccuracies of reserve estimates or assumptions underlying them;
revisions to reserve estimates as a result of changes in commodity
prices; impacts to financial statements as a result of impairment
write-downs; risks related to level of indebtedness and periodic
redeterminations of the borrowing base and interest rates under the
Company’s credit facility; Ring’s ability to generate sufficient
cash flows from operations to meet the internally funded portion of
its capital expenditures budget; the impacts of hedging on results
of operations; and Ring’s ability to replace oil and natural gas
reserves. Such statements are subject to certain risks and
uncertainties which are disclosed in the Company’s reports filed
with the SEC, including its Form 10-K for the fiscal year ended
December 31, 2024, and its other filings with the SEC. Readers
and investors are cautioned that the Company’s actual results may
differ materially from those described in the forward-looking
statements due to a number of factors, including, but not limited
to, the Company’s ability to acquire productive oil and/or gas
properties or to successfully drill and complete oil and/or gas
wells on such properties, general economic conditions both
domestically and abroad, and the conduct of business by the
Company, and other factors that may be more fully described in
additional documents set forth by the Company. Should one or more
of the risks or uncertainties described in this release occur, or
should underlying assumptions prove incorrect, our actual results
and plans could differ materially from those expressed in any
forward-looking statements. All forward-looking statements,
expressed or implied, included in this release are expressly
qualified in their entirety by this safe harbor statement. This
safe harbor statement should also be considered in connection with
any subsequent written or oral forward-looking statements that we
or persons acting on our behalf may issue. Ring undertakes no
obligation to revise or update publicly any forward-looking
statements except as required by law.
Contact Information
Al Petrie AdvisorsAl Petrie, Senior PartnerPhone:
281-975-2146Email: apetrie@ringenergy.com
|
RING ENERGY, INC.Condensed Statements of
Operations |
|
|
| |
(Unaudited) |
|
|
|
|
| |
Three Months Ended |
|
Twelve Months Ended |
| |
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
|
| Oil, Natural Gas, and
Natural Gas Liquids Revenues |
$ |
83,440,546 |
|
|
$ |
89,244,383 |
|
|
$ |
99,942,718 |
|
|
$ |
366,327,414 |
|
|
$ |
361,056,001 |
|
| |
|
|
|
|
|
|
|
|
|
| Costs and Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
Lease operating expenses |
|
20,326,216 |
|
|
|
20,315,282 |
|
|
|
18,732,082 |
|
|
|
78,310,949 |
|
|
|
70,158,227 |
|
|
Gathering, transportation and processing costs |
|
130,230 |
|
|
|
102,420 |
|
|
|
464,558 |
|
|
|
506,333 |
|
|
|
457,573 |
|
|
Ad valorem taxes |
|
2,421,595 |
|
|
|
2,164,562 |
|
|
|
1,637,722 |
|
|
|
8,069,064 |
|
|
|
6,757,841 |
|
|
Oil and natural gas production taxes |
|
3,857,147 |
|
|
|
4,203,851 |
|
|
|
4,961,768 |
|
|
|
16,116,565 |
|
|
|
18,135,336 |
|
|
Depreciation, depletion and amortization |
|
24,548,849 |
|
|
|
25,662,123 |
|
|
|
24,556,654 |
|
|
|
98,702,843 |
|
|
|
88,610,291 |
|
|
Asset retirement obligation accretion |
|
323,085 |
|
|
|
354,195 |
|
|
|
351,786 |
|
|
|
1,380,298 |
|
|
|
1,425,686 |
|
|
Operating lease expense |
|
175,090 |
|
|
|
175,091 |
|
|
|
175,090 |
|
|
|
700,362 |
|
|
|
541,801 |
|
|
General and administrative expense |
|
8,035,977 |
|
|
|
6,421,567 |
|
|
|
8,164,799 |
|
|
|
29,640,300 |
|
|
|
29,188,755 |
|
| |
|
|
|
|
|
|
|
|
|
|
Total Costs and Operating Expenses |
|
59,818,189 |
|
|
|
59,399,091 |
|
|
|
59,044,459 |
|
|
|
233,426,714 |
|
|
|
215,275,510 |
|
| |
|
|
|
|
|
|
|
|
|
| Income from
Operations |
|
23,622,357 |
|
|
|
29,845,292 |
|
|
|
40,898,259 |
|
|
|
132,900,700 |
|
|
|
145,780,491 |
|
| |
|
|
|
|
|
|
|
|
|
| Other Income
(Expense) |
|
|
|
|
|
|
|
|
|
|
Interest income |
|
124,765 |
|
|
|
143,704 |
|
|
|
96,984 |
|
|
|
491,946 |
|
|
|
257,155 |
|
|
Interest (expense) |
|
(10,112,496 |
) |
|
|
(10,754,243 |
) |
|
|
(11,603,892 |
) |
|
|
(43,311,810 |
) |
|
|
(43,926,732 |
) |
|
Gain (loss) on derivative contracts |
|
(6,254,448 |
) |
|
|
24,731,625 |
|
|
|
29,250,352 |
|
|
|
(2,365,917 |
) |
|
|
2,767,162 |
|
|
Gain (loss) on disposal of assets |
|
— |
|
|
|
— |
|
|
|
44,981 |
|
|
|
89,693 |
|
|
|
(87,128 |
) |
|
Other income |
|
80,970 |
|
|
|
— |
|
|
|
72,725 |
|
|
|
106,656 |
|
|
|
198,935 |
|
|
Net Other Income (Expense) |
|
(16,161,209 |
) |
|
|
14,121,086 |
|
|
|
17,861,150 |
|
|
|
(44,989,432 |
) |
|
|
(40,790,608 |
) |
| |
|
|
|
|
|
|
|
|
|
| Income Before
Provision for Income Taxes |
|
7,461,148 |
|
|
|
43,966,378 |
|
|
|
58,759,409 |
|
|
|
87,911,268 |
|
|
|
104,989,883 |
|
| |
|
|
|
|
|
|
|
|
|
| Provision for Income
Taxes |
|
(1,803,629 |
) |
|
|
(10,087,954 |
) |
|
|
(7,862,930 |
) |
|
|
(20,440,954 |
) |
|
|
(125,242 |
) |
| |
|
|
|
|
|
|
|
|
|
| Net
Income |
$ |
5,657,519 |
|
|
$ |
33,878,424 |
|
|
$ |
50,896,479 |
|
|
$ |
67,470,314 |
|
|
$ |
104,864,641 |
|
| |
|
|
|
|
|
|
|
|
|
| Basic Earnings per
Share |
$ |
0.03 |
|
|
$ |
0.17 |
|
|
$ |
0.26 |
|
|
$ |
0.34 |
|
|
$ |
0.55 |
|
| Diluted Earnings per
Share |
$ |
0.03 |
|
|
$ |
0.17 |
|
|
$ |
0.26 |
|
|
$ |
0.34 |
|
|
$ |
0.54 |
|
| |
|
|
|
|
|
|
|
|
|
| Basic Weighted-Average Shares
Outstanding |
|
198,166,543 |
|
|
|
198,177,046 |
|
|
|
195,687,725 |
|
|
|
197,937,683 |
|
|
|
190,589,143 |
|
| Diluted Weighted-Average
Shares Outstanding |
|
200,886,010 |
|
|
|
200,723,863 |
|
|
|
197,848,812 |
|
|
|
200,277,380 |
|
|
|
195,364,850 |
|
|
RING ENERGY, INC.Condensed Operating
Data(Unaudited) |
|
|
| |
Three Months Ended |
|
Twelve Months Ended |
| |
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
| |
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| |
|
|
|
|
|
|
|
|
|
| Net sales
volumes: |
|
|
|
|
|
|
|
|
|
|
Oil (Bbls) |
1,188,272 |
|
|
1,214,788 |
|
|
1,254,619 |
|
|
4,861,628 |
|
|
4,579,942 |
|
|
Natural gas (Mcf) |
1,683,793 |
|
|
1,705,027 |
|
|
1,613,102 |
|
|
6,423,674 |
|
|
6,339,158 |
|
|
Natural gas liquids (Bbls) |
339,589 |
|
|
350,975 |
|
|
261,020 |
|
|
1,258,814 |
|
|
976,852 |
|
|
Total oil, natural gas and natural gas liquids (Boe)(1) |
1,808,493 |
|
|
1,849,934 |
|
|
1,784,490 |
|
|
7,191,054 |
|
|
6,613,321 |
|
| |
|
|
|
|
|
|
|
|
|
|
% Oil |
66 |
% |
|
66 |
% |
|
70 |
% |
|
68 |
% |
|
69 |
% |
|
% Natural gas |
15 |
% |
|
15 |
% |
|
15 |
% |
|
15 |
% |
|
16 |
% |
|
% Natural gas liquids |
19 |
% |
|
19 |
% |
|
15 |
% |
|
17 |
% |
|
15 |
% |
| |
|
|
|
|
|
|
|
|
|
| Average daily sales
volumes: |
|
|
|
|
|
|
|
|
|
|
Oil (Bbls/d) |
12,916 |
|
|
13,204 |
|
|
13,637 |
|
|
13,283 |
|
|
12,548 |
|
|
Natural gas (Mcf/d) |
18,302 |
|
|
18,533 |
|
|
17,534 |
|
|
17,551 |
|
|
17,368 |
|
|
Natural gas liquids (Bbls/d) |
3,691 |
|
|
3,815 |
|
|
2,837 |
|
|
3,439 |
|
|
2,676 |
|
|
Average daily equivalent sales (Boe/d) |
19,658 |
|
|
20,108 |
|
|
19,397 |
|
|
19,648 |
|
|
18,119 |
|
| |
|
|
|
|
|
|
|
|
|
| Average realized sales
prices: |
|
|
|
|
|
|
|
|
|
|
Oil ($/Bbl) |
68.98 |
|
|
74.43 |
|
|
77.33 |
|
|
74.87 |
|
|
76.21 |
|
|
Natural gas ($/Mcf) |
(0.96 |
) |
|
(2.26 |
) |
|
(0.12 |
) |
|
(1.44 |
) |
|
0.05 |
|
|
Natural gas liquids ($/Bbls) |
9.08 |
|
|
7.66 |
|
|
11.92 |
|
|
9.23 |
|
|
11.95 |
|
|
Barrel of oil equivalent ($/Boe) |
46.14 |
|
|
48.24 |
|
|
56.01 |
|
|
50.94 |
|
|
54.60 |
|
| |
|
|
|
|
|
|
|
|
|
| Average costs and
expenses per Boe ($/Boe): |
|
|
|
|
|
|
|
|
|
|
Lease operating expenses |
11.24 |
|
|
10.98 |
|
|
10.50 |
|
|
10.89 |
|
|
10.61 |
|
|
Gathering, transportation and processing costs |
0.07 |
|
|
0.06 |
|
|
0.26 |
|
|
0.07 |
|
|
0.07 |
|
|
Ad valorem taxes |
1.34 |
|
|
1.17 |
|
|
0.92 |
|
|
1.12 |
|
|
1.02 |
|
|
Oil and natural gas production taxes |
2.13 |
|
|
2.27 |
|
|
2.78 |
|
|
2.24 |
|
|
2.74 |
|
|
Depreciation, depletion and amortization |
13.57 |
|
|
13.87 |
|
|
13.76 |
|
|
13.73 |
|
|
13.40 |
|
|
Asset retirement obligation accretion |
0.18 |
|
|
0.19 |
|
|
0.20 |
|
|
0.19 |
|
|
0.22 |
|
|
Operating lease expense |
0.10 |
|
|
0.09 |
|
|
0.10 |
|
|
0.10 |
|
|
0.08 |
|
|
G&A (including share-based compensation) |
4.44 |
|
|
3.47 |
|
|
4.58 |
|
|
4.12 |
|
|
4.41 |
|
|
G&A (excluding share-based compensation) |
3.52 |
|
|
3.45 |
|
|
3.20 |
|
|
3.36 |
|
|
3.08 |
|
|
G&A (excluding share-based compensation and transaction
costs) |
3.51 |
|
|
3.45 |
|
|
3.00 |
|
|
3.35 |
|
|
3.01 |
|
(1) Boe is determined using the ratio of six Mcf
of natural gas to one Bbl of oil (totals may not compute due to
rounding.) The conversion ratio does not assume price equivalency
and the price on an equivalent basis for oil, natural gas, and
natural gas liquids may differ significantly.
|
RING ENERGY, INC.Condensed
Balance Sheets |
|
|
|
As of December 31, |
|
|
2024 |
|
|
|
2023 |
|
|
ASSETS |
|
|
|
|
| Current
Assets |
|
|
|
|
| Cash and cash equivalents |
|
$ |
1,866,395 |
|
|
$ |
296,384 |
|
| Accounts receivable |
|
|
36,172,316 |
|
|
|
38,965,002 |
|
| Joint interest billing
receivables, net |
|
|
1,083,164 |
|
|
|
2,422,274 |
|
| Derivative assets |
|
|
5,497,057 |
|
|
|
6,215,374 |
|
| Inventory |
|
|
4,047,819 |
|
|
|
6,136,935 |
|
| Prepaid expenses and other
assets |
|
|
1,781,341 |
|
|
|
1,874,850 |
|
| Total Current
Assets |
|
|
50,448,092 |
|
|
|
55,910,819 |
|
| Properties and
Equipment |
|
|
|
|
| Oil and natural gas
properties, full cost method |
|
|
1,809,309,848 |
|
|
|
1,663,548,249 |
|
| Financing lease asset subject
to depreciation |
|
|
4,634,556 |
|
|
|
3,896,316 |
|
| Fixed assets subject to
depreciation |
|
|
3,389,907 |
|
|
|
3,228,793 |
|
| Total Properties and
Equipment |
|
|
1,817,334,311 |
|
|
|
1,670,673,358 |
|
| Accumulated depreciation,
depletion and amortization |
|
|
(475,212,325 |
) |
|
|
(377,252,572 |
) |
| Net Properties and
Equipment |
|
|
1,342,121,986 |
|
|
|
1,293,420,786 |
|
| Operating lease
asset |
|
|
1,906,264 |
|
|
|
2,499,592 |
|
| Derivative
assets |
|
|
5,473,375 |
|
|
|
11,634,714 |
|
| Deferred financing
costs |
|
|
8,149,757 |
|
|
|
13,030,481 |
|
| Total
Assets |
|
$ |
1,408,099,474 |
|
|
$ |
1,376,496,392 |
|
| |
|
|
|
|
| LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
| Current
Liabilities |
|
|
|
|
| Accounts payable |
|
$ |
95,729,261 |
|
|
$ |
104,064,124 |
|
| Income tax liability |
|
|
328,985 |
|
|
|
— |
|
| Financing lease liability |
|
|
906,119 |
|
|
|
956,254 |
|
| Operating lease liability |
|
|
648,204 |
|
|
|
568,176 |
|
| Derivative liabilities |
|
|
6,410,547 |
|
|
|
7,520,336 |
|
| Notes payable |
|
|
496,397 |
|
|
|
533,734 |
|
| Asset retirement
obligations |
|
|
517,674 |
|
|
|
165,642 |
|
| Total Current
Liabilities |
|
|
105,037,187 |
|
|
|
113,808,266 |
|
| |
|
|
|
|
| Non-current
Liabilities |
|
|
|
|
| Deferred income taxes |
|
|
28,591,802 |
|
|
|
8,552,045 |
|
| Revolving line of credit |
|
|
385,000,000 |
|
|
|
425,000,000 |
|
| Financing lease liability,
less current portion |
|
|
647,078 |
|
|
|
906,330 |
|
| Operating lease liability,
less current portion |
|
|
1,405,837 |
|
|
|
2,054,041 |
|
| Derivative liabilities |
|
|
2,912,745 |
|
|
|
11,510,368 |
|
| Asset retirement
obligations |
|
|
25,864,843 |
|
|
|
28,082,442 |
|
| Total
Liabilities |
|
|
549,459,492 |
|
|
|
589,913,492 |
|
| Commitments and
contingencies |
|
|
|
|
| Stockholders'
Equity |
|
|
|
|
| Preferred stock - $0.001 par
value; 50,000,000 shares authorized; no shares issued or
outstanding |
|
|
— |
|
|
|
— |
|
| Common stock - $0.001 par
value; 450,000,000 shares authorized; 198,561,378 shares and
196,837,001 shares issued and outstanding, respectively |
|
|
198,561 |
|
|
|
196,837 |
|
| Additional paid-in
capital |
|
|
800,419,719 |
|
|
|
795,834,675 |
|
| Retained earnings (Accumulated
deficit) |
|
|
58,021,702 |
|
|
|
(9,448,612 |
) |
| Total Stockholders’
Equity |
|
|
858,639,982 |
|
|
|
786,582,900 |
|
| Total Liabilities and
Stockholders' Equity |
|
$ |
1,408,099,474 |
|
|
$ |
1,376,496,392 |
|
|
RING ENERGY, INC.Condensed Statements of
Cash Flows |
|
|
| |
|
(Unaudited) |
|
|
|
|
| |
|
Three Months Ended |
|
Twelve Months Ended |
| |
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Cash Flows From
Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
5,657,519 |
|
|
$ |
33,878,424 |
|
|
$ |
50,896,479 |
|
|
$ |
67,470,314 |
|
|
$ |
104,864,641 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
24,548,849 |
|
|
|
25,662,123 |
|
|
|
24,556,654 |
|
|
|
98,702,843 |
|
|
|
88,610,291 |
|
|
Asset retirement obligation accretion |
|
|
323,085 |
|
|
|
354,195 |
|
|
|
351,786 |
|
|
|
1,380,298 |
|
|
|
1,425,686 |
|
|
Amortization of deferred financing costs |
|
|
1,299,078 |
|
|
|
1,226,881 |
|
|
|
1,221,479 |
|
|
|
4,969,174 |
|
|
|
4,920,714 |
|
|
Share-based compensation |
|
|
1,672,320 |
|
|
|
32,087 |
|
|
|
2,458,682 |
|
|
|
5,506,017 |
|
|
|
8,833,425 |
|
|
Credit loss expense |
|
|
(26,747 |
) |
|
|
8,817 |
|
|
|
92,142 |
|
|
|
160,847 |
|
|
|
134,007 |
|
|
(Gain) loss on disposal of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(89,693 |
) |
|
|
— |
|
|
Deferred income tax expense (benefit) |
|
|
1,723,338 |
|
|
|
10,005,502 |
|
|
|
7,735,437 |
|
|
|
19,935,413 |
|
|
|
(425,275 |
) |
|
Excess tax expense (benefit) related to share-based
compensation |
|
|
9,011 |
|
|
|
7,553 |
|
|
|
319,541 |
|
|
|
104,344 |
|
|
|
478,304 |
|
|
(Gain) loss on derivative contracts |
|
|
6,254,448 |
|
|
|
(24,731,625 |
) |
|
|
(29,250,352 |
) |
|
|
2,365,917 |
|
|
|
(2,767,162 |
) |
|
Cash received (paid) for derivative settlements, net |
|
|
745,104 |
|
|
|
(1,882,765 |
) |
|
|
(3,255,192 |
) |
|
|
(5,193,673 |
) |
|
|
(9,084,920 |
) |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
349,474 |
|
|
|
5,529,542 |
|
|
|
6,825,601 |
|
|
|
3,594,504 |
|
|
|
1,154,085 |
|
|
Inventory |
|
|
580,161 |
|
|
|
1,148,418 |
|
|
|
(588,100 |
) |
|
|
2,089,116 |
|
|
|
3,113,782 |
|
|
Prepaid expenses and other assets |
|
|
295,555 |
|
|
|
545,529 |
|
|
|
158,163 |
|
|
|
93,509 |
|
|
|
226,688 |
|
|
Accounts payable |
|
|
4,462,089 |
|
|
|
(225,196 |
) |
|
|
(4,952,335 |
) |
|
|
(5,076,738 |
) |
|
|
(1,451,422 |
) |
|
Asset retirement obligation |
|
|
(613,603 |
) |
|
|
(222,553 |
) |
|
|
(836,778 |
) |
|
|
(1,588,480 |
) |
|
|
(1,862,385 |
) |
|
Net Cash Provided by Operating Activities |
|
|
47,279,681 |
|
|
|
51,336,932 |
|
|
|
55,733,207 |
|
|
|
194,423,712 |
|
|
|
198,170,459 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Cash Flows From
Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
Payments for the Stronghold Acquisition |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(18,511,170 |
) |
|
Payments for the Founders Acquisition |
|
|
— |
|
|
|
— |
|
|
|
(12,324,388 |
) |
|
|
— |
|
|
|
(62,227,145 |
) |
|
Payments to purchase oil and natural gas properties |
|
|
(1,423,483 |
) |
|
|
(164,481 |
) |
|
|
(557,323 |
) |
|
|
(2,210,826 |
) |
|
|
(2,162,585 |
) |
|
Payments to develop oil and natural gas properties |
|
|
(36,386,055 |
) |
|
|
(42,099,874 |
) |
|
|
(39,563,282 |
) |
|
|
(153,945,456 |
) |
|
|
(152,559,314 |
) |
|
Payments to acquire or improve fixed assets subject to
depreciation |
|
|
— |
|
|
|
(33,938 |
) |
|
|
(282,519 |
) |
|
|
(185,524 |
) |
|
|
(492,317 |
) |
|
Proceeds from sale of fixed assets subject to depreciation |
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
10,605 |
|
|
|
332,229 |
|
|
Proceeds from divestiture of oil and natural gas properties |
|
|
121,232 |
|
|
|
— |
|
|
|
1,500,000 |
|
|
|
121,232 |
|
|
|
1,554,558 |
|
|
Proceeds from sale of Delaware properties |
|
|
— |
|
|
|
— |
|
|
|
(7,993 |
) |
|
|
— |
|
|
|
7,600,699 |
|
|
Proceeds from sale of New Mexico properties |
|
|
— |
|
|
|
— |
|
|
|
(420,745 |
) |
|
|
(144,398 |
) |
|
|
3,891,757 |
|
|
Proceeds from sale of CBP vertical wells |
|
|
— |
|
|
|
5,500,000 |
|
|
|
— |
|
|
|
5,500,000 |
|
|
|
— |
|
|
Net Cash Used in Investing Activities |
|
|
(37,688,306 |
) |
|
|
(36,798,293 |
) |
|
|
(51,656,251 |
) |
|
|
(150,854,367 |
) |
|
|
(222,573,288 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Cash Flows From
Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from revolving line of credit |
|
|
22,000,000 |
|
|
|
27,000,000 |
|
|
|
46,000,000 |
|
|
|
130,000,000 |
|
|
|
225,000,000 |
|
|
Payments on revolving line of credit |
|
|
(29,000,000 |
) |
|
|
(42,000,000 |
) |
|
|
(49,000,000 |
) |
|
|
(170,000,000 |
) |
|
|
(215,000,000 |
) |
|
Proceeds from issuance of common stock from warrant exercises |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,301,596 |
|
|
Payments for taxes withheld on vested restricted shares, net |
|
|
— |
|
|
|
(17,273 |
) |
|
|
(225,788 |
) |
|
|
(919,249 |
) |
|
|
(520,153 |
) |
|
Proceeds from notes payable |
|
|
58,774 |
|
|
|
— |
|
|
|
72,442 |
|
|
|
1,560,281 |
|
|
|
1,637,513 |
|
|
Payments on notes payable |
|
|
(475,196 |
) |
|
|
(442,976 |
) |
|
|
(488,776 |
) |
|
|
(1,597,618 |
) |
|
|
(1,603,659 |
) |
|
Payment of deferred financing costs |
|
|
(42,746 |
) |
|
|
— |
|
|
|
(52,222 |
) |
|
|
(88,450 |
) |
|
|
(52,222 |
) |
|
Reduction of financing lease liabilities |
|
|
(265,812 |
) |
|
|
(257,202 |
) |
|
|
(224,809 |
) |
|
|
(954,298 |
) |
|
|
(776,388 |
) |
|
Net Cash Provided by (Used in) Financing
Activities |
|
|
(7,724,980 |
) |
|
|
(15,717,451 |
) |
|
|
(3,919,153 |
) |
|
|
(41,999,334 |
) |
|
|
20,986,687 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Net Increase
(Decrease) in Cash |
|
|
1,866,395 |
|
|
|
(1,178,812 |
) |
|
|
157,803 |
|
|
|
1,570,011 |
|
|
|
(3,416,142 |
) |
| Cash at Beginning of
Period |
|
|
— |
|
|
|
1,178,812 |
|
|
|
138,581 |
|
|
|
296,384 |
|
|
|
3,712,526 |
|
| Cash at End of
Period |
|
$ |
1,866,395 |
|
|
$ |
— |
|
|
$ |
296,384 |
|
|
$ |
1,866,395 |
|
|
$ |
296,384 |
|
RING ENERGY,
INC.Financial Commodity Derivative
PositionsAs of December 31, 2024
The following tables reflect the details of
current derivative contracts as of December 31, 2024
(quantities are in barrels (Bbl) for the oil derivative contracts
and in million British thermal units (MMBtu) for the natural gas
derivative contracts):
| |
Oil Hedges (WTI) |
| |
Q1 2025 |
|
Q2 2025 |
|
Q3 2025 |
|
Q4 2025 |
|
Q1 2026 |
|
Q2 2026 |
|
Q3 2026 |
|
Q4 2026 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Swaps: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedged volume (Bbl) |
|
193,397 |
|
|
|
151,763 |
|
|
|
351,917 |
|
|
|
141,755 |
|
|
|
477,350 |
|
|
|
457,101 |
|
|
|
59,400 |
|
|
|
423,000 |
|
| Weighted average swap
price |
$ |
68.68 |
|
|
$ |
68.53 |
|
|
$ |
71.41 |
|
|
$ |
69.13 |
|
|
$ |
70.16 |
|
|
$ |
69.38 |
|
|
$ |
66.70 |
|
|
$ |
66.70 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Two-way
collars: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hedged volume (Bbl) |
|
474,750 |
|
|
|
464,100 |
|
|
|
225,400 |
|
|
|
404,800 |
|
|
|
— |
|
|
|
— |
|
|
|
379,685 |
|
|
|
— |
|
| Weighted average put
price |
$ |
57.06 |
|
|
$ |
60.00 |
|
|
$ |
65.00 |
|
|
$ |
60.00 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
60.00 |
|
|
$ |
— |
|
| Weighted average call
price |
$ |
75.82 |
|
|
$ |
69.85 |
|
|
$ |
78.91 |
|
|
$ |
75.68 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
72.50 |
|
|
$ |
— |
|
| |
Gas Hedges (Henry Hub) |
| |
Q1 2025 |
|
Q2 2025 |
|
Q3 2025 |
|
Q4 2025 |
|
Q1 2026 |
|
Q2 2026 |
|
Q3 2026 |
|
Q4 2026 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NYMEX
Swaps: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedged volume (MMBtu) |
|
451,884 |
|
|
|
647,200 |
|
|
|
330,250 |
|
|
|
11,400 |
|
|
|
26,600 |
|
|
|
555,300 |
|
|
|
17,400 |
|
|
|
513,300 |
|
| Weighted average swap
price |
$ |
3.77 |
|
|
$ |
3.46 |
|
|
$ |
3.72 |
|
|
$ |
3.74 |
|
|
$ |
3.74 |
|
|
$ |
3.39 |
|
|
$ |
3.74 |
|
|
$ |
3.74 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Two-way
collars: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hedged volume (MMBtu) |
|
22,016 |
|
|
|
27,300 |
|
|
|
308,200 |
|
|
|
598,000 |
|
|
|
553,500 |
|
|
|
— |
|
|
|
515,728 |
|
|
|
— |
|
| Weighted average put
price |
$ |
3.00 |
|
|
$ |
3.00 |
|
|
$ |
3.00 |
|
|
$ |
3.00 |
|
|
$ |
3.50 |
|
|
$ |
— |
|
|
$ |
3.00 |
|
|
$ |
— |
|
| Weighted average call
price |
$ |
4.40 |
|
|
$ |
4.15 |
|
|
$ |
4.75 |
|
|
$ |
4.15 |
|
|
$ |
5.03 |
|
|
$ |
— |
|
|
$ |
3.93 |
|
|
$ |
— |
|
| |
Oil Hedges (basis differential) |
| |
Q1 2025 |
|
Q2 2025 |
|
Q3 2025 |
|
Q4 2025 |
|
Q1 2026 |
|
Q2 2026 |
|
Q3 2026 |
|
Q4 2026 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Argus basis
swaps: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedged volume (Bbl) |
|
177,000 |
|
|
|
273,000 |
|
|
|
276,000 |
|
|
|
276,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Weighted average spread price
(1) |
$ |
1.00 |
|
|
$ |
1.00 |
|
|
$ |
1.00 |
|
|
$ |
1.00 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
(1) The oil basis swap hedges are calculated as
the fixed price (weighted average spread price above) less the
difference between WTI Midland and WTI Cushing, in the issue of
Argus Americas Crude.
RING ENERGY,
INC.Non-GAAP Financial Information
Certain financial information included in this
release are not measures of financial performance recognized by
accounting principles generally accepted in the United States
(“GAAP”). These non-GAAP financial measures are “Adjusted Net
Income”, “Adjusted EBITDA”, “Adjusted Free Cash Flow” or “AFCF,”
“Adjusted Cash Flow from Operations” or “ACFFO,” “G&A Excluding
Share-Based Compensation,” “G&A Excluding Share-Based
Compensation and Transaction Costs,” “Leverage Ratio,” “Current
Ratio,” “Cash Return on Capital Employed” or “CROCE,” “All-In Cash
Operating Costs,” and “Cash Operating Margin.” Management uses
these non-GAAP financial measures in its analysis of performance.
In addition, Adjusted EBITDA is a key metric used to determine a
portion of the Company’s incentive compensation awards. These
disclosures may not be viewed as a substitute for results
determined in accordance with GAAP and are not necessarily
comparable to non-GAAP performance measures which may be reported
by other companies.
Reconciliation of Net Income to Adjusted
Net Income
“Adjusted Net Income” is calculated as net
income minus the estimated after-tax impact of share-based
compensation, ceiling test impairment, unrealized gains and losses
on changes in the fair value of derivatives, and transaction costs
for executed acquisitions and divestitures (A&D). Adjusted Net
Income is presented because the timing and amount of these items
cannot be reasonably estimated and affect the comparability of
operating results from period to period, and current period to
prior periods. The Company believes that the presentation of
Adjusted Net Income provides useful information to investors as it
is one of the metrics management uses to assess the Company’s
ongoing operating and financial performance, and also is a useful
metric for investors to compare our results with our peers.
| |
(Unaudited for All Periods) |
| |
Three Months Ended |
|
Twelve Months Ended |
| |
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
| |
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| |
Total |
|
Pershare -diluted |
|
Total |
|
Pershare -diluted |
|
Total |
|
Pershare -diluted |
|
Total |
|
Pershare -diluted |
|
Total |
|
Pershare -diluted |
|
Net Income |
$ |
5,657,519 |
|
|
$ |
0.03 |
|
|
$ |
33,878,424 |
|
|
$ |
0.17 |
|
|
$ |
50,896,479 |
|
|
$ |
0.26 |
|
|
$ |
67,470,314 |
|
|
$ |
0.34 |
|
|
$ |
104,864,641 |
|
|
$ |
0.54 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Share-based compensation |
|
1,672,320 |
|
|
|
0.01 |
|
|
|
32,087 |
|
|
|
— |
|
|
|
2,458,682 |
|
|
|
0.01 |
|
|
|
5,506,017 |
|
|
|
0.03 |
|
|
|
8,833,425 |
|
|
|
0.05 |
|
| Unrealized loss (gain) on
change in fair value of derivatives |
|
6,999,552 |
|
|
|
0.03 |
|
|
|
(26,614,390 |
) |
|
|
(0.13 |
) |
|
|
(32,505,544 |
) |
|
|
(0.16 |
) |
|
|
(2,827,756 |
) |
|
|
(0.02 |
) |
|
|
(11,852,082 |
) |
|
|
(0.07 |
) |
| Transaction costs - executed
A&D |
|
21,017 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
354,616 |
|
|
|
— |
|
|
|
24,556 |
|
|
|
— |
|
|
|
417,166 |
|
|
|
— |
|
| Tax impact on adjusted
items |
|
(2,008,740 |
) |
|
|
(0.01 |
) |
|
|
6,132,537 |
|
|
|
0.03 |
|
|
|
(35,631 |
) |
|
|
— |
|
|
|
(628,405 |
) |
|
|
— |
|
|
|
(1,788,248 |
) |
|
|
(0.01 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Net
Income |
$ |
12,341,668 |
|
|
$ |
0.06 |
|
|
$ |
13,428,658 |
|
|
$ |
0.07 |
|
|
$ |
21,168,602 |
|
|
$ |
0.11 |
|
|
$ |
69,544,726 |
|
|
$ |
0.35 |
|
|
$ |
100,474,902 |
|
|
$ |
0.51 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted Weighted-Average
Shares Outstanding |
|
200,886,010 |
|
|
|
|
|
200,723,863 |
|
|
|
|
|
197,848,812 |
|
|
|
|
|
200,277,380 |
|
|
|
|
|
195,364,850 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Net Income
per Diluted Share |
$ |
0.06 |
|
|
|
|
$ |
0.07 |
|
|
|
|
$ |
0.11 |
|
|
|
|
$ |
0.35 |
|
|
|
|
$ |
0.51 |
|
|
|
Reconciliation of Net Income to Adjusted
EBITDA
The Company defines “Adjusted EBITDA” as net
income plus net interest expense (including interest income and
expense), unrealized loss (gain) on change in fair value of
derivatives, ceiling test impairment, income tax (benefit) expense,
depreciation, depletion and amortization, asset retirement
obligation accretion, transaction costs for executed acquisitions
and divestitures (A&D), share-based compensation, loss (gain)
on disposal of assets, and backing out the effect of other income.
Company management believes Adjusted EBITDA is relevant and useful
because it helps investors understand Ring’s operating performance
and makes it easier to compare its results with those of other
companies that have different financing, capital and tax
structures. Adjusted EBITDA should not be considered in isolation
from or as a substitute for net income, as an indication of
operating performance or cash flows from operating activities or as
a measure of liquidity. Adjusted EBITDA, as Ring calculates it, may
not be comparable to Adjusted EBITDA measures reported by other
companies. In addition, Adjusted EBITDA does not represent funds
available for discretionary use.
| |
(Unaudited for All Periods) |
| |
Three Months Ended |
|
Twelve Months Ended |
| |
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
|
| Net
Income |
$ |
5,657,519 |
|
|
$ |
33,878,424 |
|
|
$ |
50,896,479 |
|
|
$ |
67,470,314 |
|
|
$ |
104,864,641 |
|
| |
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
9,987,731 |
|
|
|
10,610,539 |
|
|
|
11,506,908 |
|
|
|
42,819,864 |
|
|
|
43,669,577 |
|
|
Unrealized loss (gain) on change in fair value of derivatives |
|
6,999,552 |
|
|
|
(26,614,390 |
) |
|
|
(32,505,544 |
) |
|
|
(2,827,756 |
) |
|
|
(11,852,082 |
) |
|
Income tax (benefit) expense |
|
1,803,629 |
|
|
|
10,087,954 |
|
|
|
7,862,930 |
|
|
|
20,440,954 |
|
|
|
125,242 |
|
|
Depreciation, depletion and amortization |
|
24,548,849 |
|
|
|
25,662,123 |
|
|
|
24,556,654 |
|
|
|
98,702,843 |
|
|
|
88,610,291 |
|
|
Asset retirement obligation accretion |
|
323,085 |
|
|
|
354,195 |
|
|
|
351,786 |
|
|
|
1,380,298 |
|
|
|
1,425,686 |
|
|
Transaction costs - executed A&D |
|
21,017 |
|
|
|
— |
|
|
|
354,616 |
|
|
|
24,556 |
|
|
|
417,166 |
|
|
Share-based compensation |
|
1,672,320 |
|
|
|
32,087 |
|
|
|
2,458,682 |
|
|
|
5,506,017 |
|
|
|
8,833,425 |
|
|
Loss (gain) on disposal of assets |
|
— |
|
|
|
— |
|
|
|
(44,981 |
) |
|
|
(89,693 |
) |
|
|
87,128 |
|
|
Other income |
|
(80,970 |
) |
|
|
— |
|
|
|
(72,725 |
) |
|
|
(106,656 |
) |
|
|
(198,935 |
) |
| |
|
|
|
|
|
|
|
|
|
| Adjusted
EBITDA |
$ |
50,932,732 |
|
|
$ |
54,010,932 |
|
|
$ |
65,364,805 |
|
|
$ |
233,320,741 |
|
|
$ |
235,982,139 |
|
| |
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA
Margin |
|
61 |
% |
|
|
61 |
% |
|
|
65 |
% |
|
|
64 |
% |
|
|
65 |
% |
Reconciliations of Net Cash Provided by
Operating Activities to Adjusted Free Cash Flow and Adjusted EBITDA
to Adjusted Free Cash Flow
The Company defines “Adjusted Free Cash Flow” or
“AFCF” as Net Cash Provided by Operating Activities less changes in
operating assets and liabilities (as reflected on our Statements of
Cash Flows), plus transaction costs for executed acquisitions and
divestitures (A&D), current income tax expense (benefit),
proceeds from divestitures of equipment for oil and natural gas
properties, loss (gain) on disposal of assets, and less capital
expenditures, credit loss expense, and other income. For this
purpose, our definition of capital expenditures includes costs
incurred related to oil and natural gas properties (such as
drilling and infrastructure costs and lease maintenance costs) but
excludes acquisition costs of oil and gas properties from third
parties that are not included in our capital expenditures guidance
provided to investors. Our management believes that Adjusted Free
Cash Flow is an important financial performance measure for use in
evaluating the performance and efficiency of our current operating
activities after the impact of capital expenditures and net
interest expense (including interest income and expense, excluding
amortization of deferred financing costs) and without being
impacted by items such as changes associated with working capital,
which can vary substantially from one period to another. Other
companies may use different definitions of Adjusted Free Cash
Flow.
| |
(Unaudited for All Periods) |
| |
Three Months Ended |
|
Twelve Months Ended |
| |
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
|
| Net Cash Provided by
Operating Activities |
$ |
47,279,681 |
|
|
$ |
51,336,932 |
|
|
$ |
55,733,207 |
|
|
$ |
194,423,712 |
|
|
$ |
198,170,459 |
|
| Adjustments - Statements of
Cash Flows |
|
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities |
|
(5,073,676 |
) |
|
|
(6,775,740 |
) |
|
|
(606,551 |
) |
|
|
888,089 |
|
|
|
(1,180,748 |
) |
|
Transaction costs - executed A&D |
|
21,017 |
|
|
|
— |
|
|
|
354,616 |
|
|
|
24,556 |
|
|
|
417,166 |
|
|
Income tax expense (benefit) - current |
|
71,280 |
|
|
|
74,899 |
|
|
|
(192,048 |
) |
|
|
401,197 |
|
|
|
72,213 |
|
|
Capital expenditures |
|
(37,633,168 |
) |
|
|
(42,691,163 |
) |
|
|
(38,817,080 |
) |
|
|
(151,946,171 |
) |
|
|
(151,969,735 |
) |
|
Proceeds from divestiture of equipment for oil and natural gas
properties |
|
121,232 |
|
|
|
— |
|
|
|
— |
|
|
|
121,232 |
|
|
|
54,558 |
|
|
Credit loss expense |
|
26,747 |
|
|
|
(8,817 |
) |
|
|
(92,142 |
) |
|
|
(160,847 |
) |
|
|
(134,007 |
) |
|
Loss (gain) on disposal of assets |
|
— |
|
|
|
— |
|
|
|
(44,981 |
) |
|
|
— |
|
|
|
87,128 |
|
|
Other income |
|
(80,970 |
) |
|
|
— |
|
|
|
(72,725 |
) |
|
|
(106,656 |
) |
|
|
(198,935 |
) |
| |
|
|
|
|
|
|
|
|
|
| Adjusted Free Cash
Flow |
$ |
4,732,143 |
|
|
$ |
1,936,111 |
|
|
$ |
16,262,296 |
|
|
$ |
43,645,112 |
|
|
$ |
45,318,099 |
|
| |
(Unaudited for All Periods) |
| |
Three Months Ended |
|
Twelve Months Ended |
| |
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
|
| Adjusted
EBITDA |
$ |
50,932,732 |
|
|
$ |
54,010,932 |
|
|
$ |
65,364,805 |
|
|
$ |
233,320,741 |
|
|
$ |
235,982,139 |
|
| |
|
|
|
|
|
|
|
|
|
|
Net interest expense (excluding amortization of deferred financing
costs) |
|
(8,688,653 |
) |
|
|
(9,383,658 |
) |
|
|
(10,285,429 |
) |
|
|
(37,850,690 |
) |
|
|
(38,748,863 |
) |
|
Capital expenditures |
|
(37,633,168 |
) |
|
|
(42,691,163 |
) |
|
|
(38,817,080 |
) |
|
|
(151,946,171 |
) |
|
|
(151,969,735 |
) |
|
Proceeds from divestiture of equipment for oil and natural gas
properties |
|
121,232 |
|
|
|
— |
|
|
|
— |
|
|
|
121,232 |
|
|
|
54,558 |
|
| |
|
|
|
|
|
|
|
|
|
| Adjusted Free Cash
Flow |
$ |
4,732,143 |
|
|
$ |
1,936,111 |
|
|
$ |
16,262,296 |
|
|
$ |
43,645,112 |
|
|
$ |
45,318,099 |
|
Reconciliation of Net Cash Provided by
Operating Activities to Adjusted Cash Flow from
Operations
The Company defines “Adjusted Cash Flow from
Operations” or “ACFFO” as Net Cash Provided by Operating
Activities, as reflected in our Statements of Cash Flows, less the
changes in operating assets and liabilities, which includes
accounts receivable, inventory, prepaid expenses and other assets,
accounts payable, and settlement of asset retirement obligations,
which are subject to variation due to the nature of the Company’s
operations. Accordingly, the Company believes this non-GAAP measure
is useful to investors because it is used often in its industry and
allows investors to compare this metric to other companies in its
peer group as well as the E&P sector.
| |
(Unaudited for All Periods) |
| |
Three Months Ended |
|
Twelve Months Ended |
| |
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
|
| Net Cash Provided by
Operating Activities |
$ |
47,279,681 |
|
|
$ |
51,336,932 |
|
|
$ |
55,733,207 |
|
|
$ |
194,423,712 |
|
|
$ |
198,170,459 |
|
| |
|
|
|
|
|
|
|
|
|
| Changes in operating assets
and liabilities |
|
(5,073,676 |
) |
|
|
(6,775,740 |
) |
|
|
(606,551 |
) |
|
|
888,089 |
|
|
|
(1,180,748 |
) |
| |
|
|
|
|
|
|
|
|
|
| Adjusted Cash Flow
from Operations |
$ |
42,206,005 |
|
|
$ |
44,561,192 |
|
|
$ |
55,126,656 |
|
|
$ |
195,311,801 |
|
|
$ |
196,989,711 |
|
Reconciliation of General and
Administrative Expense (G&A) to G&A Excluding Share-Based
Compensation and Transaction Costs
The following table presents a reconciliation of
General and Administrative Expense (G&A), a GAAP measure, to
G&A excluding share-based compensation, and G&A excluding
share-based compensation and transaction costs for executed
acquisitions and divestitures (A&D).
| |
(Unaudited for All Periods) |
| |
Three Months Ended |
|
Twelve Months Ended |
| |
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
|
| General and
administrative expense (G&A) |
$ |
8,035,977 |
|
|
$ |
6,421,567 |
|
|
$ |
8,164,799 |
|
|
$ |
29,640,300 |
|
|
$ |
29,188,755 |
|
| Shared-based compensation |
|
1,672,320 |
|
|
|
32,087 |
|
|
|
2,458,682 |
|
|
|
5,506,017 |
|
|
|
8,833,425 |
|
| G&A excluding
share-based compensation |
|
6,363,657 |
|
|
|
6,389,480 |
|
|
|
5,706,117 |
|
|
|
24,134,283 |
|
|
|
20,355,330 |
|
| Transaction costs - executed
A&D |
|
21,017 |
|
|
|
— |
|
|
|
354,616 |
|
|
|
24,556 |
|
|
|
417,166 |
|
| G&A excluding
share-based compensation and transaction costs |
$ |
6,342,640 |
|
|
$ |
6,389,480 |
|
|
$ |
5,351,501 |
|
|
$ |
24,109,727 |
|
|
$ |
19,938,164 |
|
Calculation of Leverage
Ratio
“Leverage” or the “Leverage Ratio” is calculated
under our existing senior revolving credit facility and means as of
any date, the ratio of (i) our consolidated total debt as of such
date to (ii) our Consolidated EBITDAX for the four consecutive
fiscal quarters ending on or immediately prior to such date for
which financial statements are required to have been delivered
under our existing senior revolving credit facility.
The Company defines “Consolidated EBITDAX” in
accordance with our existing senior revolving credit facility that
means for any period an amount equal to the sum of (i) consolidated
net income (loss) for such period plus (ii) to the extent deducted
in determining consolidated net income for such period, and without
duplication, (A) consolidated interest expense, (B) income tax
expense determined on a consolidated basis in accordance with GAAP,
(C) depreciation, depletion and amortization determined on a
consolidated basis in accordance with GAAP, (D) exploration
expenses determined on a consolidated basis in accordance with
GAAP, and (E) all other non-cash charges acceptable to our senior
revolving credit facility administrative agent determined on a
consolidated basis in accordance with GAAP, in each case for such
period minus (iii) all noncash income added to consolidated net
income (loss) for such period; provided that, for purposes of
calculating compliance with the financial covenants, to the extent
that during such period we shall have consummated an acquisition
permitted by the credit facility or any sale, transfer or other
disposition of any property or assets permitted by the senior
revolving credit facility, Consolidated EBITDAX will be calculated
on a pro forma basis with respect to the property or assets so
acquired or disposed of.
Also set forth in our existing senior revolving
credit facility is the maximum permitted Leverage Ratio of 3.00.
The following table shows the leverage ratio calculation for the
Company’s most recent fiscal quarter.
| |
(Unaudited) |
| |
Three Months Ended |
|
|
| |
March 31, |
|
June 30, |
|
September 30, |
|
December 31, |
|
Last FourQuarters |
| |
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
| Consolidated EBITDAX
Calculation: |
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
$ |
5,515,377 |
|
|
$ |
22,418,994 |
|
|
$ |
33,878,424 |
|
|
$ |
5,657,519 |
|
|
$ |
67,470,314 |
|
| Plus: Consolidated interest
expense |
|
11,420,400 |
|
|
|
10,801,194 |
|
|
|
10,610,539 |
|
|
|
9,987,731 |
|
|
|
42,819,864 |
|
| Plus: Income tax provision
(benefit) |
|
1,728,886 |
|
|
|
6,820,485 |
|
|
|
10,087,954 |
|
|
|
1,803,629 |
|
|
|
20,440,954 |
|
| Plus: Depreciation, depletion
and amortization |
|
23,792,450 |
|
|
|
24,699,421 |
|
|
|
25,662,123 |
|
|
|
24,548,849 |
|
|
|
98,702,843 |
|
| Plus: non-cash charges
acceptable to Administrative Agent |
|
19,627,646 |
|
|
|
1,664,064 |
|
|
|
(26,228,108 |
) |
|
|
8,994,957 |
|
|
|
4,058,559 |
|
| Consolidated
EBITDAX |
$ |
62,084,759 |
|
|
$ |
66,404,158 |
|
|
$ |
54,010,932 |
|
|
$ |
50,992,685 |
|
|
$ |
233,492,534 |
|
| Plus: Pro Forma Acquired
Consolidated EBITDAX |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Less: Pro Forma Divested
Consolidated EBITDAX |
|
(124,084 |
) |
|
|
(469,376 |
) |
|
|
(600,460 |
) |
|
|
77,819 |
|
|
|
(1,116,101 |
) |
| Pro Forma Consolidated
EBITDAX |
$ |
61,960,675 |
|
|
$ |
65,934,782 |
|
|
$ |
53,410,472 |
|
|
$ |
51,070,504 |
|
|
$ |
232,376,433 |
|
| |
|
|
|
|
|
|
|
|
|
| Non-cash charges acceptable to
Administrative Agent: |
|
|
|
|
|
|
|
|
|
| Asset retirement obligation
accretion |
$ |
350,834 |
|
|
$ |
352,184 |
|
|
$ |
354,195 |
|
|
$ |
323,085 |
|
|
|
| Unrealized loss (gain) on
derivative assets |
|
17,552,980 |
|
|
|
(765,898 |
) |
|
|
(26,614,390 |
) |
|
|
6,999,552 |
|
|
|
| Share-based compensation |
|
1,723,832 |
|
|
|
2,077,778 |
|
|
|
32,087 |
|
|
|
1,672,320 |
|
|
|
| Total non-cash charges
acceptable to Administrative Agent |
$ |
19,627,646 |
|
|
$ |
1,664,064 |
|
|
$ |
(26,228,108 |
) |
|
$ |
8,994,957 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
As of |
|
|
|
|
|
|
|
|
| |
December 31, |
|
|
|
|
|
|
|
|
| |
|
2024 |
|
|
|
|
|
|
|
|
|
| Leverage Ratio Covenant: |
|
|
|
|
|
|
|
|
|
| Revolving line of credit |
$ |
385,000,000 |
|
|
|
|
|
|
|
|
|
| Pro Forma Consolidated
EBITDAX |
|
232,376,433 |
|
|
|
|
|
|
|
|
|
| Leverage
Ratio |
|
1.66 |
|
|
|
|
|
|
|
|
|
| Maximum Allowed |
|
≤ 3.00 |
x |
|
|
|
|
|
|
|
|
Calculation of Current Ratio
The “Current Ratio” is calculated under our
existing senior revolving credit facility and means as of any date,
the ratio of (i) our Current Assets as of such date to (ii) our
Current Liabilities as of such date. Based on its credit agreement,
the Company defines Current Assets as all current assets, excluding
non-cash assets under Accounting Standards Codification (“ASC”)
815, plus the unused line of credit. The Company’s non-cash current
assets include the derivative asset marked to market value. Based
on its credit agreement, the Company defines Current Liabilities as
all liabilities, in accordance with GAAP, which are classified as
current liabilities, including all indebtedness payable on demand
or within one year, all accruals for federal or other taxes payable
within such year, but excluding current portion of long-term debt
required to be paid within one year, the aggregate outstanding
principal balance and non-cash obligations under ASC 815.
Also set forth in our existing senior revolving
credit facility is the minimum permitted Current Ratio of 1.00. The
following table shows the current ratio calculation for the
Company’s most recent fiscal quarter.
|
|
|
As of |
|
| |
|
December 31, |
|
| |
|
2024 |
|
| Current Assets |
|
50,448,092 |
|
| Less: Current derivative
assets |
|
5,497,057 |
|
| Current Assets per
Covenant |
|
44,951,035 |
|
| Revolver Availability
(Facility less debt less LCs) |
|
214,965,000 |
|
| Current Assets per
Covenant |
|
259,916,035 |
|
| |
|
|
|
| Current Liabilities |
|
105,037,187 |
|
| Less: Current financing lease
liability |
|
906,119 |
|
| Less: Current operating lease
liability |
|
648,204 |
|
| Less: Current derivative
liabilities |
|
6,410,547 |
|
| Current Liabilities
per Covenant |
|
97,072,317 |
|
| |
|
|
|
| Current
Ratio |
|
2.68 |
|
| Minimum Allowed |
|
> or = 1.00 |
x |
Calculation of Cash Return on Capital
Employed
The Company defines “Return on Capital Employed”
or “CROCE” as Adjusted Cash Flow from Operations divided by average
debt and shareholder equity for the period. Management believes
that CROCE is useful to investors as a performance measure when
comparing our profitability and the efficiency with which
management has employed capital over time relative to other
companies. CROCE is not considered to be an alternative to net
income reported in accordance with GAAP.
| CROCE (Cash Return on
Capital Employed): |
As of and for the |
| |
twelve months ended |
| |
December 31, |
|
December 31, |
|
December 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2022 |
|
| |
|
|
|
|
|
| Total long term debt (i.e.
revolving line of credit) |
$ |
385,000,000 |
|
|
$ |
425,000,000 |
|
|
$ |
415,000,000 |
|
| Total stockholders'
equity |
$ |
858,639,982 |
|
|
$ |
786,582,900 |
|
|
$ |
661,103,391 |
|
| |
|
|
|
|
|
| Average debt |
$ |
405,000,000 |
|
|
$ |
420,000,000 |
|
|
$ |
352,500,000 |
|
| Average stockholders'
equity |
|
822,611,441 |
|
|
|
723,843,146 |
|
|
|
480,863,799 |
|
| Average debt and stockholders'
equity |
|
1,227,611,441 |
|
|
|
1,143,843,146 |
|
|
|
833,363,799 |
|
| |
|
|
|
|
|
| Net Cash Provided by Operating
Activities |
$ |
194,423,712 |
|
|
$ |
198,170,459 |
|
|
$ |
196,976,729 |
|
| Less change in WC (Working
Capital) |
|
(888,089 |
) |
|
|
1,180,748 |
|
|
|
24,091,577 |
|
| Adjusted Cash Flows From
Operations (ACFFO) |
$ |
195,311,801 |
|
|
$ |
196,989,711 |
|
|
$ |
172,885,152 |
|
| |
|
|
|
|
|
| CROCE (ACFFO)/(Average
D+E) |
|
15.9 |
% |
|
|
17.2 |
% |
|
|
20.7 |
% |
All-In Cash Operating Costs
The Company defines All-In Cash Operating Costs,
a non-GAAP financial measure, as “all in cash” costs which includes
lease operating expenses, G&A costs excluding share-based
compensation, net interest expense (including interest income and
expense, excluding amortization of deferred financing costs),
workovers and other operating expenses, production taxes, ad
valorem taxes, and gathering/transportation costs. Management
believes that this metric provides useful additional information to
investors to assess the Company’s operating costs in comparison to
its peers, which may vary from company to company.
| |
(Unaudited for All Periods) |
| |
Three Months Ended |
|
Twelve Months Ended |
| |
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| All-In Cash Operating
Costs: |
|
|
|
|
|
|
|
|
|
|
Lease operating expenses (including workovers) |
|
20,326,216 |
|
|
|
20,315,282 |
|
|
|
18,732,082 |
|
|
|
78,310,949 |
|
|
|
70,158,227 |
|
|
G&A excluding share-based compensation |
|
6,363,657 |
|
|
|
6,389,480 |
|
|
|
5,706,117 |
|
|
|
24,134,283 |
|
|
|
20,355,330 |
|
|
Net interest expense (excluding amortization of deferred financing
costs) |
|
8,688,653 |
|
|
|
9,383,658 |
|
|
|
10,285,429 |
|
|
|
37,850,690 |
|
|
|
38,748,863 |
|
|
Operating lease expense |
|
175,090 |
|
|
|
175,091 |
|
|
|
175,090 |
|
|
|
700,362 |
|
|
|
541,801 |
|
|
Oil and natural gas production taxes |
|
3,857,147 |
|
|
|
4,203,851 |
|
|
|
4,961,768 |
|
|
|
16,116,565 |
|
|
|
18,135,336 |
|
|
Ad valorem taxes |
|
2,421,595 |
|
|
|
2,164,562 |
|
|
|
1,637,722 |
|
|
|
8,069,064 |
|
|
|
6,757,841 |
|
|
Gathering, transportation and processing costs |
|
130,230 |
|
|
|
102,420 |
|
|
|
464,558 |
|
|
|
506,333 |
|
|
|
457,573 |
|
| All-in cash operating
costs |
|
41,962,588 |
|
|
|
42,734,344 |
|
|
|
41,962,766 |
|
|
|
165,688,246 |
|
|
|
155,154,971 |
|
| |
|
|
|
|
|
|
|
|
|
| Boe |
|
1,808,493 |
|
|
|
1,849,934 |
|
|
|
1,784,490 |
|
|
|
7,191,054 |
|
|
|
6,613,321 |
|
| |
|
|
|
|
|
|
|
|
|
| All-in cash operating
costs per Boe |
$ |
23.20 |
|
|
$ |
23.10 |
|
|
$ |
23.52 |
|
|
$ |
23.04 |
|
|
$ |
23.46 |
|
Cash Operating Margin
The Company defines Cash Operating Margin, a
non-GAAP financial measure, as realized revenues per Boe less
“all-in cash” operating costs per Boe. Management believes that
this metric provides useful additional information to investors to
assess the Company’s operating margins in comparison to its peers,
which may vary from company to company.
| |
(Unaudited for All Periods) |
| |
Three Months Ended |
|
Twelve Months Ended |
| |
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Cash Operating
Margin |
|
|
|
|
|
|
|
|
|
|
Realized revenues per Boe |
$ |
46.14 |
|
|
$ |
48.24 |
|
|
$ |
56.01 |
|
|
$ |
50.94 |
|
|
$ |
54.60 |
|
|
All-in cash operating costs per Boe |
$ |
23.20 |
|
|
$ |
23.10 |
|
|
$ |
23.52 |
|
|
$ |
23.04 |
|
|
$ |
23.46 |
|
| Cash Operating Margin
per Boe |
$ |
22.94 |
|
|
$ |
25.14 |
|
|
$ |
32.49 |
|
|
$ |
27.90 |
|
|
$ |
31.14 |
|
1 Non-GAAP financial measure. Please see “Non-GAAP Information”
at the end of this release for details and reconciliations of GAAP
to Non-GAAP.2 2025 outlook includes the assets to be acquired in
the Lime Rock Acquisition, with an anticipated closing date before
the end of Q1 2025.
Ring Energy (AMEX:REI)
과거 데이터 주식 차트
부터 2월(2) 2025 으로 3월(3) 2025
Ring Energy (AMEX:REI)
과거 데이터 주식 차트
부터 3월(3) 2024 으로 3월(3) 2025
