NYSE$REI
Ring Energy Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Ring Energy's Q1 2024 results exceeded expectations, driven by higher sales volumes, lower operating expenses, and efficient capital spending.
Ring Energy reported strong Q1 2024 results, exceeding expectations with increased sales volumes, lower LOE per Boe, and efficient capital spending. The company achieved net income of $5.5 million, Adjusted EBITDA of $62.0 million, and Adjusted Free Cash Flow of $15.6 million, while also providing Q2 2024 outlook and reiterating full-year 2024 guidance.
- Sales of 13,394 barrels of oil per day, exceeding the high end of guidance by 5%.
- Total sales volumes of 19,034 barrels of oil equivalent per day, surpassing guidance by 3%.
- Lease Operating Expense of $10.60 per Boe, falling below the low end of guidance.
- Capital expenditures of $36.3 million, also below the low end of the company's guidance range.
Headline financials
Revenue & EPS history
Ring Energy · Revenue · Quarterly
$94.5M
Forward guidance
Ring Energy provided guidance for the second quarter of 2024, expecting sales volumes of 18,500 to 19,100 Boe/d and capital expenditures of $37 million to $42 million. The company also reiterated its full year 2024 outlook, anticipating total capital spending of $135 million to $175 million and oil sales volumes of 12,600 to 13,300 Bo/d.
Tailwinds
- Expectation of a continued positive pricing environment.
- Success of the first quarter capital spending program.
- Further development of the Company’s high rate-of-return inventory.
- Targeting total capital expenditures in the second quarter of 2024 of $37 million to $42 million, primarily for drilling and completion activity.
- Company remains focused on continuing to generate Adjusted Free Cash Flow.
Headwinds
- Guidance could be affected by various risk factors.
- Potential declines in oil, natural gas liquids or natural gas prices.
- Adverse weather conditions may negatively impact development or production activities.
- Inaccuracies of reserve estimates or assumptions underlying them.
- Impacts to financial statements as a result of impairment write-downs.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+0.8%
Avg return
Earnings day
-0.4%
Avg return
5 days after
-1.0%
Avg return
30 days after
48%
31 / 64 earnings
Positive
+21.6%
Q3 2016
Best reaction
-15.5%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -9.1% | -16.7% | -36.9% | |
| Q4 2025 | +3.3% | -4.7% | -0.7% | |
| Q3 2025 | +0.3% | +9.4% | -2.1% | |
| Q1 2025 | -2.7% | +8.2% | -9.4% | |
| Q4 2024 | -6.7% | -9.2% | -21.7% | |
| Q3 2024 | +14.5% | +3.9% | -9.2% | |
| Q2 2024 | +1.2% | +7.3% | -1.8% | |
| Q1 2024 | -5.8% | -7.9% | -11.1% | |
| Q4 2023 | +9.9% | +16.9% | +43.7% | |
| Q3 2023 | -0.6% | -15.1% | -5.2% | |
| Q2 2023 | -5.0% | -2.3% | -9.9% | |
| Q1 2023 | +1.7% | +5.2% | +4.0% | |
| Q4 2022 | -5.3% | -7.2% | -0.5% | |
| Q3 2022 | +1.3% | -1.3% | -28.5% | |
| Q2 2022 | +6.7% | +2.2% | +14.2% | |
| Q1 2022 | -2.5% | -6.0% | +3.2% | |
| Q4 2021 | +12.7% | +11.5% | +33.1% | |
| Q3 2021 | -9.7% | -19.5% | -40.5% | |
| Q2 2021 | -2.3% | -9.6% | -7.3% | |
| Q1 2021 | +0.4% | -2.2% | +15.2% | |
| Q4 2020 | -7.8% | -6.7% | -28.1% | |
| Q3 2020 | +8.4% | +6.1% | +57.1% | |
| Q2 2020 | +0.9% | -5.3% | -41.2% | |
| Q1 2020 | +6.2% | -3.8% | +116.7% | |
| Q4 2019 | -15.5% | -19.5% | -31.0% | |
| Q3 2019 | +16.5% | +17.5% | +1.5% | |
| Q2 2019 | +1.9% | -1.9% | -35.6% | |
| Q1 2019 | -8.2% | -7.2% | -21.7% | |
| Q4 2018 | -1.5% | +6.7% | -3.8% | |
| Q3 2018 | +2.0% | +1.6% | -8.9% | |
| Q2 2018 | +1.7% | +0.0% | -10.7% | |
| Q1 2018 | -2.4% | -1.9% | -20.1% | |
| Q4 2017 | +1.9% | -1.5% | +5.0% | |
| Q3 2017 | -1.7% | -3.7% | -2.7% | |
| Q2 2017 | +3.4% | +2.7% | -2.0% | |
| Q1 2017 | +1.0% | +7.0% | +2.5% | |
| Q4 2016 | +5.9% | +4.4% | +16.3% | |
| Q3 2016 | +21.6% | +23.1% | +23.4% | |
| Q2 2016 | -2.7% | +4.6% | +14.2% | |
| Q1 2016 | +5.5% | — | — | |
| Q4 2015 | -2.7% | — | — | |
| Q3 2015 | -1.9% | — | — | |
| Q2 2015 | +9.3% | — | — | |
| Q1 2015 | +1.0% | — | — | |
| Q4 2014 | +3.0% | — | — | |
| Q3 2014 | -7.6% | — | — | |
| Q2 2014 | -0.8% | — | — | |
| Q1 2014 | +7.2% | — | — | |
| Q4 2013 | -0.3% | — | — | |
| Q3 2013 | +0.1% | — | — | |
| Q2 2013 | +4.2% | — | — | |
| Q4 2012 | +1.4% | — | — | |
| Q1 2013 | -2.2% | — | — | |
| Q3 2012 | +2.2% | — | — | |
| Q2 2012 | +0.0% | — | — | |
| Q1 2012 | +0.0% | — | — | |
| Q4 2011 | +0.0% | — | — | |
| Q3 2011 | +0.0% | — | — | |
| Q2 2010 | +0.0% | — | — | |
| Q2 2011 | +0.0% | — | — | |
| Q1 2011 | +0.0% | — | — | |
| Q4 2010 | +0.0% | — | — | |
| Q3 2010 | +0.0% | — | — | |
| Q1 2010 | +0.0% | — | — |
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