Q4 2024 Ring Energy Inc Earnings Call Transcript
Key Points
- Ring Energy Inc (REI) achieved record oil sales in 2024, with total sales growing 8% over 2023.
- The company reduced its year-over-year all-in cash operating costs on a per Boe basis by 2%.
- Ring Energy Inc (REI) drilled 13 more wells in 2024 than the previous year with slightly less capital, indicating improved capital efficiency.
- The company paid down $40 million in debt over the year, enhancing its financial stability.
- Ring Energy Inc (REI) grew its proved reserves by 3% to 134.2 million barrels of oil equivalent, demonstrating successful reserve management.
- The fourth quarter saw a 2% decrease in production compared to the third quarter, partly due to a third-party gas plant shutdown.
- Realized oil prices declined by 7% in the fourth quarter, impacting revenue.
- The company reported a loss on derivative contracts of $6.3 million in the fourth quarter.
- Fourth-quarter revenue decreased by 7% compared to the third quarter.
- Ring Energy Inc (REI) faces challenges with its low stock price, which hasn't been this low since 2021.
Good morning and welcome to the Ring Energy fourth-quarter and full-year 2024 earnings conference call. At this time, all participants are on listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) Please note this event is being recorded.
I would now like to hand the call over to Al Petrie, Investor Relations for Ring Energy. Please go ahead.
Thank you, operator. And good morning everyone. We appreciate your interest in Ring Energy. We'll begin our call with comments from Paul McKinney, our Chairman of the Board and CEO, who will provide an overview of key matters for the fourth-quarter and full-year 2024, as well as our outlook. We will then turn the call over to Travis Thomas, Ring's Executive VP and Chief Financial Officer, who will review our financial results. Paul will then return with some closing comments before we open the call up for questions. Also joining us on the call today and available for the Q&A session are Alex Dyes,
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