Ring Energy publishes its report of the operational and financial results for the fourth quarter and the full year 2021. They also include a guide and updates for the first quarter and full-year 2022 drilling program. In addition to the Ring´s year-end 2021, they included the first quarter and full year of 2022.
The 12 highlights points on Ring Energy report.
- Sales volumes. It went from 8,519 Boe/d (86% oil) sales volume on the third quarter of 2021 to 9,153 Boe/d (85% oil) barrels per day. They grew 11% in sales volume.
- They reported a net income of $24.1 million in the fourth quarter of 2021. As a result there was an increase of 70% compared with the net income of $14.2 million in the third quarter of the same year.
- An increase of 46% on the posted Adjusted Net Income of $9.9 million for the fourth quarter of 2021. Compared with the $6.8 million in the third quarter of 2021.
- The Company generated $83.3 million on Adjusted EBITDA for a complete tear 2021. The EBITDA was increased by 21% over the fourth quarter of 2021.
- During the fourth quarter of 2021, the net cash provided was $23.2 million. The free cash flow was $9.3 million.
- This last quarter was the ninth consecutive quarter of cash flow positive.
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- Ring Energy lowered their interest expense of $3.1 million in the full year 2021 thanks to the paid down of $23.0 million on debt on the Company´s revolving credit facility. In the fourth quarter, the payment was $5.0 million.
- At the end of 2021, they have grown proved reserves 2% to 77.8 million barrels of oil. This amount of barrels could replace the entire 2021 production.
- They completed on time and within the budget the drilling of two wells from Ring´s Phace IV program.
- The 2022 continuous drilling program began in late January with four CBP wells drilled; two more wells were placed in production in March, and two more were intended to be online in April.
- The Company is reaffirming its commitment to remain cash flow positive on an annual basis.
- Ring´s guidance for the first quarter and the full year 2022. That includes sales volume, capital spending, and operating expenses.
