Industrial ConsumersPowerYear 2021

Ring Energy Announces Fourth Quarter and Full Year 2021 Results, Year-End 2021 Proved Reserves and Provides 2022 Guidance

Ring Energy

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.

  1. 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. 
  2. 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. 
  3. 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.
  4. 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.
  5. During the fourth quarter of 2021, the net cash provided was $23.2 million. The free cash flow was $9.3 million.
  6. 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.
  1. 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.
  2. They completed on time and within the budget the drilling of two wells from Ring´s Phace IV program. 
  3. 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. 
  4. The Company is reaffirming its commitment to remain cash flow positive on an annual basis.
  5. Ring´s guidance for the first quarter and the full year 2022. That includes sales volume, capital spending, and operating expenses. 

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