Q3 2023 Ring Energy Inc Earnings Call

Contributing sentiments towards policy:

65% : Additionally, our third quarter production exit rate of over 19,000 barrels of oil equivalent per day increases our confidence in our fourth quarter outlook.
58% : This places us in a solid position to achieve our fourth quarter sales volumes guidance of 18,900 to 19,500 barrels of oil equivalent per day that we will discuss in more detail later.
57% : During the third quarter, we sold approximately 1.1 million barrels of oil, 1.6 Bcf natural gas, and 243,000 barrels of NGLs for a total of 1.6 million BOE or 17,509 Boe per day.
56% : During the third quarter, we sold 17,509 barrels of oil equivalent per day, which was an increase from the second quarter of 2023, but it felt short of our expectations.
53% : We continue to expect fourth quarter sales volumes of 18,900 to 19,500 barrels of oil equivalent per day, despite the reduced volumes from the New Mexico asset sale and additional volumes expected from the stepped up capital spending program.
52% : Moving to our hedge position, for the fourth quarter of 2023, we currently have approximately 593,000 barrels of oil hedged, or approximately 49% of our estimated oil sales based on the midpoint of guidance.
51% : Additionally, we incurred 3 weeks of downtime due to a tank battery fire that shut in oil, natural gas, and associated NGL sales at that battery.
51% : I'm happy to report that the production is back up to expected levels as evidenced by our third quarter exit rate, which was in excess of 19,000 barrels of oil equivalent per day.
50% : We anticipate 69% of fourth quarter sales to be oil.

*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. Bias scores are on a scale of -100% to 100% with higher negative scores being more liberal and higher positive scores being more conservative, and 0% being neutral. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization.