Ring Energy, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 03, 2023 at 04:54 pm EDT
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Ring Energy, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net income was USD 28.79 million compared to USD 41.94 million a year ago. Basic earnings per share from continuing operations was USD 0.15 compared to USD 0.39 a year ago. Diluted earnings per share from continuing operations was USD 0.15 compared to USD 0.32 a year ago.
For the six months, net income was USD 61.51 million compared to USD 49.06 million a year ago. Basic earnings per share from continuing operations was USD 0.33 compared to USD 0.47 a year ago. Diluted earnings per share from continuing operations was USD 0.32 compared to USD 0.39 a year ago.
Ring Energy, Inc. is an oil and gas exploration, development, and production company. The Company is focused on the development of its Permian Basin assets. Its primary drilling operations target the oil and liquids-rich producing formations in the Northwest Shelf and the Central Basin Platform, in the Permian Basin in Texas. The Company's leasehold acreage positions total approximately 96,127 gross (80,535 net) acres, and it holds interests in approximately 1,043 gross (864 net) producing wells. All of its properties are located in the Permian Basin and its proved reserves are oil-weighted, with approximately 63% consisting of oil, 19% consisting of natural gas, and 18% consisting of natural gas liquids. Of those reserves, approximately 68% are classified as proved developed and 32% are classified as proved undeveloped. Its proved reserves are approximately 129.8 million barrels of oil equivalent (BOE).