For the third quarter of 2024, Ring is providing guidance for increased sales volumes, and lower capital spending and operating expense. Ring expects third quarter 2024 sales volumes of 13,200 to 13,800 Bo/d and 19,000 to 19,800 Boe/d (70% oil, 14% natural gas, and 16% NGLs).
The Company is targeting total capital expenditures in third quarter 2024 of $35 million to $45 million, primarily for drilling and completion activity. Additionally, the capital spending program includes funds for targeted capital workovers, infrastructure upgrades, well reactivations, leasing acreage; and non-operated drilling, completion, and capital workovers.
Ring now expects LOE of $10.50 to $11.25 per Boe for both the third quarter and full year. The Company's previous guidance for full year 2024 was $10.50 to $11.50 per Boe.
The guidance in the table below represents the Company's current good faith estimate of the range of likely future results. Guidance could be affected by the factors discussed below in the "Safe Harbor Statement" section.
| Q3 | FY | |
| 2024 | 2024 | |
| Sales Volumes: | ||
| Total Oil (Bo/d) | 13,200 - 13,800 | 13,200 - 13,800 |
| Mid Point (Bo/d) | 13,500 | 13,500 |
| Total (Boe/d) | 19,000 - 19,800 | 19,000 - 19,800 |
| Mid Point (Boe/d) | 19,400 | 19,400 |
| Oil (%) | 70% | 70% |
| NGLs (%) | 16% | 16% |
| Gas (%) | 14% | 14% |
| Capital Program: | ||
| Capital spending(1) (millions) | $35 - $45 | $141 - $161 |
| Mid Point (millions) | $40 | $151 |
| New Hz wells drilled | 7 - 8 | 19 - 23 |
| New Vertical wells drilled | 6 - 7 | 22 - 25 |
| Wells completed and online | 11 - 12 | 41 - 48 |
| Operating Expenses: | ||
| LOE (per Boe) | $10.50 - $11.25 | $10.50 - $11.25 |
| Mid Point (per Boe) | $10.88 | $10.88 |
