The following is a summary of the Ring Energy, Inc. (REI) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Ring Energy reported Q4 sales volumes of 19,400 barrels of oil equivalent (BOE) per day, at an overall realized pricing of $56.01 per BOE, down 4% from Q3.

• Q4 revenue was $99.9 million, up 7% from Q3, and full-year revenue was $361 million, a 4% YoY increase.

• Adjusted EBITDA for Q4 was a record $65.4 million, a 16% YoY increase.

• Adjusted free cash flow for Q4 was also a record at $16.3 million, mainly due to increased revenue and reduced capital spending.

• The company reported a net income of $50.9 million ($0.26 per diluted share) and an adjusted net income of $21.2 million ($0.11 per diluted share) in Q4.

• Total reserves by year-end were 129.8 million barrels of oil equivalent.

• Despite a cold front in early 2024 affecting production, the company maintains a positive outlook for the rest of the year.

Business Progress:

• Ring Energy successfully integrated acquisitions from Stronghold Energy II and Founders, significantly contributing to growth in 2023.

• The company recorded significant increases in its undeveloped inventory of economic drilling locations post-acquisitions.

• In 2024, the company plans an average of eleven new wells per quarter, and further, evaluates acquisition opportunities.

• The company also reduced average operating costs through the successful divestiture of non-core assets.

• A top focus going into 2024 is debt reduction, which has already seen $30 million paid off since mid-August 2023.

• Strategically, Ring Energy aims to maintain or slightly grow production levels and continue to grow crude oil sales while reducing debt in 2024.

More details: Ring Energy IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.