April 17, 2018 - 7:10 AM EDT
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Free Research Report as Ring Energy's Quarterly Revenues Soared 137%

LONDON, UK / ACCESSWIRE / April 17, 2018 / Active-Investors.com has just released a free earnings report on Ring Energy, Inc. (NYSE: REI) ("Ring"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=REI. The Company reported its fourth quarter fiscal 2017 and the full fiscal year 2017 operating and financial results on March 07, 2018. The independent oil and gas Company outperformed top- and bottom-line expectations. Register today and get access to over 1000 Free Research Reports by joining our site below:


Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Ring Energy most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:


Earnings Highlights and Summary

For the three-month period ended December 31, 2017, Ring reported oil and gas revenues of $23.31 million, up 137% compared to $9.83 million in Q4 2016. The Company's revenue numbers topped analysts' estimates of $21.3 million.

For the twelve months ended December 31, 2017, Ring recorded oil and gas revenues of $66.70 million, up 115% compared to $30.85 million in FY16.

During Q4 2017, Ring reported a net loss of $4.51 million, or $0.08 loss per diluted share, compared to a net loss of $477.01 thousand, or $0.01 loss per diluted share, in Q4 2016. The Company's reported quarter net loss included a pre-tax "Unrealized Loss on Derivatives" of $4.03 million, and an additional income tax provision of $6.95 million as a result of revaluing the Company's deferred tax assets to account for a reduction in its future income tax rate under the Tax Cuts and Jobs Act 2017 (TCJA). Excluding these two items, the Company's net income per diluted share would have been $0.09, in-line with Wall Street's estimates.

For FY17, Ring posted a net income of $1.75 million, or $0.03 per diluted share, compared to a net loss of $37.64 million, or $0.97 loss per diluted share, in FY16. The Company's net income for FY16 included a pre-tax non-cash impairment of $56.51 million. Excluding the impairment, the Company's net loss per diluted share would have been $0.02 for FY16. For FY17, Ring's net income included a pre-tax "Unrealized Loss on Derivatives" of $3.97 million, and an additional income tax provision of $6.95 million. Excluding these two items, the Company's net income per diluted share would have been $0.21 for FY17.

Operating Results

During Q4 2017, Ring's oil sales volume surged 108% to 418,165 barrels compared to 201,041 barrels in Q4 2016. The Company's gas sales volume decreased 55% to 201,966 thousand cubic feet (MCF) in the reported quarter compared to 211,893 MCF in the year-ago same period.

On a barrel of oil equivalent (BOE) basis, Ring's production sales soared 91% to 451,826 BOEs in Q4 2017 compared to 236,357 BOEs in Q4 2016.

During Q4 2017, Ring's average commodity prices received were $53.16 per barrel of oil and $3.35 per MCF of natural gas, compared to $45.99 per barrel of oil and $2.76 per MCF of natural gas in Q4 2016.

Ring's lease operating expenses, including production taxes, was $14.58 per BOE in Q4 2017, up 4% on a y-o-y basis. The Company's depreciation, depletion, and amortization costs, including accretion, increased 23% to $16.01 per BOE, while its general and administrative costs, which included a $922,072 charge for stock-based compensation, were $6.51 per BOE, down 23% on a y-o-y basis.


As of December 31, 2017, Ring's proved reserves, as determined by Cawley, Gillespie, and Associates, Inc., and Williamson Petroleum Consultants, Inc., totaled 31.95 million BOEs, up 15% versus 27.74 million BOE in FY16. The Company's future net revenues before income taxes, discounted at 10% (PV-10), based on $47.93 per barrel of oil and $3.61 per MCF of gas, were $382.1 million at year-end 2017. This compared to $217.3 million, using average prices of $39.17 per barrel of oil and $2.43 per MCF of gas, for year-end 2016.

Cash Matters

Ring's cash provided by operating activities, before changes in working capital, for Q4 2017 and FY17 were $14.63 million and $40.91 million, respectively, compared to $5.05 million and $13.13 million, respectively for the corresponding periods in 2016. There was no outstanding debt on the Company's $500 million senior secured credit facility on December 31, 2017.

Stock Performance Snapshot

April 16, 2018 - At Monday's closing bell, Ring Energy's stock marginally fell 0.47%, ending the trading session at $14.74.

Volume traded for the day: 387.13 thousand shares.

Stock performance in the last month – up 5.97%; previous six-month period – up 14.35%; past twelve-month period – up 25.23%; and year-to-date – up 6.04%

After yesterday's close, Ring Energy's market cap was at $871.43 million.

Price to Earnings (P/E) ratio was at 92.70.

The stock is part of the Basic Materials sector, categorized under the Oil & Gas Drilling & Exploration industry. This sector was up 0.4% at the end of the session.


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Source: ACCESSWIRE Investor Awareness (April 17, 2018 - 7:10 AM EDT)

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