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NEWS
Ring Energy Increases Sales Guidance and Announces Debt Reduction Results for Second Quarter 2024
Ring Energy has increased its sales guidance for Q2 2024, projecting 13,500 to 13,700 Bopd and 19,500 to 19,700 Boepd, surpassing prior guidance ranges. The company reduced its debt by $15 million, ending the period with $407 million of outstanding borrowings. This debt reduction was driven by higher-than-expected sales volumes and efficiencies in their drilling program. Ring Energy reaffirmed its $600 million borrowing base under its $1 billion credit facility, with $193 million of borrowing availability remaining. CEO Paul D. McKinney emphasized the company's focus on maximizing free cash flow and further debt reduction for the rest of the year.
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