Ring Energy: Lowered Free Cash Flow Expectations Despite Strong Q1 Sales Volumes

SimonSkafar Ring ended up selling 19,034 BOEPD during Q1 2024, which was 3% above the high-end of its guidance for the quarter. Ring's oil cut ended up at 70% instead of the 69% it had expected. This resulted in 13,394 barrels per day in oil sales during the quarter, which was 5% above the high-end of its guidance. Ring noted that there was less downtime than expected during the quarter, which helped its volumes. The higher production/sales volume levels resulted in Ring's lease operating expense ending up ...