Ring Energy(US:REI)2023-03-10 17:50Financial Performance & Strategy - The company delivered record results in 2022, with year-over-year increases of 45% in net sales, 149% in cash flow from operations, and 134% in Adjusted EBITDA[49] - The company has consistently generated free cash flow for 13 consecutive quarters, with a 70% year-over-year increase in 2022[49] - The company reduced its leverage ratio to approximately 1.56x by year-end 2022 and increased liquidity by 205% year-over-year[49] - The company's strategy is focused on maintaining production levels, generating free cash flow, and reducing debt[33] - The company is pursuing accretive acquisitions to increase scale and lower break-even costs[33] Reserves & Production - The company increased its proved reserves to 138.1 million barrels of oil equivalent in 2022, a 78% year-over-year increase[49] - Q4 2022 net production was 17,856 Boe/d, with approximately 68% oil, 17% gas and 15% NGL[66] - The company's YE22 PD Reserves PV10 is $1,907 million[21] ESG Initiatives - The company created an ESG Task Force to monitor adherence to ESG standards[3] - The company established the Target Zero 365 (TZ-365) Safety & Environmental Initiative[3] - The company's 2023 Capital Program includes Fugitive Emission Reduction plans[8] Assets and Operations - The company has 400+ proved locations[66] - The company has ~102 thousand net acreage[21]