Reports Q4 revenue $99.9M, consensus $97.12M. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “We ended 2023 with record fourth quarter and full year operational and financial results on multiple fronts. Year-over-year, we achieved a 47% increase in sales volumes, a 21% increase in Adjusted EBITDA, and a 30% increase in Adjusted Free Cash Flow. Driving our results was the successful execution and integration of the two acquisitions made over the past 18 months, the success of our high rate-of-return drilling and recompletion programs, and our continuing focus on reducing costs. The hard work, dedication, and commitment of our workforce to our value focused, proven strategy delivered these outstanding results and we continue to believe staying the course will build near and long-term value for our stockholders. On behalf of our Board of Directors and management team, I would like to thank our employees for their efforts in making 2023 a very good year.”
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on REI:
- Ring Energy Announces Record Fourth Quarter and Full Year 2023 Results, Year-End 2023 Proved Reserves and Additional 2024 Guidance
- Is REI a Buy, Before Earnings?
- Ring Energy Announces Timing of Fourth Quarter and Full Year 2023 Earnings Release and Conference Call
- Ring Energy Revises Credit Terms, Boosts Financial Outlook
- Ring Energy Releases Q4 Operation and Financial Update