#Half mile timing update
#Half mile timing free

Our posted sales volumes for the quarter were 9,341 barrels of oil equivalent per day, which was over 5% higher than the first quarter and at the higher end of our guidance range.

#Half mile timing free

We also posted another quarter of free cash flow generation, our eleventh consecutive quarter and reduced debt by an additional $10 million. In fact, we have already generated nearly as much adjusted EBITDA in the first half of 2022, as we did in all of 2021. Adjusted EBITDA increased 33% when compared to this year's first quarter. The result was record-setting sales revenue and adjusted EBITDA. During the quarter, we benefited from strong performance of our drilling and completion program, our continued focus on operating cost control and significantly higher realized oil and natural gas prices. Our second quarter results are direct reflection of our ability to execute on our value-focused proven strategy. The operations are focused on the development of 37,000 net acres in the Permian Basin's Central Basin platform, where we also conduct operations.īefore we get into a discussion about the pending transaction, we want to share with you the results of our very successful second quarter. We appreciate you joining us today to discuss our recent results and outlook for the rest of the year.Īs you know, on July 05, we announced, we had entered into a definitive agreement to acquire the assets of privately held Stronghold Energy. And welcome, everyone and thank you for your interest in Ring Energy. I would now like to turn the call over to Paul McKinney, our Chairman and CEO. Finally, as a reminder, this conference call is being recorded. Reconciliations of these non-GAAP financial measures to the most directly comparable measure under GAAP are contained in our earnings release issued yesterday. This conference call also includes references to certain non-GAAP financial measures. These documents can be found in the Investors section of our website Should one or more of these risks materialize or should underlying assumptions prove incorrect, actual results may vary materially. These and other risks are described in yesterday's press release and in our filings with the SEC. Accordingly, you should not place undue reliance on forward-looking statements.

#Half mile timing update

Ring Energy disclaims any intentions or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Investors are cautioned that forward-looking statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements and the company can give no assurance that such forward-looking statements will prove to be correct. I'd also note that we've posted a Q2 2022 earnings corporate presentation to our website.ĭuring the course of this conference call, the company will be making forward-looking statements within the meaning of Federal Securities Laws. Paul will then return to discuss our future plans and outlook before we open the call up for questions.Īlso joining us on the call today and available for the Q&A session are, Alex Dyes, Executive Vice President of Engineering and Corporate Strategy Marinos Baghdati, Executive VP of Operations and Steve Brooks, Executive VP of Land, Legal, Human Resources and Marketing. We will then turn the call over to Travis Thomas, Ring's Chief Financial Officer, who will review our financial results. We'll begin our call with comments from Paul McKinney, our Chairman of the Board and CEO, who will provide an overview of key matters for the second quarter. Thank you, operator, and good morning, everyone.

I would now like to turn the conference over to Al Petrie, Investor Relations for Ring Energy. Please note, this event is being recorded.

After today's presentation, there will be an opportunity to ask questions. All participants will be in a listen-only mode. Good day, and welcome to the Ring Energy Second Quarter 2022 Earnings Conference Call. Jeffrey Robertson - Water Tower Research LLC Jeffrey Campbell - Alliance Global Partners ( NYSE: REI) Q2 2022 Earnings Conference Call Aug11:00 AM ET