Ring Energy: Lowered Free Cash Flow Expectations Despite Strong Q1 Sales Volumes
REIRing Energy(REI) Seeking Alpha·2024-06-08 05:38

SimonSkafar Ring Energy, Inc. (NYSE:REI) reported Q1 2024 sales volumes that were above expectations, although it did not change its full-year guidance range. Due to its relatively strong Q1 results, I am now assuming that Ring's oil sales volumes will end up around 1.5% above the midpoint of its full-year guidance, though. Despite the increased oil volumes, Ring's projected free cash flow for 2024 is expected to be a bit lower than when I last looked at it. This is mostly due to 2024 oil strip prices going ...