$REI
Ring Energy Inc

2020 Q1 Form 10-Q Financial Statement

#000110465920059532 Filed on May 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $39.57M $41.80M
YoY Change -5.33% 39.83%
Cost Of Revenue $1.150M $9.409M
YoY Change -87.78% 62.73%
Gross Profit $38.42M $32.39M
YoY Change 18.62% 34.34%
Gross Profit Margin 97.09% 77.49%
Selling, General & Admin $3.325M $6.926M
YoY Change -51.99% 124.15%
% of Gross Profit 8.65% 21.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.68M $12.93M
YoY Change 5.83% 15971.72%
% of Gross Profit 35.61% 39.92%
Operating Expenses $17.24M $20.07M
YoY Change -14.11% 70.82%
Operating Profit $10.08M $10.24M
YoY Change -1.5% -6.4%
Interest Expense $4.248M $773.0K
YoY Change 449.6% 1637.78%
% of Operating Profit 42.14% 7.55%
Other Income/Expense, Net $46.17M -$1.101M
YoY Change -4291.9% -52.14%
Pretax Income $56.25M $9.134M
YoY Change 515.87% 5.79%
Income Tax $12.45M $4.865M
% Of Pretax Income 22.13% 53.26%
Net Earnings $43.80M $4.269M
YoY Change 926.04% -24.65%
Net Earnings / Revenue 110.7% 10.21%
Basic Earnings Per Share $0.64 $0.07
Diluted Earnings Per Share $0.64 $0.07
COMMON SHARES
Basic Shares Outstanding 67.99M 63.23M
Diluted Shares Outstanding 68.00M 63.99M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.53M $2.607M
YoY Change 380.72% -94.45%
Cash & Equivalents $12.53M $2.607M
Short-Term Investments
Other Short-Term Assets $34.45M $3.431M
YoY Change 904.13% 3331.26%
Inventory
Prepaid Expenses $397.8K $3.014M
Receivables $12.03M $27.94M
Other Receivables $5.779M $2.553M
Total Short-Term Assets $64.79M $36.53M
YoY Change 77.35% -40.36%
LONG-TERM ASSETS
Property, Plant & Equipment $931.6M $878.6M
YoY Change 6.03% 111.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.06M $10.10M
YoY Change 29.32% 21.63%
Total Long-Term Assets $946.2M $881.8M
YoY Change 7.3% 108.5%
TOTAL ASSETS
Total Short-Term Assets $64.79M $36.53M
Total Long-Term Assets $946.2M $881.8M
Total Assets $1.011B $918.4M
YoY Change 10.09% 89.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $39.05M $63.86M
YoY Change -38.85% 157.28%
Accrued Expenses $1.057M $417.6K
YoY Change 153.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $284.6K
YoY Change
Total Short-Term Liabilities $40.39M $92.98M
YoY Change -56.56% 214.31%
LONG-TERM LIABILITIES
Long-Term Debt $366.9M $84.50M
YoY Change 334.15%
Other Long-Term Liabilities $17.31M $273.2M
YoY Change -93.66% 2806.35%
Total Long-Term Liabilities $384.2M $357.7M
YoY Change 7.4% 3705.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $40.39M $92.98M
Total Long-Term Liabilities $384.2M $357.7M
Total Liabilities $443.0M $450.7M
YoY Change -1.7% 1054.72%
SHAREHOLDERS EQUITY
Retained Earnings $40.94M -$28.09M
YoY Change -245.78% -21.3%
Common Stock $67.99K $63.23K
YoY Change 7.53% 4.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $568.0M $467.7M
YoY Change
Total Liabilities & Shareholders Equity $1.011B $918.4M
YoY Change 10.09% 89.67%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $43.80M $4.269M
YoY Change 926.04% -24.65%
Depreciation, Depletion And Amortization $13.68M $12.93M
YoY Change 5.83% 15971.72%
Cash From Operating Activities $27.54M $9.830M
YoY Change 180.14% -171.94%
INVESTING ACTIVITIES
Capital Expenditures -$24.94M -$55.59M
YoY Change -55.13% 53.81%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$24.94M -$55.59M
YoY Change -55.13% 53.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -67.81K 45.00M
YoY Change -100.15% -45.0%
NET CHANGE
Cash From Operating Activities 27.54M 9.830M
Cash From Investing Activities -24.94M -55.59M
Cash From Financing Activities -67.81K 45.00M
Net Change In Cash 2.527M -757.0K
YoY Change -433.81% -102.36%
FREE CASH FLOW
Cash From Operating Activities $27.54M $9.830M
Capital Expenditures -$24.94M -$55.59M
Free Cash Flow $52.48M $65.42M
YoY Change -19.77% 191.05%

Facts In Submission

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CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
45000000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
2526766
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-756957
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
10004622
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3363726
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
12531388
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2606769
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
4211754
CY2019Q1 us-gaap Interest Paid Net
InterestPaidNet
708951
CY2020Q1 us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
66387
CY2019Q1 us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
175173
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
6200000
CY2019Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
34605000
CY2020Q1 us-gaap Oil And Gas Joint Interest Billing Receivables
OilAndGasJointInterestBillingReceivables
0
CY2019Q1 us-gaap Oil And Gas Joint Interest Billing Receivables
OilAndGasJointInterestBillingReceivables
1464394
CY2020Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Prepaid Expense And Other Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets
0
CY2019Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Prepaid Expense And Other Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets
2864554
CY2020Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable
0
CY2019Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable
1234862
CY2020Q1 rei Business Combination Acquisition Payable To Be Settled Through Cash Payments
BusinessCombinationAcquisitionPayableToBeSettledThroughCashPayments
0
CY2019Q1 rei Business Combination Acquisition Payable To Be Settled Through Cash Payments
BusinessCombinationAcquisitionPayableToBeSettledThroughCashPayments
256877766
CY2020Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedEquipment
0
CY2019Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedEquipment
285119721
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span> – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period.  The Company’s unaudited condensed financial statements are based on a number of significant estimates, including estimates of oil and natural gas reserve quantities, which are the basis for the calculation of depletion and impairment of oil and gas properties.  Reserve estimates, by their nature, are inherently imprecise.  Actual results could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the Company’s future results of operations.</p>
CY2020Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
47086681
CY2019Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-340685
CY2020Q1 us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
3334128
CY2019Q1 us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
0
CY2019Q1 rei Depletion At Rate Per Barrel
DepletionAtRatePerBarrel
14.72
CY2020Q1 us-gaap Depreciation
Depreciation
111191
CY2019Q1 us-gaap Depreciation
Depreciation
41154
CY2020Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Concentration of Credit Risk and Major Customer</span> – The Company had cash in excess of federally insured limits at March 31, 2020. During the three months ended March 31, 2020, sales to two customers represented 49% and 29%, respectively, of the Company’s oil and gas revenues. At March 31, 2020, these two customers made up 48% and 35%, respectively, of the Company’s accounts receivable.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Approximately 83% of the Company’s accounts and joint interest billing receivables are from purchasers of oil and gas. Oil and gas sales are generally unsecured. The Company has not had any significant credit losses in the past and believes its accounts and joint interest billing receivables are fully collectable. Accordingly, no allowance for doubtful accounts has been provided at March 31, 2020. The Company also has joint interest billing receivable. Joint interest billing receivables are collateralized by the pro rata revenue attributable to the joint interest holders and further by the interest itself.</p>
CY2020Q1 rei Percentage Of Accounts Receivables
PercentageOfAccountsReceivables
0.83
CY2020Q1 rei Amortization Expense1
AmortizationExpense1
13682996
CY2020Q1 rei Depletion At Rate Per Barrel
DepletionAtRatePerBarrel
13.81
CY2019Q1 rei Amortization Expense1
AmortizationExpense1
12929054
CY2020Q1 rei Oil Revenue
OilRevenue
38637199
CY2019Q1 rei Oil Revenue
OilRevenue
40877983
CY2020Q1 rei Natural Gas Revenue
NaturalGasRevenue
933129
CY2019Q1 rei Natural Gas Revenue
NaturalGasRevenue
920332
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
39570328
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
41798315
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
927584
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
708392
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
233405
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
311206
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
132499
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0449
CY2020Q1 rei Operating Lease Imputed Interest Expense
OperatingLeaseImputedInterestExpense
57982
CY2020Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0526
CY2020Q1 rei Finance Lease Imputed Interest Expense
FinanceLeaseImputedInterestExpense
38159
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
309195
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
128175
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
851949
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
153759
CY2020Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
71853
CY2020Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
8822
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
43804118
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
4269260
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67993797
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63229710
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67997092
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63992549
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.64
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.64
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2019Q2 srt Gas And Oil Area Developed Gross
GasAndOilAreaDevelopedGross
49754
CY2019Q2 srt Gas And Oil Area Developed Net
GasAndOilAreaDevelopedNet
38230
CY2019Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
3500000
CY2019Q1 us-gaap Oil And Gas Joint Interest Billing Receivables
OilAndGasJointInterestBillingReceivables
1464394
CY2019Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Prepaid Expense And Other Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets
2864554
CY2019Q1 rei Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Revolving Line Of Credit
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesRevolvingLineOfCredit
15000000
CY2019Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable
1234862
CY2019Q1 rei Business Combination Asset Retirement Obligations
BusinessCombinationAssetRetirementObligations
2979645
CY2019Q1 rei Business Combination Acquisition Payable To Be Settled Through Equity
BusinessCombinationAcquisitionPayableToBeSettledThroughEquity
28356396
CY2019Q1 rei Business Combination Acquisition Payable To Be Settled Through Cash Payment
BusinessCombinationAcquisitionPayableToBeSettledThroughCashPayment
256877766
CY2019Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
-300119721
CY2019Q1 rei Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Revolving Line Of Credit
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesRevolvingLineOfCredit
15000000
CY2019Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
48463729
CY2019Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
11379247
CY2019Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.17
CY2019Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.17
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
31355
CY2020Q1 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
293212
CY2020Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
231962
CY2020Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
16792356
CY2020Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1000000000
CY2019Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
425000000
CY2020Q1 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0000
CY2020Q1 us-gaap Line Of Credit
LineOfCredit
366500000
CY2019Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
16787219
CY2020Q1 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
66387
CY2020Q1 rei Compensation Expenses Charged Against Income For Share Based Awards Included In General And Administrative Expenses
CompensationExpensesChargedAgainstIncomeForShareBasedAwardsIncludedInGeneralAndAdministrativeExpenses
673795
CY2019Q1 rei Compensation Expenses Charged Against Income For Share Based Awards Included In General And Administrative Expenses
CompensationExpensesChargedAgainstIncomeForShareBasedAwardsIncludedInGeneralAndAdministrativeExpenses
834465
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
2500000
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
5000000

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