$REI
Ring Energy Inc

2022 Q4 Form 10-Q Financial Statement

#000110465922116659 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $99.70M $94.41M
YoY Change 67.09% 91.2%
Cost Of Revenue $6.740M $5.763M
YoY Change 52.74% 448.24%
Gross Profit $92.96M $88.65M
YoY Change 68.24% 83.44%
Gross Profit Margin 93.24% 93.9%
Selling, General & Admin $25.87M $20.51M
YoY Change 103.29% 78.32%
% of Gross Profit 27.83% 23.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.89M $14.32M
YoY Change 99.4% 53.85%
% of Gross Profit 22.47% 16.16%
Operating Expenses $47.12M $35.07M
YoY Change 101.52% 67.07%
Operating Profit $45.83M $53.57M
YoY Change 43.82% 119.67%
Interest Expense -$28.80M $7.021M
YoY Change 268.78% 97.7%
% of Operating Profit -62.83% 13.11%
Other Income/Expense, Net $25.83M
YoY Change -351.46%
Pretax Income $17.03M $79.40M
YoY Change -29.2% 462.52%
Income Tax $2.542M $4.316M
% Of Pretax Income 14.92% 5.44%
Net Earnings $14.49M $75.09M
YoY Change -39.89% 430.12%
Net Earnings / Revenue 14.54% 79.53%
Basic Earnings Per Share $0.65
Diluted Earnings Per Share $0.09 $0.49
COMMON SHARES
Basic Shares Outstanding 174.4M 107.2M
Diluted Shares Outstanding 151.8M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.713M $890.6K
YoY Change 54.15% -56.49%
Cash & Equivalents $3.713M $890.6K
Short-Term Investments
Other Short-Term Assets $6.771M $16.57M
YoY Change 621.8% 1175.68%
Inventory $9.251M
Prepaid Expenses $2.102M
Receivables $42.45M $45.86M
Other Receivables $983.8K $1.897M
Total Short-Term Assets $63.17M $65.22M
YoY Change 111.92% 157.54%
LONG-TERM ASSETS
Property, Plant & Equipment $1.180B $1.154B
YoY Change 81.17% 77.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $24.03M $30.58M
YoY Change 1302.32% 1523.94%
Total Long-Term Assets $1.206B $1.186B
YoY Change 84.28% 81.56%
TOTAL ASSETS
Total Short-Term Assets $63.17M $65.22M
Total Long-Term Assets $1.206B $1.186B
Total Assets $1.269B $1.251B
YoY Change 85.48% 84.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $111.4M $86.82M
YoY Change 140.95% 91.83%
Accrued Expenses $398.4K $306.7K
YoY Change 37.0% 14.23%
Deferred Revenue $14.81M
YoY Change
Short-Term Debt $499.9K $877.6K
YoY Change -14.76% 2.39%
Long-Term Debt Due $709.7K $406.9K
YoY Change 124.21% 5.45%
Total Short-Term Liabilities $141.2M $126.7M
YoY Change 84.12% 48.79%
LONG-TERM LIABILITIES
Long-Term Debt $416.1M $435.6M
YoY Change 43.3% 47.45%
Other Long-Term Liabilities $42.19M $39.07M
YoY Change 156.76% 75.41%
Total Long-Term Liabilities $458.2M $474.6M
YoY Change 49.37% 49.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $141.2M $126.7M
Total Long-Term Liabilities $458.2M $474.6M
Total Liabilities $607.9M $607.3M
YoY Change 58.5% 50.7%
SHAREHOLDERS EQUITY
Retained Earnings -$114.3M -$128.8M
YoY Change -54.81% -53.51%
Common Stock $175.5K $131.6K
YoY Change 75.19% 32.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $661.1M $506.2M
YoY Change
Total Liabilities & Shareholders Equity $1.269B $1.251B
YoY Change 85.48% 84.39%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $14.49M $75.09M
YoY Change -39.89% 430.12%
Depreciation, Depletion And Amortization $20.89M $14.32M
YoY Change 99.4% 53.85%
Cash From Operating Activities $63.64M $68.17M
YoY Change 174.23% 289.28%
INVESTING ACTIVITIES
Capital Expenditures $46.07M -$34.66M
YoY Change -365.23% 174.01%
Acquisitions
YoY Change
Other Investing Activities $5.534M -$183.4M
YoY Change
Cash From Investing Activities -$40.53M -$218.0M
YoY Change 133.37% 1623.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.28M 148.5M
YoY Change 270.38% -2806.13%
NET CHANGE
Cash From Operating Activities 63.64M 68.17M
Cash From Investing Activities -40.53M -218.0M
Cash From Financing Activities -20.28M 148.5M
Net Change In Cash 2.822M -1.333M
YoY Change 680.93% 113.82%
FREE CASH FLOW
Cash From Operating Activities $63.64M $68.17M
Capital Expenditures $46.07M -$34.66M
Free Cash Flow $17.57M $102.8M
YoY Change -56.7% 240.94%

Facts In Submission

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RING ENERGY, INC.
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CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
2400000
CY2022Q3 rei Adjustment To Additional Paid In Capital Payment To Cover Tax Withholdings Income Tax Effect
AdjustmentToAdditionalPaidInCapitalPaymentToCoverTaxWithholdingsIncomeTaxEffect
-6790
CY2022Q3 us-gaap Stock Issued During Period Value Purchase Of Assets
StockIssuedDuringPeriodValuePurchaseOfAssets
69141555
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1543033
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
75085891
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
506170948
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
294765813
CY2021Q1 rei Stock And Warrants Issued During Period Value
StockAndWarrantsIssuedDuringPeriodValue
-65000
CY2021Q1 rei Stock Issued During Period Value Pre Funded Warrants Exercised
StockIssuedDuringPeriodValuePreFundedWarrantsExercised
13429
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
147840
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
355494
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-19066093
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
276151483
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
80000
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
351775
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-15887159
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
260696099
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
777461
us-gaap Net Income Loss
NetIncomeLoss
124142356
us-gaap Net Income Loss
NetIncomeLoss
-20789318
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
5017078
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
2308540
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
34854993
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
14163934
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
275637494
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
902692
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
33992075
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-2201970
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-73586199
rei Cash Received Paid For Derivative Settlements Net
CashReceivedPaidForDerivativeSettlementsNet
-48593882
rei Cash Received Paid For Derivative Settlements Net
CashReceivedPaidForDerivativeSettlementsNet
-33278132
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
21300907
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
26693808
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
617685
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
560662
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1483621
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
496533
us-gaap Share Based Compensation
ShareBasedCompensation
4964188
us-gaap Share Based Compensation
ShareBasedCompensation
1484730
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-5830008
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-141943
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
8329563
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-2548344
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-1782779
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
133335223
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
49523439
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
183359626
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
1211691
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
579156
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
83776050
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
34680935
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
158598
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
609633
rei Sale Of Fixed Assets Subject To Depreciation
SaleOfFixedAssetsSubjectToDepreciation
134600
us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
25066
us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
2000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-268346299
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-33869724
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
592000000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
34400000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
447000000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
52400000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7563126
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
241269
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
264484
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
1245303
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
1233138
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
954082
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
375987
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
18762502
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
76887
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
334034
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
206936
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
133493327
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-17185403
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-1517749
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-1531688
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2408316
rei Asset Acquisition Consideration Transferred Direct Transaction Costs
AssetAcquisitionConsiderationTransferredDirectTransactionCosts
9162143
rei Asset Acquisition Consideration Transferred Cash Paid For Realized August Oil Derivative Losses
AssetAcquisitionConsiderationTransferredCashPaidForRealizedAugustOilDerivativeLosses
1777925
rei Asset Acquisition Consideration Transferred Cash Paid For Inventory And Fixed Assets Required
AssetAcquisitionConsiderationTransferredCashPaidForInventoryAndFixedAssetsRequired
4527103
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3578634
rei Asset Acquisition Consideration Transferred Total
AssetAcquisitionConsiderationTransferredTotal
183359626
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
890567
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2046946
us-gaap Interest Paid Net
InterestPaidNet
12371753
us-gaap Interest Paid Net
InterestPaidNet
10622077
us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
218082
us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
160285
rei Acquisition Of Asset Retirement Obligations Through Non Cash Payments Amount
AcquisitionOfAssetRetirementObligationsThroughNonCashPaymentsAmount
14538550
rei Acquisition Of Asset Retirement Obligations Through Non Cash Payments Amount
AcquisitionOfAssetRetirementObligationsThroughNonCashPaymentsAmount
662704
us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
153475
rei Asset Retirement Obligation Liabilities Properties Sold
AssetRetirementObligationLiabilitiesPropertiesSold
2934126
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
13233975
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
5921816
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
839536
rei Right Of Use Asset Revision Of Estimate
RightOfUseAssetRevisionOfEstimate
621636
rei Asset Acquisition Consideration Transferred By Bank
AssetAcquisitionConsiderationTransferredByBank
121392455
rei Asset Acquisition Consideration Transferred Deposit In Escrow
AssetAcquisitionConsiderationTransferredDepositInEscrow
46500000
rei Suspense Liability Period Increase Decrease
SuspenseLiabilityPeriodIncreaseDecrease
1651596
us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
-24784406
rei Increase Decrease In Asset Retirement Obligation
IncreaseDecreaseInAssetRetirementObligation
14538550
rei Business Acquisition Deferred Cash Payment
BusinessAcquisitionDeferredCashPayment
14511688
us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
69141555
rei Business Acquisition Convertible Preferred Stock Issuance
BusinessAcquisitionConvertiblePreferredStockIssuance
137858446
rei Cash Received Paid For Derivative Settlements Net
CashReceivedPaidForDerivativeSettlementsNet
-48593882
CY2021Q1 us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
581424
CY2021Q3 rei Cash Received Paid For Derivative Settlements Net
CashReceivedPaidForDerivativeSettlementsNet
-14921008
rei Cash Received Paid For Derivative Settlements Net
CashReceivedPaidForDerivativeSettlementsNet
-33278132
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';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>
us-gaap Depreciation And Amortization
DepreciationAndAmortization
437015
CY2021Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
120817
CY2022Q3 rei Unrealized Gain Loss On Derivative Contracts Net
UnrealizedGainLossOnDerivativeContractsNet
47712305
rei Unrealized Gain Loss On Derivative Contracts Net
UnrealizedGainLossOnDerivativeContractsNet
-46391912
CY2021Q3 rei Unrealized Gain Loss On Derivative Contracts Net
UnrealizedGainLossOnDerivativeContractsNet
-8200688
rei Unrealized Gain Loss On Derivative Contracts Net
UnrealizedGainLossOnDerivativeContractsNet
-40308067
CY2022Q3 rei Cash Received Paid For Derivative Settlements Net
CashReceivedPaidForDerivativeSettlementsNet
-14861116
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';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 Customers</span> – The Company had $640,522 of cash on deposit in excess of federally insured limits at September 30, 2022 and $1,936,805 of cash in excess of federally insured limits at December 31, 2021. During the nine months ended September 30, 2022, sales to two customers represented 69% and 4%, respectively, of the Company’s oil and gas revenues. At September 30, 2022, these two customers made up 58% and 12%, respectively, of the Company’s accounts receivable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">At September 30, 2022, approximately 94% of the Company’s accounts receivables and joint interest billing receivables are from purchasers of oil and gas. Oil and gas sales are generally unsecured. The Company also has joint interest billing receivables which are collateralized by the pro rata revenue attributable to the joint interest holders and further by the interest itself. Accounts receivable from joint interest owners or purchasers outstanding longer than the contractual payment terms are considered past due.The Company has not had any significant credit losses in the past and believes its accounts and joint interest billing receivables are collectable. Accordingly, no material allowance for credit losses has been provided at September 30, 2022.</p>
CY2022Q3 us-gaap Cash Uninsured Amount
CashUninsuredAmount
640522
CY2021Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
1936805
CY2022Q3 rei Percentage Of Accounts Receivables
PercentageOfAccountsReceivables
0.94
CY2022Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
14324502
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
34854993
CY2022Q3 rei Depletion At Rate Per Barrel
DepletionAtRatePerBarrel
11.59
rei Depletion At Rate Per Barrel
DepletionAtRatePerBarrel
11.95
CY2021Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
9310524
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
26693808
CY2021Q3 rei Depletion At Rate Per Barrel
DepletionAtRatePerBarrel
12.12
rei Depletion At Rate Per Barrel
DepletionAtRatePerBarrel
11.64
CY2022Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
160928
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
372056
us-gaap Depreciation And Amortization
DepreciationAndAmortization
276677
CY2022Q3 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
3611381
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
4625429
CY2022Q3 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
667666
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
1204579
CY2022Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
36736
CY2022Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
36736
CY2021Q3 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
48701
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
141943
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.045
CY2022Q3 rei Oil Revenue
OilRevenue
86413665
CY2021Q3 rei Oil Revenue
OilRevenue
45889548
rei Oil Revenue
OilRevenue
229532827
rei Oil Revenue
OilRevenue
126927318
CY2022Q3 rei Natural Gas Revenue
NaturalGasRevenue
4655002
CY2021Q3 rei Natural Gas Revenue
NaturalGasRevenue
3486628
rei Natural Gas Revenue
NaturalGasRevenue
14678747
rei Natural Gas Revenue
NaturalGasRevenue
9711492
CY2022Q3 rei Natural Gas Liquids Revenue
NaturalGasLiquidsRevenue
3340281
rei Natural Gas Liquids Revenue
NaturalGasLiquidsRevenue
3340281
CY2022Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
94408948
CY2021Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
49376176
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
247551855
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
136638810
CY2022Q3 us-gaap Lessee Finance Lease Term Of Contract1
LesseeFinanceLeaseTermOfContract1
P36M
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
87282
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
356991
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
376855
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
384719
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
110096
CY2022Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
109582
CY2022Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
438328
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
99796
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0450
rei Operating Lease Imputed Interest Expense
OperatingLeaseImputedInterestExpense
103704
CY2022Q3 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P3Y6M18D
CY2022Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0400
rei Finance Lease Imputed Interest Expense
FinanceLeaseImputedInterestExpense
48667
CY2022Q3 us-gaap Lessee Finance Lease Remaining Lease Term
LesseeFinanceLeaseRemainingLeaseTerm
P2Y4M17D
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
306715
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
290766
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
905524
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1138319
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1212239
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1429085
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1315943
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1577786
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
103704
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
148701
CY2022Q3 rei Lessee Operating Lease Liability Payments Due Net Of Imputed Interest
LesseeOperatingLeaseLiabilityPaymentsDueNetOfImputedInterest
1212239
CY2021Q4 rei Lessee Operating Lease Liability Payments Due Net Of Imputed Interest
LesseeOperatingLeaseLiabilityPaymentsDueNetOfImputedInterest
1429085
CY2022Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
406890
CY2021Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
316514
CY2022Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
564205
CY2021Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
343727
CY2022Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
971095
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
660241
CY2022Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
1019762
CY2021Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
692091
CY2022Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
48667
CY2021Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
31850
CY2022Q3 rei Finance Lease Liability To Be Paid Net Of Imputed Interest
FinanceLeaseLiabilityToBePaidNetOfImputedInterest
971095
CY2021Q4 rei Finance Lease Liability To Be Paid Net Of Imputed Interest
FinanceLeaseLiabilityToBePaidNetOfImputedInterest
660241
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
83590
CY2021Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
83589
us-gaap Operating Lease Expense
OperatingLeaseExpense
250770
us-gaap Operating Lease Expense
OperatingLeaseExpense
439896
CY2022Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
639708
CY2021Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
964873
us-gaap Short Term Lease Cost
ShortTermLeaseCost
1937310
us-gaap Short Term Lease Cost
ShortTermLeaseCost
2903387
CY2022Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
106982
CY2021Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
85367
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
334447
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
189831
CY2022Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
10391
CY2021Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
5160
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
24184
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
14166
us-gaap Net Income Loss
NetIncomeLoss
124142356
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
75085891
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
14163934
us-gaap Net Income Loss
NetIncomeLoss
-20789318
rei Asset Retirement Obligation Liabilities Acquired
AssetRetirementObligationLiabilitiesAcquired
14538550
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
1239634
us-gaap Accretion Expense
AccretionExpense
617685
CY2022Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
29426737
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.49
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.92
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.21
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
115376280
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
99358504
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
107349184
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
99251532
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
151754995
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
121220748
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
134826275
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
99251532
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.65
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.14
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.21
CY2022Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1000000000.0
CY2021Q4 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
350000000.0
CY2022Q3 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
600000000.0
CY2022Q3 rei Percentage Of Company S Volumes Subject To Derivative Instruments With Lenders
PercentageOfCompanySVolumesSubjectToDerivativeInstrumentsWithLenders
1
CY2022Q3 us-gaap Derivative Instruments And Hedges
DerivativeInstrumentsAndHedges
24206887
CY2022Q3 rei Derivative Instruments And Hedges Assets Discounted Deferred Premiums Current
DerivativeInstrumentsAndHedgesAssetsDiscountedDeferredPremiumsCurrent
10884874
CY2022Q3 rei Derivative Instruments And Hedges Assets Net Of Discounted Deferred Premiums Current
DerivativeInstrumentsAndHedgesAssetsNetOfDiscountedDeferredPremiumsCurrent
13322013
CY2022Q3 us-gaap Derivative Instruments And Hedges Noncurrent
DerivativeInstrumentsAndHedgesNoncurrent
15204782
CY2022Q3 rei Derivative Instruments And Hedges Assets Discounted Deferred Premiums Noncurrent
DerivativeInstrumentsAndHedgesAssetsDiscountedDeferredPremiumsNoncurrent
3658800
CY2022Q3 rei Derivative Instruments And Hedges Assets Net Of Discounted Deferred Premiums Noncurrent
DerivativeInstrumentsAndHedgesAssetsNetOfDiscountedDeferredPremiumsNoncurrent
11545982
CY2022Q3 us-gaap Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
23767689
CY2021Q4 us-gaap Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
29241588
CY2022Q3 us-gaap Derivative Instruments And Hedges Liabilities Noncurrent
DerivativeInstrumentsAndHedgesLiabilitiesNoncurrent
8734388
CY2022Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
32851189
CY2021Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-6720320
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-2201970
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-73586199
CY2022Q3 rei Derivative Cost Of Hedge Net Of Cash Paid And Received
DerivativeCostOfHedgeNetOfCashPaidAndReceived
-14861116
CY2021Q3 rei Derivative Cost Of Hedge Net Of Cash Paid And Received
DerivativeCostOfHedgeNetOfCashPaidAndReceived
-14921008
rei Derivative Cost Of Hedge Net Of Cash Paid And Received
DerivativeCostOfHedgeNetOfCashPaidAndReceived
-48593882
rei Derivative Cost Of Hedge Net Of Cash Paid And Received
DerivativeCostOfHedgeNetOfCashPaidAndReceived
-33287132
rei Compensation Expenses Charged Against Income For Share Based Awards Included In General And Administrative Expenses
CompensationExpensesChargedAgainstIncomeForShareBasedAwardsIncludedInGeneralAndAdministrativeExpenses
4964188
CY2019Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1000000000
CY2021Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
350000000
CY2022Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
600000000
CY2022Q3 rei Number Of New Lenders
NumberOfNewLenders
5
CY2022Q3 rei Number Of Exiting Lenders
NumberOfExitingLenders
5
CY2022Q3 us-gaap Line Of Credit
LineOfCredit
435000000
CY2022Q3 rei Company Required To Maintaining Rolling Basis
CompanyRequiredToMaintainingRollingBasis
P24M
CY2022Q3 rei Minimum Percentage Of Projected Production To Be Hedged
MinimumPercentageOfProjectedProductionToBeHedged
0.50
CY2022Q3 rei Company Required To Maintaining Rolling Basis
CompanyRequiredToMaintainingRollingBasis
P24M
CY2022Q3 rei Hedge Testing Percentage
HedgeTestingPercentage
0
CY2022Q3 rei Minimum Percentage Of Projected Production To Be Hedged
MinimumPercentageOfProjectedProductionToBeHedged
0.50
CY2022Q3 rei Company Required To Maintaining Rolling Basis
CompanyRequiredToMaintainingRollingBasis
P24M
CY2021Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
15292054
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
218082
CY2021Q3 rei Compensation Expenses Charged Against Income For Share Based Awards Included In General And Administrative Expenses
CompensationExpensesChargedAgainstIncomeForShareBasedAwardsIncludedInGeneralAndAdministrativeExpenses
777461
rei Compensation Expenses Charged Against Income For Share Based Awards Included In General And Administrative Expenses
CompensationExpensesChargedAgainstIncomeForShareBasedAwardsIncludedInGeneralAndAdministrativeExpenses
1484730
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
CY2021 rei Proceeds From Issuance Of Common Stock Gross
ProceedsFromIssuanceOfCommonStockGross
367509
CY2022Q3 rei Compensation Expenses Charged Against Income For Share Based Awards Included In General And Administrative Expenses
CompensationExpensesChargedAgainstIncomeForShareBasedAwardsIncludedInGeneralAndAdministrativeExpenses
1543033
CY2022Q3 rei Surety Bonds Value
SuretyBondsValue
450288

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