$REI
Ring Energy Inc

2024 Q3 Form 10-Q Financial Statement

#000162828024035242 Filed on August 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $89.24M $99.14M
YoY Change -4.74% 24.94%
Cost Of Revenue $5.072M
YoY Change -10.71%
Gross Profit $94.07M
YoY Change 27.69%
Gross Profit Margin 94.88%
Selling, General & Admin $27.20M
YoY Change 18.96%
% of Gross Profit 28.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.66M $24.70M
YoY Change 16.7% 18.79%
% of Gross Profit 26.26%
Operating Expenses $52.25M
YoY Change 18.72%
Operating Profit $29.85M $41.82M
YoY Change -24.58% 41.0%
Interest Expense -$12.63M
YoY Change 75.26%
% of Operating Profit -30.2%
Other Income/Expense, Net $14.12M -$12.58M
YoY Change -127.95% -10886.77%
Pretax Income $43.97M $29.24M
YoY Change -501.5% 30.33%
Income Tax $10.09M $6.820M
% Of Pretax Income 22.94% 23.33%
Net Earnings $33.88M $22.42M
YoY Change -549.36% -22.13%
Net Earnings / Revenue 37.96% 22.61%
Basic Earnings Per Share $0.17 $0.11
Diluted Earnings Per Share $0.17 $0.11
COMMON SHARES
Basic Shares Outstanding 198.2M shares 197.9M shares
Diluted Shares Outstanding 200.7M shares 200.4M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.179M
YoY Change -32.64%
Cash & Equivalents $0.00 $1.179M
Short-Term Investments
Other Short-Term Assets $5.992M
YoY Change -47.29%
Inventory $4.628M $5.776M
Prepaid Expenses $2.077M $2.622M
Receivables $36.39M $41.58M
Other Receivables $1.698M
Total Short-Term Assets $52.82M $56.22M
YoY Change -9.91% 2.03%
LONG-TERM ASSETS
Property, Plant & Equipment $1.327B $1.318B
YoY Change 3.54% 9.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.67M
YoY Change -47.47%
Total Long-Term Assets $1.347B $1.334B
YoY Change 3.24% 8.69%
TOTAL ASSETS
Total Short-Term Assets $52.82M $56.22M
Total Long-Term Assets $1.347B $1.334B
Total Assets $1.400B $1.390B
YoY Change 2.67% 8.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $90.14M $90.01M
YoY Change -18.34% -0.01%
Accrued Expenses $622.7K
YoY Change 57.88%
Deferred Revenue
YoY Change
Short-Term Debt $1.356M
YoY Change -4.03%
Long-Term Debt Due $948.3K
YoY Change 24.59%
Total Short-Term Liabilities $97.59M $111.4M
YoY Change -35.75% 10.36%
LONG-TERM LIABILITIES
Long-Term Debt $407.7M
YoY Change 2.49%
Other Long-Term Liabilities $36.40M
YoY Change -9.87%
Total Long-Term Liabilities $444.1M
YoY Change 1.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $97.59M $111.4M
Total Long-Term Liabilities $444.1M
Total Liabilities $548.5M $572.3M
YoY Change -12.92% 5.37%
SHAREHOLDERS EQUITY
Retained Earnings $52.36M $18.49M
YoY Change -186.77% -135.01%
Common Stock $198.2K $198.2K
YoY Change 1.44% 1.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $851.3M $817.4M
YoY Change
Total Liabilities & Shareholders Equity $1.400B $1.390B
YoY Change 2.67% 8.4%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $33.88M $22.42M
YoY Change -549.36% -22.13%
Depreciation, Depletion And Amortization $25.66M $24.70M
YoY Change 16.7% 18.79%
Cash From Operating Activities $50.62M
YoY Change 16.72%
INVESTING ACTIVITIES
Capital Expenditures $36.87M
YoY Change 1.18%
Acquisitions
YoY Change
Other Investing Activities $10.61K
YoY Change -99.87%
Cash From Investing Activities -$36.86M
YoY Change 31.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.95M
YoY Change -8.35%
NET CHANGE
Cash From Operating Activities 50.62M
Cash From Investing Activities -36.86M
Cash From Financing Activities -13.95M
Net Change In Cash -197.3K
YoY Change -912.44%
FREE CASH FLOW
Cash From Operating Activities $50.62M
Capital Expenditures $36.87M
Free Cash Flow $13.75M
YoY Change 98.53%

Facts In Submission

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us-gaap Use Of Estimates
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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> – 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 </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
us-gaap Concentration Risk Credit Risk
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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk and Receivables</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> – Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and receivables.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Cash and cash equivalents - </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company had cash in excess of federally insured limits of $928,812 and $46,384 as of June 30, 2024 and December 31, 2023, respectively. The Company places its cash with a high credit quality financial institution. The Company has not experienced any losses in such accounts and believes it is not exposed to significant credit risk in this area.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Accounts receivable - </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Substantially all of the Company’s accounts receivable is from purchasers of oil and natural gas. Oil and natural gas sales are generally unsecured. Accounts receivable from purchasers outstanding longer than the contractual </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">payment terms are considered past due. The Company has not had any significant credit losses in the past and believes its accounts receivable are fully collectable. During the six months ended June 30, 2024, sales to three purchasers represented 61%, 13% and 12%, respectively, of total oil, natural gas, and natural gas liquids sales. As of June 30, 2024, receivables outstanding from these three purchasers represented 68%, 11% and 11%, respectively, of accounts receivable. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Production imbalances</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">- </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company accounts for natural gas production imbalances using the sales method, which recognizes revenue on all natural gas sold even though the natural gas volumes sold may be more or less than the Company's ownership entitles it to sell. Liabilities are recorded for imbalances greater than the Company’s proportionate share of remaining estimated natural gas reserves.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company recorded no imbalances as of June 30, 2024 or December 31, 2023.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Joint interest billing receivables, net - </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company also has joint interest billing receivables. Joint interest billing receivables are collateralized by the pro rata revenue attributable to the joint interest holders and further by the interest itself. Receivables from joint interest owners outstanding longer than the contractual payment terms are considered past due. The following table indicates the Company's provisions for bad debt expense associated with its joint interest billing receivables during the three and six months ended June 30, 2024 and June 30, 2023.</span></div><div style="margin-top:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:35.415%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.051%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.051%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.466%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.051%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.054%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Three Months Ended</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Six Months Ended</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">June 30, 2024</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">June 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">June 30, 2024</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">June 30, 2023</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Bad debt expense</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,937 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,315 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">178,777 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22,209 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>
CY2024Q2 us-gaap Fair Value Concentration Of Risk Cash And Cash Equivalents
FairValueConcentrationOfRiskCashAndCashEquivalents
928812 usd
CY2023Q4 us-gaap Fair Value Concentration Of Risk Cash And Cash Equivalents
FairValueConcentrationOfRiskCashAndCashEquivalents
46384 usd
CY2024Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
14937 usd
CY2023Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
19315 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
178777 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
22209 usd
CY2024Q2 rei Oil And Gas Joint Interest Billing Receivables Before Allowance For Credit Loss
OilAndGasJointInterestBillingReceivablesBeforeAllowanceForCreditLoss
1899074 usd
CY2023Q4 rei Oil And Gas Joint Interest Billing Receivables Before Allowance For Credit Loss
OilAndGasJointInterestBillingReceivablesBeforeAllowanceForCreditLoss
2480843 usd
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
200621 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
58569 usd
CY2024Q2 us-gaap Oil And Gas Joint Interest Billing Receivables Current
OilAndGasJointInterestBillingReceivablesCurrent
1698453 usd
CY2023Q4 us-gaap Oil And Gas Joint Interest Billing Receivables Current
OilAndGasJointInterestBillingReceivablesCurrent
2422274 usd
us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
-142052 usd
CY2024Q2 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
24325186 usd
CY2023Q2 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
20511809 usd
us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
47754798 usd
us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
41492351 usd
CY2024Q2 rei Depletion Rate Per Barrel Of Oil Equivalents
DepletionRatePerBarrelOfOilEquivalents
13.51 usd
CY2023Q2 rei Depletion Rate Per Barrel Of Oil Equivalents
DepletionRatePerBarrelOfOilEquivalents
13.05 usd
rei Depletion Rate Per Barrel Of Oil Equivalents
DepletionRatePerBarrelOfOilEquivalents
13.52 usd
rei Depletion Rate Per Barrel Of Oil Equivalents
DepletionRatePerBarrelOfOilEquivalents
12.89 usd
CY2024Q2 us-gaap Depreciation
Depreciation
102772 usd
CY2023Q2 us-gaap Depreciation
Depreciation
91628 usd
us-gaap Depreciation
Depreciation
204709 usd
us-gaap Depreciation
Depreciation
196729 usd
CY2024Q2 rei Notes Payable Current For Obtaining External Insurance
NotesPayableCurrentForObtainingExternalInsurance
1355795 usd
CY2023Q4 rei Notes Payable Current For Obtaining External Insurance
NotesPayableCurrentForObtainingExternalInsurance
533734 usd
CY2024Q2 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
6427828 usd
CY2023Q2 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-6640741 usd
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
7979587 usd
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-5111491 usd
CY2024Q2 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
152385 usd
CY2023Q2 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
41191 usd
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
255018 usd
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
98481 usd
CY2024Q2 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
240272 usd
CY2023Q2 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
243255 usd
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
314766 usd
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
686658 usd
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6820485 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6356295 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8549371 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-4326352 usd
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.2333
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.2833
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.2343
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0757
CY2024Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2077778 usd
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2260312 usd
us-gaap Share Based Compensation
ShareBasedCompensation
3801610 usd
us-gaap Share Based Compensation
ShareBasedCompensation
4204008 usd
CY2024Q2 rei Oil Revenue
OilRevenue
99289498 usd
CY2023Q2 rei Oil Revenue
OilRevenue
78042072 usd
rei Oil Revenue
OilRevenue
191584083 usd
rei Oil Revenue
OilRevenue
161628399 usd
CY2024Q2 rei Natural Gas Revenue
NaturalGasRevenue
-2972807 usd
CY2023Q2 rei Natural Gas Revenue
NaturalGasRevenue
-1100776 usd
rei Natural Gas Revenue
NaturalGasRevenue
-3791042 usd
rei Natural Gas Revenue
NaturalGasRevenue
-36213 usd
CY2024Q2 rei Natural Gas Liquids Revenue
NaturalGasLiquidsRevenue
2822658 usd
CY2023Q2 rei Natural Gas Liquids Revenue
NaturalGasLiquidsRevenue
2407277 usd
rei Natural Gas Liquids Revenue
NaturalGasLiquidsRevenue
5849444 usd
rei Natural Gas Liquids Revenue
NaturalGasLiquidsRevenue
5839299 usd
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
99139349 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
79348573 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
193642485 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
167431485 usd
CY2024Q2 us-gaap Lessee Finance Lease Term Of Contract1
LesseeFinanceLeaseTermOfContract1
P36M
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
354932 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
727460 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
636649 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
460497 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
250606 usd
CY2024Q2 rei Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
149628 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
540279 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
821792 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
367872 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
23914 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
0 usd
CY2024Q2 rei Finance Lease Liability To Be Paid After Year Four
FinanceLeaseLiabilityToBePaidAfterYearFour
0 usd
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0450
rei Operating Lease Imputed Interest Expense
OperatingLeaseImputedInterestExpense
221027 usd
CY2024Q2 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P3Y10M17D
CY2024Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0704
rei Finance Lease Imputed Interest Expense
FinanceLeaseImputedInterestExpense
120103 usd
CY2024Q2 us-gaap Lessee Finance Lease Remaining Lease Term
LesseeFinanceLeaseRemainingLeaseTerm
P1Y10M2D
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
622694 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
568176 usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1736051 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2054041 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2358745 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2622217 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2579772 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2900050 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
221027 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
277833 usd
CY2024Q2 rei Lessee Operating Lease Liability Payments Due Net Of Imputed Interest
LesseeOperatingLeaseLiabilityPaymentsDueNetOfImputedInterest
2358745 usd
CY2023Q4 rei Lessee Operating Lease Liability Payments Due Net Of Imputed Interest
LesseeOperatingLeaseLiabilityPaymentsDueNetOfImputedInterest
2622217 usd
CY2024Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
948283 usd
CY2023Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
956254 usd
CY2024Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
685471 usd
CY2023Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
906330 usd
CY2024Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
1633754 usd
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
1862584 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
1753857 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
2006453 usd
CY2024Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
120103 usd
CY2023Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
143869 usd
CY2024Q2 rei Finance Lease Liability To Be Paid Net Of Imputed Interest
FinanceLeaseLiabilityToBePaidNetOfImputedInterest
1633754 usd
CY2023Q4 rei Finance Lease Liability To Be Paid Net Of Imputed Interest
FinanceLeaseLiabilityToBePaidNetOfImputedInterest
1862584 usd
CY2024Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
175090 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
115353 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
350181 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
228491 usd
CY2024Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1104057 usd
CY2023Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1815836 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
2085348 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
3029635 usd
CY2024Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
271463 usd
CY2023Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
189495 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
532364 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
375523 usd
CY2024Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
31422 usd
CY2023Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
24268 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
62739 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
49699 usd
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
22418994 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
28791605 usd
us-gaap Net Income Loss
NetIncomeLoss
27934371 usd
us-gaap Net Income Loss
NetIncomeLoss
61507384 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
197976721 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
193077859 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
197684638 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
185545775 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
200428813 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
195866533 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
199845512 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
193023966 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.14
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.15
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.14
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.32
CY2024Q2 us-gaap Derivative Instruments And Hedges
DerivativeInstrumentsAndHedges
3919057 usd
CY2023Q4 us-gaap Derivative Instruments And Hedges
DerivativeInstrumentsAndHedges
7768697 usd
CY2024Q2 rei Derivative Instruments And Hedges Assets Discounted Deferred Premiums Current
DerivativeInstrumentsAndHedgesAssetsDiscountedDeferredPremiumsCurrent
549295 usd
CY2023Q4 rei Derivative Instruments And Hedges Assets Discounted Deferred Premiums Current
DerivativeInstrumentsAndHedgesAssetsDiscountedDeferredPremiumsCurrent
1553323 usd
CY2024Q2 rei Derivative Instruments And Hedges Assets Net Of Discounted Deferred Premiums Current
DerivativeInstrumentsAndHedgesAssetsNetOfDiscountedDeferredPremiumsCurrent
3369762 usd
CY2023Q4 rei Derivative Instruments And Hedges Assets Net Of Discounted Deferred Premiums Current
DerivativeInstrumentsAndHedgesAssetsNetOfDiscountedDeferredPremiumsCurrent
6215374 usd
CY2024Q2 us-gaap Derivative Instruments And Hedges Noncurrent
DerivativeInstrumentsAndHedgesNoncurrent
3032562 usd
CY2023Q4 us-gaap Derivative Instruments And Hedges Noncurrent
DerivativeInstrumentsAndHedgesNoncurrent
11634714 usd
CY2024Q2 us-gaap Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
18114594 usd
CY2023Q4 us-gaap Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
7520336 usd
CY2024Q2 us-gaap Derivative Instruments And Hedges Liabilities Noncurrent
DerivativeInstrumentsAndHedgesLiabilitiesNoncurrent
6255428 usd
CY2023Q4 us-gaap Derivative Instruments And Hedges Liabilities Noncurrent
DerivativeInstrumentsAndHedgesLiabilitiesNoncurrent
11510368 usd
CY2024Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-1828599 usd
CY2023Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
3264660 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-20843094 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
12739565 usd
CY2024Q2 rei Derivative Cost Of Hedge Net Of Cash Paid And Received
DerivativeCostOfHedgeNetOfCashPaidAndReceived
-2594497 usd
CY2023Q2 rei Derivative Cost Of Hedge Net Of Cash Paid And Received
DerivativeCostOfHedgeNetOfCashPaidAndReceived
179595 usd
rei Derivative Cost Of Hedge Net Of Cash Paid And Received
DerivativeCostOfHedgeNetOfCashPaidAndReceived
-4056012 usd
rei Derivative Cost Of Hedge Net Of Cash Paid And Received
DerivativeCostOfHedgeNetOfCashPaidAndReceived
-478930 usd
CY2014Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1000000000 usd
CY2022Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
600000000 usd
CY2024Q2 rei Debt Instrument Covenant Pro Forma Leverage Ratio Maximum Threshold
DebtInstrumentCovenantProFormaLeverageRatioMaximumThreshold
2.00
CY2024Q2 rei Debt Instrument Borrowing Base Utilization Maximum Threshold Percentage
DebtInstrumentBorrowingBaseUtilizationMaximumThresholdPercentage
0.80
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
CY2024Q2 us-gaap Line Of Credit
LineOfCredit
407000000 usd
us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.005
us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
193000000.0 usd
CY2024Q2 us-gaap Line Of Credit
LineOfCredit
407000000 usd
CY2022Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
600000000 usd
CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
28248084 usd
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
323673 usd
rei Asset Retirement Obligation Liabilities Properties Sold
AssetRetirementObligationLiabilitiesPropertiesSold
256740 usd
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
442615 usd
us-gaap Accretion Expense
AccretionExpense
703018 usd
CY2024Q2 us-gaap Asset Retirement Obligation
AssetRetirementObligation
28575420 usd
CY2024Q2 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
165720 usd
CY2023Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
165642 usd
CY2024Q2 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
28409700 usd
CY2023Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
28082442 usd
CY2024Q2 us-gaap Asset Retirement Obligation
AssetRetirementObligation
28575420 usd
CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
28248084 usd
CY2023Q1 rei Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Exercised
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsExercised
0.80
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
3613941 usd
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
8997543 usd
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
0 usd
CY2023Q2 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
8997543 usd
CY2023Q2 rei Stock Issued During Period Value Common Warrants Exercised
StockIssuedDuringPeriodValueCommonWarrantsExercised
8687655 usd
CY2024Q2 rei Payment Of Stock Issuance Costs Advisory Fees
PaymentOfStockIssuanceCostsAdvisoryFees
309888 usd
CY2024Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2077778 usd
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2260312 usd
us-gaap Share Based Compensation
ShareBasedCompensation
3801610 usd
us-gaap Share Based Compensation
ShareBasedCompensation
4204008 usd
CY2024Q2 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
25000 usd
CY2024Q1 rei Number Of Guarantors Issuing Instruments On Behalf Of The Company
NumberOfGuarantorsIssuingInstrumentsOnBehalfOfTheCompany
2 insurancecompany
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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