Ring Energy (REI) said late Thursday that it reaffirmed its oil and sales volumes forecast despite cutting its outlook for Q2 capital spending following a recent decrease in oil prices.
Oil and sales volume outlooks were maintained with midpoints of 14,200 barrels of oil per day and 21,500 barrels of oil equivalent per day, respectively.
The company reduced its capital spending estimated range with a midpoint decline of more than 50% to $18 million.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.