Ring Energy Reduces Debt After Sale of Delaware Basin Assets

By Ben Glickman

Ring Energy said Wednesday it had reduced its debt by $25 million in the second quarter after selling its non-core asset in the West Texas Delaware Basin.

The oil and gas company said it reduced its debt balance in the second quarter from $422 million to $397 million. Ring said it plans to continue to reduce its debt in the second half of the year, though the timing and level of reduction will depend on oil and gas prices and other factors.

The company said the sale of its assets in the Delaware Basin was completed in the second quarter, resulting in net proceeds of $7.8 million. Ring said those proceeds were used to pay down debt.

Ring said the sale wouldn't affect its full-year guidance for production. The Delaware asset recently averaged about 240 barrels of oil equivalent per day, the company said.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

July 05, 2023 07:18 ET (11:18 GMT)

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