HOUSTON, Oct. 17, 2021 (GLOBE NEWSWIRE) — Ranger Oil Corporation (NASDAQ: ROCC) today announced an operational update and the timing of its third quarter 2021 earnings release and conference call. Separately, the Company has been renamed “Ranger Oil Corporation”. Ranger will begin trading on the NASDAQ under the stock ticker of “ROCC” as of market open on Monday, October 18, 2021.
Preliminary Third Quarter 2021 Operational and Financial Update
The operational and financial results below represent results through September 30, 2021, and do not include the Lonestar Resources (“Lonestar”) acquisition which closed October 5, 2021.
- Sold 20,429 barrels of oil per day (“bbl/d”) for the third quarter of 2021, slightly exceeding the mid-point of guidance. Total sales volumes for the third quarter of 2021 were 25,483 barrels of oil equivalent per day (“boe/d”);
- Realized a third quarter 2021 oil price of $68.10 per barrel, or $57.15 per barrel including effects of derivatives, net(1);
- Incurred capital expenditures of approximately $59 million on drilling and completion activities, which was slightly below the mid-point of guidance; and
- Generated material free cash flow(2) for the third quarter of 2021, marking a full two years of quarterly free cash flow(2) for the Company.
Darrin Henke, President and Chief Executive Officer of the Company, commented, “We continued to benefit from our operational and capital efficiency initiatives in the third quarter of 2021. The result was further growth in oil sales volumes and modest capital expenditures, which drove our eighth consecutive quarter of free cash flow(2) generation, exhibiting our commitment of appropriately managing the business all throughout a challenging commodity price cycle. With our recent closing of the acquisition of Lonestar and our continued two-rig drilling program, we expect our free cash flow(2) profile to accelerate with more than $200 million estimated for 2022.”
“Our solid third quarter results provide a strong foundation as we continue to capitalize on the opportunities provided by our acquisition of assets from Rocky Creek Resources earlier this year and our recent acquisition of Lonestar. The result of our targeted efforts has been the creation of a consolidated asset position of over 140,000 net acres in the core of the Eagle Ford play in South Texas that, with the addition of recently Turned-in-Line wells, is producing almost 40,000 boe/d. In short, we have created a business that provides superior Adjusted EBITDAX margins(3), high rate-of-return investment opportunities with a large inventory of drilling locations, and significant free cash flow generation which we expect to use to further reduce our leverage position to 1.0x(4) or less in the first half of next year.”
About Ranger Oil Corporation
Ranger Oil (formerly known as Penn Virginia Corporation) is a pure-play independent oil and gas company engaged in the development and production of oil, NGLs, and natural gas, with operations in the Eagle Ford shale in South Texas. For more information, please visit our website at www.Rangeroil.com.
