2022-04-13 | NDAQ:ROCC | Press release

-Reaches previously announced leverage target-

HOUSTON, April 13, 2022 (GLOBE NEWSWIRE) — Ranger Oil Corporation (“Ranger” or the “Company”) (NASDAQ: ROCC) today announced that the Company has reduced leverage to its previously stated target, and its board of directors approved a $100 million share buyback program. As of March 31, 2022, Ranger had net debt(1) balance of approximately $521.6 million, down approximately $64.9 million (11%) from its net debt(1) balance as of December 31, 2021.

Darrin Henke, President and CEO of Ranger, said, “We are proud to report that at the end of the first quarter, Ranger had achieved its leverage target of less than 1.0x. Due to our strong free cash flow profile and strong balance sheet, combined with an extensive inventory of some of the most attractive oil-weighted drill locations in North America, our Board of Directors has authorized that a portion of our free cash flow is returned to shareholders through opportunistic share buybacks. of our strategy to maximize shareholder value through the effective deployment of our operating cash flow with a focus on risk-adjusted cash returns. The company’s continued strong operational and financial performance enables us to pursue a number of key objectives in addition to share buybacks, including continued deleveraging, disciplined consolidation, a reasonable fixed dividend and measured organic investing. and the market continue to evolve, we plan to regularly assess the optimal use of our internally generated cash flow for the long-term benefit of our shareholders.”

Authorization of a $100 million share buyback program

Ranger’s board of directors has authorized a stock repurchase program, under which the company is authorized to repurchase up to $100 million of its outstanding Class A common stock. The share buyback authorization is effective immediately and is valid until March 31, 2023. This program is equivalent to approximately 6% of Ranger’s current market capitalization.(2)

Shares may be repurchased from time to time in open market transactions, through privately traded transactions or by other means in accordance with federal securities laws. The Company intends to fund redemptions from available working capital and cash provided by operations. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company in its discretion and will depend on various factors, including management’s assessment of the intrinsic value of the Company’s shares. . , the market price of the Company’s Class A common stock, general market and economic conditions, available liquidity, compliance with the Company’s indebtedness and other agreements, and applicable legal requirements. The exact number of shares to be redeemed by the Company is not guaranteed and the program may be suspended, modified or discontinued at any time without notice.

About Ranger Oil Corporation

Ranger Oil 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.

Warnings

This communication contains certain “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical facts are forward-looking statements, and such statements generally include words such as “anticipate”, “target”, “guidance”, “assumptions”, “projects”, “forward”, “estimates” , ‘outlook’, ‘expects’, ‘continues’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, ‘future’, ‘potential’, ‘may’, ‘plans’ “, “possible”, “should”, “would”, “could”, “concentrate” and variations of these words or similar expressions, including their negative form, to identify that they are forward-looking statements. Without limiting the generality of the foregoing, the forward-looking statements contained in this press release specifically include expectations of Ranger Oil Corporation’s plans, strategies and objectives, including the company’s proposed share buyback program and expected timing. , the purchase price and the number of shares purchased under this program, if applicable. cheating. Because these statements involve assumptions, risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: the risk that the benefits of the acquisition of Lonestar may not fully materialize or may take longer to materialize than expected, and that the management’s attention is diverted to integration-related issues; the impact of the COVID-19 pandemic, including reduced demand for oil and natural gas, economic downturn, government actions, containment orders, disruptions to our operations or the operations of our customers; risks related to and the impact of other actual or anticipated global health events; our ability to meet our short-term and long-term liquidity needs, including our ability to generate sufficient operating cash flow or obtain adequate financing; our ability to maintain our relationships with our suppliers, service providers, customers, employees and other third parties; our ability to execute our business plan in volatile commodity price environments; our ability to develop, explore, acquire and replace oil and gas reserves and maintain production; changes to our drilling and development program; our ability to generate profits or achieve target reserves in our drilling and development and exploration well operations; our ability to meet forecasts, market expectations and internal projections, including type curves; projected demand and supply for oil, NGLs and natural gas; our ability to enter into contracts for drilling rigs, fracturing crews, materials, supplies and services at reasonable costs; our ability to renew or replace expiring contracts on acceptable terms; our ability to obtain adequate pipeline or other transportation capacity for our oil and gas production at a reasonable cost and to sell our production at market prices or at reasonable discounts to market prices ; the uncertainties inherent in projecting future production rates from our wells and the extent to which actual production differs from that estimated in our proven oil and gas reserves; the use of new techniques in our development, including the management of chokes and longer laterals; drilling, completion and operating risks, including adverse impacts associated with well spacing and high concentration of activity; our ability to convert drill locations to reserves and production, if required; the longevity of our currently estimated inventory; the approval by our Board of Directors of any dividends or share buybacks; and other risks discussed in our filings with the Securities and Exchange Commission (“SEC”), including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. factors and others may be found in our press releases and public filings with the SEC. Many of the factors that will determine our future results are beyond management’s ability to control or predict. Further, readers should not place undue reliance on forward-looking statements, which reflect the opinions of management only as of the date hereof. The statements contained in this communication speak only as of the date of the communication. We undertake no obligation to revise or to update forward-looking statements, or to make other forward-looking statements, whether as a result of new information, events future events or otherwise, except as required by applicable law.

Footnotes

(1) Net debt is a non-GAAP measure. Definitions of non-GAAP financial measures and reconciliations of non-GAAP financial measures to the nearest GAAP financial measures are provided at the end of this release.
(2) Gives effect to the repurchase of the ordinary shares of our partnership subsidiary Up-C.

Net debt

Net debt is a non-GAAP financial measure defined as the total principal amount of long-term debt, excluding unamortized discount and debt issuance costs, less cash and cash equivalents. Long-term debt excludes the non-recourse mortgage assumed as part of the Lonestar acquisition. The most comparable financial measure to net debt under GAAP is the principal amount of long-term debt. Net debt is used by management as a measure of our financial leverage and should not be used by investors or others as the sole basis for making investment decisions, as it does not represent the actual indebtedness of the company.

March 31, 2022 December 31, 2021
(in millions)
long-term debt $ 528.0 $ 610.2
Cash and cash equivalents (6.4 ) (23.7 )
Net debt $ 521.6 $ 586.5

Contact

Jeansonne clay

Investor Relations

Telephone: (713) 722-6540

Email: [email protected]

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Luisa D. Fuller