Ranger Oil Corporation - ROCC STOCK NEWS

Ranger Oil Corporation (NASDAQ:ROCC) announced a definitive merger agreement with Baytex Energy on February 27, 2023, aiming for a close in late Q2 2023. The merger is expected to create a strong, diversified energy company focused on shareholder returns. Ranger achieved production of over 50 Mboe/d sooner than anticipated, with financial highlights including a record net income of $464.5 million for 2022. The company has delivered approximately $90 million in shareholder returns since May 2022, alongside a cash dividend of $0.075 per share slated for March 30, 2023. Year-end proved reserves stood at 254,485 Mboe valued at $4.8 billion.

Ranger Oil Corporation (NASDAQ:ROCC) announced a quarterly cash dividend of $0.075 per share, effective for the quarter ending December 31, 2022. The dividend is payable on March 30, 2023 to Class A common stockholders recorded by March 17, 2023. Additionally, the company will release its Fourth Quarter and Full-Year 2022 earnings after the market closes on March 8, 2023. Ranger Oil operates primarily in the Eagle Ford shale region of South Texas. This announcement also includes details regarding the upcoming merger with Baytex Energy Corp. and emphasizes the necessity for investors to review relevant documents pertaining to the merger.

Ranger Oil Corporation (NASDAQ:ROCC) has announced a definitive merger agreement with Baytex Energy Corp (NYSE, TSX: BTE) involving a cash and stock transaction. Ranger shareholders will receive $13.31 in cash and 7.49 shares of Baytex for each Ranger share held. Upon completion, Baytex shareholders will own approximately 63% and Ranger shareholders 37% of the combined entity. The merger is projected to close in the second quarter of 2023. Leadership highlights the merger's potential for enhanced financial strength, operational effectiveness, and sustainable shareholder returns.

Ranger Oil Corporation (Nasdaq:ROCC) reported strong Q3 2022 results, exceeding sales volume guidance with 42.6 Mboe/d and a net income of $227.6 million. Adjusted net income stood at $125 million, generating adjusted EBITDAX of $208.7 million. The company declared a dividend of $0.075/share and has returned approximately $80 million to shareholders since May 2022. Full-year sales volume outlook was increased to 41.1-41.5 Mboe/d. Capital expenditures for D&C were $151.9 million, with further acquisitions made in the Eagle Ford totaling $139 million.

Ranger Oil Corporation (NASDAQ:ROCC) reported preliminary results for Q3 2022, exceeding sales volume guidance with 42.6 Mboe/d compared to the expected range of 40.9 - 42.5 Mboe/d. Oil sales reached 30.7 Mbbl/d, above the midpoint guidance. Realized oil prices were $93.03 per barrel. The company maintained drilling and completion capital expenditures within guidance at $151.9 million. Approximately $70 million returned to shareholders since May, reducing share count by nearly 5%. A third rig added in Q4 is anticipated to enhance production momentum for 2023.

Ranger Oil Corporation (ROCC) announced a 60% year-to-date increase in its borrowing base to $950 million, reflecting growth in producing reserves and reduced leverage. The company increased its elected commitment amount to $500 million to enhance liquidity and support profitable growth and shareholder returns. As of September 26, 2022, Ranger reported $400 million in senior unsecured notes and approximately $192 million drawn from its credit facility. The net debt to LTM adjusted EBITDAX ratio stands at 0.8x, expected to improve through year-end.