Welcome to our dedicated page for Ranger Oil Corporation news (Ticker: ROCC), a resource for investors and traders seeking the latest updates and insights on Ranger Oil Corporation stock.
Ranger Oil Corporation (NASDAQ: ROCC) is an independent oil and gas company focused on the exploration, development, and production of oil, natural gas liquids (NGLs), and natural gas. With its primary operations in the Eagle Ford Shale in South Texas, Ranger Oil is strategically positioned in one of the most prolific onshore oil and natural gas regions in the United States.
The company's core business revolves around utilizing advanced drilling techniques to maximize output from its assets. Ranger Oil has consistently demonstrated operational excellence by implementing innovative practices and efficient resource management. The company's portfolio encompasses a range of well sites, ensuring a steady flow of production and revenue.
Recent Achievements and Developments:
- In June 2023, Ranger Oil shareholders overwhelmingly approved a merger with Baytex Energy Corp, with over 99% of votes in favor. This strategic merger aims to combine resources and expertise, enhancing operational capabilities and financial strength.
- Ranger Oil has maintained a robust financial position, enabling continued investment in new projects and technologies to sustain and grow its production levels.
- The company has fostered strategic partnerships with leading service providers and suppliers, ensuring a reliable supply chain and access to cutting-edge technologies.
Current Projects:
- Ranger Oil is actively engaged in multiple drilling and development projects within the Eagle Ford Shale, focusing on optimizing well performance and maximizing returns.
- Ongoing initiatives to enhance production efficiency through the use of longer laterals and choke management techniques.
Overall, Ranger Oil Corporation represents a significant player in the U.S. oil and gas sector, leveraging its expertise and strategic initiatives to navigate the dynamic energy market. The company's commitment to growth and innovation positions it well for future success, making it a noteworthy entity for investors and industry stakeholders.
Ranger Oil Corporation (Nasdaq:ROCC) reported strong second quarter results with total sales of 38.5 Mboe/d, achieving the high-end of guidance. The company posted a net income of $148 million and adjusted EBITDAX of $189.8 million. Ranger increased its 2022 sales volumes outlook and completed multiple acquisitions totaling approximately $139 million, adding significant production and acreage. Share repurchases reached $46 million, and the company initiated a quarterly dividend of $0.075 per share. The leverage ratio improved to approximately 0.8x, reflecting a reduction in net debt.
Ranger Oil Corporation (NASDAQ:ROCC) will announce its second quarter 2022 financial results on August 2, 2022, after market close. A conference call is scheduled for 10 a.m. ET on August 3, 2022, to discuss the results. Participants can join by dialing (844) 707-6931 or via the webcast on Ranger's website, where supplemental slides will also be available. A replay will be accessible until August 11, 2022, through the company’s site and by phone. Ranger Oil focuses on oil and gas production in the Eagle Ford shale, South Texas.
Ranger Oil Corporation (NASDAQ:ROCC) announced significant updates to its shareholder return program on July 7, 2022. The company has repurchased over $40 million (approx. 1.2 million shares) of its common stock, which is more than 2.5% of total outstanding shares. The Board increased the share repurchase authorization by 40%, raising it to $140 million and extending the program through June 30, 2023. In addition, Ranger declared an inaugural quarterly cash dividend of $0.075 per share, payable on August 4, 2022, reflecting a 20% increase from prior expectations.
Ranger Oil Corporation (NASDAQ: ROCC) announced the acquisition of oil and gas assets in the Eagle Ford shale, totaling approximately $110 million. The all-cash transactions, expected to close by July 5, are projected to boost production by roughly 1,600 Boe/d (~79% oil). The acquisitions are expected to enhance financial metrics and efficiencies through existing infrastructure. Additionally, Ranger achieved new production milestones, exceeding 2,800 Bbls/d and 4,100 Boe/d in the second quarter. A borrowing base redetermination is planned due to these developments.
Ranger Oil Corporation (NASDAQ:ROCC) announced a 20% increase in its borrowing base to $875 million, with its credit facility commitment remaining at $400 million. The company has repurchased approximately 463,000 shares, or over 1% of its stock, under a $100 million share repurchase program. Ranger's net debt/LTM adjusted EBITDAX ratio was below 1.0x as of May 31, 2022, improving through mid-year. The strong capital structure and liquidity position are enhancing opportunities for potential consolidation.
Ranger Oil Corporation (NASDAQ:ROCC) announced an upgrade from S&P Global Ratings, achieving a 'B' issuer credit rating and 'B+' rating for its senior unsecured debt. President and CEO Darrin Henke emphasized the recognition of their efforts to enhance capital structure and liquidity. The company boasts a robust balance sheet, a range of high-return opportunities, and a commitment to returning cash to shareholders. This positive outlook suggests a strong operational foundation for future growth.
Ranger Oil Corporation (ROCC) reported its Q1 2022 results, achieving the upper end of sales guidance with oil sales of 26,980 bbl/d and total sales of 37,752 boe/d. The company generated a Free Cash Flow of $64.8 million, alongside an adjusted net income of $98.7 million, despite a net loss of $20.7 million primarily due to derivative losses. Ranger announced a $100 million share repurchase program and plans to initiate a quarterly dividend of $0.0625 starting Q3 2022. The company increased its full-year sales volumes outlook while maintaining capital expenditure guidance of $375 - $425 million.
Ranger Oil Corporation (NASDAQ:ROCC) announced plans to acquire three oil-producing properties in the Eagle Ford shale for approximately $64 million in cash. This strategic acquisition aims to expand Ranger's footprint by over 10%, increasing its working interest and operational efficiencies. The transaction is anticipated to close in early Q3 2022 and is expected to positively impact cash flow and financial leverage. Ranger aims to integrate these assets swiftly, leveraging existing infrastructure and enhancing its development programs.
Ranger Oil Corporation (NASDAQ:ROCC) is set to release its first quarter 2022 financial results on May 4, 2022, after market close. The company will host a conference call on May 5, 2022, at 11 am ET. Investors are encouraged to join the call by dialing (844) 707-6931 or via a webcast on Ranger's website. A replay will be accessible until May 12, 2022. Ranger Oil focuses on the development and production of oil and natural gas in the Eagle Ford shale region of South Texas.
Ranger Oil Corporation (NASDAQ: ROCC) has achieved its leverage target of less than 1.0x, reducing net debt to approximately $521.6 million as of March 31, 2022, a notable decline of $64.9 million (11%) since December 31, 2021. The Board has approved a $100 million share repurchase program, equivalent to around 6% of its market capitalization, aimed at enhancing shareholder value through opportunistic buybacks. The repurchase program will be funded by free cash flow and is effective immediately through March 31, 2023.
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