Ranger Oil Corporation ("Ranger" or the "Company") (Nasdaq: ROCC)
today announced an increase in the Company’s oil sales guidance for
the fourth quarter 2021 and updated its current hedge position.
Darrin Henke, President and Chief Executive
Officer of Ranger commented, “I am very pleased to announce that,
due to the observed outperformance of existing wells, faster cycle
times and less anticipated downtime, we now expect our fourth
quarter sales volumes to be considerably higher than initially
anticipated. As a result, we are positively revising as well
as narrowing our guidance of anticipated sales volumes for the
fourth quarter from a range of 25,700 - 27,700 barrels of oil per
day (“bbl/d”), to a range of 26,700 - 28,000
bbl/d.”
“Several factors are contributing to this
outperformance, all of which we expect to continue in the future to
drive best in class returns for our shareholders. First, our
unwavering focus on increasing operating efficiencies resulted in
decreased drilling and completion cycle times and accelerated
turn-in-line dates for the quarter. In addition, of the wells
recently turned-in-line, we continue to see initial outperformance
relative to our forecasts as we optimize our completion and
production designs, revealing the inherent quality of our acreage
position. Third, we have seen very favorable initial results
of our Lonestar integration efforts, resulting in the application
of best practices on newly producing wells, such as deploying jet
pumps for artificial lift. Lastly, the previously announced
field infrastructure upgrades have largely been completed and at a
faster pace than anticipated, resulting in less anticipated
downtime, while also contributing to positive well
performance.”
“Given the continued operating efficiencies
driving the revised guidance, the Company does not anticipate a
change to its previously disclosed capital expenditure guidance of
between $65 million and $75 million for the quarter.”
Updated Hedge Position
Mr. Henke continued, “The use of commodity
hedging is an integral part of the Company’s risk management
strategy. Given the attractiveness of recent markets, we
continued to lean forward on our hedge strategy, resetting the
acquired Lonestar hedges to at the market swaps upon closing in
early October, as well as proactively placing additional hedge
collars prior to the recent pull back in prices. Our collar
levels placed quarter to date for the first half of 2022 have an
average of approximately $63 per barrel downside protection, with
an average upside exposure of $87 per barrel.”
For Ranger’s updated commodity hedge positions,
please visit the presentation section of Ranger’s website
at www.Rangeroil.com.
About Ranger Oil
Corporation
Ranger Oil 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.
Cautionary Statements Regarding
Guidance
The estimates and guidance presented in this
release are based on assumptions of current and future capital
expenditure levels, prices for oil, NGLs, and natural gas, and
NGLs, available liquidity, indications of supply and demand for
oil, well results, and operating costs. The guidance provided in
this release does not constitute any form of guarantee or assurance
that the matters indicated will be achieved. While we believe these
estimates and the assumptions on which they are based are
reasonable as of the date on which they are made, they are
inherently uncertain and are subject to, among other things,
significant business, economic, operational, and regulatory risks,
and uncertainties, some of which are not known as of the date of
the statement. Guidance and estimates, and the assumptions on which
they are based, are subject to material revision. Actual results
may differ materially from estimates and guidance. Please read the
"Forward-Looking Statements" section below, as well as "Risk
Factors" in our annual report on Form 10-K and our quarterly
reports on Form 10-Q, which are incorporated herein.
Forward-Looking
Statements
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 include, words such as "anticipate," "guidance,"
"assumptions," "projects," "forward," "estimates," "outlook,"
"expects," "continues,", “project”, "intends," "plans," "believes,"
"future," "potential," "may," "foresee," "possible," "should,"
"would," "could," "focus" and variations of such words or similar
expressions, including the negative thereof, to identify
forward-looking statements. Because such statements include
assumptions, risks, uncertainties, and contingencies, actual
results may differ materially from those expressed or implied by
such 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 be
fully realized or may take longer to realize than expected, and
that management attention will be diverted to transaction-related
issues; the impact of the COVID-19 pandemic, including reduced
demand for oil and natural gas, economic slowdown, governmental
actions, stay-at-home orders, interruptions to our operations or
our customer's operations; risks related to and the impact of
actual or anticipated other world health events; our ability to
satisfy our short-term and long-term liquidity needs, including our
ability to generate sufficient cash flows from operations or to
obtain adequate financing; our ability to maintain our
relationships with our suppliers, service providers, customers,
employees, and other third parties; our ability to develop, explore
for, acquire and replace oil and gas reserves and sustain
production; our ability to generate profits or achieve targeted
reserves in our development and exploratory drilling and well
operations; the projected demand for and supply of oil, NGLs and
natural gas; our ability to contract for drilling rigs, frac 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 transportation capacity or
other transportation for our oil and gas production at reasonable
cost and to sell our production at, or at reasonable discounts to,
market prices; and other risks set forth in our filings with the
SEC, including our most recent Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q. Additional Information
concerning these and other factors can be found in our press
releases and public filings with the SEC. Many of the factors that
will determine our future results are beyond the ability of
management to control or predict. In addition, readers should not
place undue reliance on forward-looking statements, which reflect
management's views only as of the date hereof. The statements in
this communication speak only as of the date of the communication.
We undertake no obligation to revise or update any forward-looking
statements, or to make any other forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by applicable
law.
ContactClay JeansonneInvestor RelationsPh:
(713) 722-6540E-Mail: Invest@Rangeroil.com
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