Company Repurchases Approximately 463,000 Shares As Balance Sheet Continues To Strengthen
HOUSTON, TX / ACCESSWIRE / June 2, 2022 / Ranger Oil Corporation ("Ranger" or the "Company") (NASDAQ:ROCC) today announced that its borrowing base under its revolving credit facility was increased 20% to $875 million. Ranger's elected commitment under the facility remains at $400 million. This is the second announced increase this year for a total of approximately 45%.
Darrin Henke, President and CEO said, "Ranger sits in an enviable position today with a strong capital structure, deep inventory of high-return opportunities, significant free cash flow and ample liquidity to execute our business plan through-cycle. This combination was recognized by our banking syndicate partners, as well as S&P Global with their upgrade on our Company credit rating to ‘B'/stable outlook last week. Due to expected acceleration in second half production and growing free cash flow, we elected to keep our credit facility commitment at $400 million. Ranger's increased borrowing base provides meaningful scale and financial flexibility as we continue to evaluate accretive consolidation opportunities to add to our core Eagle Ford position."
Share Repurchase Update
Ranger has a well-defined framework to return significant cash to shareholders. Earlier this year, its Board approved a $100 million share repurchase program. Beginning in early May, through June 1, 2022, the Company repurchased approximately 463,000 shares, representing just over one percent of Ranger's common stock, at an average price of approximately $34.96 per share.
Balance Sheet Update
As of May 31, 2022 Ranger had $400 million of senior unsecured notes and approximately $87 million drawn, net of cash, on its revolving credit facility. At the end of the first quarter, Ranger's net debt/LTM adjusted EBITDAX ratio was less than 1.0x and the Company expects this metric to continue to improve through mid-year, inclusive of ongoing initiatives to return cash to shareholders.
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.
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Ph: (713) 722-6540
SOURCE: Ranger Oil Corporation
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Released June 2, 2022