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Ranger Oil Corporation First Quarter 2023 Results
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Ranger Oil Corporation announced first quarter 2023 results.
Highlights
- Total sales volumes of 48.7 thousand barrels of oil equivalent per day ("Mboe/d") and crude oil sales volumes of 35.5 thousand barrels of oil per day ("Mbbl/d") for the first quarter of 2023
- Net income of $113.8 million and adjusted net income (1) of $84.6 million
- Adjusted EBITDAX (1) of $187.9 million
- Net cash provided by operating activities of $160.2 million
- Drilling and completion capital expenditures of $146.5 million
- On May 5, 2023, the Board declared a cash dividend for the first quarter of $0.075 per share of Class A common stock payable May 30, 2023 to Class A common stockholders of record as of the close of business on May 22, 2023.
First Quarter 2023 Financial Results
Total operating expenses for the first quarter were $154.2 million, or $35.16 per boe. Lease operating expenses ("LOE") for the first quarter were $30.0 million. Adjusted direct operating expenses (1) were $64.2 million, or $14.63 per boe, which consist of LOE, gathering, processing, and transportation ("GPT") expenses, production and ad valorem taxes, and cash general and administrative ("G&A") expenses, excluding DD&A and significant special charges. A breakdown of operating expenses can be found in additional tables included in this release.
1 Adjusted net income, Adjusted EBITDAX and Adjusted direct operating expenses are non-GAAP supplemental financial measures. See the definitions and reconciliation to their most comparable GAAP measures within this release.
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