Ranger Oil Corporation Investment Thesis Oil Focused Producer in Core Eagle Ford Industry Leading Margins Highly Economic Inventory with 20 Years of Identified Locations Premium Balance Sheet with Self Funding Growth and…
2021 Operational and Financial Accomplishments Operational Accomplishments(1) 2021 TIL wells outperformed initial type curves by 15% Reduced well cost per ft. by 11% while improving EUR by 10% Increased inventory life to 20…
Driving D&C Efficiencies 2021 Drilling Highlights Average Ft / Day Drilled(1) 19% 2,035' Quickest rig move (48 hours) 1,716' Fastest mile drilled (12 hours) Most vertical feet drilled in a day (7,383 in 19.5 hours) Fastest…
Driving Down Field Operating Costs Near Term Proven Initiatives to Increase Consolidated position creating scale benefits Cost Efficiencies Low produced water volumes in Eagle Ford limits salt-water disposal costs and environmental…
Industry Leading Margins Core Eagle Ford Acreage + Oil Cut + 3Q21 Adj. EBITDAX Margin(2) Premium Pricing + Low Cost = Best-in- ROCC vs. Peer U.S. Public Operators Class Margins(1) LOE GPT 58 Production Taxes /boe Adj. G&A…
Compelling Value Opportunity 2021 Industry Leading Margins 2021 Capital Efficient Development(4) Adj. Direct Operating Expenses: 126.8 MM(1) Capex: 244.5 MM Sales Volumes: 10.2 MMboe PDP Reserves Developed: 19.9 MMboe Adj. Direct…
Illustrative ROCC Asset Value Potential Significant Asset Base Value Potential (MM) SEC Pricing(1) 80/4.00(1) Rangers enterprise value of 2.2 billion represents over 35% discount to its total proved Proved Developed (PD) at PV-10(2)…
Deep and Highly Delineated Inventory Base 20 years of est. drilling inventory with substantial upside(1) Gross Drilling Inventory 7,500 Ft. Equivalents All inventory locations generate outstanding returns at current strip 215 975…
Operated Wells Continue to Outperform Recent Outperformance Across Acreage Drilling and completion improvements demonstrate step Gross Oil Type Curve Estimate change in operational performance 1H21 TIL Gross Production 2021 TIL…
Strong Balance Sheet and FCF Profile Low Leverage, Robust Liquidity and Accelerating Free Cash Flow Profile Capitalization(1) Accelerating Free Cash Flow Profile(5)(7) MM, except share price Total Stock Outstanding(1) 43.6 Share…
Summary of Cash Allocation Strategy Robust production, high margins, and deep inventory provide substantial flexibility Ranger remains committed to allocating its internally generated cash flow to the most attractive, risk-adjusted…
Committed to ESG Leadership Sustainability Upcoming Sustainability Report in 2H22 Report Reduce flaring by connecting wells to Minimizing pipelines prior to production Flaring & Transport majority of oil via pipeline, Emissions…
Substantial Infrastructure Across Acreage Advantaged location results in attractive pricing and contributes to outstanding margins Caldwell Harris 610 10 35 Fayette Chambers 10 Colorado Fort Bend 45 Lavaca Gonzales Wharton…
Advantaged Regulatory Position Texas one of the friendliest states to O&G industry Operating Long track record of treating mineral rights as firm property Environment Landowners are often mineral rights owners, incentivized to allow…
Coveted Position in Consolidating Basin ROCC now one of the larger producers in the basin Operator Concentration by Basin Numerous sub-scale operators in fragmented Bubble Size represents average boe/d per Operator(1) Eagle Ford…
Proven and Disciplined Consolidation Strategy Lonestar Merger Case Study Merged Assets Bases 20MM expected annual G&A and operational synergies Strategic Fit and Additional Scale Incremental development synergies Gonzales…
Appendix
Strong and Predictable PDP Base Central Region Concentrated position creates predictability ROCC Wells Drilled Fayette and ongoing cost improvement and efficiencies 2018 2019 2020 2021 Highly delineated area both by Ranger and Peer…
Consistent Risk Management Through the Cycle 30,000 27,500 4Q21 Oil Sales Volume 25,000 WTI Swaps bbl/d 20,000 71-91 Q1 2021 and Prior WTI Collars bbl/d Q2-Q3 2021 WTI Collars bbl/d Net bbl/d 68-90 Q421-Q122 WTI…
Guidance Sales 1Q22 2022 Ranger expects high single to low double digit Total Sale boe/d 36,500 - 38,000 38,500 - 41,000 pro forma annual growth rate for the year Oil Sales - bbl/d 25,800 - 27,000 27,000 - 30,000 Capital…
Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDAX Reconciliation of GAAP Net income (loss) to Non-GAAP Adjusted EBITDAX Adjusted EBITDAX represents net income (loss) before loss on extinguishment of debt, interest expense,…
Non-GAAP Reconciliation Free Cash Flow (FCF) Definition and Explanation of Free Cash Flow Free Cash Flow is a non-GAAP financial measure that management believes illustrates our ability to generate cash flows from our business that are…
Definition of Net Debt Net Debt Net debt, excluding unamortized discount and debt issuance costs is a non-GAAP financial measure that is defined as total principal amount of long-term debt, less cash, cash equivalents and restricted cash…
Reconciliation of GAAP Operating expenses to Non-GAAP Adjusted Direct Operating Expenses and Adjusted Direct Operating Expenses per BOE Reconciliation of GAAP Operating expenses to Non-GAAP Adjusted direct operating expenses and…
Non-GAAP Reconciliation PV-10 Reconciliation of GAAP Standardized Measure of Discounted Future Net Cash Flows to Non-GAAP PV-10 Non-GAAP PV-10 value is the estimated future net cash flows from estimated proved reserves discounted at an…
Reconciliation of SEC PV-10 and Adjusted PV-10 (non- GAAP) Total Proved Reconciliation of SEC PV-10 and Adjusted PV-10 (non-GAAP) Total Proved Reserves December 31, 2021 (in thousands) Standardized measure of future discounted cash…
Reconciliation of PV-10 and Adjusted PV-10 (non-GAAP) Proved Developed Reserves Reconciliation of SEC PV-10 and Adjusted PV-10 (non-GAAP) Proved Developed Reserves Non-GAAP PV-10 value is the estimated future net cash flows from…
Debt Adjusted PV-10 per Share Definitions Net Debt adjusted PV-10 Proved Reserves per Share Net debt adjusted PV-10 of proved reserves per share is a non-GAAP financial measure that is defined as PV-10 of proved reserves calculated using…
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