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2Q22 Earnings Presentation – Ranger Oil Corp.

Ranger Oil Corp. · Aug 4, 2022 · 34 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 1
    Second Quarter 2022 August 3, 2022 ROCC
  2. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 2
    Todays Takeaways 1 Strong 2Q22 operational and financial performance Strong production YTD, mitigating inflation with operational efficiencies 2 Expanded cash return framework Repurchased 3% s/o, buyback authorization increased to…
  3. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 3
    2Q22 Financial and Operational Highlights PF Adj. FCF(1) Lower Leverage 2Q Sales 62 MM Ratio(2) 38.5 0.8x Mboe/d Consistent PF Adj. Strengthening capital High-end of guidance FCF(1) QoQ, structure Raised 22 mid-point…
  4. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 4
    FCF Allocation Framework 1H22: 126 MM PF Adj. FCF(1) 2022E: 275 MM at strip prices Announced YTD Strategic Rationale Incremental D&C 30 MM Additional value from planned activity Reinvestment(3) Projected in 2H 2022 Increasing…
  5. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 5
    Buyback Returning Value to Shareholders We view our shares as undervalued 140 MM and our buyback represents one of the Share Repurchase Authorization best investments we can make today. through 6/30/2023 CEO Darrin Henke…
  6. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 6
    Proven Consolidator 8 Bolt-Ons YTD 22 Disciplined Approach Resulting in Highly Accretive Program Vs Single Purchase with Premiums 20,000 net acres, contiguous with ROCCs existing acreage; increases working interest Caldwell Fayette…
  7. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 7
    Deep, High-Quality and Delineated Inventory Deep, High-Quality Eagle Ford Inventory 20 Years of high-quality inventory(8) 20-yr inventory, with upside(8) 10 yrs: est. well-level IRR 100% at 80 WTI(8)(9) 14 yrs: est. breakeven…
  8. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 8
    2022 Outlook Incremental development capital from accelerated development activity, increased working interest, and longer laterals Benefits future volumes and increases development efficiencies (in Millions) Incremental D&C…
  9. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 9
    Industry-Leading Margins 1Q22 Adj. EBITDAX Margin(12)(13) Illustrative Margin Example(11) ROCC vs. U.S. Public E&P Peers by Basin LOE ROCC GPT 75 Production Taxes /boe Large Diversified Adj. G&A Margin Offshore 51 /boe Permian…
  10. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 10
    Strong Balance Sheet and PF Adj. FCF(1) Profile ROCC Capitalization Accelerating PF Adj. FCF(1) Profile (MM) 275 MM MM, except share price Total Stock Outstanding (5) 42.4 Share Price (07/29/2022) 38.06 109 53 1H22 Market…
  11. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 11
    Illustrative ROCC Asset Value Potential(1) SEC Pricing: ( MM) (15) 90 / 5.00(15) 85.78 / 5.13 Proved Developed (PD) PV-10(16) 2,582 2,803 Proved Undeveloped (PUD) PV-10(16) 2,281 2,615 2.1 B Total Proved PV-10 Less 4,863…
  12. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 12
    Todays Key Takeaways Operational Premier Balance Accretive Expanded Cash Excellence Sheet Acquisitions Return Framework 2Q Sales: 0.8x leverage(2) 8 Bolt-ons 140 MM Buyback 38.5 Mboe/d 6/30/22 YTD22 Authorization, High-end of Op…
  13. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 13
    Appendix
  14. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 14
    Who We Are Capital Discipline & Continuous Improvement Yield BestinClass Returns 160,000 net acres 99% operated 243 MMboe (84% liquids)(16) EAGLE FORD FOCUS Proven operator, substantial infrastructure, high-margin oil INDUSTRY…
  15. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 15
    Firing on All Cylinders Focused on value-creation, with optionality Clear Business Disciplined, organic investments, accretive acquisitions, strong Strategy balance sheet and return of cash framework yield differentiated returns…
  16. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 16
    Proved Reserves (6/30/22)(16) PV-10(15) PV-10(15) Oil Gas NGL Total % Liquids SEC 90/5 (MMbbl) (Bcf) (MMbbl) (MMboe) (MM) (MM) PD 65 96 17 98 84% 2,582 2,803 PUD 98 138 25 146 84% 2,281 2,615 Total 163 234 41 243 84% 4,863…
  17. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 17
    ESG Excellence Sustainability Report 2H22: Inaugural Sustainability Report Minimizing Flaring Reduce flaring by connecting wells to pipelines prior to production & Emissions Transport majority of oil via pipeline, reducing vehicle…
  18. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 18
    Coveted Position in Consolidating Basin Eagle Ford Op. Production (boe/d, 20:1)(18) Operator Concentration by Basin(18) 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 2.5 1Q 2022 Mboe/d (20:1) from Active Operators 2.0…
  19. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 19
    Substantial Infrastructure, Access to Premium Markets Existing infrastructure Caldwell Harris 610 10 35 Fayette Multiple sales points 10 Colorado Fort Bend 45 Chambers Lavaca Gonzales Wharton Brazoria Proximity to end…
  20. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 20
    Strong, Predictable Reserve Base Central Region Focused asset base provides certainty, cost synergies ROCC Wells Drilled Fayette and ongoing efficiencies 2018 2019 2020 2021 Highly-delineated region by Ranger and best-in-class…
  21. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 21
    Consistent Risk Management Through-Cycle(22) 30,500 bbl/d 3Q22 Oil Sales Guidance Midpoint(23) 25,000 20,000 WTI Swaps Q1 2021 and Prior WTI Collars 15,000 71-104 Q2-Q3 2021 WTI Collars Net bbl/d 72-104 Q421 WTI…
  22. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 22
    Hedge Summary(22) 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 WTI Swaps bbl/d 3,000 3,000 2,500 2,400 2,807 2,657 462 462 WTI Average Fixed Price (/bbl) 73.01 69.20 54.40 54.26 54.92 54.93 58.75 58.75 Q122-Q222 WTI Collars bbl/d 7,880…
  23. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 23
    Guidance(23) Sales Current FY 2022 3Q 2022 Total Sales boe/d 40,400 - 42,000 40,900 - 42,500 Oil Sales - bbl/d 28,700 - 30,300 29,900 - 31,100 Capital Expenditures (MM) Current FY 2022 3Q 2022 Initial Drilling & Completion 425(24)…
  24. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 24
    Industry-Leading Margins Adj. EBITDAX Margin since 2020, ROCC vs. U.S. Public E&P Peers(12)(13) 1 Adj. EBITDAX Margin since 2020 among U.S. Public E&P Peers(12)(13) See definitions and footnotes in the appendix of this…
  25. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 25
    Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDAX Actual Reconciliation of GAAP Net income (loss) to Non-GAAP Adjusted EBITDAX - Actual Adjusted EBITDAX represents net income (loss) before (gain) loss on extinguishment of…
  26. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 26
    Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDAX Pro Forma Reconciliation of GAAP Net income (loss) to Non-GAAP Adjusted EBITDAX - Pro Forma Adjusted EBITDAX represents net income (loss) before (gain) loss on extinguishment…
  27. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 27
    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 Adjusted…
  28. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 28
    Reconciliation of GAAP Net income (loss) to Non-GAAP Adjusted Net Income Reconciliation of GAAP Net income (loss) to Non-GAAP Adjusted Net Income Adjusted net income is a non-GAAP financial measure that represents net income (loss)…
  29. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 29
    Reconciliation of GAAP General and Administrative Expenses to Non-GAAP Adjusted Cash General and Administrative Expenses Reconciliation of GAAP General and administrative expenses to Non-GAAP Adjusted Cash General and Administrative…
  30. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 30
    Non-GAAP Reconciliation Adjusted Free Cash Flow (FCF) Definition and Explanation of Adjusted Free Cash Flow Adjusted Free Cash Flow is a non-GAAP financial measure that management believes illustrates our ability to generate cash flows…
  31. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 31
    Definition of Net Debt Net Debt Net debt is a non-GAAP financial measure that is defined as total principal amount of long-term debt, excluding unamortized discount and debt issuance costs, less cash and cash equivalents. Long-term debt…
  32. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 32
    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…
  33. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 33
    Net 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…
  34. 2Q22 Earnings Presentation – Ranger Oil Corp. – slide 34
    Definitions and Footnotes 1) PV-10, Adjusted Free Cash Flow (FCF), Pro Forma Adjusted Free Cash Flow (PF Adj. FCF), Net debt and Adj. EBITDAX are non-GAAP financial measures that are defined and reconciled in the appendix. 2) Leverage…

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