Ranger Oil Corporation Stock Price, News & Analysis

Ranger Oil Corporation has promoted Julia Gwaltney to Senior Vice President and Chief Operating Officer, effective immediately. Gwaltney joined the company in January 2021 and was instrumental in executing strategic initiatives that significantly broadened Ranger's operational footprint and improved its financial position. President and CEO Darrin Henke praised her technical expertise and leadership skills, emphasizing their crucial role in advancing the company's objectives. Ranger Oil is focused on the development and production of oil and gas in the Eagle Ford shale region of South Texas.

Ranger Oil Corporation (NASDAQ: ROCC) reported a significant growth in total proved reserves for 2021, achieving a 90% increase, with a PV-10 value of $4.043 billion at strip pricing. The company anticipates reaching its goal of approximately 1.0x leverage by the end of Q1 2022. Additionally, Ranger projects over $200 million in free cash flow for 2022, reflecting a robust financial outlook. The upcoming fourth quarter earnings release is scheduled for March 7, 2022, followed by a conference call on March 8, 2022.

Ranger Oil Corporation (Nasdaq: ROCC) has announced a significant 20% increase in its borrowing base under the revolving credit facility, raising it from $600 million to $725 million. Despite this increase, the company's elected commitment remains at $400 million. CEO Darrin Henke noted that this move reflects the value created in Ranger's production base. The enhanced borrowing capacity aims to strengthen the balance sheet and provide financial flexibility for future opportunities while aligning with ongoing free cash flow projections.

Ranger Oil Corporation (Nasdaq: ROCC) revised its fourth-quarter oil sales guidance upwards due to better-than-expected well performance and operational efficiencies. Sales volumes are now projected between 26,700 and 28,000 barrels per day, improved from an earlier estimate. The company maintains its capital expenditure guidance of $65-$75 million and has updated its hedge positions with protective collars set to cover downside risk at approximately $63 per barrel, while allowing upside potential up to $87 per barrel.

Ranger Oil Corporation (Nasdaq: ROCC) reported robust financial results for Q3 2021, producing significant free cash flow for the eighth consecutive quarter. The company achieved sales of 25,483 barrels of oil equivalent per day and a net income of $43 million. With the recent acquisition of Lonestar Resources, Ranger anticipates increased production growth and operational synergies exceeding $20 million annually. Ranger is focused on maintaining low leverage and expects free cash flow to exceed $200 million in 2022, leading to a leverage ratio of 1.0x or less.

Ranger Oil Corporation (NASDAQ: ROCC) announced a significant operational update and a name change effective October 18, 2021. In Q3 2021, the company averaged 20,429 barrels of oil per day, slightly above guidance, and realized an oil price of $68.10 per barrel. Capital expenditures totaled approximately $59 million, resulting in consistent free cash flow generation for eight consecutive quarters. The company expects to generate over $200 million in free cash flow in 2022, enhancing its leverage reduction strategy. A conference call to discuss Q3 results is set for November 4, 2021.

Reservoir Media, Inc. has successfully completed its business combination with Roth CH Acquisition II Co. (NASDAQ: ROCC), making it the first U.S.-based publicly traded independent music company and the first female-founded and led publicly traded music company in the U.S. The merger was approved on July 27, 2021, and Reservoir's common stock will trade under the ticker symbol RSVR starting July 29, 2021. The company raised $150 million through a common stock PIPE and plans to leverage this capital for growth and strategic acquisitions, continuing its strong market presence.

Roth CH Acquisition II Co. (ROCC) announced a Special Meeting on July 27, 2021, for stockholders to vote on its merger with Reservoir Holdings, Inc., a prominent independent music company. Stockholders eligible to vote were recorded as of July 7, 2021. A definitive proxy statement was filed with the SEC on July 8, 2021, and is available for review. Post-merger, the new entity will trade on Nasdaq under ticker symbols 'RSVR' and 'RSVRW'. ROCC urges stockholders to vote 'FOR ALL PROPOSALS' as the merger aims to enhance its market position.

Reservoir has signed a global deal with award-winning songwriter Jamie Hartman, effective immediately. Hartman, a longstanding collaborator since 2012, continues to have his entire catalog represented by Reservoir. Notably, Hartman won the 2020 Ivor Novello Award for 'Most Performed Work' for his co-write of 'Giant.' His recent collaborations include prominent artists like Calvin Harris and Christina Aguilera, showcasing his versatile talents. Additionally, this announcement follows Reservoir's agreement with Roth CH Acquisition II Co. (Nasdaq: ROCC) to pursue becoming a publicly traded company.