Eagle Ford Producer Ranger Oil Launches $100 Million Share Repurchase Program

Ranger Oil Corp. launched a $100 million share repurchase program after reducing its leverage to the company’s previously stated target.

“We are proud to announce that at the end of the first quarter, Ranger had achieved its leverage target of less than 1.0x,” Darrin Henke, president and CEO of Ranger, commented in a company release on April 13.

Based in Houston, Ranger Oil is a pure-play independent oil and gas company engaged in the development and production of oil, NGL and natural gas, with operations in the Eagle Ford Shale in South Texas. As of March 31, Ranger had a net debt balance of approximately $521.6 million, down roughly $64.9 million, or 11%, from its net debt balance as of year-end 2021, the company release said.