Q2 2022 Ranger Oil Corp Earnings Call
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Good morning and welcome to the Ranger Oil Corporation's second quarter 2022 earnings conference call. Our participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.
After today's presentation, there will be an opportunity to ask questions.
To ask a question you may press star then one on your telephone keypad. To withdraw your question please press star then two. To withdraw your question please press star then two.
Please note, this event is being recorded.
I would now like to turn the conference over to Rangers Senior Vice President and Chief Financial Officer Rusty Kelly. Please go ahead. Good morning. And thanks for joining us today to discuss our second quarter results and the strong progress we've made here today to create lasting value for our shareholders. I'm joined today by our CEO , Darren Hinky, and our COO, Julia Gwalmi. We'll be happy to take your questions at the end of the brief remarks today. Please note that we'll discuss certain non- GAAP measures on today's call.
Definitions and reconciliations of these measures to the most comparable gap measure are provided in our second quarter earnings release and presentation, which can both be found at www.rangeroil.com.
Our comments today will also contain forward-looking statements within the meaning of federal security laws. These statements are subject to a number of risks and uncertainties that could cause actual results to be materially different from those forward-looking statements, including those identified in the risk factors in our annual report on form 10K and quarterly reports on form 10Q. I'll now hand it over to DARREN.
Good morning, everyone, and thanks for dialing in. Ranger has executed extremely well your to date.
Yesterday we published strong second quarter results along with an updated slide deck. I hope you've had a chance to review these materials.
In less than two years, we've transformed Ranger into an E&P leader and now have all the key ingredients for premium market valuation.
Simply put, we are answering the call for what investors are looking for from the EMP sector today.
First, our business strategy is well defined.
We have flexibility to deliver value through multiple vehicles.
These include strategic and creative acquisitions at the right price.
discipline capital investments within a strong balance sheet.
Organic and profitable growth.
Operational expertise that creates synergies and strong returns and a clear framework to return cash to shareholders.
We recently expanded our cache-return framework.
Our Board reloaded our share buyback program, increasing our authorization to $140 million and extending the program through June 2023.
Year to date, we have repurchased more than 3% of our outstanding stock and remain active in the market today.
At current valuations, we see repurchasing our shares today as a very compelling investment.
Due to the strength of both our performance and capital structure, we accelerated the timing of our inaugural quarterly dividend and increased its planned initial payout. Our Board declared a quarterly dividend of 7.5 cents per share, payable August 4.
Our balance sheet has continued to strengthen.
Our leverage ratio dropped to approximately 0.8 at the end of the second quarter, as we reduced our debt by an additional $50 million in the first half of the year. The first half of the year.
Second, recent bolt-ons have created significant value.
We are incredibly excited about the eight strategic and highly accretive bolt-ons announced this year.