ROCC - Ranger Oil lifts Q4 oil sales guidance maintains capex plans

Ranger Oil (ROCC +4.4%) rallies after raising guidance for Q4 oil sales volumes to 26.7K-28K bbl/day from a previous outlook of 25.7K-27.7K bbl/day, citing "the observed outperformance of existing wells, faster cycle times and less anticipated downtime." Ranger says it is keeping capital spending guidance unchanged at $65M-$75M for the quarter. The company says increased operating efficiencies resulted in decreased drilling and completion cycle times and accelerated turn-in-line dates for Q4. Ranger continues to "lean forward on our hedge strategy, resetting the acquired Lonestar hedges to at the market swaps upon closing in early October, as well as placing additional hedge collars prior to the recent pullback in prices. Ranger Oil "still appears to be cheap even though it has run up quite a bit from its lows," Long Player writes in a bullish analysis published on Seeking Alpha.

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Ranger Oil lifts Q4 oil sales guidance, maintains capex plans