Ranger Oil : Capital One Conference

Capital One Securities

16th Annual

Energy Conference

December 6, 2021

| ROCC

Forward-Looking and Cautionary Statements

This presentation contains certain "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical facts are forward-looking statements, and such statements include, words such as "anticipate," "guidance," "assumptions," "projects," "forward," "estimates," "outlook," "expects," "continues," "intends," "plans," "believes," "future," "potential," "may," "foresee," "possible," "should," "would," "could," "focus" and variations of such words or similar expressions, including the negative thereof, to identify forward-looking statements. Because such statements include assumptions, risks, uncertainties, and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: risks related to the recent acquisition of Lonestar and the recently completed transactions with Juniper, including the risk that the anticipated benefits of the transactions may not be fully realized or may take longer to realize than expected, and that management attention will be diverted to integration-related issues; risks related to potential and completed acquisitions, including related costs and our ability to realize their expected benefits; the decline in, sustained market uncertainty of, and volatility of commodity prices for crude oil, natural gas liquids, or NGLs, and natural gas; the impact of the COVID-19 pandemic, including reduced demand for oil and natural gas, economic slowdown, governmental actions, stay-at-home orders, interruptions to our operations or our customer's operations; risks related to and the impact of actual or anticipated other world health events; our ability to satisfy our short-term and long-term liquidity needs, including our ability to generate sufficient cash flows from operations or to obtain adequate financing, including access to the capital markets, to fund our capital expenditures and meet working capital needs; our ability to access capital, including through lending arrangements and the capital markets, as and when desired; negative events or publicity adversely affecting our ability to maintain our relationships with our suppliers, service providers, customers, employees, and other third parties; plans, objectives, expectations and intentions contained in this presentation that are not historical; our ability to execute our business plan in volatile and depressed commodity price environments; our ability to develop, explore for, acquire and replace oil and gas reserves and sustain production; changes to our drilling and development program our ability to generate profits or achieve targeted reserves in our development and exploratory drilling and well operations; our ability to meet guidance, market expectations and internal projections, including type curves; any impairments, write-downs or write-offs of our reserves or assets; the projected demand for and supply of oil, NGLs and natural gas; our ability to contract for drilling rigs, frac crews, materials, supplies and services at reasonable costs; our ability to renew or replace expiring contracts on acceptable terms; our ability to obtain adequate pipeline transportation capacity or other transportation for our oil and gas production at reasonable cost and to sell our production at, or at reasonable discounts to, market prices; the uncertainties inherent in projecting future rates of production for our wells and the extent to which actual production differs from that estimated in our proved oil and gas reserves; use of new techniques in our development, including choke management and longer laterals; drilling, completion and operating risks, including adverse impacts associated with well spacing and a high concentration of activity; our ability to compete effectively against other oil and gas companies; leasehold terms expiring before production can be established and our ability to replace expired leases; environmental obligations, costs and liabilities that are not covered by an effective indemnity or insurance; the timing of receipt of necessary regulatory permits; the effect of commodity and financial derivative arrangements with other parties, and counterparty risk related to the ability of these parties to meet their future obligations; the occurrence of unusual weather or operating conditions, including force majeure events; our ability to retain or attract senior management and key employees; our reliance on a limited number of customers and a particular region for substantially all of our revenues and production; compliance with and changes in governmental regulations or enforcement practices, especially with respect to environmental, health and safety matters; physical, electronic and cybersecurity breaches; uncertainties relating to general domestic and international economic and political conditions; the impact and costs associated with litigation or other legal matters; sustainability initiatives; and other risks set forth in our filings with the SEC, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Additional Information concerning these and other factors can be found in our press releases and public filings with the SEC. Many of the factors that will determine our future results are beyond the ability of management to control or predict. In addition, readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. The statements in this presentation speak only as of the date of the presentation. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law.

Definitions

Proved reserves are those quantities of oil and gas which, by analysis of geosciences and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulation before the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether the estimate is a deterministic estimate or probabilistic estimate. Proved developed reserves are proved reserves that can be expected to be recovered: (a) through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared with the cost of a new well; or (b) through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is means not involving a well. EUR is a measure that by its nature is more speculative than estimates of reserves prepared in accordance with SEC definitions and guidelines and accordingly is less certain. Proved developed producing and total proved reserves for the Company presented herein are based on reserve reports from DeGolyer and MacNaughton ("D&M") as of 7/1/2021 and 4/1/2021, respectively (the "D&M reports"). Proved reserves for LONE presented herein are based on a reserve report from W.D. Von Gonten & Co. ("WDVG") as of 1/1/2021 (the "WDVG Report"). PV-10 of the Company is based on such D&M reports as of 06/30/21 and updated for strip pricing as of 7/9/21. PV-10 of LONE is based on the WDVG Report as of 01/01/21 and adjusted by the Company's management for actual production, lease operating and transportation costs through 07/01/21 as well as the revised actual and anticipated development plans post-07/01/21, and using strip pricing as of 7/9/21. These "PV-10" metrics represent estimates for illustrative purposes and is a non-GAAP measures.

Cautionary Statements

The estimates and guidance presented in this presentation, including those regarding inventory of drilling locations and expected free cash flow, are based on assumptions of capital expenditure levels, prices for oil, natural gas and NGLs, current indications of supply and demand for oil, well results and operating costs. The guidance, estimates and type curves provided or used in this presentation do not constitute any form of guarantee or assurance that the matters indicated will be achieved. Statements regarding inventory are based on current information, assumptions regarding well costs, the drilling program and economics and are subject to material change. The number of locations shown as being in the Company's current estimated inventory is not a guarantee of the number of wells that will actually be drilled and completed or the results or return that will be achieved. While we believe these estimates and the assumptions on which they are based are reasonable, they are inherently uncertain and are subject to, among other things, significant business, economic, operational and regulatory risks and uncertainties and are subject to material revision. Actual results may differ materially from estimates and guidance. Market and competitive position data in this presentation has generally been obtained from industry publications and surveys or studies conducted by third-party sources. There are

limitations with respect to the availability, accuracy, completeness and comparability of such data. The Company has prepared this presentation based on information available to it, including information derived from public sources that have not been independently verified, and no assurance can be given of its accuracy or completeness. Certain statements in this document regarding the market and competitive position data are based on the internal analyses of the Company, which involve‐ certain assumptions and estimates. These internal analyses have not been verified by any independent sources, and there can be no assurance that the assumptions or estimates are accurate.

Reconciliation of Non GAAP Financial Measures ‐‐

This presentation contains references to certain non GAAP financial measures. Reconciliations for historical periods between GAAP and non GAAP financial measures are available in the appendix to this presentation. The non-GAAP financial measures presented may not provide information that is directly comparable to that provided by other companies, as other companies may calculate such financial results differently. The Company's non-GAAP financial measures are not measurements of financial performance under GAAP and should not be considered as alternatives to amounts presented in accordance with GAAP. The Company views these non-GAAP financial measures as supplemental and they are not intended to be a substitute for, or superior to, the information provided by GAAP financial results.

2

Ranger Oil Corporation Investment Thesis

						Premier Eagle Ford
						Asset Base
						Strong PDP Base with
						Deep Delineated
						Inventory
					Top Industry
					Margins and
						Increasing
						Efficiency
						Strong Balance Sheet
						and Robust Free
						Cash Flow Profile
						Leadership in ESG
Capital Discipline and Continuous		Advantaged
	Regulatory and
Improvement Leading to Best-in-Class
	Infrastructure Position
Cash-on-Cash Returns

Company Overview

Capital Discipline and Continuous

Improvement Leading to Best-in-Class

Cash-on-Cash Returns

Houston (HQ)

ROCC Acreage

Oil

Condensate

Gas

Eagle Ford

NASDAQ: ROCC - Enterprise Value: $2.0 Billion(1)

143,000 net Acres(2) in Core of Eagle Ford Shale; 98% Operated; 93% HBP

~750 Estimated Drilling Locations in Inventory Sales of ~38 Mboe/d (~70% oil)(3)

Highest Adj. EBITDAX(4) Margin(5) of any Public US Independent

Estimated Pro Forma Net Debt to LTM Adj. EBITDAX ~1.5x(6)

Advantaged Regulatory and Infrastructure Position

Premier Pricing Due to Gulf Coast Market Access Leaders in Emissions Intensity and ESG Results(7)

1. Estimated pro forma net debt as of 09/30/21, share price as of 11/02/21. As of 11/3/21, there were 43.6 MM shares of common stock.
2. As of October 5, 2021.
3. Includes management's estimate for October 2021.
4. Adj. EBITDAX, as further adjusted for the Juniper Transaction ($1.5 MM), Net Debt and Adj. EBITDAX are non-GAAP financial measures that are defined and reconciled for historical periods in the appendix of this presentation.

5)	Source: Company filings. Companies include: AMPY, APA, AR, BATL, BCEI, BRY, CDEV, CLR, CNX, COG, CPE, CRC, CRK,
	DEC, DEN, DVN, EOG, EQT, ESTE, FANG, LONE, GPD, LPI, MCF, MGY, MTDR, NOG, PDCE, PXD, REI, RRC, SBOW, SD, SM,
	SWN, TALO, WTI, WLL and XEC for the period 1Q120 - 2Q21. Margin is defined as realized aggregate price, including effects of
6)	derivatives less adjusted direct operating expenses.
Estimated pro forma leverage ratio is calculated by dividing Net Debt by LTM Adj. EBITDAX - see appendix of this presentation for	4
	explanation of this calculation. Net Debt and Adj. EBITDAX are non-GAAP financial measures that are defined in the appendix of
7)	this presentation.
For more information see the Company's website.

Premier Balance Sheet and FCF Profile

Low Leverage, Robust Liquidity and Accelerating Free Cash Flow Profile

Capitalization(1)

MM, except share price
Total Stock Outstanding(1)	43.6
Share Price (as of 11/02/2021)	$32.61
Market Capitalization(1)	$1,423
Plus: Total Debt(2)
Credit Facility (net of cash)(3)	$183
$600MM Borrowing Base(4)
Senior Unsecured Notes (2026 Maturity)	$400
Enterprise Value	$2,006

Estimated pro forma Net Debt / LTM Adj. EBITDAX(5) ~1.5x

Accelerating Free Cash Flow Profile(6)

$MM
	$53
($52)	2020	2021E	2022E
	2019

Net Debt Maturity Profile(2)(3) $MM

Net Revolver Outstanding	$400
Senior Unsecured Notes

$183

2021

2022

2023

2024

2025

2026

1. As of 11/3/21, there were 43.6 MM shares of common stock.
2. As of 09/30/21, pro forma for LONE.
3. Pro forma for LONE acquisition as of 09/30/21 and pro forma for debt, which includes repayments of the second liens and LONE credit facility and associated fees expenses and includes estimated M&A transaction expenses.

4)	Current Ranger elected commitments of $400MM.
5)	Estimated pro forma leverage ratio is calculated by dividing Net Debt by LTM Adj. EBITDAX - see
appendix of this presentation for explanation of this calculation. Net Debt and Adj. EBITDAX are non-GAAP	5
financial measures that are defined in the appendix of this presentation.
6)	Based on management's expectations in current commodity price environment.