Ranger Oil : Capital One Energy Conference

Investor Presentation

December 2022

| 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 acquisition of Lonestar Resources US Inc,. and other completed acquisitions, including the risk that the benefits of such acquisitions may not be fully realized or may take longer to realize than expected, and that management attention will be diverted to integration-related issues; the impact of world health events, including the COVID-19 pandemic, economic slowdown, governmental actions, stay-at-home orders, interruptions to our operations or our customer's operations; the sustained market uncertainty with respect to, and volatility of, commodity prices for crude oil, natural gas liquids and natural gas, 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; our ability to maintain our relationships with our suppliers, service providers, customers, employees, and other third parties; our ability to execute our business plan in volatile 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; 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; our ability to repurchase shares pursuant to our share repurchase program or declare dividends; drilling, completion and operating risks, including adverse impacts associated with well spacing and a high concentration of activity; our ability to convert drilling locations into reserves and production, if at all; the longevity of our currently estimated inventory; 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. W e 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.

Cautionary Statements

The estimates and guidance presented in this presentation are based on assumptions of current and future capital expenditure levels, prices for oil, natural gas and NGLs, available liquidity, 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 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 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. Further, expectations regarding the share repurchase program and anticipated dividends are subject to a variety of factors, including among other things, our earnings, liquidity, capital requirements, financial condition, management's assessment of the intrinsic value of the Class A Common Stock, the market price of the Company's Class A Common Stock, general market and economic conditions, available liquidity, compliance with the Company's debt and other agreements, applicable legal requirements and other factors deemed relevant. 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.

Oil and Gas Reserves and Other Information

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. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves, but which are as likely than not to be recoverable (there should be at least a 50% probability that the quantities actually recovered will equal or exceed the proved plus probable reserve estimates). Possible reserves are those additional reserves that are less certain to be recoverable than probable reserves (there should be at least a 10% probability that the total quantities actually recovered will equal or exceed the proved plus probable plus possible reserve estimates). Estimated ultimate recovery (EUR) is the sum of reserves remaining as of a given date and cumulative production as of that date. 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. Statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Investors are urged to consider closely the disclosure in Ranger's public filings with the SEC, including its Annual Report on Form 10‐K for the fiscal year ended December 31, 2021, which is available on its website at www.rangeroil.com under Investors -SEC Filings. You can also obtain these reports from the SEC's website at www.sec.gov.

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.

Assumptions

Unless otherwise stated, this presentation reflects, (i) 9/30/2022 SEC pricing of $91.71/bbl / $6.13/MMBtu and/or flat pricing of $80/bbl/$4.00/MMbtu, as applicable, (ii) strip pricing as of 10/26/2022, (iii) oil and gas differentials of $0.00 and $0.15 off WTI and Henry Hub, respectively and (iv) type curves and cost assumptions per management's internal estimates as of 9/30/2022.

Tables may not foot due to rounding.

2

3Q22 Financial and Operational Highlights

1. Beat the upper end of total sales guidance range
   42.6 Mboe/d and 30.7 Mbbl/d of oil
2. Generated $209 MM Adj. EBITDAX(1) and $58 MM PF Adj. Free Cash Flow (FCF)(1)
3. Reduced leverage(2) to ~0.75x and grew liquidity by >15%
4. Returned ~$80 MM(3)(4) of cash to shareholders YTD

Repurchased ~5%(3) total common shares outstanding, second quarterly dividend declared(5)

See definitions and footnotes in the appendix of this presentation.		3

Ranger's Differentiating Factors

Industry Leading Margins

+100% Estimated Returns on Recent Wells(6) and ~20 years of Inventory(7)

Growing Production While Generating Enough FCF(1) to Buy Back Shares,

Pay Dividends and Reduce Leverage(2)

Successful Strategic Consolidator

Trading at a Discount to Estimated Intrinsic Value(8)

Advantaged Gulf Coast Location with Robust Infrastructure Maximizes Value of Production

See definitions and footnotes in the appendix of this presentation.		4

Industry-Leading Margins

Illustrative Unhedged Margin Example(9)

LOE

GPT	~$75
Production Taxes	/boe
Adj. G&A
Margin
	~$51
	/boe

~$30 /boe

~$12	~$14	~$15
/boe	/boe	/boe
$50/$2.50	$80/$4.00	$110/$6.50

2Q22 Adj. EBITDAX Margin(1)(10) ROCC vs. U.S. Public E&P Peers(11) by Basin

Large Diversified

Permian

Rockies

Eagle Ford

Other Diversified

Gulf Coast / Midcon

Appalachia

#1 Adj. EBITDAX Margin(1)(10) since 2020 among U.S. Public E&P Peers(11)

See definitions and footnotes in the appendix of this presentation.		5