Ranger Oil (ROCC) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 28, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-13283
Entity Registrant Name	RANGER OIL CORPORATION
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	23-1184320
Entity Address, Address Line One	16285 Park Ten Place
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77084
City Area Code	713
Local Phone Number	722-6500
Title of 12(b) Security	Class A Common Stock, $0.01 Par Value
Trading Symbol	ROCC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000077159
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		19,120,839
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		22,548,998

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS – UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Total revenues and other	$ 305,090	$ 141,061	$ 876,036	$ 354,315
Operating expenses
Lease operating	24,123	10,647	61,133	29,200
Gathering, processing and transportation	9,794	5,688	27,472	15,535
Production and ad valorem taxes	16,698	7,534	46,612	19,768
General and administrative	9,829	10,932	30,243	31,094
Depreciation, depletion and amortization	66,204	30,975	171,387	83,654
Impairments of oil and gas properties	0	0	0	1,811
Total operating expenses	126,648	65,776	336,847	181,062
Operating income	178,442	75,285	539,189	173,253
Other income (expense)
Interest expense, net of amounts capitalized	(13,160)	(10,582)	(34,895)	(21,282)
Gain (loss) on extinguishment of debt	0	0	2,157	(1,231)
Derivative gains (losses)	63,756	(21,084)	(149,073)	(119,679)
Other, net	599	(7)	757	(13)
Income before income taxes	229,637	43,612	358,135	31,048
Income tax expense	(2,052)	(549)	(3,171)	(410)
Net income	227,585	43,063	354,964	30,638
Net income attributable to Noncontrolling interest	(121,349)	(25,676)	(187,529)	(23,778)
Net income attributable to common shareholders	$ 106,236	$ 17,387	$ 167,435	$ 6,860
Net income per share attributable to common shareholders:
Basic (in dollars per share)	$ 5.38	$ 1.13	$ 8.14	$ 0.45
Diluted (in dollars per share)	$ 5.26	$ 1.11	$ 7.97	$ 0.44
Weighted average shares outstanding – basic (in shares)	19,741	15,319	20,573	15,298
Weighted average shares outstanding – diluted (in shares)	20,341	15,713	21,155	15,669
Crude oil
Revenues
Revenues	$ 262,537	$ 127,995	$ 762,858	$ 326,222
Natural gas liquids
Revenues
Revenues	18,669	7,165	54,227	15,115
Natural gas
Revenues
Revenues	22,899	4,973	56,063	10,893
Other operating income, net
Revenues
Revenues	$ 985	$ 928	$ 2,888	$ 2,085

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME – UNAUDITED - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 227,585	$ 43,063	$ 354,964	$ 30,638
Other comprehensive income:
Change in pension and postretirement obligations, net of tax	0	1	0	4
Comprehensive income	227,585	43,064	354,964	30,642
Net income attributable to Noncontrolling interest	(121,349)	(25,676)	(187,529)	(23,778)
Other comprehensive income attributable to Noncontrolling interest	0	(1)	0	(4)
Comprehensive income attributable to common shareholders	$ 106,236	$ 17,387	$ 167,435	$ 6,860

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS – UNAUDITED - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 20,344	$ 23,681
Accounts receivable, net of allowance for credit losses	147,823	118,594
Derivative assets	30,725	11,478
Prepaid and other current assets	13,049	20,998
Assets held for sale	1,186	11,400
Total current assets	213,127	186,151
Property and equipment, net	1,711,367	1,383,348
Derivative assets	6,176	2,092
Other assets	4,686	5,017
Total assets	1,935,356	1,576,608
Current liabilities
Accounts payable and accrued liabilities	264,364	214,381
Derivative liabilities	75,327	50,372
Current portion of long-term debt	41	4,129
Total current liabilities	339,732	268,882
Deferred income taxes	4,957	2,793
Derivative liabilities	12,748	23,815
Other non-current liabilities	9,930	10,358
Long-term debt, net	603,457	601,252
Commitments and contingencies (Note 11)
Equity
Preferred stock of $0.01 par value – 5,000,000 shares authorized; none issued as of September 30, 2022 and December 31, 2021	0	0
Paid-in capital	230,777	273,329
Retained earnings	215,475	49,583
Accumulated other comprehensive loss	(111)	(111)
Ranger Oil shareholders’ equity	446,337	323,532
Noncontrolling interest	518,195	345,976
Total equity	964,532	669,508
Total liabilities and equity	1,935,356	1,576,608
Common Class A
Equity
Common stock	194	729
Common Class B
Equity
Common stock	$ 2	$ 2

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS – UNAUDITED (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021	Oct. 31, 2021	Oct. 06, 2021	Oct. 05, 2021
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000
Preferred stock, issued (in shares)	0
Common stock, par value (in dollars per share)					$ 0.01
Common stock, authorized (in shares)					110,000,000
Series A Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Common Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, authorized (in shares)	110,000,000	110,000,000
Common stock, issued (in shares)	19,422,156	21,090,259
Common stock, outstanding (in shares)	19,422,156	21,090,259
Common Class B
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, authorized (in shares)	30,000,000	30,000,000		30,000,000
Common stock, issued (in shares)	22,548,998	22,548,998
Common stock, outstanding (in shares)	22,548,998	22,548,998

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – UNAUDITED - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income	$ 354,964	$ 30,638
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) loss on extinguishment of debt	(2,157)	1,231
Depreciation, depletion and amortization	171,387	83,654
Impairments of oil and gas properties	0	1,811
Derivative contracts:
Net losses	149,073	119,679
Cash settlements and premiums paid, net	159,224	46,041
Deferred income tax expense	2,164	130
Non-cash interest expense	2,441	1,742
Share-based compensation	4,327	4,179
Other, net	(180)	13
Changes in operating assets and liabilities, net	(33,613)	7,671
Net cash provided by operating activities	489,182	204,707
Cash flows from investing activities
Capital expenditures	(307,766)	(146,638)
Acquisitions of oil and gas properties	(129,784)	0
Proceeds from sales of assets, net	10,900	157
Net cash used in investing activities	(426,650)	(146,481)
Cash flows from financing activities
Proceeds from credit facility borrowings	483,000	20,000
Repayments of credit facility borrowings	(476,000)	(121,500)
Repayments of second lien term loan	0	(56,890)
Proceeds from 9.25% Senior Notes due 2026, net of discount	0	396,072
Repayments of acquired debt	(8,513)	0
Payments for share repurchases	(59,414)	0
Distributions to Noncontrolling interest	(1,691)	0
Dividends paid	(1,492)	0
Proceeds from redeemable common units	0	151,160
Proceeds from redeemable preferred stock	0	2
Transaction costs paid on behalf of Noncontrolling interest	0	(5,543)
Issuance costs paid for Noncontrolling interest securities	0	(3,758)
Withholding taxes for share-based compensation	(954)	(623)
Debt issuance costs paid	(805)	(3,397)
Net cash (used in) provided by financing activities	(65,869)	375,523
Net increase (decrease) in cash, cash equivalents and restricted cash	(3,337)	433,749
Cash, cash equivalents and restricted cash – beginning of period	23,681	13,020
Cash, cash equivalents and restricted cash – end of period	20,344	446,769
Cash paid for:
Interest, net of amounts capitalized	42,678	14,298
Income taxes refunds, net	0	360
Non-cash investing and financing activities:
Changes in property and equipment related to capital contributions	0	(38,561)
Changes in accrued liabilities related to capital expenditures	$ 55,008	$ 30,303

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - UNAUDITED - USD ($) $ in Thousands	Total	Common Class A	Common Class B	Common Stock	Common Stock Common Class A	Common Stock Common Class B	Preferred Stock	Paid-in Capital	Retained Earnings/(Accumulated Deficit)	Accumulated Other Comprehensive Loss	Noncontrolling interest
Balance at beginning of period (in shares) at Dec. 31, 2020				15,200,000
Balance at beginning of period (in shares) at Dec. 31, 2020							0
Balance at beginning of period at Dec. 31, 2020	$ 212,838			$ 152			$ 0	$ 203,463	$ 9,354	$ (131)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(20,021)								(13,572)		(6,449)
Issuance of preferred stock (in shares)							225,490,000
Issuance of preferred stock	2						$ 2
Issuance of Noncontrolling interest	179,552							(50,068)			229,620
Common stock issued related to share-based compensation and other, net (in shares)				110,000
Common stock issued related to share-based compensation and other, net	1,772			$ 1				1,769		1	1
Balance at end of period (in shares) at Mar. 31, 2021							225,490,000
Balance at end of period (in shares) at Mar. 31, 2021				15,310,000
Balance at end of period at Mar. 31, 2021	374,143			$ 153			$ 2	155,164	(4,218)	(130)	223,172
Balance at beginning of period (in shares) at Dec. 31, 2020				15,200,000
Balance at beginning of period (in shares) at Dec. 31, 2020							0
Balance at beginning of period at Dec. 31, 2020	212,838			$ 152			$ 0	203,463	9,354	(131)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	30,638
Balance at end of period (in shares) at Sep. 30, 2021							225,490,000
Balance at end of period (in shares) at Sep. 30, 2021				15,331,000
Balance at end of period at Sep. 30, 2021	426,590			$ 153			$ 2	156,950	16,214	(130)	253,401
Balance at beginning of period (in shares) at Mar. 31, 2021				15,310,000
Balance at beginning of period (in shares) at Mar. 31, 2021							225,490,000
Balance at beginning of period at Mar. 31, 2021	374,143			$ 153			$ 2	155,164	(4,218)	(130)	223,172
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,596								3,045		4,551
Common stock issued related to share-based compensation and other, net (in shares)				2,000
Common stock issued related to share-based compensation and other, net	924							922		1	1
Balance at end of period (in shares) at Jun. 30, 2021							225,490,000
Balance at end of period (in shares) at Jun. 30, 2021				15,312,000
Balance at end of period at Jun. 30, 2021	382,663			$ 153			$ 2	156,086	(1,173)	(129)	227,724
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	43,063								17,387		25,676
Common stock issued related to share-based compensation and other, net (in shares)				19,000
Common stock issued related to share-based compensation and other, net	864							864		(1)	1
Balance at end of period (in shares) at Sep. 30, 2021							225,490,000
Balance at end of period (in shares) at Sep. 30, 2021				15,331,000
Balance at end of period at Sep. 30, 2021	426,590			$ 153			$ 2	156,950	16,214	(130)	253,401
Balance at beginning of period (in shares) at Dec. 31, 2021		21,090,259	22,548,998		21,090,000	22,549,000
Balance at beginning of period at Dec. 31, 2021	669,508				$ 729	$ 2		273,329	49,583	(111)	345,976
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(20,661)								(9,985)		(10,676)
Common stock issued related to share-based compensation and other, net (in shares)					56,000
Common stock issued related to share-based compensation and other, net	478							478
Balance at end of period (in shares) at Mar. 31, 2022					21,146,000	22,549,000
Balance at end of period at Mar. 31, 2022	649,325				$ 729	$ 2		273,807	39,598	(111)	335,300
Balance at beginning of period (in shares) at Dec. 31, 2021		21,090,259	22,548,998		21,090,000	22,549,000
Balance at beginning of period at Dec. 31, 2021	669,508				$ 729	$ 2		273,329	49,583	(111)	345,976
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 354,964
Balance at end of period (in shares) at Sep. 30, 2022	0
Balance at end of period (in shares) at Sep. 30, 2022		19,422,156	22,548,998		19,422,000	22,549,000
Balance at end of period at Sep. 30, 2022	$ 964,532				$ 194	$ 2		230,777	215,475	(111)	518,195
Balance at beginning of period (in shares) at Mar. 31, 2022					21,146,000	22,549,000
Balance at beginning of period at Mar. 31, 2022	649,325				$ 729	$ 2		273,807	39,598	(111)	335,300
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	148,040								71,184		76,856
Repurchase of Class A Common Stock (in shares)					(681,000)
Repurchase of Class A Common Stock	(25,059)				$ (7)			(25,052)
Change in ownership, net	0							6,498			(6,498)
Common stock issued related to share-based compensation and other, net (in shares)					18,000
Common stock issued related to share-based compensation and other, net	1,845				$ (517)			2,362
Balance at end of period (in shares) at Jun. 30, 2022					20,483,000	22,549,000
Balance at end of period at Jun. 30, 2022	774,151				$ 205	$ 2		257,615	110,782	(111)	405,658
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	227,585								106,236		121,349
Repurchase of Class A Common Stock (in shares)					(1,075,000)
Repurchase of Class A Common Stock	(35,022)				$ (11)			(35,011)
Change in ownership, net	0							7,121			(7,121)
Distributions to Noncontrolling interest	(1,691)										(1,691)
Dividends declared ($0.075 per share of Class A common stock)	(1,543)	$ (3,200)							(1,543)
Common stock issued related to share-based compensation and other, net (in shares)					14,000
Common stock issued related to share-based compensation and other, net	$ 1,052							1,052
Balance at end of period (in shares) at Sep. 30, 2022	0
Balance at end of period (in shares) at Sep. 30, 2022		19,422,156	22,548,998		19,422,000	22,549,000
Balance at end of period at Sep. 30, 2022	$ 964,532				$ 194	$ 2		$ 230,777	$ 215,475	$ (111)	$ 518,195

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - UNAUDITED (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Oct. 31, 2021	Oct. 05, 2021
Common stock, par value (in dollars per share)				$ 0.01
Common Class A
Cash dividend declared (in dollars per share)	$ 0.075
Common stock, par value (in dollars per share)	0.01	$ 0.01	$ 0.01
Common Class B
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Note 1 – Organization and Description of Business Ranger Oil Corporation (together with its consolidated subsidiaries, unless the context otherwise requires, “Ranger Oil,” the “Company,” “we,” “us” or “our”) is an independent oil and gas company focused on the onshore development and production of oil, natural gas liquids (“NGLs”) and natural gas. Our current operations consist of drilling unconventional horizontal development wells and operating our producing wells in the Eagle Ford Shale (the “Eagle Ford”) in South Texas. We operate in and report our financial results and disclosures as one segment, which is the development and production of crude oil, NGLs and natural gas.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Note 2 – Basis of Presentation and Significant Accounting Policies Basis of Presentation Our unaudited condensed consolidated financial statements include the accounts of Ranger Oil and all of our subsidiaries as of the relevant dates. Intercompany balances and transactions have been eliminated. A substantial noncontrolling interest in our subsidiaries is provided for in our condensed consolidated statements of operations and comprehensive income and our condensed consolidated balance sheets for the periods presented. Our condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities Exchange Commission (the “SEC”). Preparation of these statements involves the use of estimates and judgments where appropriate. In the opinion of management, all adjustments considered necessary for a fair presentation of our condensed consolidated financial statements have been included. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. Such reclassifications did not have a material impact on prior period financial statements. Our condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Annual Report”). Operating results for the periods presented are not necessarily indicative of the results that may be expected for the full year. Principles of Consolidation In January 2021, Ranger Oil completed a reorganization into an Up-C structure with JSTX and Rocky Creek. Under the Up-C structure, Juniper owns all of the shares of the Company’s Class B Common Stock which are non-economic voting only shares of the Company. Juniper’s economic interest in the Company is held through its ownership of limited partner interests (the “Common Units”) in the Partnership. Pursuant to the amended and restated limited partnership agreement of the Partnership (the “Partnership Agreement”), the Company’s ownership of Common Units in the Partnership at all times equals the number of shares of the Company’s Class A Common Stock then outstanding, and Juniper’s ownership of Common Units in the Partnership at all times equals the number of shares of Class B Common Stock then outstanding. The Partnership was formed for the purpose of executing the Company’s reorganization with Juniper into an Up-C structure. The Partnership, through its subsidiaries, owns, operates, and manages oil and gas properties in Texas and manages the Company’s outstanding debt and derivative instruments. The Company’s wholly-owned subsidiary, ROCC Energy Holdings GP LLC (formerly, PV Energy Holdings GP, LLC, the “GP”), is the general partner of the Partnership. Subsidiaries of the Partnership own and operate all our oil and gas assets. Ranger Oil and the Partnership are holding companies with no other operations, material cash flows, or material assets or liabilities other than the equity interests in their subsidiaries. The Common Units are redeemable (concurrently with the cancellation of an equivalent number of shares of Class B Common Stock) by Juniper at any time on a one-for-one basis in exchange for shares of Class A Common Stock or, if the Partnership elects, cash based on the 5-day average volume-weighted closing price for the Class A Common Stock immediately prior to the redemption. In determining whether to make a cash election, the Company would consider the interests of the holders of the Class A Common Stock, the Company’s financial condition, results of operations, earnings, projections, liquidity and capital requirements, management’s assessment of the intrinsic value of the Class A Common Stock, the trading price of the Class A Common Stock, legal requirements, covenant compliance, restrictions in the Company’s debt agreements and other factors it deems relevant. The Partnership is considered a variable interest entity for which the Company is the primary beneficiary. The Company has benefits in the Partnership through the Common Units, and it has power over the activities most significant to the Partnership’s economic performance through its 100% controlling interest in the GP (which, accordingly, is acting as an agent on behalf of the Company). This conclusion was based on a qualitative analysis that considered the Partnership’s governance structure and the GP’s control over operations of the Partnership. The GP manages the business and affairs of the Partnership, including key Partnership decision-making, and the limited partners do not possess any substantive participating or kick-out rights that would allow Juniper to block or participate in certain operational and financial decisions that most significantly impact the Partnership’s economic performance or that would remove the GP. As such, because the Company has both power and benefits in the Partnership, the Company determined it is the primary beneficiary of the Partnership and consolidates the Partnership in the Company’s consolidated financial statements. The Company reflects a noncontrolling interest in the consolidated financial statements based on the proportion of Common Units owned by Juniper relative to the total number of Common Units outstanding. The noncontrolling interest is presented as a component of equity in the accompanying condensed consolidated financial statements and represents the ownership interest held by Juniper in the Partnership. Noncontrolling Interest The noncontrolling interest percentage may be affected by the issuance of shares of Class A Common Stock, repurchases or cancellation of Class A Common Stock, the exchange of Class B Common Stock and the redemption of Common Units (and concurrent cancellation of Class B Common Stock), among other things. The percentage is based on the proportionate number of Common Units held by Juniper relative to the total Common Units outstanding. As of September 30, 2022, the Company owned 19,422,156 Common Units, representing a 46.3% limited partner interest in the Partnership, and Juniper owned 22,548,998 Common Units, representing the remaining 53.7% limited partner interest. As of December 31, 2021, the Company owned 21,090,259 Common Units, representing a 48.3% limited partner interest in the Partnership, and Juniper owned 22,548,998 Common Units, representing the remaining 51.7% limited partner interest. During the three and nine months ended September 30, 2022, changes in the ownership interests were the result of share repurchases and issuances of Class A Common Stock in connection with the vesting of employees’ share-based compensation. See Note 12 for information regarding share repurchases and Note 13 for vesting of share-based compensation. When the Company’s relative ownership interest in the Partnership changes, adjustments to Noncontrolling interest and Paid-in capital, tax effected, will occur. Because these changes in the ownership interest in the Partnership do not result in a change of control, the transactions are accounted for as equity transactions under Accounting Standards Codification Topic 810, Consolidation , which requires that any differences between the carrying value of the Company’s basis in the Partnership and the fair value of the consideration received are recognized directly in equity and attributed to the controlling interest. Additionally, based on the Partnership Agreement, there are no substantive profit sharing arrangements that would cause distributions to be other than pro rata. Therefore, profits and losses are attributed to the common shareholders and noncontrolling interest pro rata based on ownership interests in the Partnership. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents includes cash and highly liquid investments with original maturities of three months or less from the date of purchase. Restricted cash represents cash that is not readily available for general purpose cash needs. As of September 30, 2022 and December 31, 2021, the Company had no cash equivalents or restricted cash. Of the $446.8 million in total cash, cash equivalents and restricted cash presented on the condensed consolidated statement of cash flows as of September 30, 2021, the Company had cash of $35.3 million, restricted cash – current of $15.4 million and restricted cash – non-current of $396.1 million. The restricted cash related to the net proceeds received from the offering of senior unsecured notes and certain additional funds that were held in escrow and subsequently released upon the acquisition of Lonestar Resources US Inc., a Delaware corporation (“Lonestar”). See Note 3 for additional information on this acquisition and Note 7 for additional information on the senior unsecured notes. Significant Accounting Policies The Company’s significant accounting policies are described in “Note 3 – Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in its 2021 Annual Report and are supplemented by the notes included in this Quarterly Report on Form 10-Q. The financial statements and related notes included in this report should be read in conjunction with the Company’s 2021 Annual Report. Recent Accounting Pronouncements We consider the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not listed below were assessed and determined to be not applicable. Recently Issued Accounting Pronouncements Not Yet Adopted In October 2021, the Financial Accounting Standards Board issued ASU 2021-08, Business Combinations (Topic 805): (“ASU 2021-08”): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 amends Topic 805 to require the acquirer in a business combination to record contract assets and contract liabilities in accordance with Revenue from Contracts with Customers (Topic 606) at acquisition as if it had originated the contract, rather than at fair value. This update is effective for public companies beginning after December 15, 2022, with early adoption permitted. Adoption should be applied prospectively to business combinations occurring on or after the effective date of the amendments unless early adoption occurs during an interim period in which other application rules apply. We do not expect the adoption of this update to have a material impact to our financial statements.

Acquisitions and Dispositions

Acquisitions and Dispositions	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Dispositions	Note 3 – Acquisitions and Dispositions 2022 Asset Acquisitions In the second and third quarters of 2022, we completed acquisitions of additional working interests in Ranger-operated wells along with certain contiguous oil and gas producing assets and undeveloped acreage in the Eagle Ford shale. The aggregate cash consideration for these acquisitions was $129.8 million, subject to customary post-closing adjustments. These transactions were accounted for as asset acquisitions. Asset Disposition On July 22, 2022, we closed on the sale of the corporate office building and related assets acquired in connection with the Lonestar Acquisition that were classified as Assets held for sale on the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021. Gross proceeds were $11.0 million with costs to sell of approximately $0.8 million and included the payoff of the related mortgage debt and accrued interest of $8.4 million for total net proceeds of $1.8 million. This transaction did not result in any material change to the purchase allocation further described below. 2021 Acquisition of Lonestar Resources On October 5, 2021 (the “Closing Date”), the Company acquired Lonestar, as a result of which Lonestar and its subsidiaries became wholly-owned subsidiaries of the Company (the “Lonestar Acquisition”). The Lonestar Acquisition was effected pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated July 10, 2021, by and between the Company and Lonestar. In accordance with the terms of the Merger Agreement, Lonestar shareholders received 0.51 shares of the Company’s common stock for each share of Lonestar common stock held immediately prior to the effective time of the Lonestar Acquisition. Based on the closing price of the Company’s common stock on October 5, 2021 of $30.19, and in connection with the Lonestar Acquisition, the total value of the Company’s common stock issued to holders of Lonestar common stock, warrants and restricted stock units as applicable, was approximately $173.6 million. The Lonestar Acquisition constituted a business combination and was accounted for using the acquisition method of accounting, with Ranger Oil being treated as the accounting acquirer. Under the acquisition method of accounting, the assets and liabilities of Lonestar and its subsidiaries are recorded at their respective fair values as of the date of completion of the Lonestar Acquisition. The Company completed the purchase price allocation during the third quarter of 2022, and there were no material changes to the allocation presented in the 2021 Form 10-K. We expensed $2.0 million in acquisition-related costs for the nine months ended September 30, 2022 related to employee severance and change-in-control compensation costs and other integration related costs. Pro Forma Operating Results (Unaudited) The following unaudited pro forma condensed financial data for the three months and nine months ended September 30, 2021 was derived from the historical financial statements of the Company giving effect to the Lonestar Acquisition, as if it had occurred on January 1, 2020. Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Total revenues $ 200,995 $ 500,087 Net income (loss) attributable to common shareholders $ 12,531 $ (19,174)

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Revenue Recognition	Note 4 – Revenue Recognition Revenue from Contracts with Customers Crude oil . We sell our crude oil production to our customers at either the wellhead or a contractually agreed-upon delivery point, including certain regional central delivery point terminals or pipeline inter-connections. We recognize revenue when control transfers to the customer considering factors associated with custody, title, risk of loss and other contractual provisions as appropriate. Pricing is based on a market index with adjustments for product quality, location differentials and, if applicable, deductions for intermediate transportation. Costs incurred by us for gathering and transporting the products to an agreed-upon delivery point are recognized as a component of gathering, processing and transportation expense (“GPT”) in our condensed consolidated statements of operations. NGLs . We have natural gas processing contracts in place with certain midstream processing vendors. We deliver “wet” natural gas to our midstream processing vendors at the inlet of their processing facilities through gathering lines, certain of which we own and others which are owned by gathering service providers. Subsequent to processing, NGLs are delivered or transported to a third-party customer. Depending upon the nature of the contractual arrangements with the midstream processing vendors regarding the marketing of the NGL products, we recognize revenue for NGL products on either a gross or net basis. For those contracts where we have determined that we are the principal, and the ultimate third party is our customer, we recognize revenue on a gross basis, with associated processing costs presented as GPT expenses. For those contracts where we have determined that we are the agent and the midstream processing vendor is our customer, we recognize NGL product revenues on a net basis with processing costs presented as a reduction of revenue. Natural gas . Subsequent to the processing of “wet” natural gas and the separation of NGL products, the “dry” or residue gas is purchased by the processor or delivered to us at the tailgate of the midstream processing vendors’ facilities and sold to a third-party customer. We recognize revenue when control transfers to the customer considering factors associated with custody, title, risk of loss and other contractual provisions as appropriate. Pricing is based on a market index with adjustments for product quality and location differentials, as applicable. Costs incurred by us for gathering and transportation from the wellhead through the processing facilities are recognized as a component of GPT in our condensed consolidated statements of operations. Performance obligations We record revenue in the month that our oil and gas production is delivered to our customers. However, the collection of revenues from oil and gas production may take up to 60 days following the month of production. Therefore, we make accruals for revenues and accounts receivable based on estimates of our share of production sold. We record any differences, which historically have not been significant, between the actual amounts ultimately received and the original estimates in the period they become finalized. We apply a practical expedient which provides for an exemption from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. Under our commodity product sales contracts, we bill our customers and recognize revenue when our performance obligations have been satisfied. At that time, we have determined that payment is unconditional. Accordingly, our commodity sales contracts do not create contract assets or liabilities. Accounts Receivable from Contracts with Customers Our accounts receivable consists mainly of trade receivables from commodity sales and joint interest billings due from partners on properties we operate. Our allowance for credit losses is entirely attributable to receivables from joint interest partners. We generally have the right to withhold future revenue distributions to recover past due receivables from joint interest owners. Our oil, natural gas, and NGL receivables are typically collected within 30 to 90 days. The following table summarizes our accounts receivable by type as of the dates presented: September 30, 2022 December 31, 2021 Customers $ 123,493 $ 96,195 Joint interest partners 22,964 21,755 Derivative settlements from counterparties 1 1,619 1,037 Other 99 18 Total 148,175 119,005 Less: Allowance for credit losses (352) (411) Accounts receivable, net of allowance for credit losses $ 147,823 $ 118,594 _______________________

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 5 – Derivative Instruments We utilize derivative instruments, typically swaps, put options and call options which are placed with financial institutions that we believe are acceptable credit risks, to mitigate our financial exposure to commodity price volatility associated with anticipated sales of our future production and volatility in interest rates attributable to our variable rate debt instruments. Our derivative instruments are not designated as hedges for accounting purposes. While the use of derivative instruments limits the risk of adverse commodity price and interest rate movements, such use may also limit the beneficial impact of future product revenues and interest expense from favorable commodity price and interest rate movements. From time to time, we may enter into incremental derivative contracts in order to increase the notional volume of production we are hedging, restructure existing derivative contracts or enter into other derivative contracts resulting in modification to the terms of existing contracts. In accordance with our internal policies, we do not utilize derivative instruments for speculative purposes. For our commodity derivatives, we typically combine swaps, purchased put options, purchased call options, sold put options and sold call options in order to achieve various hedging objectives. Certain of these objectives result in combinations that operate as collars which include purchased put options and sold call options, three-way collars, which include purchased put options, sold put options and sold call options, and enhanced swaps, which include either sold put options or sold call options with the associated premiums rolled into an enhanced fixed price swap, among others. Commodity Derivatives 1 The following table sets forth our commodity derivative positions, presented on a net basis by period of maturity, as of September 30, 2022: 4Q2022 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 NYMEX WTI Crude Swaps Average Volume Per Day (bbl) 3,000 2,500 2,400 2,807 2,657 462 462 Weighted Average Swap Price ($/bbl) $ 69.20 $ 54.40 $ 54.26 $ 54.92 $ 54.93 $ 58.75 $ 58.75 NYMEX WTI Crude Collars Average Volume Per Day (bbl) 20,245 12,917 11,126 8,152 4,891 Weighted Average Purchased Put Price ($/bbl) $ 64.56 $ 63.23 $ 61.48 $ 72.00 $ 70.00 Weighted Average Sold Call Price ($/bbl) $ 88.78 $ 79.67 $ 74.31 $ 89.91 $ 86.04 NYMEX WTI Crude CMA Roll Basis Swaps Average Volume Per Day (bbl) 3,804 Weighted Average Swap Price ($/bbl) $ 1.751 NYMEX HH Swaps Average Volume Per Day (MMBtu) 12,500 10,000 7,500 Weighted Average Swap Price ($/MMBtu) $ 3.793 $ 3.620 $ 3.690 NYMEX HH Collars Average Volume Per Day (MMBtu) 14,511 14,617 11,538 11,413 11,413 11,538 11,538 Weighted Average Purchased Put Price ($/MMBtu) $ 2.854 $ 6.561 $ 2.500 $ 2.500 $ 2.500 $ 2.500 $ 2.328 Weighted Average Sold Call Price ($/MMBtu) $ 3.791 $ 12.334 $ 2.682 $ 2.682 $ 2.682 $ 3.650 $ 3.000 OPIS Mt. Belv Ethane Swaps Average Volume per Day (gal) 27,717 98,901 34,239 34,239 34,615 Weighted Average Fixed Price ($/gal) $ 0.2500 $ 0.2288 $ 0.2275 $ 0.2275 $ 0.2275 _______________________ 1 NYMEX WTI refers to New York Mercantile Exchange West Texas Intermediate that serves as the benchmark for crude oil. NYMEX HH refers to NYMEX Henry Hub that serves as the benchmark for natural gas. OPIS Mt. Belv refers to Oil Price Information Service Mt. Belvieu that serves as the benchmark for ethane which represents a commodity proxy for NGLs. Interest Rate Derivatives Through May 2022, we had a series of interest rate swap contracts (the “Interest Rate Swaps”) establishing fixed interest rates on a portion of our variable interest rate indebtedness. The notional amount of the Interest Rate Swaps totaled $300 million, with us paying a weighted average fixed rate of 1.36% on the notional amount, and the counterparties paying a variable rate equal to LIBOR. As of September 30, 2022, we did not have any interest rate derivatives. Financial Statement Impact of Derivatives The impact of our derivative activities on income is included within Derivatives on our condensed consolidated statements of operations. Derivative contracts that have expired at the end of a period, but for which cash had not been received or paid as of the balance sheet date, have been recognized as components of Accounts receivable (see Note 4) and Accounts payable and accrued liabilities (see Note 9) on the condensed consolidated balance sheets. Adjustments to reconcile net income to net cash provided by operating activities include derivative losses and cash settlements that are reported under Net losses and Cash settlements and premiums paid, net, on our condensed consolidated statements of cash flows, respectively. The following table summarizes the effects of our derivative activities for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Interest Rate Swap gains (losses) recognized in the condensed consolidated statements of operations $ — $ (84) $ 64 $ (48) Commodity gains (losses) recognized in the condensed consolidated statements of operations 63,756 (21,000) (149,137) (119,631) $ 63,756 $ (21,084) $ (149,073) $ (119,679) Interest rate cash settlements recognized in the condensed consolidated statements of cash flows $ — $ (973) $ (1,415) $ (2,851) Commodity cash settlements and premiums paid recognized in the condensed consolidated statements of cash flows (55,302) (21,265) (157,809) (43,190) $ (55,302) $ (22,238) $ (159,224) $ (46,041) The following table summarizes the fair values of our derivative instruments, which we elect to present on a gross basis, as well as the locations of these instruments on our condensed consolidated balance sheets as of the dates presented: Fair Values September 30, 2022 December 31, 2021 Derivative Derivative Derivative Derivative Type Balance Sheet Location Assets Liabilities Assets Liabilities Interest rate contracts Derivative assets/liabilities – current $ — $ — $ — $ 1,480 Commodity contracts Derivative assets/liabilities – current 30,725 75,327 11,478 48,892 Interest rate contracts Derivative assets/liabilities – non-current — — — — Commodity contracts Derivative assets/liabilities – non-current 6,176 12,748 2,092 23,815 $ 36,901 $ 88,075 $ 13,570 $ 74,187 As of September 30, 2022, we reported net commodity derivative liabilities of $51.2 million. The contracts associated with these positions are with seven counterparties for commodity derivatives, all of which are investment grade financial institutions and are participants in our revolving credit facility (the “Credit Facility”). This concentration may impact our overall credit risk in that these counterparties may be similarly affected by changes in economic or other conditions. Non-performance risk is incorporated by utilizing discount rates adjusted for the credit risk of our counterparties if the derivative is in an asset position, and our own credit risk if the derivative is in a liability position. The agreements underlying our derivative instruments include provisions for the netting of settlements with the counterparties for contracts of similar type. We have neither paid to, nor received from, our counterparties any cash collateral in connection with our derivative positions. Furthermore, our derivative contracts are not subject to margin calls or similar accelerations. No significant uncertainties exist related to the collectability of amounts that may be owed to us by these counterparties. See Note 10 for information regarding the fair value of our derivative instruments.

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Note 6 – Property and Equipment, Net The following table summarizes our property and equipment as of the dates presented: September 30, 2022 December 31, 2021 Oil and gas properties (full cost accounting method): Proved $ 2,828,400 $ 2,327,686 Unproved 55,429 57,900 Total oil and gas properties 2,883,829 2,385,586 Other property and equipment 1 32,156 31,055 Total properties and equipment 2,915,985 2,416,641 Accumulated depreciation, depletion, amortization and impairments (1,204,618) (1,033,293) Total property and equipment, net $ 1,711,367 $ 1,383,348 _______________________ 1 Excludes the corporate office building and related other assets acquired in connection with the Lonestar Acquisition that were classified as Assets held for sale on the condensed consolidated balance sheets as of December 31, 2021. We closed on the sale of the corporate office building in July 2022. See Note 3 for additional information. As of September 30, 2022, we had $1.2 million remaining other assets classified as Assets held for sale excluded from above. Unproved property costs of $55.4 million and $57.9 million have been excluded from amortization as of September 30, 2022 and December 31, 2021, respectively. We transferred $8.7 million and $13.8 million of unproved leasehold costs, including capitalized interest, associated with proved undeveloped reserves, acreage unlikely to be drilled or expiring acreage, from unproved properties to the full cost pool during the nine months ended September 30, 2022 and 2021, respectively. We capitalized internal costs of $4.0 million and $2.8 million and interest of $3.3 million and $2.6 million during the nine months ended September 30, 2022 and 2021, respectively, in accordance with our accounting policies. Average depreciation, depletion and amortization per barrel of oil equivalent of proved oil and gas properties was $15.84 and $12.96 for the nine months ended September 30, 2022 and 2021, respectively. Ceiling Test Beginning in early 2020, certain events such as the COVID-19 pandemic coupled with decisions by the Organization of the Petroleum Exporting Countries (“OPEC”) and Russia (together with OPEC, collectively “OPEC+”) negatively impacted the oil and gas industry with significant declines in crude oil prices and oversupply of crude oil. Over the past year, however, the deployment of vaccines and resulting increased mobility and global economic activity, and other factors have resulted in increased oil demand and commodity prices. Prior to the announced significant production cut to take effect in November 2022, OPEC+ had previously employed a strategy to gradually increase production. These shifts in OPEC+ production levels as well as the Russia-Ukraine war and related sanctions, which began in the first quarter of 2022, continue to contribute to a high level of uncertainty surrounding energy supply and demand resulting in volatile commodity prices. WTI crude oil and natural gas prices surged with prices over $120 per bbl and over $9 per Mcf, respectively, during the first half of 2022 due to oil supply shortage concerns. During the third quarter of 2022, WTI crude oil and natural gas prices dropped to lows under $77 per bbl and $6 per Mcf, respectively.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Note 7 – Long-Term Debt The following table summarizes our debt obligations as of the dates presented: September 30, 2022 December 31, 2021 Credit Facility $ 215,000 $ 208,000 9.25% Senior Notes due 2026 400,000 400,000 Mortgage debt 1 — 8,438 Other 2 284 2,516 Total 615,284 618,954 Less: Unamortized discount 3 (3,227) (3,720) Less: Unamortized deferred issuance costs 3, 4 (8,559) (9,853) Total, net 603,498 605,381 Less: Current portion (41) (4,129) Long-term debt $ 603,457 $ 601,252 _______________________ 1 The mortgage debt related to the corporate office building and related other assets acquired in connection with the Lonestar Acquisition for which assets were held as collateral for such debt. As of December 31, 2021, these assets met the held for sale criteria and were classified as Assets held for sale on the condensed consolidated balance sheets. In July 2022, the mortgage debt was fully repaid in connection with the sale of the corporate office building. See Note 3 for additional information on the sale. 2 Other debt of $2.2 million was extinguished during the nine months ended September 30, 2022 and recorded as a gain on extinguishment of debt. 3 The discount and issuance costs of the 9.25% Senior Notes due 2026 are being amortized over its respective term using the effective-interest method. 4 Excludes issuance costs associated with the Credit Facility, which represents costs attributable to the access to credit over its contractual term, that have been presented as a component of Other assets (see Note 9) and are being amortized over the term of the Credit Facility using the straight-line method. Credit Facility As of September 30, 2022, the Credit Facility had a $1.0 billion revolving commitment and a $950 million borrowing base with aggregate elected commitments of $500 million, and a $25 million sublimit for the issuance of letters of credit. Availability under the Credit Facility may not exceed the lesser of the aggregate elected commitments or the borrowing base less outstanding advances and letters of credit. The borrowing base under the Credit Facility is redetermined semi-annually, generally in the Spring and Fall of each year. Additionally, we and the Credit Facility lenders may, upon request, initiate a redetermination at any time during the six-month period between scheduled redeterminations. The Credit Facility is available to us for general corporate purposes, including working capital. In June 2022, we entered into the Agreement and Amendment No. 12 to Credit Agreement (the “Twelfth Amendment”). The Twelfth Amendment, in addition to other changes described therein, amended the Credit Facility to, effective on June 1, 2022, (1) increase the borrowing base from $725 million to $875 million, with aggregate elected commitments remaining at $400 million and (2) replaced LIBOR with the Secured Overnight Financing Rate (“SOFR”), an index supported by short-term Treasury repurchase agreements. In September 2022, we entered into the Agreement and Amendment No. 13 to Credit Agreement (the “Thirteenth Amendment”). The Thirteenth Amendment, in addition to other changes described therein, amended the Credit Facility to (1) increase the borrowing base from $875 million to $950 million and (2) increase the aggregate elected commitment amounts under the Credit Facility from $400 million to $500 million. The outstanding borrowings under the Credit Facility bear interest at a rate equal to, at our option, either (a) a customary reference rate plus an applicable margin ranging from 1.50% to 2.50%, determined based on the utilization level under the Credit Facility or (b) effective June 1, 2022, a term SOFR reference rate (a Eurodollar rate, including LIBOR prior to June 1, 2022), plus an applicable margin ranging from 2.50% to 3.50%, determined based on the utilization level under the Credit Facility. Interest on reference rate borrowings is payable quarterly in arrears and is computed on the basis of a year of 365/366 days, and interest on Eurodollar borrowings is payable every one three The Credit Facility requires us to maintain (1) a minimum current ratio (as defined in the Credit Facility, which considers the unused portion of the total commitment as a current asset), measured as of the last day of each fiscal quarter of 1.00 to 1.00 and (2) a maximum leverage ratio (consolidated indebtedness to adjusted earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses, both as defined in the Credit Facility), measured as of the last day of each fiscal quarter of 3.50 to 1.00. The Credit Facility also contains other customary affirmative and negative covenants as well as events of default and remedies. If we do not comply with the financial and other covenants in the Credit Facility, the lenders may, subject to customary cure rights, require immediate payment of all amounts outstanding under the Credit Facility. As of September 30, 2022, we were in compliance with all debt covenants under the Credit Facility. We had $215.0 million in outstanding borrowings and $0.7 million in outstanding letters of credit under the Credit Facility as of September 30, 2022. Factoring in the outstanding letters of credit, we had $284.3 million of availability under the Credit Facility as of September 30, 2022. During the nine months ended September 30, 2022 and 2021, we incurred and capitalized approximately $0.8 million and $0.7 million of issue costs associated with amendments to the Credit Facility, respectively. 9.25% Senior Notes due 2026 On August 10, 2021, our indirect, wholly-owned subsidiary completed an offering of $400 million aggregate principal amount of senior unsecured notes due 2026 (the “9.25% Senior Notes due 2026”) that bear interest at 9.25% and were sold at 99.018% of par. Obligations under the 9.25% Senior Notes due 2026 were assumed by ROCC Holdings, LLC (formerly, Penn Virginia Holdings, LLC, hereinafter referred to as “Holdings”), as borrower, and are guaranteed by the subsidiaries of Holdings that guarantee the Credit Facility. Interest on the 9.25% Senior Notes due 2026 is payable semi-annually in arrears on February 15 and August 15 of each year. We may redeem the 9.25% Senior Notes due 2026 at any time in whole or in part from time to time at specified redemption prices. The indenture governing the 9.25% Senior Notes due 2026 also contains other customary affirmative and negative covenants as well as events of default and remedies. As of September 30, 2022, we were in compliance with all debt covenants under the indenture.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 8 – Income Taxes The income tax provision resulted in an expense of $2.1 million and an expense of $3.2 million for the three and nine months ended September 30, 2022, respectively. The federal portion was fully offset by an adjustment to the valuation allowance against our net deferred tax assets resulting in an effective tax rate of 0.9%, which is fully attributable to the State of Texas. Our net deferred income tax liability balance of $5.0 million as of September 30, 2022 is also fully attributable to the State of Texas and primarily related to property. The income tax provision resulted in an expense of $0.5 million and an expense of $0.4 million for the three and nine months ended September 30, 2021, respectively. The federal portion was fully offset by an adjustment to the valuation allowance against our net deferred tax assets resulting in an effective tax rate of 1.3%, which is fully attributable to the State of Texas. We had no liability for unrecognized tax benefits as of September 30, 2022 and December 31, 2021. There were no interest and penalty charges recognized during the nine months ended September 30, 2022 and 2021. Tax years from 2017 forward remain open to examination by the major taxing jurisdictions to which the Company is subject; however, net operating losses originating in prior years are subject to examination when utilized.

Supplemental Balance Sheet Deta

Supplemental Balance Sheet Detail	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Balance Sheet Detail	Note 9 – Supplemental Balance Sheet Detail The following table summarizes components of selected balance sheet accounts as of the dates presented: September 30, 2022 December 31, 2021 Prepaid and other current assets: Inventories 1 $ 10,504 $ 10,305 Prepaid expenses 2 2,545 10,693 $ 13,049 $ 20,998 Other assets: Deferred issuance costs of the Credit Facility, net of amortization $ 3,603 $ 3,308 Right-of-use assets – operating leases 1,083 1,671 Other — 38 $ 4,686 $ 5,017 Accounts payable and accrued liabilities: Trade accounts payable $ 31,135 $ 32,452 Drilling and other lease operating costs 81,225 35,045 Revenue and royalties payable 110,867 95,521 Production, ad valorem and other taxes 15,949 7,905 Derivative settlements to counterparties 5,991 6,117 Compensation and benefits 6,848 13,942 Interest 5,341 15,321 Environmental remediation liability 3 1,519 2,287 Current operating lease obligations 876 914 Other 4,613 4,877 $ 264,364 $ 214,381 Other non-current liabilities: Asset retirement obligations $ 8,691 $ 8,413 Non-current operating lease obligations 332 975 Postretirement benefit plan obligations 907 970 $ 9,930 $ 10,358 _______________________ 1 Includes tubular inventory and well materials of $9.9 million and $9.5 million and crude oil volumes in storage of $0.6 million and $0.8 million as of September 30, 2022 and December 31, 2021, respectively. 2 The balances as of September 30, 2022 and December 31, 2021 include $0.8 million and $9.6 million, respectively, for the prepayment of drilling and completion materials and services. 3 The balance as of September 30, 2022 and December 31, 2021 represents estimated costs associated with remediation activities for certain wells and tanks acquired as part of the Lonestar Acquisition; the remediation will be substantially complete in the fourth quarter of 2022.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 10 – Fair Value Measurements We apply the authoritative accounting provisions included in GAAP for measuring the fair value of both our financial and nonfinancial assets and liabilities. Fair value is an exit price representing the expected amount we would receive upon the sale of an asset or that we would expect to pay to transfer a liability in an orderly transaction with market participants at the measurement date. Our financial instruments, including cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to their short-term maturities. As of September 30, 2022 and December 31, 2021, the carrying values of the borrowings outstanding under our credit facilities approximate fair value as the borrowings bear interest at variables rates tied to current market rates and the applicable margins represent market rates. The fair value of our fixed rate 9.25% Senior Notes due 2026 is estimated based on the published market prices for issuances of similar risk and tenor and is categorized as Level 2 within the fair value hierarchy. As of September 30, 2022, the carrying amount and estimated fair value of total debt (before amortization of issuance costs) was $615.3 million and $548.7 million, respectively. As of December 31, 2021, the carrying amount and estimated fair value of total debt (before amortization of issuance costs) was $619.0 million and $634.6 million. Recurring Fair Value Measurements The fair values of our derivative instruments are measured at fair value on a recurring basis on our condensed consolidated balance sheets. The following tables summarize the valuation of those assets and (liabilities) as of the dates presented: As of September 30, 2022 Level 1 Level 2 Level 3 Total Financial assets: Commodity derivative assets – current $ — $ 30,725 $ — $ 30,725 Commodity derivative assets – non-current — 6,176 — 6,176 Total financial assets $ — $ 36,901 $ — $ 36,901 Financial liabilities: Interest rate swap liabilities – current $ — $ — $ — $ — Commodity derivative liabilities – current — (75,327) — (75,327) Commodity derivative liabilities – non-current — (12,748) — (12,748) Total financial liabilities $ — $ (88,075) $ — $ (88,075) As of December 31, 2021 Level 1 Level 2 Level 3 Total Financial assets: Commodity derivative assets – current $ — $ 11,478 $ — $ 11,478 Commodity derivative assets – non-current — 2,092 — 2,092 Total financial assets $ — $ 13,570 $ — $ 13,570 Financial liabilities: Interest rate swap liabilities – current $ — $ (1,480) $ — $ (1,480) Commodity derivative liabilities – current — (48,892) — (48,892) Commodity derivative liabilities – non-current — (23,815) — (23,815) Total financial liabilities $ — $ (74,187) $ — $ (74,187) We used the following methods and assumptions to estimate fair values for the financial assets and liabilities described below: • Commodity derivatives : We determine the fair values of our commodity derivative instruments using industry-standard models that consider various assumptions including current market and contractual prices for the underlying instruments, implied volatilities, time value and non-performance risk. For the current market prices, we use third-party quoted forward prices, as applicable, for NYMEX WTI, Magellan East Houston (“MEH”) crude oil, NYMEX HH natural gas and OPIS Mt. Belv Ethane natural gas liquids closing prices as of the end of the reporting periods. Each of these is a Level 2 input. • Interest rate swaps : We determined the fair values of our interest rate swaps using an income approach valuation technique which discounts future cash flows back to a single present value. We estimated the fair value of the swaps based on published interest rate yield curves as of the date of the estimate. Each of these was a Level 2 input. All interest rate swaps matured in May 2022, and as of September 30, 2022, we had not entered into any new interest rate derivative instruments. Non-performance risk is incorporated by utilizing discount rates adjusted for the credit risk of our counterparties if the derivative is in an asset position, and our own credit risk if the derivative is in a liability position. See Note 5 for additional details on our derivative instruments. Non-Recurring Fair Value Measurements The most significant non-recurring fair value measurements utilized in the preparation of our condensed consolidated financial statements are those attributable to the initial determination of AROs associated with the ongoing development of new oil and gas properties. The determination of the fair value of AROs is based upon regional market and facility specific information. The amount of an ARO and the costs capitalized represent the estimated future cost to satisfy the abandonment obligation using current prices that are escalated by an assumed inflation factor after discounting the future cost back to the date that the abandonment obligation was incurred using a rate commensurate with the risk, which approximates our cost of funds. Because these significant fair value inputs are typically not observable, we have categorized the initial estimates as Level 3 inputs.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11 – Commitments and Contingencies Drilling and Completion Commitments As of September 30, 2022, we had a two year contract for one drilling rig and contracts for two drilling rigs with terms less than one year. Gathering and Intermediate Transportation Commitments We have long-term agreements that provide us with field gathering and intermediate pipeline transportation services for a majority of our crude oil and condensate production in Lavaca and Gonzales Counties, Texas. We also have volume capacity support for certain downstream interstate pipeline transportation. The following table provides details on these contractual arrangements as of September 30, 2022: Description of contractual arrangement Expiration Minimum Volume Expiration of Minimum Volume Commitment (MVC) Field gathering agreement February 2041 8,000 February 2031 Intermediate pipeline transportation services February 2026 8,000 February 2026 Volume capacity support April 2026 8,000 April 2026 Each of these arrangements also contain an obligation to deliver the first 20,000 gross barrels of oil per day produced from Gonzales, Lavaca and Fayette Counties, Texas. For certain of our crude oil volumes gathered under the field gathering agreement, our rate includes an adjustment based on NYMEX WTI prices. As crude oil prices increase, up to a cap of $90 per bbl, the gathering rate escalates pursuant to the field gathering agreement. Under the field gathering and volume capacity support arrangements, credits for deliveries of volumes in excess of the volume commitment may be applied to any deficiency arising in the succeeding 12-month period. During the three months ended September 30, 2022 and 2021, we recorded expense of $11.1 million and $9.2 million, respectively, and $31.9 million and $26.3 million during the nine months ended September 30, 2022 and 2021, respectively for these contractual obligations. Excluding the application of credits earned during the 12-month period ended September 30, 2022 for deliveries of volumes in excess of the volume commitment, and the potential impact of the effects of price escalation from commodity price changes, if any, the minimum fee requirements attributable to the MVC under the gathering, transportation and marketing agreements are as follows: $3.5 million for the remainder of 2022, approximately $13.9 million per year for 2023 through 2025, $7.8 million for 2026, $3.8 million per year for 2027 through 2030 and $0.6 million for 2031. Crude Oil Storage As of September 30, 2022, we had access to up to approximately 180,000 barrels of dedicated tank capacity for no additional charge at the service provider’s central delivery point facility (“CDP”), in Lavaca County, Texas through February 2041. In addition, we had access for an additional 70,000 barrels of tank capacity at the CDP on a month-to-month basis, which can be terminated by either party with 45 days’ notice to the counterparty. Costs associated with this monthly agreement are in the form of a monthly fixed rate short-term lease and are charged as incurred on a monthly basis to GPT in our condensed consolidated statements of operations. Other Agreements We have a long-term dedication of certain specific leases under a crude purchase and throughput terminal agreement through 2032. Under the agreement, we have rights to transfer dedicated oil for delivery to a Gulf coast terminal in Point Comfort, Texas or oil may be transferred at alternate locations to third parties with a terminal fee. We have agreements that provide us with field gathering, compression and short-haul transportation services for our natural gas production and gas lift for our hydrocarbon production under various terms through 2039. We also have agreements that provide us with services to process our wet gas production into NGL products and dry, or residue, gas. Several agreements covering the majority of our wet gas production extend beyond three years, including one agreement that extends into 2029. Legal, Environmental Compliance and Other We are involved, from time to time, in various legal proceedings arising in the ordinary course of business. While the ultimate results of these proceedings cannot be predicted with certainty, our management believes that these claims will not have a material effect on our financial position, results of operations or cash flows. As of September 30, 2022 and December 31, 2021, we had an estimated reserve of approximately $0.1 million for certain claims made against us regarding previously divested operations included in Accounts payable and accrued liabilities on our condensed consolidated balance sheets. As of September 30, 2022 and December 31, 2021, we had AROs of approximately $8.7 million and $8.4 million attributable to the plugging of abandoned wells, respectively. Additionally, we had $1.5 million and $2.3 million of environmental remediation liabilities recorded as part of the Lonestar Acquisition as of September 30, 2022 and December 31, 2021, respectively. The majority of the work related to the environmental remediation liabilities will be completed during the fourth quarter of 2022. Additionally, we have entered into certain contractual arrangements for other products and services and have commitments under information technology licensing and service agreements, among others.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Shareholders' Equity	Note 12 – Shareholders’ Equity Capital Stock Prior to the Lonestar Acquisition, the Company’s authorized capital stock consisted of 115,000,000 shares including (i) 110,000,000 shares of common stock, par value $0.01 per share and (ii) 5,000,000 shares of Series A Preferred Stock, par value $0.01 per share. On October 6, 2021, in connection with the consummation of the Lonestar Acquisition, the Company effected a recapitalization, pursuant to which (i) the Company’s common stock was renamed and reclassified as Class A Common Stock, (ii) the authorized number of shares of capital stock of the Company was increased to 145,000,000 shares, (iii) 30,000,000 shares of Class B Common Stock was authorized, (iv) all 225,489.98 outstanding shares of the Series A Preferred Stock were exchanged for 22,548,998 newly issued shares of Class B Common Stock, and (v) the designation of the Series A Preferred Stock was cancelled. As of September 30, 2022, the Company had two classes of common stock: Class A Common Stock and Class B Common Stock. The holders of record of Class A Common Stock and Class B Common Stock vote together as a single class on all matters on which holders of Class A Common Stock and Class B Common Stock are entitled to vote; except that certain directors are elected by holders of a majority of the shares of Class B Common Stock voting as a separate class. The holders of Class A Common Stock have no preemptive rights to purchase shares of Class A Common Stock. Shares of Class A Common Stock are not subject to any redemption or sinking fund provisions and are not convertible into any of the Company’s other securities. In the event of the Company’s voluntary or involuntary liquidation, dissolution or winding up, holders of Class A Common Stock will share equally in the assets remaining after it pays its creditors and preferred shareholders. Holders of Class A Common Stock are entitled to receive dividends when and if declared by the Board of Directors. Shares of Class B Common Stock are non-economic interests in the Company, and no dividends can be declared or paid on the Class B Common Stock. The holders of Class B Common Stock have no preemptive rights to purchase shares of Class B Common Stock. Shares of Class B common stock are not subject to any redemption or sinking fund provisions. In the event of the Company’s voluntary or involuntary liquidation, dissolution or winding up, after payment or provision for payment of its debts and other liabilities, the holders of Class B Common Stock will be entitled to receive, out of its assets or proceeds thereof available for distribution to our shareholders, before any distribution of such assets or proceeds is made to or set aside for the holders of Class A Common Stock and any other of the Company’s stock ranking junior to the Class B Common Stock as to such distribution, payment in full in an amount equal to $0.01 per share of Class B Common Stock. With the exception of the aforementioned distribution, the holders of shares of Class B Common Stock will not be entitled to receive any of the Company’s assets in the event of its voluntary or involuntary liquidation, dissolution or winding up. The Company’s Class B Common Stock is not convertible into any of the Company’s other securities. However, if a holder exchanges one common unit of the Partnership, for one share of the Company’s Class A Common Stock, it must also surrender to the Company a share of its Class B Common Stock for each common unit exchanged. As of September 30, 2022, the Company had (i) 110,000,000 authorized shares of Class A Common Stock and 19,422,156 shares of Class A Common Stock issued and outstanding, (ii) 30,000,000 authorized shares of Class B Common Stock and 22,548,998 shares of Class B Common Stock issued and outstanding, and (iii) 5,000,000 authorized shares of preferred stock, par value $0.01 per share, and no shares of preferred stock were issued or outstanding. Dividends On July 7, 2022, the Company’s Board of Directors declared a cash dividend of $0.075 per share of Class A Common Stock. The dividend was paid on August 4, 2022 to holders of record of Class A Common Stock as of the close of business on July 25, 2022. In connection with any dividend, Ranger’s operating subsidiary will also make a corresponding distribution to its common unitholders. During the third quarter of 2022, the dividend to the holders of our Class A Common Stock and distribution to common unitholders totaled $3.2 million in the aggregate. The Company’s Credit Facility and the Indenture have restrictive covenants that limit its ability to pay dividends. See Note 15 for details on dividends declared subsequent to September 30, 2022. Share Repurchase Program On April 13, 2022, our Board of Directors approved a share repurchase program that authorized the Company to repurchase up to $100 million of its outstanding Class A Common Stock. The share repurchase authorization was effective immediately and was valid through March 31, 2023. On July 7, 2022, the Board of Directors authorized an increase in the share repurchase program from $100 million to $140 million and extended the term of the program through June 30, 2023. The shares may be repurchased from time to time in open market transactions, through privately negotiated transactions, or by other means in accordance with federal securities laws. The Company intends to continue to fund repurchases from available working capital and cash provided by operating activities. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on 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. The exact number of shares to be repurchased by the Company is not guaranteed, and the program may be suspended, modified, or discontinued at any time without prior notice. On August 16, 2022, the Inflation Reduction Act was signed into law and imposes a 1% excise tax on the repurchase of stock by publicly traded U.S. corporations. The excise tax is effective for stock repurchases after December 31, 2022. We are currently evaluating the impacts, if any, of this provision to our results of operations and cash flows. During the three and nine months ended September 30, 2022, we repurchased 1,074,960 and 1,755,836 shares of our Class A Common Stock at a total cost of $35.0 million and $60.0 million at average purchase prices of $32.58 and $34.19, respectively. The share repurchases were recorded to Class A common stock and Paid-in capital on our condensed consolidated balance sheets. As of September 30, 2022, the remaining authorized repurchase amount under the share repurchase program was $80.0 million. Change in Ownership of Consolidated Subsidiaries As discussed above and in Note 13, in the three and nine months ended September 30, 2022, we repurchased shares of our Class A Common Stock and issued shares of our Class A Common Stock related to the vesting of employees’ share-based compensation resulting in a change in the proportionate share of Common Units held by the Company relative to Juniper. As such, we recognized an adjustment to the carrying amount of noncontrolling interest and a corresponding adjustment to Class A Common Shareholders’ equity of $7.1 million and $13.6 million for the three and nine months ended September 30, 2022 to reflect the revised ownership percentage of total equity, respectively. The following table summarizes changes in the ownership interest in consolidated subsidiaries during the period: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income attributable to common shareholders $ 106,236 $ 17,387 $ 167,435 $ 6,860 Transfers from the noncontrolling interest, net 1 7,121 N/A 13,619 N/A Change from net income attributable to common shareholders and net transfers to Noncontrolling interest $ 113,357 $ 17,387 $ 181,054 $ 6,860 _____________________________________________ 1 The three and nine months ended September 30, 2022 includes a net transfer of $7.1 million and $13.6 million, respectively, from Noncontrolling interest for share repurchases and common stock issuances related to employees’ share-based compensation with a corresponding adjustment to Paid-in capital. This equity adjustment had no impact on earnings other than a resulting increase to the noncontrolling interest proportionate share of net income and a corresponding decrease to the proportionate share of net income attributable to common shareholders.

Share-Based Compensation and Ot

Share-Based Compensation and Other Benefit Plans	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation and Other Benefit Plans	Note 13 – Share-Based Compensation and Other Benefit Plans Share-Based Compensation We reserved 4,424,600 shares of Class A Common Stock for issuance under the Ranger Oil Management Incentive Plan (the “Plan”) for share-based compensation awards. A total of 811,573 time-vested restricted stock units (“RSUs”) and 664,414 performance-based restricted stock units (“PRSUs”) have been granted to employees and directors through September 30, 2022. We recognized expense attributable to the RSUs and PRSUs of $1.3 million and $4.3 million for the three and nine months ended September 30, 2022, respectively. During the three months ended September 30, 2021, we recognized $1.0 million of expense attributable to the RSUs and PRSUs and during the nine months ended September 30, 2021, we recognized $4.2 million of expense attributable to the RSUs and PRSUs, including approximately $1.9 million as a result of a change-in-control event associated with the Juniper Transactions. We recognize share-based compensation expense as a component of G&A expenses in our condensed consolidated statements of operations. Time-Vested Restricted Stock Units The table below summarizes activity for the nine months ended September 30, 2022 with respect to awarded RSUs: Time-Vested Weighted-Average Balance at January 1, 2022 230,517 $ 9.20 Granted 49,314 $ 35.07 Vested (111,479) $ 10.02 Forfeited (16,101) $ 12.12 Balance at September 30, 2022 152,251 $ 17.50 Compensation expense for RSUs is recognized on a straight-line basis over the applicable vesting period, which is generally over a three-year period. As of September 30, 2022, we had $2.0 million of unrecognized compensation cost attributable to RSUs. We expect that cost to be recognized over a weighted-average period of 1.89 years. Performance-Based Restricted Stock Units The table below summarizes activity for the nine months ended September 30, 2022 with respect to awarded PRSUs: Performance Restricted Stock Weighted-Average Balance at January 1, 2022 345,069 $ 16.20 Granted 180,217 $ 47.77 Vested (2,688) $ 18.24 Forfeited (11,516) $ 23.31 Balance at September 30, 2022 511,082 $ 27.16 Compensation expense for PRSUs with a market condition is being charged to expense on a straight-line basis for the 2022 and 2021 grants and graded-vesting for the 2020 and 2019 grants, over a range of less than one The 2022 and 2021 PRSU grants contain performance measures of which 50% are based on the Company’s return on average capital employed (“ROCE”) and 50% are based on the Company’s absolute total shareholder return and total shareholder return (“TSR”) relative to a defined peer group over the three-year performance period. The 2022 and 2021 PRSUs cliff vest from 0% to 200% of the original grant at the end of a three-year performance period based on satisfaction of the respective underlying conditions. Vesting of PRSUs granted in 2020 and 2019 range from 0% to 200% of the original grant based on TSR relative to a defined peer group over the three year performance period. As TSR is deemed a market condition, the grant-date fair value for the 2019, 2020 and a portion of the 2021 and 2022 grants is derived by using a Monte Carlo model. The ranges for the assumptions used in the Monte Carlo model for the PRSUs granted during 2022, 2021, 2020 and 2019 are presented as follows: 2022 2021 1 2020 1 2019 Expected volatility 134.98% to 138.75% 131.74% to 134.74% 101.32% to 117.71% 49.9 % Dividend yield 0.0 % 0.0 % 0.0 % 0.0 % Risk-free interest rate 2.59 % 0.22% to 0.29% 0.18% to 0.51% 1.66 % Performance period 2022-2024 2021-2023 2020-2022 2020-2022 _______________________ 1 One executive officer’s inducement award originally granted in August 2020 was amended in April 2021 to conform vesting conditions to other PRSU awards granted in 2021. The Monte Carlo assumptions for both years are included above. As of September 30, 2022, we had $9.2 million of unrecognized compensation cost attributable to PRSUs. We expect that cost to be recognized over a weighted-average period of 1.93 years. Other Benefit Plans We maintain the Penn Virginia Corporation and Affiliated Companies Employees 401(k) Plan (the “401(k) Plan”), a defined contribution plan, which covers substantially all of our employees. We recognized expense attributable to the 401(k) Plan of $0.1 million and $0.5 million for the three and nine months ended September 30, 2022, respectively, and $0.2 million and $0.5 million for the three and nine months ended September 30, 2021, respectively. The charges for the 401(k) Plan are recorded as a component of G&A expenses in our condensed consolidated statements of operations. We maintain unqualified legacy defined benefit pension and defined benefit postretirement plans that cover a limited number of former employees, all of whom retired prior to January 1, 2000. The combined expense recognized with respect to these plans was less than $0.1 million for each of the three and nine months ended September 30, 2022 and 2021. The charges for these plans are recorded as a component of Other income (expense) in our condensed consolidated statements of operations.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Note 14 – Earnings Per Share Basic net earnings (loss) per share is calculated by dividing the net income (loss) available to common shareholders, excluding net income or loss attributable to Noncontrolling interest, by the weighted average common shares outstanding for the period. In computing diluted earnings (loss) per share, basic net earnings (loss) per share is adjusted based on the assumption that dilutive RSUs and PRSUs have vested and outstanding Common Units (and shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”) as applicable to the three and nine months ended September 30, 2022 and Series A Preferred Stock, par value $0.01 per share (“Series A Preferred Stock”) as applicable to the three and nine months ended September 30, 2021) held by the Noncontrolling interest in the Partnership are exchanged for common shares. Accordingly, our reported net income (loss) attributable to common shareholders is adjusted due to the elimination of the Noncontrolling interest assuming exchange of the Common Units (and shares of Class B Common Stock as applicable to the three and nine months ended September 30, 2022 and Series A Preferred Stock as applicable to the three and nine months ended September 30, 2021) held by the Noncontrolling interest. The following table provides a reconciliation of the components used in the calculation of basic and diluted earnings (loss) per share for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net income $ 227,585 $ 43,063 $ 354,964 $ 30,638 Net income attributable to Noncontrolling interest (121,349) (25,676) (187,529) (23,778) Net income attributable to common shareholders for Basic EPS 106,236 17,387 167,435 6,860 Adjustment for assumed conversions and elimination of Noncontrolling interest net income 785 25,676 1,154 23,778 Net income attributable to common shareholders for Diluted EPS $ 107,021 $ 43,063 $ 168,589 $ 30,638 Denominator: Weighted average shares outstanding used in Basic EPS 19,741 15,319 20,573 15,298 Effect of dilutive securities: Common Units and Series A Preferred Stock or Class B Common Stock, as applicable, that are exchangeable for common shares 1, 2 — — — — RSUs and PRSUs 600 394 582 371 Weighted average shares outstanding used in Diluted EPS 2 20,341 15,713 21,155 15,669 _______________________ 1 In connection with the Juniper Transactions in January 2021, we issued shares of Series A Preferred Stock. In October 2021, the Company effected a recapitalization and the Series A Preferred Stock were exchanged with Class B Common Stock and the designation of the Series A Preferred Stock was cancelled. 2 For the three and nine months ended September 30, 2022, approximately 22.5 million potentially dilutive Common Units (and the associated 22.5 million Class B Common Stock) had the effect of being anti-dilutive and were excluded from the calculation of earnings per share. For the three and nine months ended September 30, 2021, approximately 22.5 million potentially dilutive securities represented by approximately 22.5 million Common Units (and the associated approximately 0.2 million shares of Series A Preferred Stock).

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 15 – Subsequent Events Dividends

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationOur unaudited condensed consolidated financial statements include the accounts of Ranger Oil and all of our subsidiaries as of the relevant dates. Intercompany balances and transactions have been eliminated. A substantial noncontrolling interest in our subsidiaries is provided for in our condensed consolidated statements of operations and comprehensive income and our condensed consolidated balance sheets for the periods presented. Our condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities Exchange Commission (the “SEC”). Preparation of these statements involves the use of estimates and judgments where appropriate. In the opinion of management, all adjustments considered necessary for a fair presentation of our condensed consolidated financial statements have been included. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. Such reclassifications did not have a material impact on prior period financial statements. Our condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Annual Report”). Operating results for the periods presented are not necessarily indicative of the results that may be expected for the full year.
Principles of Consolidation	Principles of Consolidation In January 2021, Ranger Oil completed a reorganization into an Up-C structure with JSTX and Rocky Creek. Under the Up-C structure, Juniper owns all of the shares of the Company’s Class B Common Stock which are non-economic voting only shares of the Company. Juniper’s economic interest in the Company is held through its ownership of limited partner interests (the “Common Units”) in the Partnership. Pursuant to the amended and restated limited partnership agreement of the Partnership (the “Partnership Agreement”), the Company’s ownership of Common Units in the Partnership at all times equals the number of shares of the Company’s Class A Common Stock then outstanding, and Juniper’s ownership of Common Units in the Partnership at all times equals the number of shares of Class B Common Stock then outstanding. The Partnership was formed for the purpose of executing the Company’s reorganization with Juniper into an Up-C structure. The Partnership, through its subsidiaries, owns, operates, and manages oil and gas properties in Texas and manages the Company’s outstanding debt and derivative instruments. The Company’s wholly-owned subsidiary, ROCC Energy Holdings GP LLC (formerly, PV Energy Holdings GP, LLC, the “GP”), is the general partner of the Partnership. Subsidiaries of the Partnership own and operate all our oil and gas assets. Ranger Oil and the Partnership are holding companies with no other operations, material cash flows, or material assets or liabilities other than the equity interests in their subsidiaries.
Noncontrolling Interest	Noncontrolling Interest The noncontrolling interest percentage may be affected by the issuance of shares of Class A Common Stock, repurchases or cancellation of Class A Common Stock, the exchange of Class B Common Stock and the redemption of Common Units (and concurrent cancellation of Class B Common Stock), among other things. The percentage is based on the proportionate number of Common Units held by Juniper relative to the total Common Units outstanding. As of September 30, 2022, the Company owned 19,422,156 Common Units, representing a 46.3% limited partner interest in the Partnership, and Juniper owned 22,548,998 Common Units, representing the remaining 53.7% limited partner interest. As of December 31, 2021, the Company owned 21,090,259 Common Units, representing a 48.3% limited partner interest in the Partnership, and Juniper owned 22,548,998 Common Units, representing the remaining 51.7% limited partner interest. During the three and nine months ended September 30, 2022, changes in the ownership interests were the result of share repurchases and issuances of Class A Common Stock in connection with the vesting of employees’ share-based compensation. See Note 12 for information regarding share repurchases and Note 13 for vesting of share-based compensation. When the Company’s relative ownership interest in the Partnership changes, adjustments to Noncontrolling interest and Paid-in capital, tax effected, will occur. Because these changes in the ownership interest in the Partnership do not result in a change of control, the transactions are accounted for as equity transactions under Accounting Standards Codification Topic 810, Consolidation , which requires that any differences between the carrying value of the Company’s basis in the Partnership and the fair value of the consideration received are recognized directly in equity and attributed to the controlling interest. Additionally, based on the Partnership Agreement, there are no substantive profit sharing arrangements that would cause distributions to be other than pro rata. Therefore, profits and losses are attributed to the common shareholders and noncontrolling interest pro rata based on ownership interests in the Partnership.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents includes cash and highly liquid investments with original maturities of three months or less from the date of purchase. Restricted cash represents cash that is not readily available for general purpose cash needs. As of September 30, 2022 and December 31, 2021, the Company had no cash equivalents or restricted cash. Of the $446.8 million in total cash, cash equivalents and restricted cash presented on the condensed consolidated statement of cash flows as of September 30, 2021, the Company had cash of $35.3 million, restricted cash – current of $15.4 million and restricted cash – non-current of $396.1 million. The restricted cash related to the net proceeds received from the offering of senior unsecured notes and certain additional funds that were held in escrow and subsequently released upon the acquisition of Lonestar Resources US Inc., a Delaware corporation (“Lonestar”). See Note 3 for additional information on this acquisition and Note 7 for additional information on the senior unsecured notes.
Recent Accounting Pronouncements	Recent Accounting Pronouncements We consider the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not listed below were assessed and determined to be not applicable. Recently Issued Accounting Pronouncements Not Yet Adopted In October 2021, the Financial Accounting Standards Board issued ASU 2021-08, Business Combinations (Topic 805): (“ASU 2021-08”): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 amends Topic 805 to require the acquirer in a business combination to record contract assets and contract liabilities in accordance with Revenue from Contracts with Customers (Topic 606) at acquisition as if it had originated the contract, rather than at fair value. This update is effective for public companies beginning after December 15, 2022, with early adoption permitted. Adoption should be applied prospectively to business combinations occurring on or after the effective date of the amendments unless early adoption occurs during an interim period in which other application rules apply. We do not expect the adoption of this update to have a material impact to our financial statements.
Fair Value Measurements	We used the following methods and assumptions to estimate fair values for the financial assets and liabilities described below: • Commodity derivatives : We determine the fair values of our commodity derivative instruments using industry-standard models that consider various assumptions including current market and contractual prices for the underlying instruments, implied volatilities, time value and non-performance risk. For the current market prices, we use third-party quoted forward prices, as applicable, for NYMEX WTI, Magellan East Houston (“MEH”) crude oil, NYMEX HH natural gas and OPIS Mt. Belv Ethane natural gas liquids closing prices as of the end of the reporting periods. Each of these is a Level 2 input. • Interest rate swaps : We determined the fair values of our interest rate swaps using an income approach valuation technique which discounts future cash flows back to a single present value. We estimated the fair value of the swaps based on published interest rate yield curves as of the date of the estimate. Each of these was a Level 2 input. All interest rate swaps matured in May 2022, and as of September 30, 2022, we had not entered into any new interest rate derivative instruments.
Revenue	Crude oil . We sell our crude oil production to our customers at either the wellhead or a contractually agreed-upon delivery point, including certain regional central delivery point terminals or pipeline inter-connections. We recognize revenue when control transfers to the customer considering factors associated with custody, title, risk of loss and other contractual provisions as appropriate. Pricing is based on a market index with adjustments for product quality, location differentials and, if applicable, deductions for intermediate transportation. Costs incurred by us for gathering and transporting the products to an agreed-upon delivery point are recognized as a component of gathering, processing and transportation expense (“GPT”) in our condensed consolidated statements of operations. NGLs . We have natural gas processing contracts in place with certain midstream processing vendors. We deliver “wet” natural gas to our midstream processing vendors at the inlet of their processing facilities through gathering lines, certain of which we own and others which are owned by gathering service providers. Subsequent to processing, NGLs are delivered or transported to a third-party customer. Depending upon the nature of the contractual arrangements with the midstream processing vendors regarding the marketing of the NGL products, we recognize revenue for NGL products on either a gross or net basis. For those contracts where we have determined that we are the principal, and the ultimate third party is our customer, we recognize revenue on a gross basis, with associated processing costs presented as GPT expenses. For those contracts where we have determined that we are the agent and the midstream processing vendor is our customer, we recognize NGL product revenues on a net basis with processing costs presented as a reduction of revenue. Natural gas . Subsequent to the processing of “wet” natural gas and the separation of NGL products, the “dry” or residue gas is purchased by the processor or delivered to us at the tailgate of the midstream processing vendors’ facilities and sold to a third-party customer. We recognize revenue when control transfers to the customer considering factors associated with custody, title, risk of loss and other contractual provisions as appropriate. Pricing is based on a market index with adjustments for product quality and location differentials, as applicable. Costs incurred by us for gathering and transportation from the wellhead through the processing facilities are recognized as a component of GPT in our condensed consolidated statements of operations. We record revenue in the month that our oil and gas production is delivered to our customers. However, the collection of revenues from oil and gas production may take up to 60 days following the month of production. Therefore, we make accruals for revenues and accounts receivable based on estimates of our share of production sold. We record any differences, which historically have not been significant, between the actual amounts ultimately received and the original estimates in the period they become finalized. We apply a practical expedient which provides for an exemption from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. Under our commodity product sales contracts, we bill our customers and recognize revenue when our performance obligations have been satisfied. At that time, we have determined that payment is unconditional. Accordingly, our commodity sales contracts do not create contract assets or liabilities.
Oil and Gas Properties Policy	At the end of each quarterly reporting period, the unamortized cost of our oil and gas properties, net of deferred income taxes, is limited to the sum of the estimated after-tax discounted future net revenues from proved properties adjusted for costs excluded from amortization (the “Ceiling Test”). The Ceiling Test utilizes commodity prices based on a trailing 12-month average based on the closing prices on the first day of each month.
Share-Based Payment Arrangement	Compensation expense for RSUs is recognized on a straight-line basis over the applicable vesting period, which is generally over a three-year period.Compensation expense for PRSUs with a performance condition is recognized on a straight-line basis over three years when it is considered probable that the performance condition will be achieved and such grants are expected to vest. PRSUs with a market condition do not allow for the reversal of previously recognized expense, even if the market condition is not achieved and no shares ultimately vest.
Earnings Per Share	Basic net earnings (loss) per share is calculated by dividing the net income (loss) available to common shareholders, excluding net income or loss attributable to Noncontrolling interest, by the weighted average common shares outstanding for the period. In computing diluted earnings (loss) per share, basic net earnings (loss) per share is adjusted based on the assumption that dilutive RSUs and PRSUs have vested and outstanding Common Units (and shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”) as applicable to the three and nine months ended September 30, 2022 and Series A Preferred Stock, par value $0.01 per share (“Series A Preferred Stock”) as applicable to the three and nine months ended September 30, 2021) held by the Noncontrolling interest in the Partnership are exchanged for common shares. Accordingly, our reported net income (loss) attributable to common shareholders is adjusted due to the elimination of the Noncontrolling interest assuming exchange of the Common Units (and shares of Class B Common Stock as applicable to the three and nine months ended September 30, 2022 and Series A Preferred Stock as applicable to the three and nine months ended September 30, 2021) held by the Noncontrolling interest.

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Pro Forma Information	The following unaudited pro forma condensed financial data for the three months and nine months ended September 30, 2021 was derived from the historical financial statements of the Company giving effect to the Lonestar Acquisition, as if it had occurred on January 1, 2020. Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Total revenues $ 200,995 $ 500,087 Net income (loss) attributable to common shareholders $ 12,531 $ (19,174)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Schedule of Accounts Receivable	The following table summarizes our accounts receivable by type as of the dates presented: September 30, 2022 December 31, 2021 Customers $ 123,493 $ 96,195 Joint interest partners 22,964 21,755 Derivative settlements from counterparties 1 1,619 1,037 Other 99 18 Total 148,175 119,005 Less: Allowance for credit losses (352) (411) Accounts receivable, net of allowance for credit losses $ 147,823 $ 118,594 _______________________

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Commodity Derivative Positions	The following table sets forth our commodity derivative positions, presented on a net basis by period of maturity, as of September 30, 2022: 4Q2022 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 NYMEX WTI Crude Swaps Average Volume Per Day (bbl) 3,000 2,500 2,400 2,807 2,657 462 462 Weighted Average Swap Price ($/bbl) $ 69.20 $ 54.40 $ 54.26 $ 54.92 $ 54.93 $ 58.75 $ 58.75 NYMEX WTI Crude Collars Average Volume Per Day (bbl) 20,245 12,917 11,126 8,152 4,891 Weighted Average Purchased Put Price ($/bbl) $ 64.56 $ 63.23 $ 61.48 $ 72.00 $ 70.00 Weighted Average Sold Call Price ($/bbl) $ 88.78 $ 79.67 $ 74.31 $ 89.91 $ 86.04 NYMEX WTI Crude CMA Roll Basis Swaps Average Volume Per Day (bbl) 3,804 Weighted Average Swap Price ($/bbl) $ 1.751 NYMEX HH Swaps Average Volume Per Day (MMBtu) 12,500 10,000 7,500 Weighted Average Swap Price ($/MMBtu) $ 3.793 $ 3.620 $ 3.690 NYMEX HH Collars Average Volume Per Day (MMBtu) 14,511 14,617 11,538 11,413 11,413 11,538 11,538 Weighted Average Purchased Put Price ($/MMBtu) $ 2.854 $ 6.561 $ 2.500 $ 2.500 $ 2.500 $ 2.500 $ 2.328 Weighted Average Sold Call Price ($/MMBtu) $ 3.791 $ 12.334 $ 2.682 $ 2.682 $ 2.682 $ 3.650 $ 3.000 OPIS Mt. Belv Ethane Swaps Average Volume per Day (gal) 27,717 98,901 34,239 34,239 34,615 Weighted Average Fixed Price ($/gal) $ 0.2500 $ 0.2288 $ 0.2275 $ 0.2275 $ 0.2275 _______________________ 1 NYMEX WTI refers to New York Mercantile Exchange West Texas Intermediate that serves as the benchmark for crude oil. NYMEX HH refers to NYMEX Henry Hub that serves as the benchmark for natural gas. OPIS Mt. Belv refers to Oil Price Information Service Mt. Belvieu that serves as the benchmark for ethane which represents a commodity proxy for NGLs.
Schedule of Impact of Derivative Activities on Condensed Consolidated Statements of Income and Cash Flows	The following table summarizes the effects of our derivative activities for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Interest Rate Swap gains (losses) recognized in the condensed consolidated statements of operations $ — $ (84) $ 64 $ (48) Commodity gains (losses) recognized in the condensed consolidated statements of operations 63,756 (21,000) (149,137) (119,631) $ 63,756 $ (21,084) $ (149,073) $ (119,679) Interest rate cash settlements recognized in the condensed consolidated statements of cash flows $ — $ (973) $ (1,415) $ (2,851) Commodity cash settlements and premiums paid recognized in the condensed consolidated statements of cash flows (55,302) (21,265) (157,809) (43,190) $ (55,302) $ (22,238) $ (159,224) $ (46,041)
Schedule of Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets	The following table summarizes the fair values of our derivative instruments, which we elect to present on a gross basis, as well as the locations of these instruments on our condensed consolidated balance sheets as of the dates presented: Fair Values September 30, 2022 December 31, 2021 Derivative Derivative Derivative Derivative Type Balance Sheet Location Assets Liabilities Assets Liabilities Interest rate contracts Derivative assets/liabilities – current $ — $ — $ — $ 1,480 Commodity contracts Derivative assets/liabilities – current 30,725 75,327 11,478 48,892 Interest rate contracts Derivative assets/liabilities – non-current — — — — Commodity contracts Derivative assets/liabilities – non-current 6,176 12,748 2,092 23,815 $ 36,901 $ 88,075 $ 13,570 $ 74,187

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	The following table summarizes our property and equipment as of the dates presented: September 30, 2022 December 31, 2021 Oil and gas properties (full cost accounting method): Proved $ 2,828,400 $ 2,327,686 Unproved 55,429 57,900 Total oil and gas properties 2,883,829 2,385,586 Other property and equipment 1 32,156 31,055 Total properties and equipment 2,915,985 2,416,641 Accumulated depreciation, depletion, amortization and impairments (1,204,618) (1,033,293) Total property and equipment, net $ 1,711,367 $ 1,383,348 _______________________

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table summarizes our debt obligations as of the dates presented: September 30, 2022 December 31, 2021 Credit Facility $ 215,000 $ 208,000 9.25% Senior Notes due 2026 400,000 400,000 Mortgage debt 1 — 8,438 Other 2 284 2,516 Total 615,284 618,954 Less: Unamortized discount 3 (3,227) (3,720) Less: Unamortized deferred issuance costs 3, 4 (8,559) (9,853) Total, net 603,498 605,381 Less: Current portion (41) (4,129) Long-term debt $ 603,457 $ 601,252 _______________________ 1 The mortgage debt related to the corporate office building and related other assets acquired in connection with the Lonestar Acquisition for which assets were held as collateral for such debt. As of December 31, 2021, these assets met the held for sale criteria and were classified as Assets held for sale on the condensed consolidated balance sheets. In July 2022, the mortgage debt was fully repaid in connection with the sale of the corporate office building. See Note 3 for additional information on the sale. 2 Other debt of $2.2 million was extinguished during the nine months ended September 30, 2022 and recorded as a gain on extinguishment of debt. 3 The discount and issuance costs of the 9.25% Senior Notes due 2026 are being amortized over its respective term using the effective-interest method. 4 Excludes issuance costs associated with the Credit Facility, which represents costs attributable to the access to credit over its contractual term, that have been presented as a component of Other assets (see Note 9) and are being amortized over the term of the Credit Facility using the straight-line method.

Supplemental Balance Sheet De_2

Supplemental Balance Sheet Detail (Tables)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Components of Selected Balance Sheet Accounts	The following table summarizes components of selected balance sheet accounts as of the dates presented: September 30, 2022 December 31, 2021 Prepaid and other current assets: Inventories 1 $ 10,504 $ 10,305 Prepaid expenses 2 2,545 10,693 $ 13,049 $ 20,998 Other assets: Deferred issuance costs of the Credit Facility, net of amortization $ 3,603 $ 3,308 Right-of-use assets – operating leases 1,083 1,671 Other — 38 $ 4,686 $ 5,017 Accounts payable and accrued liabilities: Trade accounts payable $ 31,135 $ 32,452 Drilling and other lease operating costs 81,225 35,045 Revenue and royalties payable 110,867 95,521 Production, ad valorem and other taxes 15,949 7,905 Derivative settlements to counterparties 5,991 6,117 Compensation and benefits 6,848 13,942 Interest 5,341 15,321 Environmental remediation liability 3 1,519 2,287 Current operating lease obligations 876 914 Other 4,613 4,877 $ 264,364 $ 214,381 Other non-current liabilities: Asset retirement obligations $ 8,691 $ 8,413 Non-current operating lease obligations 332 975 Postretirement benefit plan obligations 907 970 $ 9,930 $ 10,358 _______________________ 1 Includes tubular inventory and well materials of $9.9 million and $9.5 million and crude oil volumes in storage of $0.6 million and $0.8 million as of September 30, 2022 and December 31, 2021, respectively. 2 The balances as of September 30, 2022 and December 31, 2021 include $0.8 million and $9.6 million, respectively, for the prepayment of drilling and completion materials and services. 3 The balance as of September 30, 2022 and December 31, 2021 represents estimated costs associated with remediation activities for certain wells and tanks acquired as part of the Lonestar Acquisition; the remediation will be substantially complete in the fourth quarter of 2022.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables summarize the valuation of those assets and (liabilities) as of the dates presented: As of September 30, 2022 Level 1 Level 2 Level 3 Total Financial assets: Commodity derivative assets – current $ — $ 30,725 $ — $ 30,725 Commodity derivative assets – non-current — 6,176 — 6,176 Total financial assets $ — $ 36,901 $ — $ 36,901 Financial liabilities: Interest rate swap liabilities – current $ — $ — $ — $ — Commodity derivative liabilities – current — (75,327) — (75,327) Commodity derivative liabilities – non-current — (12,748) — (12,748) Total financial liabilities $ — $ (88,075) $ — $ (88,075) As of December 31, 2021 Level 1 Level 2 Level 3 Total Financial assets: Commodity derivative assets – current $ — $ 11,478 $ — $ 11,478 Commodity derivative assets – non-current — 2,092 — 2,092 Total financial assets $ — $ 13,570 $ — $ 13,570 Financial liabilities: Interest rate swap liabilities – current $ — $ (1,480) $ — $ (1,480) Commodity derivative liabilities – current — (48,892) — (48,892) Commodity derivative liabilities – non-current — (23,815) — (23,815) Total financial liabilities $ — $ (74,187) $ — $ (74,187)

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Supply Commitment	The following table provides details on these contractual arrangements as of September 30, 2022: Description of contractual arrangement Expiration Minimum Volume Expiration of Minimum Volume Commitment (MVC) Field gathering agreement February 2041 8,000 February 2031 Intermediate pipeline transportation services February 2026 8,000 February 2026 Volume capacity support April 2026 8,000 April 2026

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Change in Ownership Interest	The following table summarizes changes in the ownership interest in consolidated subsidiaries during the period: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income attributable to common shareholders $ 106,236 $ 17,387 $ 167,435 $ 6,860 Transfers from the noncontrolling interest, net 1 7,121 N/A 13,619 N/A Change from net income attributable to common shareholders and net transfers to Noncontrolling interest $ 113,357 $ 17,387 $ 181,054 $ 6,860 _____________________________________________ 1 The three and nine months ended September 30, 2022 includes a net transfer of $7.1 million and $13.6 million, respectively, from Noncontrolling interest for share repurchases and common stock issuances related to employees’ share-based compensation with a corresponding adjustment to Paid-in capital. This equity adjustment had no impact on earnings other than a resulting increase to the noncontrolling interest proportionate share of net income and a corresponding decrease to the proportionate share of net income attributable to common shareholders.

Share-Based Compensation and _2

Share-Based Compensation and Other Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Unit Activity	The table below summarizes activity for the nine months ended September 30, 2022 with respect to awarded RSUs: Time-Vested Weighted-Average Balance at January 1, 2022 230,517 $ 9.20 Granted 49,314 $ 35.07 Vested (111,479) $ 10.02 Forfeited (16,101) $ 12.12 Balance at September 30, 2022 152,251 $ 17.50 The table below summarizes activity for the nine months ended September 30, 2022 with respect to awarded PRSUs: Performance Restricted Stock Weighted-Average Balance at January 1, 2022 345,069 $ 16.20 Granted 180,217 $ 47.77 Vested (2,688) $ 18.24 Forfeited (11,516) $ 23.31 Balance at September 30, 2022 511,082 $ 27.16
Schedule of Valuation Assumptions	The ranges for the assumptions used in the Monte Carlo model for the PRSUs granted during 2022, 2021, 2020 and 2019 are presented as follows: 2022 2021 1 2020 1 2019 Expected volatility 134.98% to 138.75% 131.74% to 134.74% 101.32% to 117.71% 49.9 % Dividend yield 0.0 % 0.0 % 0.0 % 0.0 % Risk-free interest rate 2.59 % 0.22% to 0.29% 0.18% to 0.51% 1.66 % Performance period 2022-2024 2021-2023 2020-2022 2020-2022 _______________________ 1 One executive officer’s inducement award originally granted in August 2020 was amended in April 2021 to conform vesting conditions to other PRSU awards granted in 2021. The Monte Carlo assumptions for both years are included above.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Components of Calculation of Basic and Diluted Earnings Per Share	The following table provides a reconciliation of the components used in the calculation of basic and diluted earnings (loss) per share for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net income $ 227,585 $ 43,063 $ 354,964 $ 30,638 Net income attributable to Noncontrolling interest (121,349) (25,676) (187,529) (23,778) Net income attributable to common shareholders for Basic EPS 106,236 17,387 167,435 6,860 Adjustment for assumed conversions and elimination of Noncontrolling interest net income 785 25,676 1,154 23,778 Net income attributable to common shareholders for Diluted EPS $ 107,021 $ 43,063 $ 168,589 $ 30,638 Denominator: Weighted average shares outstanding used in Basic EPS 19,741 15,319 20,573 15,298 Effect of dilutive securities: Common Units and Series A Preferred Stock or Class B Common Stock, as applicable, that are exchangeable for common shares 1, 2 — — — — RSUs and PRSUs 600 394 582 371 Weighted average shares outstanding used in Diluted EPS 2 20,341 15,713 21,155 15,669 _______________________ 1 In connection with the Juniper Transactions in January 2021, we issued shares of Series A Preferred Stock. In October 2021, the Company effected a recapitalization and the Series A Preferred Stock were exchanged with Class B Common Stock and the designation of the Series A Preferred Stock was cancelled. 2 For the three and nine months ended September 30, 2022, approximately 22.5 million potentially dilutive Common Units (and the associated 22.5 million Class B Common Stock) had the effect of being anti-dilutive and were excluded from the calculation of earnings per share. For the three and nine months ended September 30, 2021, approximately 22.5 million potentially dilutive securities represented by approximately 22.5 million Common Units (and the associated approximately 0.2 million shares of Series A Preferred Stock).

Organization and Description _2

Organization and Description of Business (Details) $ / shares in Units, $ in Millions		9 Months Ended
	Jan. 15, 2021 USD ($)	Sep. 30, 2022 segment $ / shares	Dec. 31, 2021 $ / shares	Oct. 31, 2021 $ / shares	Oct. 05, 2021 $ / shares
Juniper Transaction Table [Line Items]
Number of reportable segments | segment		1
Number of operating segments | segment		1
Common stock, par value (in dollars per share) | $ / shares					$ 0.01
Common Class A
Juniper Transaction Table [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01	$ 0.01
Juniper Transaction
Juniper Transaction Table [Line Items]
Proceeds from contributed capital | $	$ 150

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Noncontrolling Interest [Line Items]
Common unit conversion ratio	1
Cash, cash equivalents and restricted cash	$ 20,344	$ 23,681	$ 446,769	$ 13,020
Cash			35,300
Restricted cash, current			15,400
Restricted cash, non current			$ 396,100
Ranger Oil Corporation
Noncontrolling Interest [Line Items]
Ownership percentage	46.30%	48.30%
Ranger Oil Corporation | GP LLC
Noncontrolling Interest [Line Items]
Ownership percentage	100%
Ranger Oil Corporation | Common Units
Noncontrolling Interest [Line Items]
Investment owned (in shares) | shares	19,422,156	21,090,259
Juniper Transaction
Noncontrolling Interest [Line Items]
Ownership percentage by noncontrolling owners	53.70%	51.70%
Juniper Transaction | Common Units
Noncontrolling Interest [Line Items]
Investment owned (in shares) | shares	22,548,998	22,548,998

Acquisitions and Dispositions -

Acquisitions and Dispositions - Narrative (Details) $ / shares in Units, $ in Millions			3 Months Ended
	Jul. 22, 2022 USD ($)	Oct. 05, 2021 USD ($) $ / shares	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)
Business Acquisition [Line Items]
Gross proceeds from sale of property	$ 11
Costs from sale of property	0.8
Mortgage debt and accrued interest from sale of property	8.4
Proceeds from sale of property, net	$ 1.8
Lonestar
Business Acquisition [Line Items]
Acquisition, share ratio		0.51
Acquisition, share price (in dollars per share) | $ / shares		$ 30.19
Acquisition, share value		$ 173.6
Acquisition, transaction costs				$ 2
Eagle Ford Shale
Business Acquisition [Line Items]
Adjusted purchase price			$ 129.8

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Schedule of Pro Forma Information (Details) - Lonestar - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Business Acquisition [Line Items]
Total revenues	$ 200,995	$ 500,087
Net income (loss) attributable to common shareholders	$ 12,531	$ (19,174)

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Customers	$ 123,493	$ 96,195
Joint interest partners	22,964	21,755
Derivative settlements from counterparties	1,619	1,037
Other	99	18
Total	148,175	119,005
Less: Allowance for credit losses	(352)	(411)
Accounts receivable, net of allowance for credit losses	$ 147,823	$ 118,594

Derivative Instruments - Commod

Derivative Instruments - Commodity Derivative Positions (Details)	Sep. 30, 2022 bbl $ / bbl
Crude oil | Swap | Fourth Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	3,000
Derivative, Swap Type, Average Fixed Price	69.20
Crude oil | Swap | First Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	2,500
Derivative, Swap Type, Average Fixed Price	54.40
Crude oil | Swap | Second Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	2,400
Derivative, Swap Type, Average Fixed Price	54.26
Crude oil | Swap | Third Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	2,807
Derivative, Swap Type, Average Fixed Price	54.92
Crude oil | Swap | Fourth Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	2,657
Derivative, Swap Type, Average Fixed Price	54.93
Crude oil | Swap | First Quarter 2024
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	462
Derivative, Swap Type, Average Fixed Price	58.75
Crude oil | Swap | Second Quarter 2024
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	462
Derivative, Swap Type, Average Fixed Price	58.75
Crude oil | 2-Way Collars | Fourth Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	20,245
Derivative, Average Floor Price	64.56
Derivative, Average Cap Price	88.78
Crude oil | 2-Way Collars | First Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	12,917
Derivative, Average Floor Price	63.23
Derivative, Average Cap Price	79.67
Crude oil | 2-Way Collars | Second Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	11,126
Derivative, Average Floor Price	61.48
Derivative, Average Cap Price	74.31
Crude oil | 2-Way Collars | Third Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	8,152
Derivative, Average Floor Price	72
Derivative, Average Cap Price	89.91
Crude oil | 2-Way Collars | Fourth Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	4,891
Derivative, Average Floor Price	70
Derivative, Average Cap Price	86.04
Crude oil | 2-Way Collars | First Quarter 2024
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl
Derivative, Average Floor Price
Derivative, Average Cap Price
Crude oil | CMA Roll Basis Swap | Fourth Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	3,804
Derivative, CMA Roll Basis Swap, Price	1.751
Crude oil | CMA Roll Basis Swap | First Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl
Derivative, CMA Roll Basis Swap, Price
Natural Gas | Swap | Fourth Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	12,500
Derivative, Swap Type, Average Fixed Price	3.793
Natural Gas | Swap | First Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	10,000
Derivative, Swap Type, Average Fixed Price	3.620
Natural Gas | Swap | Second Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	7,500
Derivative, Swap Type, Average Fixed Price	3.690
Natural Gas | Swap | Third Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl
Derivative, Swap Type, Average Fixed Price
Natural Gas | 2-Way Collars | Fourth Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	14,511
Derivative, Average Floor Price	2.854
Derivative, Average Cap Price	3.791
Natural Gas | 2-Way Collars | First Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	14,617
Derivative, Average Floor Price	6.561
Derivative, Average Cap Price	12.334
Natural Gas | 2-Way Collars | Second Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	11,538
Derivative, Average Floor Price	2.500
Derivative, Average Cap Price	2.682
Natural Gas | 2-Way Collars | Third Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	11,413
Derivative, Average Floor Price	2.500
Derivative, Average Cap Price	2.682
Natural Gas | 2-Way Collars | Fourth Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	11,413
Derivative, Average Floor Price	2.500
Derivative, Average Cap Price	2.682
Natural Gas | 2-Way Collars | First Quarter 2024
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	11,538
Derivative, Average Floor Price	2.500
Derivative, Average Cap Price	3.650
Natural Gas | 2-Way Collars | Second Quarter 2024
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	11,538
Derivative, Average Floor Price	2.328
Derivative, Average Cap Price	3
Natural gas liquids | Swap | Fourth Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	27,717
Derivative, Swap Type, Average Fixed Price	0.2500
Natural gas liquids | Swap | First Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl
Derivative, Swap Type, Average Fixed Price
Natural gas liquids | Swap | Second Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	98,901
Derivative, Swap Type, Average Fixed Price	0.2288
Natural gas liquids | Swap | Third Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	34,239
Derivative, Swap Type, Average Fixed Price	0.2275
Natural gas liquids | Swap | Fourth Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	34,239
Derivative, Swap Type, Average Fixed Price	0.2275
Natural gas liquids | Swap | First Quarter 2024
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	34,615
Derivative, Swap Type, Average Fixed Price	0.2275
Natural gas liquids | Swap | Second Quarter 2024
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl
Derivative, Swap Type, Average Fixed Price

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ in Thousands	Sep. 30, 2022 USD ($) customer	May 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative liabilities	$ 88,075		$ 74,187
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, notional amount		$ 300,000
Derivative, average fixed interest rate	1.36%
Commodity contracts
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative liabilities	$ 51,200
Number of derivative counterparties | customer	7

Derivative Instruments - Impact

Derivative Instruments - Impact of Derivative Activities on Condensed Consolidated Statements of Income and Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swap gains (losses) recognized in the condensed consolidated statements of operations	$ 0	$ (84)	$ 64	$ (48)
Commodity gains (losses) recognized in the condensed consolidated statements of operations	63,756	(21,000)	(149,137)	(119,631)
Derivative gains (losses)	63,756	(21,084)	(149,073)	(119,679)
Interest rate cash settlements recognized in the condensed consolidated statements of cash flows	0	(973)	(1,415)	(2,851)
Commodity cash settlements and premiums paid recognized in the condensed consolidated statements of cash flows	(55,302)	(21,265)	(157,809)	(43,190)
Cash settlements and premiums paid, net	$ (55,302)	$ (22,238)	$ (159,224)	$ (46,041)

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative assets	$ 30,725	$ 11,478
Derivative liabilities	75,327	50,372
Derivative assets	6,176	2,092
Derivative liabilities	12,748	23,815
Derivative assets	36,901	13,570
Derivative liabilities	88,075	74,187
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Derivative liabilities	0	1,480
Derivative assets	0	0
Derivative liabilities	0	0
Commodity contracts
Derivatives, Fair Value [Line Items]
Derivative assets	30,725	11,478
Derivative liabilities	75,327	48,892
Derivative assets	6,176	2,092
Derivative liabilities	12,748	$ 23,815
Derivative liabilities	$ 51,200

Property and Equipment, Net - S

Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Oil and gas properties (full cost accounting method):
Proved	$ 2,828,400	$ 2,327,686
Unproved	55,429	57,900
Total oil and gas properties	2,883,829	2,385,586
Other property and equipment	32,156	31,055
Total properties and equipment	2,915,985	2,416,641
Accumulated depreciation, depletion, amortization and impairments	(1,204,618)	(1,033,293)
Total property and equipment, net	1,711,367	$ 1,383,348
Assets held for sale	$ 1,200

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details)	3 Months Ended					6 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) $ / bbl	Sep. 30, 2022 USD ($) $ / bbl $ / bbl	Sep. 30, 2022 USD ($) $ / Mcf $ / bbl	Sep. 30, 2021 USD ($) $ / bbl	Mar. 31, 2021 USD ($)	Jun. 30, 2022 $ / bbl	Jun. 30, 2022 $ / Mcf	Sep. 30, 2022 USD ($) $ / bbl	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($) $ / bbl
Property, Plant and Equipment [Line Items]
Unproved oil and gas property excluded	$ 55,400,000	$ 55,400,000	$ 55,400,000					$ 55,400,000	$ 57,900,000
Undeveloped leasehold costs transferred								8,700,000		$ 13,800,000
Capitalized costs, proved properties	$ 4,000,000	$ 4,000,000	$ 4,000,000	$ 2,800,000				4,000,000		2,800,000
Interest costs capitalized								$ (3,300,000)		$ (2,600,000)
Amortization expense per physical unit of production | $ / bbl	15.84	15.84	15.84	12.96				15.84		12.96
Impairments of oil and gas properties	$ 0			$ 0				$ 0		$ 1,811,000
West Texas Intermediate
Property, Plant and Equipment [Line Items]
Oil price per barrel (in dollars per barrel)		77	6			120	9
Impairments of oil and gas properties	$ 0				$ 1,800,000			$ 0	$ 0

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Aug. 10, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 615,284		$ 615,284		$ 618,954
Less: Unamortized discount	(3,227)		(3,227)		(3,720)
Less: Unamortized deferred issuance costs	(8,559)		(8,559)		(9,853)
Total, net	603,498		603,498		605,381
Less: Current portion	(41)		(41)		(4,129)
Long-term debt, net	603,457		603,457		601,252
Gain (loss) on extinguishment of debt	0	$ 0	2,157	$ (1,231)
Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	215,000		215,000		208,000
Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	400,000		400,000		400,000
Senior Notes | Senior Notes Due 2026
Debt Instrument [Line Items]
Interest rate						9.25%
Mortgage debt
Debt Instrument [Line Items]
Long-term debt, gross	0		0		8,438
Other
Debt Instrument [Line Items]
Long-term debt, gross	$ 284		284		$ 2,516
Gain (loss) on extinguishment of debt			$ 2,200

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 27, 2022	Sep. 26, 2022	Jun. 01, 2022	May 31, 2022	Sep. 30, 2021	Aug. 10, 2021
Debt Disclosure [Line Items]
Current ratio	1
Debt to EBITD ratio, maximum	3.50
Debt issuance costs, line of credit arrangements, gross	$ 800,000					$ 700,000
Senior notes							$ 400,000,000
Senior notes, redemption percentage							99.018%
Revolving Credit Facility
Debt Disclosure [Line Items]
Line of credit facility, interest rate at period end	5.63%
Commitment fee	0.50%
Revolving Credit Facility | Minimum
Debt Disclosure [Line Items]
Interest rate	1.50%
Revolving Credit Facility | Maximum
Debt Disclosure [Line Items]
Interest rate	2.50%
Revolving Credit Facility | Interest Payable One
Debt Disclosure [Line Items]
Debt instrument, interest payable period	1 month
Revolving Credit Facility | Interest Payable Two
Debt Disclosure [Line Items]
Debt instrument, interest payable period	3 months
Revolving Credit Facility | Interest Payable Three
Debt Disclosure [Line Items]
Debt instrument, interest payable period	6 months
Revolving Credit Facility | LIBOR | Minimum
Debt Disclosure [Line Items]
Applicable margin	2.50%
Revolving Credit Facility | LIBOR | Maximum
Debt Disclosure [Line Items]
Applicable margin	3.50%
Line of Credit | Revolving Credit Facility
Debt Disclosure [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,000,000,000
Line of credit facility, current borrowing capacity	500,000,000	$ 500,000,000	$ 400,000,000
Outstanding borrowings	215,000,000
Letters of credit outstanding	700,000
Remaining borrowing capacity	284,300,000
Letter of Credit
Debt Disclosure [Line Items]
Line of credit facility, maximum borrowing capacity	25,000,000
Revolving Credit Facility | Line of Credit
Debt Disclosure [Line Items]
Line of credit facility, borrowing base	$ 950,000,000	$ 950,000,000		$ 875,000,000	$ 725,000,000
Senior Notes Due 2026 | Senior Notes
Debt Disclosure [Line Items]
Interest rate							9.25%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (2,100,000)	$ (500,000)	$ (3,200,000)	$ (400,000)
Change in deferred tax assets valuation allowance, percent			0.90%	1.30%
Net deferred tax liability	5,000,000		$ 5,000,000
Unrecognized tax benefits	$ 0		0		$ 0
Income tax examination, penalties and interest expense			$ 0	$ 0

Supplemental Balance Sheet De_3

Supplemental Balance Sheet Detail (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Prepaid and other current assets:
Inventories	$ 10,504	$ 10,305
Prepaid expenses	2,545	10,693
Prepaid and other current assets	13,049	20,998
Other assets:
Deferred issuance costs of the Credit Facility, net of amortization	3,603	3,308
Right-of-use assets – operating leases	1,083	1,671
Other	0	38
Other assets	4,686	5,017
Accounts payable and accrued liabilities:
Trade accounts payable	31,135	32,452
Drilling and other lease operating costs	81,225	35,045
Revenue and royalties payable	110,867	95,521
Production, ad valorem and other taxes	15,949	7,905
Derivative settlements to counterparties	5,991	6,117
Compensation and benefits	6,848	13,942
Interest	5,341	15,321
Environmental remediation liability	1,519	2,287
Current operating lease obligations	876	914
Other	4,613	4,877
Accounts payable and accrued liabilities	264,364	214,381
Other non-current liabilities:
Asset retirement obligations	8,691	8,413
Non-current operating lease obligations	332	975
Postretirement benefit plan obligations	907	970
Other non-current liabilities	9,930	10,358
Tubular inventory and well materials	9,900	9,500
Capitalized costs - crude oil in storage	600	800
Drilling and completion prepayment	$ 800	$ 9,600

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Aug. 10, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, gross	$ 615,284	$ 618,954
Long-term debt, fair value	548,700	634,600
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, gross	$ 400,000	$ 400,000
Senior Notes Due 2026 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate			9.25%

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financial assets:
Commodity derivative assets – current	$ 30,725	$ 11,478
Commodity derivative assets – non-current	6,176	2,092
Derivative assets	36,901	13,570
Financial liabilities:
Derivative liabilities – current	(75,327)	(50,372)
Derivative liabilities, noncurrent	(12,748)	(23,815)
Derivative liabilities	(88,075)	(74,187)
Fair Value, Measurements, Recurring
Financial assets:
Derivative assets	36,901	13,570
Financial liabilities:
Derivative liabilities	(88,075)	(74,187)
Commodity contracts
Financial assets:
Commodity derivative assets – current	30,725	11,478
Commodity derivative assets – non-current	6,176	2,092
Financial liabilities:
Derivative liabilities – current	(75,327)	(48,892)
Derivative liabilities, noncurrent	(12,748)	(23,815)
Derivative liabilities	(51,200)
Commodity contracts | Fair Value, Measurements, Recurring
Financial assets:
Commodity derivative assets – current	30,725	11,478
Commodity derivative assets – non-current	6,176	2,092
Financial liabilities:
Derivative liabilities – current	(75,327)	(48,892)
Derivative liabilities, noncurrent	(12,748)	(23,815)
Interest Rate Swap
Financial assets:
Commodity derivative assets – current	0	0
Commodity derivative assets – non-current	0	0
Financial liabilities:
Derivative liabilities – current	0	(1,480)
Derivative liabilities, noncurrent	0	0
Interest Rate Swap | Fair Value, Measurements, Recurring
Financial liabilities:
Derivative liabilities – current	0	(1,480)
Level 1 | Fair Value, Measurements, Recurring
Financial assets:
Derivative assets	0	0
Financial liabilities:
Derivative liabilities	0	0
Level 1 | Commodity contracts | Fair Value, Measurements, Recurring
Financial assets:
Commodity derivative assets – current	0	0
Commodity derivative assets – non-current	0	0
Financial liabilities:
Derivative liabilities – current	0	0
Derivative liabilities, noncurrent	0	0
Level 1 | Interest Rate Swap | Fair Value, Measurements, Recurring
Financial liabilities:
Derivative liabilities – current	0	0
Level 2 | Fair Value, Measurements, Recurring
Financial assets:
Derivative assets	36,901	13,570
Financial liabilities:
Derivative liabilities	(88,075)	(74,187)
Level 2 | Commodity contracts | Fair Value, Measurements, Recurring
Financial assets:
Commodity derivative assets – current	30,725	11,478
Commodity derivative assets – non-current	6,176	2,092
Financial liabilities:
Derivative liabilities – current	(75,327)	(48,892)
Derivative liabilities, noncurrent	(12,748)	(23,815)
Level 2 | Interest Rate Swap | Fair Value, Measurements, Recurring
Financial liabilities:
Derivative liabilities – current	0	(1,480)
Level 3 | Fair Value, Measurements, Recurring
Financial assets:
Derivative assets	0	0
Financial liabilities:
Derivative liabilities	0	0
Level 3 | Commodity contracts | Fair Value, Measurements, Recurring
Financial assets:
Commodity derivative assets – current	0	0
Commodity derivative assets – non-current	0	0
Financial liabilities:
Derivative liabilities – current	0	0
Derivative liabilities, noncurrent	0	0
Level 3 | Interest Rate Swap | Fair Value, Measurements, Recurring
Financial liabilities:
Derivative liabilities – current	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) rig	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) rig bbl	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Drilling rig, contract period			2 years
Unrecorded unconditional purchase obligation, change of amount as result of variable components (in dollars per barrel)	$ 90		$ 90
Unrecorded unconditional purchase obligation, purchases	11,100,000	$ 9,200,000	31,900,000	$ 26,300,000
Estimated litigation liability, current	100,000		100,000		$ 100,000
Asset retirement obligation	8,700,000		8,700,000		8,400,000
Environmental remediation liability	$ 1,519,000		$ 1,519,000		$ 2,287,000
Drilling Rig With Two Year Contract
Commitments and Contingencies Disclosure [Line Items]
Drilling rigs | rig	1		1
Drilling Rig With Contractual Term
Commitments and Contingencies Disclosure [Line Items]
Drilling rigs | rig	2		2
Crude Oil Gathering And Transportation Services
Commitments and Contingencies Disclosure [Line Items]
Purchase obligation, remainder of 2022	$ 3,500,000		$ 3,500,000
Purchase obligation, year 2023	13,900,000		13,900,000
Purchase obligation, year 2024	13,900,000		13,900,000
Purchase obligation, year 2025	13,900,000		13,900,000
Purchase obligation, year 2026	7,800,000		7,800,000
Purchase obligation, year 2027	3,800,000		3,800,000
Purchase obligation, year 2028	3,800,000		3,800,000
Purchase obligation, year 2029	3,800,000		3,800,000
Purchase obligation, year 2030	3,800,000		3,800,000
Purchase obligation, year 2031	$ 600,000		$ 600,000
Intermediate pipeline transportation services
Commitments and Contingencies Disclosure [Line Items]
Number of barrels | bbl			8,000
Field gathering agreement
Commitments and Contingencies Disclosure [Line Items]
Number of barrels | bbl			8,000
Gonzales, Lavaca and Fayette Counties, Texas | Intermediate pipeline transportation services
Commitments and Contingencies Disclosure [Line Items]
Number of barrels | bbl			20,000
Gonzales, Lavaca and Fayette Counties, Texas | Field gathering agreement
Commitments and Contingencies Disclosure [Line Items]
Number of barrels | bbl			20,000
Nuevo G&T | Crude Oil Storage Capacity
Commitments and Contingencies Disclosure [Line Items]
Number of barrels | bbl			180,000
Nuevo G&T | Tank Capacity
Commitments and Contingencies Disclosure [Line Items]
Number of barrels | bbl			70,000

Commitments and Contingencies_2

Commitments and Contingencies - Purchase Commitment, Excluding Long-term Commitment (Details)	9 Months Ended
	Sep. 30, 2022 bbl
Field gathering agreement
Commitments and Contingencies Disclosure [Line Items]
Number of barrels	8,000
Intermediate pipeline transportation services
Commitments and Contingencies Disclosure [Line Items]
Number of barrels	8,000
Volume capacity support
Commitments and Contingencies Disclosure [Line Items]
Number of barrels	8,000

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details)		3 Months Ended	9 Months Ended
	Oct. 06, 2021 shares	Sep. 30, 2022 USD ($) class $ / shares shares	Sep. 30, 2022 USD ($) class $ / shares shares	Jul. 07, 2022 USD ($)	Jun. 30, 2022 shares	Apr. 13, 2022 USD ($)	Mar. 31, 2022 shares	Dec. 31, 2021 $ / shares shares	Oct. 31, 2021 $ / shares	Oct. 05, 2021 $ / shares shares	Sep. 30, 2021 shares	Jun. 30, 2021 shares	Mar. 31, 2021 shares	Dec. 31, 2020 shares
Subsidiary, Sale of Stock [Line Items]
Capital stock, authorized (in shares)	145,000,000									115,000,000
Common stock, authorized (in shares)										110,000,000
Common stock, par value (in dollars per share) | $ / shares										$ 0.01
Preferred stock, shares authorized (in shares)		5,000,000	5,000,000
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Preferred stock, shares outstanding (in shares)		0	0
Number of common stock classes | class		2	2
Preferred stock, issued (in shares)		0	0
Common stock dividend paid | $		$ 1,543,000
Treasury stock, acquired (in shares)		1,074,960	1,755,836
Treasury stock, acquired | $		$ 35,000,000	$ 60,000,000
Treasury stock, acquired, average cost per share (in dollars per share) | $ / shares		$ 32.58	$ 34.19
Remaining authorized repurchase amount | $		$ 80,000,000	$ 80,000,000
Limited Partner
Subsidiary, Sale of Stock [Line Items]
Transfers (to) from the noncontrolling interest, net | $		$ 7,121,000	$ 13,619,000
Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, outstanding (in shares)											15,331,000	15,312,000	15,310,000	15,200,000
Preferred Class A
Subsidiary, Sale of Stock [Line Items]
Preferred stock, shares authorized (in shares)										5,000,000
Preferred stock, par value (in dollars per share) | $ / shares										$ 0.01
Preferred stock, shares outstanding (in shares)	225,489.98
Common Class B
Subsidiary, Sale of Stock [Line Items]
Common stock, authorized (in shares)	30,000,000	30,000,000	30,000,000					30,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01					$ 0.01	$ 0.01
Common stock, par value, liquidation (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Common stock, issued (in shares)		22,548,998	22,548,998					22,548,998
Common stock, outstanding (in shares)		22,548,998	22,548,998					22,548,998
Common Class B | Common Stock
Subsidiary, Sale of Stock [Line Items]
Stock issued during period (in shares)	22,548,998
Common stock, outstanding (in shares)		22,549,000	22,549,000		22,549,000		22,549,000	22,549,000
Common Class A
Subsidiary, Sale of Stock [Line Items]
Common stock, authorized (in shares)		110,000,000	110,000,000					110,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01					$ 0.01	$ 0.01
Common stock, issued (in shares)		19,422,156	19,422,156					21,090,259
Common stock, outstanding (in shares)		19,422,156	19,422,156					21,090,259
Cash dividend declared (in dollars per share) | $ / shares		$ 0.075
Common stock dividend paid | $		$ 3,200,000
Stock repurchase program, authorized amount | $				$ 140,000,000		$ 100,000,000
Common Class A | Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, outstanding (in shares)		19,422,000	19,422,000		20,483,000		21,146,000	21,090,000

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Change in Ownership Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Subsidiary, Sale of Stock [Line Items]
Net income attributable to common shareholders	$ 106,236	$ 17,387	$ 167,435	$ 6,860
Limited Partner
Subsidiary, Sale of Stock [Line Items]
Net income attributable to common shareholders	106,236	17,387	167,435	6,860
Transfers (to) from the noncontrolling interest, net	7,121		13,619
Change from net income attributable to common shareholders and net transfers to Noncontrolling interest	$ 113,357	$ 17,387	$ 181,054	$ 6,860

Share-Based Compensation and _3

Share-Based Compensation and Other Benefit Plans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 1,300	$ 1,000	$ 4,327	$ 4,179
Defined contribution plan, cost	100	200	500	500
Other Pension, Postretirement and Supplemental Plans
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Pension and other postretirement benefits cost (reversal of cost), less than	$ 100	$ 100	$ 100	100
Restricted Stock Units (RSUs)
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Number of shares available for grant (in shares)	811,573		811,573
Award vesting period			3 years
Cost not yet recognized, amount	$ 2,000		$ 2,000
Cost not yet recognized, period for recognition			1 year 10 months 20 days
Performance Shares
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Number of shares authorized (in shares)	664,414		664,414
Award vesting period			3 years
Cost not yet recognized, amount	$ 9,200		$ 9,200
Cost not yet recognized, period for recognition			1 year 11 months 4 days
Performance Shares | Minimum
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Award vesting period			1 year
Shares expected to vest, percentage			0%
Performance Shares | Maximum
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Award vesting period			3 years
Shares expected to vest, percentage			200%
Change in Control
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation				$ 1,900
Employees and Directors
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Number of shares available for grant (in shares)	4,424,600		4,424,600

Share-Based Compensation and _4

Share-Based Compensation and Other Benefit Plans - Summary of Restricted Stock Unit Activity (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Restricted Stock Units (RSUs)
Time-Vested Restricted Stock Units
Balance at beginning of period (in shares) | shares	230,517
Granted (in shares) | shares	49,314
Vested (in shares) | shares	(111,479)
Forfeited (in shares) | shares	(16,101)
Balance at end of period (in shares) | shares	152,251
Weighted-Average Grant Date Fair Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 9.20
Granted (in dollars per share) | $ / shares	35.07
Vested (in dollars per share) | $ / shares	10.02
Forfeited (in shares) | $ / shares	12.12
Balance at end of period (in shares) | $ / shares	$ 17.50
Performance Shares
Time-Vested Restricted Stock Units
Balance at beginning of period (in shares) | shares	345,069
Granted (in shares) | shares	180,217
Vested (in shares) | shares	(2,688)
Forfeited (in shares) | shares	(11,516)
Balance at end of period (in shares) | shares	511,082
Weighted-Average Grant Date Fair Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 16.20
Granted (in dollars per share) | $ / shares	47.77
Vested (in dollars per share) | $ / shares	18.24
Forfeited (in shares) | $ / shares	23.31
Balance at end of period (in shares) | $ / shares	$ 27.16

Share-Based Compensation and _5

Share-Based Compensation and Other Benefit Plans - Schedule of Valuation Assumptions (Details) - Performance Shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Expected volatility				49.90%
Dividend yield	0%	0%	0%	0%
Risk-free interest rate	2.59%			1.66%
Risk-free interest rate, minimum		0.22%	0.18%
Risk-free interest rate, maximum		0.29%	0.51%
Minimum
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Expected volatility	134.98%	131.74%	101.32%
Maximum
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Expected volatility	138.75%	134.74%	117.71%

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - $ / shares	Sep. 30, 2022	Dec. 31, 2021	Oct. 31, 2021	Oct. 05, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Common stock, par value (in dollars per share)				$ 0.01
Preferred stock, par value (in dollars per share)	$ 0.01
Common Class B
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Common stock, par value (in dollars per share)	0.01	$ 0.01	$ 0.01
Series A Preferred Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01

Earnings Per Share - Components

Earnings Per Share - Components of Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income	$ 227,585	$ 148,040	$ (20,661)	$ 43,063	$ 7,596	$ (20,021)	$ 354,964	$ 30,638
Net income attributable to Noncontrolling interest	(121,349)			(25,676)			(187,529)	(23,778)
Net income attributable to common shareholders for Basic EPS	106,236			17,387			167,435	6,860
Adjustment for assumed conversions and elimination of Noncontrolling interest net income	785			25,676			1,154	23,778
Net income attributable to common shareholders for Diluted EPS	$ 107,021			$ 43,063			$ 168,589	$ 30,638
Denominator:
Weighted-average shares – basic (in shares)	19,741			15,319			20,573	15,298
Effect of dilutive securities:
Common Units and Series A Preferred Stock that are exchangeable for common shares (in shares)	0			0			0	0
RSUs and PRSUs (in shares)	600			394			582	371
Weighted average shares outstanding used in Diluted EPS (in shares)	20,341			15,713			21,155	15,669
Antidilutive securities excluded from computation of earnings per share (in shares)				22,500				22,500
Common Units
Effect of dilutive securities:
Antidilutive securities excluded from computation of earnings per share (in shares)	22,500			22,500			22,500	22,500
Common Class B
Effect of dilutive securities:
Antidilutive securities excluded from computation of earnings per share (in shares)	22,500						22,500
Series A Preferred Stock
Effect of dilutive securities:
Antidilutive securities excluded from computation of earnings per share (in shares)								200

Subsequent Events (Details)

Subsequent Events (Details) - Common Class A - $ / shares		3 Months Ended
	Nov. 02, 2022	Sep. 30, 2022
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)		$ 0.075
Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)	$ 0.075