Ranger Oil Corporation
| Company type | Public (formerly) |
|---|---|
| Industry | Oil and gas industry |
| Predecessor | Penn Virginia Corporation |
| Founded | 1882 |
| Headquarters | Houston, Texas , United States |
Area served | United States (onshore) |
| Products | Oil, natural gas liquids (NGLs), natural gas |
| Website | www |
Ranger Oil Corporation (previously known as Penn Virginia Corporation) operates as an independent entity within the oil and gas sector, concentrating on the exploration, development, and extraction of oil, natural gas liquids (NGLs), and natural gas across onshore U.S. locations, with a primary emphasis on the Eagle Ford Shale formation in South Texas. The company shifted its corporate headquarters from Radnor, Pennsylvania to Houston, Texas and continues to manage operational sites throughout Texas.
In early 2016, the New York Stock Exchange (NYSE) initiated delisting procedures against Penn Virginia, leading to its transition to trading on the OTC Pink. By May of that year, the corporation sought Chapter 11 bankruptcy protection to reorganize its financial structure with backing from its secured debt investors.
History
The roots of Penn Virginia date back to 1882 with the establishment of the Virginia Coal & Iron Co. (VC&I) by Philadelphia entrepreneur John Leisenring, Jr., whose family was historically connected to the anthracite coal industry in the Lehigh Valley. Leisenring secured significant coal property rights covering approximately in southwestern Virginia near the borders of Kentucky and Tennessee, lands formerly held by Confederate General John D. Imboden.
The company’s operational division, Stonega Coke & Coal Co., was founded in 1902. In 1917, VC&I acquired a controlling interest in Westmoreland Coal. The firm adopted the Penn Virginia Corporation name in 1967 and initially diversified before concentrating on oil and gas asset acquisitions during the 1980s. Penn Virginia made its debut on the NYSE in 1997.
Beginning in 2001, the company underwent restructuring by spinning off its coal and pipeline operations into Penn Virginia Resources. In 2006, it established Penn Virginia GP Holdings, L.P., which was completely divested by 2010. A merger between Penn Virginia Resources and Penn Virginia GP Holdings occurred in 2011, resulting in the formation of PVR Partners, L.P.; this entity merged with Regency Energy Partners in 2014, which was subsequently acquired by Energy Transfer Partners in 2015.
On July 12, 2021, Penn Virginia completed the acquisition of Lonestar Resources, an oil and natural gas firm based in Fort Worth, for $370 million and rebranded itself as Ranger Oil Corporation shortly thereafter.
In June 2023, Baytex Energy finalized a $2.2 billion purchase of Ranger Oil.
External links
- Oil companies of the United States
- Natural gas companies of the United States
- Companies based in Philadelphia
- Radnor Township, Pennsylvania
- American companies established in 1882
- Energy companies established in 1882
- Non-renewable resource companies established in 1882
- 1882 establishments in Pennsylvania
- Companies that filed for Chapter 11 bankruptcy in 2016
- Companies formerly listed on the New York Stock Exchange