Range Provides 2018 Capital Spending and Operational Update
07 January 2019 - 11:00PM
RANGE RESOURCES CORPORATION (NYSE:
RRC) today announced that 2018 capital spending is
currently estimated to be approximately $20 million below the $941
million budgeted for the year. The Company’s 2018 program was
better than budget as a result of savings from a variety of
sources, including drilling efficiencies and water recycling.
Separately, the Company announced that the
Houston natural gas processing and NGL fractionation facility and
the Harmon Creek processing facility, both operated in Pennsylvania
by MarkWest, have been returned to service following an operational
issue at the Houston facility that required the extended
curtailment of both processing complexes. As a result of MarkWest’s
operational downtime, Range lost approximately 10 Bcfe of
production and expects that production for the fourth quarter of
2018 was approximately 2.15 Bcfe per day.
As planned, the Company generated free cash flow
in the fourth quarter of 2018 with efficiencies realized in the
2018 capital spending program expected to offset a majority of the
cash flow impact from processing downtime.
RANGE RESOURCES CORPORATION (NYSE:
RRC) is a leading U.S. independent natural gas, NGL and
oil producer with operations focused in stacked-pay projects in the
Appalachian Basin and North Louisiana. The Company pursues an
organic growth strategy targeting high return, low-cost projects
within its large inventory of low risk development drilling
opportunities. The Company is headquartered in Fort Worth, Texas.
More information about Range can be found at
www.rangeresources.com.
This release contains certain “forward-looking
statements” within the meaning of federal securities laws,
including within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 that are not
limited to historical facts, but reflect Range’s current beliefs,
expectations or intentions regarding future events. Words
such as “may,” “will,” “could,” “should,” “expects,” “plan,”
“project,” “intend,” “anticipate,” “believe,” “outlook”,
“estimate,” “predict,” and similar expressions are intended to
identify such forward-looking statements.
All statements, except for statements of
historical fact, made within regarding activities, events or
developments the Company expects, believes or anticipates will or
may occur in the future, such as those regarding future well costs,
well productivity, future liquidity and financial resilience,
future capital efficiencies, future shareholder value, capital
spending, anticipated drilling and completion activity, and future
guidance information are forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These statements are based on assumptions and estimates that
management believes are reasonable based on currently available
information; however, management's assumptions and Range's future
performance are subject to a wide range of business risks and
uncertainties and there is no assurance that these goals and
projections can or will be met. Any number of factors could cause
actual results to differ materially from those in the
forward-looking statements. Further information on risks and
uncertainties is available in Range's filings with the Securities
and Exchange Commission (SEC), including its most recent Annual
Report on Form 10-K. Unless required by law, Range undertakes
no obligation to publicly update or revise any forward-looking
statements to reflect circumstances or events after the date they
are made.
Range Investor Contact:
Laith Sando, Vice President – Investor
Relations817-869-4267lsando@rangeresources.com
or
Range Media Contact:
Michael Mackin, Director of External Affairs
724-743-6776mmackin@rangeresources.com
www.rangeresources.com
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