Range Announces First Quarter 2020 Production and Pricing Update
April 27 2020 - 6:30AM
RANGE RESOURCES CORPORATION (NYSE: RRC) today
announced that first quarter 2020 production averaged approximately
2,294 Mmcfe per day. Range continues to expect 2020
production to average approximately 2.3 Bcfe per day, including an
expected exit rate of approximately 2.3 Bcfe per day.
The following table details Range’s average
production and realized pricing for first quarter 2020:
|
1Q20 Production & Realized Pricing(a) |
|
|
Natural Gas(Mcf) |
|
Oil (Bbl) |
|
NGLs(Bbl) |
|
Natural GasEquivalent (Mcfe) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Production per day |
|
1,601,765 |
|
9,542 |
|
105,858 |
|
2,294,160 |
|
|
|
|
|
|
|
|
|
Average NYMEX price |
|
$1.95 |
|
$47.11 |
|
|
|
|
Differential, including basis
hedging |
|
(0.12) |
|
(6.10) |
|
|
|
|
Realized prices before NYMEX
hedges |
|
1.83 |
|
41.01 |
|
$14.87 |
|
|
Settled NYMEX hedges |
|
0.45 |
|
11.19 |
|
1.04 |
|
|
Average realized prices after
hedges |
|
$ 2.29 |
|
$ 52.20 |
|
$ 15.91 |
|
$ 2.55 |
(a) Numbers may not add due to rounding.
Range’s first quarter 2020 realized NGL price,
before hedges, was $14.87 per barrel. This represents a $1.30 per
barrel premium to the Mont Belvieu-equivalent barrel, which is at
the upper end of Range’s 2020 guidance of $0.50 to $1.50 per barrel
premium. Range continues to see positive premiums to Mont
Belvieu from NGL exports out of Marcus Hook, as lower international
prices since the start of 2020 have been largely offset by lower
freight rates. Additionally, some of Range’s long-term NGL
marketing arrangements are structured to insulate Range from lower
prices, including physical price floors within certain sales
contracts. As a result, Range is reiterating its 2020 NGL
premium differential guidance of $0.50 to $1.50 per barrel versus
the Mont Belvieu-equivalent barrel. NGL prices have also
significantly outperformed oil prices in recent weeks, leading to
material improvements in pricing as a percent of WTI. Lastly,
Range is reiterating its differential guidance for both natural gas
and condensate. Additional detailed guidance updates will be
provided with Range’s first quarter earnings release.
RANGE RESOURCES CORPORATION (NYSE:
RRC) is a leading U.S. independent natural gas, NGL and
oil producer with operations focused on stacked-pay projects in the
Appalachian Basin. The Company pursues an organic development
strategy targeting high return, low-cost projects within its large
inventory of low risk drilling opportunities. The Company is
headquartered in Fort Worth, Texas. More information about
Range can be found at www.rangeresources.com.
Range Investor Contacts:
Laith Sando, Vice President – Investor
Relations817-869-4267lsando@rangeresources.com
Range Media Contacts:
Mark Windle, Manager of Corporate Communications
724-873-3223 mwindle@rangeresources.com
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