Profile: Range Resources Corp (RRC.N)
5 Dec 2013
Range Resources Corporation (Range), incorporated on March 26, 1980, is an independent natural gas, natural gas liquids and oil company, engaged in the exploration, development and acquisition of natural gas and oil properties, mostly in the Appalachian and Southwestern regions of the United States. Range operates in two regions: the Appalachian (which includes shale tight gas, coal bed methane and conventional natural gas, natural gas liquids, condensate and oil production in Pennsylvania, Virginia, and West Virginia), and Southwestern (which includes the Permian Basin of West Texas and the Delaware Basin of New Mexico, the Texas Panhandle, the Ardmore Basin in Southern Oklahoma, the Nemaha Uplift in Northern Oklahoma and the Anadarko Basin of Western Oklahoma). As of Decmbeer 31, 2011, the Company has approximately 8,600 proven and unproven drilling locations in inventory. During the year ended December 31, 2011, the Company discontinued its Barnett Shale assets that were sold in April 2011.
In 2011, its annual production averaged 518.0 million cubic feet of gas equivalents per day. In 2011, the Company drilled 301 gross wells. The Company has five large unconventional plays-the Marcellus, Utica and Upper Devonian shales in Pennsylvania, the Huron Shale in Virginia and West Virginia and the Cline Shale in West Texas. As of December 31, 2011, the Company had leased 1.7 million net acres in these five shale plays. It also has 150,000 net acres in its coal bed methane plays in Virginia. It produces natural gas liquids (NGLs), as part of the processing of its natural gas. At December 31, 2011, NGLs represented approximately 17% of its total proved reserves on an thousand cubic feet of gas equivalent basis. NGLs are products sold by the gallon. As of December 31, 2011, its Proved Undeveloped Reserves (PUDs) totaled 13.7 million barrels of crude oil, 78.0 million barrels of NGLs and 2.1 trillion cubic feet of natural gas, for a total of 2.7 T trillioncubic feet of natural gas equivalent.
The Company’s properties in this area are located in the Appalachian Basin in the northeastern United States, principally in Pennsylvania, West Virginia and Virginia. The reserves principally produce from the Marcellus Shale, the Pennsylvanian (coalbed formation), Berea, Big Lime, Huron Shale, Medina and Upper Devonian formations at depths ranging from 2,500 to 9,000 feet. The Company owns 5,051 net producing wells, 86% of which it operates, and approximately 3,400 miles of transportation and gas gathering lines. Its average working interest is 71%. It has approximately 1.8 million gross (1.4 million net) acres under lease, which includes 290,000 acres, in which the Company also owns a royalty interest. Reserves at December 31, 2011 were 4.3 trillioncubic feet of natural gas equivalent. At December 31, 2011, the Appalachian region had an inventory of over 1,700 proven drilling locations and 600 proven recompletions. During 2011, the Appalachian region drilled 143 proven locations, added 449 new proven locations and deleted 613 proven locations.
The Marcellus Shale is a non-conventional reservoir which produces natural gas, NGLs and oil. It had 626 proven drilling locations at December 31, 2011. During 2011, it drilled 142.6 net development wells and 24.1 net exploratory wells in the Marcellus Shale. It has long-term agreements with third parties to provide gathering and processing services and infrastructure assets in the Marcellus Shale. During 2011, it drilled 70.6 net development wells and 0.5 net exploratory wells in North Area.
The Southwestern region includes drilling, production and field operations in the Permian Basin of West Texas, the Delaware Basin of New Mexico, the East Texas Basin, as well as in the Texas Panhandle, Anadarko Basin of western Oklahoma, Ardmore Basin of southern Oklahoma, Nemaha Uplift of northern Oklahoma and Kansas and Mississippi. In the Southwestern region, the Company owns 1,636 net producing wells, 93% of which it operates. Its average working interest is 79%. The Company has approximately 890,000 gross (598,000 net) acres under lease. At December 31, 2011, the Southwestern region had a development inventory of 135 proven drilling locations and 310 proven recompletions. During the year, the Southwestern region drilled 14 proven locations and added 33 new proven locations. Development projects include recompletions and infill drilling. The Company also owns royalty interests in an additional 2,673 wells in which we do not own a working interest. It owns interests in developed and undeveloped natural gas and oil acreage.
Range Resources Corp
Suite 1200, 100 Throckmorton Str
FORT WORTH TX 76102