SEC Filings

10-K
RANGE RESOURCES CORP filed this Form 10-K on 02/22/2017
Entire Document
 

 

 

 

Natural Gas

 

 

NGLs

 

 

Crude Oil and Condensate

 

 

Natural Gas
Equivalents

 

 

(Mmcf)

 

 

(Mbbls)

 

 

(Mbbls)

 

 

(Mmcfe) (a)

 

Proved developed and undeveloped reserves:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2013

 

5,665,645

 

 

 

374,412

 

 

 

48,360

 

 

 

8,202,274

 

Revisions

 

(30,566

)

 

 

19,716

 

 

 

515

 

 

 

90,822

 

Extensions, discoveries and additions

 

1,393,108

 

 

 

154,664

 

 

 

12,936

 

 

 

2,398,709

 

Purchases

 

262,813

 

 

 

 

 

 

 

 

 

262,813

 

Property sales

 

(81,238

)

 

 

(14,064

)

 

 

(9,083

)

 

 

(220,122

)

Production

 

(286,926

)

 

 

(18,821

)

 

 

(4,070

)

 

 

(424,267

)

 

Balance, December 31, 2014

 

6,922,836

 

 

 

515,907

 

 

 

48,658

 

 

 

10,310,229

 

Revisions

 

(340,286

)

 

 

17,717

 

 

 

3,804

 

 

 

(211,163

)

Extensions, discoveries and additions

 

1,017,956

 

 

 

36,308

 

 

 

4,924

 

 

 

1,265,348

 

Purchases

 

 

 

 

 

 

 

 

 

 

 

Property sales

 

(960,122

)

 

 

(441

)

 

 

(109

)

 

 

(963,423

)

Production

 

(362,687

)

 

 

(20,356

)

 

 

(4,084

)

 

 

(509,328

)

 

Balance, December 31, 2015

 

6,277,697

 

 

 

549,135

 

 

 

53,193

 

 

 

9,891,663

 

Revisions

 

(7,441

)

 

 

41,402

 

 

 

2,471

 

 

 

255,794

 

Extensions, discoveries and additions

 

1,193,154

 

 

 

26,991

 

 

 

6,506

 

 

 

1,394,134

 

Purchases

 

943,544

 

 

 

40,724

 

 

 

11,986

 

 

 

1,259,806

 

Property sales

 

(160,727

)

 

 

(360

)

 

 

(295

)

 

 

(164,655

)

Production

 

(375,811

)

 

 

(27,826

)

 

 

(3,609

)

 

 

(564,420

)

 

Balance, December 31, 2016

 

7,870,416

 

 

 

630,066

 

 

 

70,252

 

 

 

12,072,322

 

 

Proved developed reserves:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

3,583,051

 

 

 

270,271

 

 

 

24,180

 

 

 

5,349,761

 

December 31, 2015

 

3,376,165

 

 

 

309,306

 

 

 

31,679

 

 

 

5,422,075

 

December 31, 2016

 

4,352,141

 

 

 

363,852

 

 

 

39,110

 

 

 

6,769,908

 

 

Proved undeveloped reserves:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

3,339,785

 

 

 

245,636

 

 

 

24,478

 

 

 

4,960,468

 

December 31, 2015

 

2,901,533

 

 

 

239,828

 

 

 

21,514

 

 

 

4,469,588

 

December 31, 2016

 

3,518,275

 

 

 

266,214

 

 

 

31,143

 

 

 

5,302,414

 

(a) 

Oil and NGLs are converted to mcfe at the rate of one barrel equals six mcf based upon the approximate relative energy content of oil to natural gas, which is not indicative of the relationship of oil and natural gas prices.

 

During 2016, we added approximately 1.4 Tcfe of proved reserves from drilling activities and evaluation of proved areas primarily in the Marcellus Shale. Approximately 86% of the 2016 reserve additions are attributable to natural gas. Included in 2016 proved reserves is a total of 308.9 Mmbbls of ethane reserves (1,367 Bcfe) in the Marcellus Shale. Revisions of previous estimates of 256 Bcfe includes positive performance revisions of 154 Bcfe and improved recoveries of 393 Bcfe primarily from our Marcellus Shale natural gas properties partially offset by negative price revisions and 269 Bcfe reclassified to unproved for previously planned wells not to be drilled within the original five-year development horizon. Purchases of reserves in 2016 reflects reserves added in North Louisiana, primarily from the MRD Merger.

During 2015, we added approximately 1.3 Tcfe of proved reserves from drilling activities and evaluation of proved areas primarily in the Marcellus Shale. Approximately 80% of the 2015 reserve additions are attributable to natural gas. Included in 2015 proved reserves is a total of 292.8 Mmbbls of ethane reserves (1,296 Bcfe) in the Marcellus Shale. Revisions of previous estimates of a negative 211 Bcfe includes positive performance revisions and improved recoveries of 781.0 Bcf primarily from our Marcellus Shale natural gas properties more than offset by negative price revisions and 1.2 Tcfe reclassified to unproved because of lower future capital spending in response to lower commodity prices.

During 2014, we added approximately 2.4 Tcfe of proved reserves from drilling activities and evaluation of proved areas primarily in the Marcellus Shale. Approximately 58% of 2014 reserve additions were attributable to natural gas. Included in 2014

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