SEC Filings

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

 

1A. Risk Factors – Our business depends on natural gas and oil transportation and NGLs processing facilities, most of which are owned by others and depends on our ability to contract with those parties.”

Seasonal Nature of Business

Generally, but not always, the demand for natural gas and propane decreases during the summer months and increases during the winter months. Seasonal anomalies such as mild winters or hot summers also may impact this demand. In addition, pipelines, utilities, local distribution companies and industrial end-users utilize natural gas storage facilities and purchase some of their anticipated winter requirements during the summer. This can also impact the seasonality of demand.

Governmental Regulation

Enterprises that sell securities in public markets are subject to regulatory oversight by federal agencies such as the SEC. The NYSE, a private stock exchange also requires us to comply with listing requirements for our common stock. This regulatory oversight imposes on us the responsibility for establishing and maintaining disclosure controls and procedures and internal controls over financial reporting, and ensuring that the financial statements and other information included in submissions to the SEC do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made in such submissions not misleading. Failure to comply with the NYSE listing rules and regulations of the SEC could subject us to litigation from public or private plaintiffs. Failure to comply with the rules of the NYSE could result in the de-listing of our common stock, which could have an adverse effect on the market price of our common stock. Compliance with some of these rules and regulations is costly and regulations are subject to change or reinterpretation.

Exploration and development and the production and sale of oil and gas are subject to extensive federal, state and local regulations. An overview of these regulations is set forth below. We believe we are in substantial compliance with currently applicable laws and regulations and the continued substantial compliance with existing requirements will not have a material adverse effect on our financial position, cash flows or results of operations. However, current regulatory requirements may change, currently unforeseen environmental incidents may occur or past non-compliance with environmental laws or regulations may be discovered. See Item 1A. Risk Factors The natural gas and oil industry is subject to extensive regulation.” We do not believe we are affected differently by these regulations than others in the industry.

General Overview. Our oil and gas operations are subject to various federal, state, tribal and local laws and regulations. Generally speaking, these regulations relate to matters that include, but are not limited to:

 

leases;

 

acquisition of seismic data;

 

location of wells, pads, roads, impoundments, facilities, rights of way;

 

size of drilling and spacing units or proration units;

 

number of wells that may be drilled in a unit;

 

unitization or pooling of oil and gas properties;

 

drilling, casing and completion of wells;

 

issuance of permits in connection with exploration, drilling and production;

 

well production, maintenance, operations and security;

 

spill prevention and containment plans;

 

emissions permitting or limitations;

 

protection of endangered species;

 

use, transportation, storage and disposal of hazardous waste, fluids and materials incidental to oil and gas operations;

 

surface usage and the restoration of properties upon which wells have been drilled;

 

calculation and disbursement of royalty payments and production taxes;

 

plugging and abandoning of wells;

 

hydraulic fracturing;

 

water withdrawal;

 

operation of underground injection wells to dispose of produced water and other liquids;

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