SEC Filings

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

Mr. Alan W. Farquharson

Range Resources Corporation

January 10, 2017

Page 2

 

 

Range Resources - Appalachia, LLC

SEC Parameters

Proved Developed

Total

Proved Developed

(PDP & PNP)

Proved

Undeveloped

(PUD)

Total

Proved

(PDP, PNP & PUD)

Producing

(PDP)

Nonproducing (PNP)

Net Reserves to the

 

 

 

 

 

  Evaluated Interests

 

 

 

 

 

    Oil, Mbbl:

28,284.240

1,331.011

29,615.252

22,897.984

52,513.238

    Gas, MMcf:

3,519,274.500

149,796.500

3,669,071.000

2,911,497.250

6,580,569.000

    NGL, Mbbl:

312,600.312

24,813.076

337,413.375

242,299.094

579,712.500

    Gas Equivalent, MMcfe:

5,564,582.000

306,661.000

5,871,243.000

4,502,679.500

10,373,923.000

      (1 bbl = 6 Mcfe)

 

 

 

 

 

Cash Flow (BTAX), M$

 

 

 

 

 

    Undiscounted:

5,210,639.500

316,965.375

5,527,603.000

3,275,133.000

8,802,739.000

    Discounted at 10%

 

 

 

 

 

      Per Annum:

2,230,901.750

132,204.531

2,363,106.750

598,338.562

2,961,445.500

 

 

 

 

 

 

Please note numbers in table may not add due to rounding techniques in the ARIES™ petroleum software program.

 

Wright’s projections of the net reserves and cash flow to the evaluated interests in the certain evaluated properties are summarized in the following table by reserves category, effective January 1, 2017.

 

Wright & Company, Inc.

SEC Parameters

Proved Developed

Total

Proved Developed

(PDP & PNP)

Proved

Undeveloped

(PUD)

Total

Proved

(PDP, PNP & PUD)

Producing

(PDP)

Nonproducing

(PNP)

Net Reserves to the

 

 

 

 

 

  Evaluated Interests

 

 

 

 

 

    Oil, Mbbl:

23,106.714

1,446.022

24,552.736

21,976.468

46,529.208

    Gas, MMcf:

3,458,747.392

156,083.200

3,614,830.848

2,923,917.312

6,538,748.416

    NGL, Mbbl:

318,078.720

26,218.508

344, 297.216

245,136.544

589,433.792

    Gas Equivalent, MMcfe:

5,505,859.584

322,070.400

5,827,930.112

4,526,595.584

10,354,526.208

      (1 bbl = 6 Mcfe)

 

 

 

 

 

Cash Flow (BTAX), M$

 

 

 

 

 

    Undiscounted:

5,070,931.968

327,350.336

5,398,284.800

3,231,345.920

8,629,630.976

    Discounted at 10%

 

 

 

 

 

      Per Annum:

2,238,079.488

138,579.776

2,376,659.968

705,209.728

3,081,868.800

 

 

 

 

 

 

Please note numbers in table may not add due to rounding techniques in the ARIES™ petroleum software program.

 

Comparing the results found in the previous tables, the difference between Range’s total proved reserves estimates and Wright’s independent audit is approximately 0.19 percent based on net gas equivalent volumes.  Based upon the results of Wright’s evaluation, it is Wright’s conclusion that Range’s estimates of proved reserves are, in the aggregate, reasonable.

 

Proved oil and gas reserves are those quantities of oil and gas which can be estimated with reasonable certainty to be economically producible under existing economic conditions, operating methods, and government regulations.  As specified by the SEC regulations, when calculating economic producibility, the base product price must be the 12-month average price, calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month within the prior 12-month period.  The benchmark base prices used for this evaluation were $42.68 per barrel for West Texas Intermediate oil at Cushing, Oklahoma, and $2.48 per Million British Thermal Units (MMBtu) for natural gas at Henry Hub, Louisiana. These benchmark prices were adjusted for energy content, quality and basis differential, as appropriate.  With the appropriate adjustments applied, the resultant average