UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
July 16, 2010 (July 15, 2010)
July 16, 2010 (July 15, 2010)
RANGE RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware | 001-12209 | 34-1312571 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| 100 Throckmorton, Suite 1200 | ||
| Ft. Worth, Texas | 76102 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (817) 870-2601
(Former name or former address, if changed since last report): Not applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligations of the registrant under any of the following provisions (see General
Instruction A.2. below):
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| ITEM 7.01 | Regulation FD Disclosure |
On July 15, 2010 Range Resources Corporation issued a press release providing information on
second quarter 2010 production volumes and an operational update. A copy of this press release is
being furnished as an exhibit to this report on Form 8-K.
In accordance with General Instruction B. 2 of Form 8-K, the information in this Current
Report on Form 8-K under this heading, including Exhibit 99.1 shall not be deemed “filed” for the
purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to
the liabilities of that section, nor shall it be deemed incorporated by reference in any filing
under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a
filing.
| ITEM 9.01 | Financial Statements and Exhibits |
(c) Exhibits:
| 99.1 | Press Release dated July 15, 2010 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| RANGE RESOURCES CORPORATION |
||||
| By: | /s/ Roger S. Manny | |||
| Roger S. Manny | ||||
| Chief Financial Officer | ||||
Date: July 16, 2010
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EXHIBIT INDEX
| Exhibit Number | Description | |||
| 99.1 | Press Release dated July 15, 2010 |
|||
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Exhibit 99.1
NEWS RELEASE
RANGE REPORTS RECORD PRODUCTION
RANGE REPORTS RECORD PRODUCTION
FORT WORTH, TEXAS, JULY 15, 2010...RANGE RESOURCES CORPORATION (NYSE: RRC) today announced
that its production for the second quarter 2010 reached a record level. Production for the second
quarter averaged 472 Mmcfe per day, representing a 9% increase over the prior-year period.
Adjusting for the sale of the Ohio properties, which closed at the end of March 2010, the second
quarter production growth rate would have been 13%.
Second quarter 2010 production materially exceeded the Company’s previous guidance of 450 to 455
Mmcfe per day. Due to the better than expected performance, Range was able to achieve its
30th consecutive quarter of sequential production growth. Driving the record level of
production was higher production from all of the Company’s divisions. In particular, production
from the Marcellus Shale division saw the largest increase due to continued outstanding drilling
results.
The Company also announced that preliminary second quarter 2010 oil and gas price realizations
(including the impact of derivative settlements) averaged $5.07 per mcfe. This represents an 18%
decrease from the prior-year period and a 9% decrease versus first quarter 2010. For the second
half of 2010, 77% of anticipated natural gas production is hedged at an average floor price of
$5.54 per mcf and for 2011 51% is hedged at a $5.73 floor.
Second quarter drilling expenditures totaled approximately $240 million, funding the drilling of 87
(65.6 net) wells. A 97% success rate was achieved. For the first six months of the year, 159
(123.5 net) wells were drilled. At June 30, 53 (38.6 net) wells were in various stages of
completion or waiting on pipeline connection. To date, Range has drilled 146 horizontal Marcellus
wells, of which 29 are awaiting completion and four are awaiting pipeline hook up.
Commenting on the announcement, John Pinkerton, Range’s Chairman and CEO, said, “Our plan indicated
that it
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would be mid third quarter, before we would be able to overcome the loss of production from the
Ohio property sale. Fully overcoming the loss in the second quarter is extraordinary performance
by our operating team. While all our divisions delivered, the Marcellus Shale is leading the way.
Our 2010 year-end exit rate target for the Marcellus Shale of 180 to 200 Mcfe per day, net, is now
well within our sights. In addition to rising production, our emphasis on a low-cost structure is
continuing to pay dividends, as second quarter unit costs once again declined. With our large
inventory of high-return projects, low cost structure, attractive hedge position and strong
financial position, we are exceedingly well positioned to continue to drive up per share value in
the quarters ahead.”
RANGE RESOURCES CORPORATION (NYSE: RRC) is an independent natural gas company operating in the
Southwestern and Appalachian regions of the United States.
Except for historical information, statements made in this release, including those relating
to anticipated production, future realized prices, low cost structure and anticipated financial
results are forward-looking statements as defined by the Securities and Exchange Commission. These
statements are based on assumptions and estimates that management believes are reasonable based on
currently available information; however, management’s assumptions and the Company’s future
performance are subject to a wide range of business risks and uncertainties and there is no
assurance that these goals and projections can or will be met. Any number of factors could cause
actual results to differ materially from those in the forward-looking statements, including, but
not limited to, the volatility of oil and gas prices, the costs and results of drilling and
operations, the timing of production, mechanical and other inherent risks associated with oil and
gas production, weather, the availability of drilling equipment, changes in interest rates,
litigation, uncertainties about reserve estimates, and environmental risks. The Company undertakes
no obligation to publicly update or revise any forward-looking statements. Further information on
risks and uncertainties is available in the Company’s filings with the Securities and Exchange
Commission, which are incorporated by reference.
Contact:
|
Rodney Waller, Senior Vice President | |
| David Amend, Investor Relations Manager | ||
| Karen Giles, Corporate Communications Manager | ||
| (817) 870-2601 | ||
| www.rangeresources.com |
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