UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 29, 2020 (
(Exact name of Registrant as Specified in Its Charter)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
I tem 2.02 . Results of Operations and Financial Condition .
On April 27, 2020 Range Resources Corporation issued a press release providing information regarding its first quarter 2020 production and pricing update. A copy of this press release is being furnished as an exhibit to this report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
99.1 Press Release dated April 27, 2020
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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.
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RANGE RESOURCES CORPORATION |
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By: |
/s/ Mark S. Scucchi |
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Mark S. Scucchi |
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Chief Financial Officer |
Date: April 29 , 2020
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Exhibit 99.1
NEWS RELEASE
Range Announces First Quarter 2020 Production and Pricing Update
FORT WORTH, TEXAS, April 27, 2020 – RANGE RESOURCES CORPORATION (NYSE: RRC) today announced that first quarter 2020 production averaged approximately 2,294 Mmcfe per day. Range continues to expect 2020 production to average approximately 2.3 Bcfe per day, including an expected exit rate of approximately 2.3 Bcfe per day.
The following table details Range’s average production and realized pricing for first quarter 2020:
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1Q20 Production & Realized Pricing (a) |
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Natural Gas (Mcf) |
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Oil (Bbl) |
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NGLs (Bbl) |
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Natural Gas Equivalent (Mcfe) |
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Net Production per day |
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1,601,765 |
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9,542 |
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105,858 |
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2,294,160 |
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Average NYMEX price |
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$ 1.95 |
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$ 47.11 |
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Differential, including basis hedging |
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(0.12) |
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(6.10) |
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Realized prices before NYMEX hedges |
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1.83 |
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41.01 |
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$ 14.87 |
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Settled NYMEX hedges |
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0.45 |
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11.19 |
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1.04 |
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Average realized prices after hedges |
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$ 2.29 |
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$ 52.20 |
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$ 15.91 |
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$ 2.55 |
(a) Numbers may not add due to rounding.
Range’s first quarter 2020 realized NGL price, before hedges, was $14.87 per barrel. This represents a $1.30 per barrel premium to the Mont Belvieu-equivalent barrel, which is at the upper end of Range’s 2020 guidance of $0.50 to $1.50 per barrel premium. Range continues to see positive premiums to Mont Belvieu from NGL exports out of Marcus Hook, as lower international prices since the start of 2020 have been largely offset by lower freight rates. Additionally, some of Range‘s long-term NGL marketing arrangements are structured to insulate Range from lower prices, including physical price floors within certain sales contracts. As a result, Range is reiterating its 2020 NGL premium differential guidance of $0.50 to $1.50 per barrel versus the Mont Belvieu-equivalent barrel. NGL prices have also significantly outperformed oil prices in recent weeks, leading to material improvements in pricing as a percent of WTI. Lastly, Range is reiterating its differential guidance for both natural gas and condensate. Additional detailed guidance updates will be provided with Range’s first quarter earnings release.
RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading U.S. independent natural gas, NGL and oil producer with operations focused on stacked-pay projects in the Appalachian Basin. The Company pursues an organic development strategy targeting high return, low-cost projects within its large inventory of low risk drilling opportunities. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.
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SOURCE: Range Resources Corporation
Range Investor Contacts:
Laith Sando, Vice President – Investor Relations
817-869-4267
lsando@rangeresources.com
Range Media Contacts:
Mark Windle, Manager of Corporate Communications
724-873-3223
mwindle@rangeresources.com
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