Range Provides Mariner East Operational Update
September 10 2019 - 5:30PM
RANGE RESOURCES CORPORATION (NYSE: RRC) has
been notified by Sunoco that they will be performing optimization
work at the Marcus Hook export terminal that is expected to result
in more efficient transportation to end markets. This upgrade
will cause the Mariner East pipeline to experience downtime during
the month of September. As a result of the outage, Range will
sell ethane volumes in its residue natural gas stream that would
typically be transported via the Mariner East system. Range’s
propane volumes which were previously shipped on Mariner East 1
will be transported via the Mariner East 2 pipeline. Third
quarter production has not changed in terms of expected MMBtu
produced, and the impact to cash flow is expected to be
minimal.
Range expects improved NGL and natural gas
differentials and modestly higher natural gas production as a
result of selling more ethane in the natural gas stream, which
combined will mostly offset lower reported NGL production and
result in a minimal impact to cash flow. Range is updating
production guidance for third quarter 2019 to reflect the increased
ethane rejection, which results in expected production of
approximately 2.22 to 2.23 Bcfe per day, on a reported basis,
versus original guidance of 2.25 to 2.26 Bcfe per day.
Mariner East 1 is expected to return to service
in early October. The Sunoco optimization work being
performed does not impact Range’s operations and the Company
remains on track to spend at or below the previously announced
capital budget of $756 million.
RANGE RESOURCES CORPORATION (NYSE:
RRC) is a leading U.S. independent natural gas, NGL and
oil producer with operations focused in stacked-pay projects in the
Appalachian Basin and North Louisiana. The Company pursues an
organic development strategy targeting high return, low-cost
projects within its large inventory of low risk development
drilling opportunities. The Company is headquartered in Fort Worth,
Texas. More information about Range can be found at
www.rangeresources.com.
This release contains certain “forward-looking
statements” within the meaning of federal securities laws,
including within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 that are not
limited to historical facts, but reflect Range’s current beliefs,
expectations or intentions regarding future events. Words
such as “may,” “will,” “could,” “should,” “expects,” “plan,”
“project,” “intend,” “anticipate,” “believe,” “outlook”,
“estimate,” “predict,” and similar expressions are intended to
identify such forward-looking statements.
All statements, except for statements of
historical fact, made within regarding activities, events or
developments the Company expects, believes or anticipates will or
may occur in the future, such as those regarding future well costs,
well productivity, future liquidity and financial resilience,
future capital efficiencies, future shareholder value, capital
spending, anticipated drilling and completion activity, and future
guidance information are forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These statements are based on assumptions and estimates that
management believes are reasonable based on currently available
information; however, management's assumptions and Range'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. Further information on risks and
uncertainties is available in Range's filings with the Securities
and Exchange Commission (SEC), including its most recent Annual
Report on Form 10-K. Unless required by law, Range undertakes
no obligation to publicly update or revise any forward-looking
statements to reflect circumstances or events after the date they
are made.
Range Investor Contact:
Laith Sando, Vice President – Investor
Relations817-869-4267lsando@rangeresources.com
or
Range Media Contact:
Mark Windle, Manager of Corporate
Communication724-873-3223mwindle@rangeresources.com
www.rangeresources.com
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