Range Announces Updated 2020 Capital Program
March 31 2020 - 6:58AM
RANGE RESOURCES CORPORATION (NYSE: RRC)
today announced that it has reduced its 2020 all-in capital budget
from $520 million to $430 million. Range still expects to
maintain production at approximately 2.3 Bcfe per day for 2020.
“This announcement is a continuation of Range’s
prior actions and commitment to prioritizing the balance sheet and
aligning capital with projected cash flow. Having met our
firm transportation commitments in the Marcellus, we have
flexibility in our development program, as evidenced by the 40%
reduction in 2020 capital spending compared to last year.
Given near-term challenges in commodity pricing, having a
sustainably low maintenance capital is paramount, and I believe
this updated capital budget further demonstrates Range’s
peer-leading capital efficiency, as our decline rate, well costs
and capital spending per unit of production all remain
best-in-class,” stated Jeff Ventura, the Company’s CEO.
Mr. Ventura continued, “Range’s high-quality,
low-cost proved reserve base underpinned the recent reaffirmation
of the $3 billion borrowing base under our bank credit agreement.
Looking beyond short-term demand headwinds, we see the potential
for meaningful improvements in natural gas and NGL pricing as
significant reductions in energy investment across U.S. shale are
occurring while global demand for cleaner, efficient fuels like
natural gas and NGLs are increasing. As the market regains
balance, Range will be well positioned to create long-term value
for shareholders given our multi-decade inventory of high-quality
Marcellus locations.”
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.
Range Investor Contacts:
Laith Sando, Vice President – Investor
Relations817-869-4267lsando@rangeresources.com
Range Media Contacts:
Mark Windle, Manager of Corporate Communications 724-873-3223
mwindle@rangeresources.com
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