Range Anchors Ethane Supply for Appalachia Polyethylene Complex
September 23 2020 - 6:00AM
RANGE RESOURCES CORPORATION (NYSE:
RRC) (“Range” or the “Company”) announced that it has
signed a long-term ethane supply agreement with PTTGC America LLC
(“PTTGCA”) to become an anchor supplier for a proposed world-scale
ethylene cracker in Appalachia. This agreement is contingent upon
PTTGCA reaching a final investment decision, which is expected in
early 2021.
“We are pleased to help support a world-class
project that brings additional jobs to Appalachia, while utilizing
our low-cost natural gas resources,” said Jeff Ventura, Range’s CEO
and President. “Range views this project as a win-win-win for
Range, PTTGCA and the many communities in the Northeast that will
benefit from the economic boost this facility provides.
Importantly, for Range, ethane supplied to PTTGCA will be sourced
from existing natural gas production and NGL processing facilities
with the benefit of no additional transportation required. Range
will also receive a significant revenue uplift compared to selling
into the natural gas stream.”
PTTGCA President and CEO Toasaporn Boonyapipat said, “We are
excited to announce this agreement with Range Resources, a domestic
leader in natural gas and natural gas liquids production. Range’s
deep inventory of high-quality wells will provide our facility with
a safe and reliable source of ethane in the years to come, and we
look forward to additional partnerships with producers in the
region to make this world-scale polyethylene complex a reality.
During construction and upon completion, this project will provide
local communities with an abundance of new jobs and opportunities
that will strengthen local economies, while the polyethylene
produced at the facility can be used to create products that are
critical to this nation, such as medical equipment and food
packaging. We deeply appreciate the continued support that we
have received from our federal, state and local partners.”
The proposed polyethylene complex will represent
one of the largest manufacturing investments in recent history for
Appalachia. Range will supply 15,000 barrels per day of ethane to a
facility that includes an ethylene cracker with ethane feed
capacity of 100,000 barrels per day and multiple facilities for
creating ethylene derivative products to supply demand in the
Northeast.
RESOURCES CORPORATION (NYSE:
RRC) is a leading U.S. independent natural
gas and NGL 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.
PTTGC America, LLC is the U.S. subsidiary of PTT
Global Chemical Public Company Limited, a leading integrated
petrochemical and refining company based in Thailand. For more
information on PTTGCA’s Ohio petrochemical complex project, visit:
http://pttgcbelmontcountyoh.com/project-facts/
This release contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act
and Section 21E of the Securities Exchange Act of 1934, including
those related to the Company’s securities offering. These
statements are based on assumptions and estimates that Range’s
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, including, but not limited to, the
volatility of oil and gas prices, the results of Range’s hedging
transactions, the costs and results of actual 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, environmental
risks and regulatory changes. Range undertakes no obligation to
publicly update or revise any forward-looking statements. Further
information on risks and uncertainties is available in Range’s
filings with the Securities and Exchange Commission, including its
most recent Annual Report on Form 10-K and its subsequent Quarterly
Reports on Form 10-Q, which are incorporated herein by
reference.
Range Investor Contact:Laith Sando, Vice
President – Investor
Relations817-869-4267lsando@rangeresources.com
Range Media Contact:Mark Windle, Manager of
Corporate Communications724-873-3223mwindle@rangeresources.com
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