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Range Resources' CEO Discusses Q1 2012 Results - Earnings Call Transcript

Including only our 5 enhancement areas, we have about 800,000 net acres in the liquids-rich portfolio -- in our liquids-rich portfolio that are prospective for wet gas, super-rich gas or oil.

Differentiation between companies at this point in our industry is key. The key question is which companies can make good returns in today's price environment? At Range, we expect to drive up production and reserves per share on a debt-adjusted basis for years to come, with strong returns and low cost even in today's commodity price environment. We'll do so while staying focused on safety and being good stewards of the environment.

At the IPAA Conference in New York last week, there was a lot of interest in Range from fund managers and analysts. Some of the feedback that I heard from the meetings was that in this environment, investors are seeking E&P stocks that offer both significant downside protection and significant upside per share, and Range is one of them. That's great feedback to hear in any environment, and we're proud to have earned that trust.

I'll turn the call over to Ray to discuss operations.

Ray N. Walker

Thanks, Jeff. My comments today will cover several topics. I'll talk about cost, efficiencies, well performance, production guidance and give some operations updates from our divisions.

Like Jeff said, we're off to an excellent start to meet our production growth targets in 2012. Our plan to shift more of our resources and capital investment to liquids-rich and oil projects is on schedule, and we can see this already beginning to pay off.

As we stated in our earnings release, the first quarter production came in at 655-point (sic) [655.5] million cubic feet equivalent per day, which was comprised of 512.5 million gas, 17,152 barrels of NGLs and 6,682 barrels of oil and condensates.

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