This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Range Reports 36% Full-Year 2012 Production Growth

Stocks in this article: RRC

RANGE RESOURCES CORPORATION (NYSE: RRC) today announced that its fourth quarter 2012 production volumes reached a record high of 844 Mmcfe per day. Fourth quarter 2012 production increased 35% over the prior-year quarter and was 7% higher than third quarter 2012. While total production rose 35%, oil and NGL production increased 41% during the fourth quarter reflecting the Company’s focus on its high return, liquids-rich plays. Production for full-year 2012 averaged 753 Mmcfe per day, a 36% increase over 2011. This represents Range’s ninth consecutive year of double-digit production growth and posting record production each year.

The Company also announced its preliminary fourth quarter 2012 natural gas, NGLs and oil price realizations (including the impact of cash-settled hedges and derivative settlements which would correspond to analysts’ estimates) averaged $5.35 per mcfe, representing a 10% increase from the third quarter 2012 and an 11% decrease from the prior-year period. Production and preliminary realized prices by each commodity for the fourth quarter were: natural gas – 655 Mmcf per day ($4.22 per mcf), natural gas liquids – 21,652 barrels per day ($43.56 per barrel) and crude oil – 9,863 barrels per day ($82.30 per barrel).

Commenting on the announcement, Jeff L. Ventura, Range’s President and CEO, said, “We are pleased that fourth quarter and full year production exceeded expectations and that we achieved our ninth consecutive year of double-digit production growth. This is a significant accomplishment for the entire Range team. The 41% increase in fourth quarter oil and NGL production reflects the high-quality nature of our large drilling inventory and positions us very well in the current commodity price environment. We expect increasing liquids production, coupled with our strong hedge position, to drive substantial cash flow growth in 2013 and longer term, our high-return inventory and low-cost structure to continue to drive shareholder value.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs