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Range Reports Outstanding 2012 Results

Stocks in this article: RRC

RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its 2012 financial results.

2012 Highlights –

  • Reports record annual production of 753 Mmcfe per day, an increase of 36% over 2011, with fourth quarter oil and NGL volumes increasing 41%
  • Reports 29% increase in total proved reserves to 6.5 Tcfe, with oil and NGL reserves increasing 64%
  • Drill bit reserve replacement of 773% at $0.86 per mcfe all-in finding and development cost
  • Fourth quarter adjusted non-GAAP cash flow of $1.54 per share exceeds average First Call consensus estimates by 18 cents
  • Fourth quarter adjusted non-GAAP earnings of $0.46 per share exceeds average First Call consensus estimates by 17 cents
  • Unit costs continue to decline, highlighted by 32% reduction in lease operating costs compared to 2011
  • Innovative marketing arrangements increased price realizations from propane exports
  • Unrisked resource potential increases to 48 - 68 Tcfe, including 2.3 – 3.5 billion barrels of oil and NGLs
  • Asset sale agreement recently executed for $275 million

As previously reported, production for 2012 averaged 753 Mmcfe per day, a 36% increase over 2011. Fourth quarter 2012 production volumes averaged 844 Mmcfe per day, another record high for Range. Fourth quarter 2012 production increased 35% over the prior-year period and was 7% higher than third quarter 2012. Oil and NGL production increased 41% during the fourth quarter reflecting the Company’s focus on its high return, liquids-rich plays during 2012.

Proved reserves increased 29% year-over-year to 6.5 Tcfe, driven by a 64% increase in liquids reserves. All-in finding and development cost averaged $0.86 per mcfe, while replacing 773% of production from drilling. Drill bit finding cost averaged $0.67 per mcfe. Production and reserves per share on a debt-adjusted basis increased 29% and 22%, respectively. This represents the seventh consecutive year of double-digit per-share growth for both production and reserves. Range’s unrisked unproved resource potential at year-end 2012 increased to 48 - 68 Tcfe; including 2.3 - 3.5 billion barrels of NGLs and crude oil.

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