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TheStreet Open House

Range Announces CNG Fleet Investment

Stocks in this article: RRC

RANGE RESOURCES CORPORATION (NYSE: RRC) today announced that the company’s vehicle fleet is now being largely fueled by clean-burning compressed natural gas (CNG).

Range officials were joined at its Southern Marcellus Shale Division offices, located south of Pittsburgh, for an event attended by public- and private-sector leaders as well as environmental and nonprofit organizations to share ideas and discuss the numerous advantages of this abundant, clean-burning fuel. Range now has approximately 184 CNG vehicles in its corporate fleet, with 100 serving its growing southwestern Pennsylvania operations.

Commenting on the announcement, Ray Walker, Range’s Chief Operating Officer, who has converted his personal vehicle to run on CNG, said, “Not only does compressed natural gas provide our nation with a stronger, more balanced energy portfolio, but it enhances our national security, our economy and our environment. Both GM and Chrysler Group deserve a tremendous amount of credit for providing natural gas-powered transportation options direct from the factory, and we’re proud to have partnered with them on this exciting project.”

Added Walker: “With demand growing for CNG vehicles, consumers, businesses of all sizes and public transit authorities across the nation are realizing enormous cost savings while improving air quality at the same time.”

The vehicle models purchased by Range are the Chevrolet Silverado 2500 and Ram 2500. In addition to the environmental benefits of driving vehicles with significantly cleaner burning engines, the company estimates that the pay back for the investment is approximately two years.

Range’s commercial fleet order of factory-engineered CNG vehicles is the largest single order for both Chrysler Group and GM. Representatives from both companies participated in today’s event, announcing this investment.

“Companies like Range Resources, who are transitioning to a natural gas fleet, will be able to reduce operating costs and improve the environment by switching to a cleaner burning fuel,” said Mark Karney, Alternative Fuels Director, General Motors Fleet and Commercial. “We anticipate that demand for CNG vehicles, including the bi-fuel Chevrolet Silverado and GMC Sierra, will continue to grow as infrastructure expands and as a broader array of vehicles are offered.”

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