Range Resources (RRC) Update - Sept 18

[dan_s]

RRC closed at $18.95 on Sept 17. My valuation increases by $3 to $29 based on higher ngas prices in 2H 2021 and 2022.
RRC also produces over 100,000 bbls per day of NGLs that are unhedged.

RRC has an outstanding marketing team that should be able to take advantage of spot market opportunities that could result in significantly higher realized gas prices this winter than I am using in my forecast model.

RRC's production mix is approximately 69% natural gas, 28.5% NGLs and 2.5% crude oil.

Only 41% of RRC's ngas is hedged after December, 2021.