RRC

[dan_s]

Range Resources reports Fourth quarter 2012 production increased 35% over the prior-year quarter and was 7% higher than third quarter 2012 (RRC) 65.93 : Co 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 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).

An updated forecast model will be posted under the Sweet 16 within 30 minutes.

[dan_s]

RRC is in the Sweet 16 because I consider it the best managed "gasser" available. It is also #1 in the Marcellus Shale. It is an extremely well respected and well managed company.

Natural gas will probably remain weak in 2013, so it is hard to get too excited about RRC. The current share price is getting close to my Fair Value estimate.

They are ramping up in a new Mississippi Lime drilling program that should result in more oil production.