Range
Posted: Wed Feb 08, 2023 5:21 pm
"Range Resources reports SEC pv10 of $29.6 billion
To put in context: at 9/30 Range had a book value of $2.1 billion, or $8.93 per share. Not great considering today's stock price of $23.60. But consider that natural gas assets were carried at $5.9 billion. So the step up based on SEC regs adds $23.7 billion in NAV to $25.8 billion. That gives an NAV per share of $107.
Fuss all you might about how nat gas prices have dropped since year end. But also consider that the SEC rules only allow nat gas assets proved up over the next 5 years. There are way more locations to be added in the out years."
To put in context: at 9/30 Range had a book value of $2.1 billion, or $8.93 per share. Not great considering today's stock price of $23.60. But consider that natural gas assets were carried at $5.9 billion. So the step up based on SEC regs adds $23.7 billion in NAV to $25.8 billion. That gives an NAV per share of $107.
Fuss all you might about how nat gas prices have dropped since year end. But also consider that the SEC rules only allow nat gas assets proved up over the next 5 years. There are way more locations to be added in the out years."