Range Resources is considered on of the Core Holders in the Sweet 16. Their 2nd quarter EPS results came in 2 cents above my forecast. More liquids production is helping.
The company’s quarterly production averaged almost 910.0 million cubic feet equivalent per day (MMcfe/d), comprising 24% natural gas, 35% natural gas liquids (NGLs) and 39% oil. Total production volume expanded 27% from the year-earlier quarter, mainly on the back of continued accomplishments from the company’s drilling program.
Oil production expanded 39%, NGL rose 35% and natural-gas production increased 24% on a year-over-year basis. Range’s high liquid-rich spending level led to the relative increase in oil and natural-gas liquids production.
Range’s total price realization (including the effects of hedges and derivative settlements) averaged $5.02 per Mcfe, up 6% year over year. The overall price comprised NGL at $32.91 per barrel (down 22% year over year), crude oil at $85.09 a barrel (up 1%) and natural gas at $4.20 per Mcf (up 15%).
RRC