Range Resources

[dan_s]

Range Resources (RRC) announced that the company’s proved reserves as of December 31, 2016 were 12.1 Tcfe, up 22% from year-end 2015.

The company’s reserve highlights are:
Proved reserves increased 11%, excluding acquisitions and divestitures
Proved developed reserves increased 14%, excluding acquisitions and divestitures
Drill-bit development cost with revisions is expected to be $0.34 per Mcfe
Future development costs for proved undeveloped reserves are estimated to be $0.42 per Mcfe; Marcellus costs are estimated to be $0.37 per Mcfe
Unhedged recycle ratio improves to over 3x based on future development costs of $0.42 per Mcfe

Commenting on Range’s 2016 proved reserves, Jeff Ventura, Range’s CEO, said, “Range had another solid year of reserve growth, replacing 292% of production from drilling activities with drill-bit development costs of $0.34 per Mcfe when considering pricing and performance revisions.

“Positive performance revisions continued in 2016 as we extended laterals, improved targeting and drove efficiencies throughout our developed leasehold and infrastructure. The strong reserve additions from drilling activity were driven primarily by our development in the Marcellus, as our acquisition of North Louisiana assets closed in late 2016."

Read: http://www.oilandgas360.com/range-resou ... -reserves/