RANGE RESOURCES CORPORATION (NYSE: RRC) today provided
information on 2009 production volumes and price realizations. Fourth
quarter 2009 production volumes averaged 457 Mmcfe per day, a record
high for Range. Fourth quarter 2009 production increased 13% over the
prior-year period. Range has now achieved 28 consecutive quarters of
sequential production growth. On a sequential basis, fourth quarter 2009
production rose 5% compared to the prior quarter. Production for
full-year 2009 averaged 436 Mmcfe per day, also a 13% increase over
2008. This represents Range’s sixth consecutive year of double-digit
production growth.
The Company also announced that its preliminary fourth quarter 2009 oil
and gas price realizations (including the impact of derivative
settlements) averaged $6.59 per mcfe. This represents a 4% decrease from
the prior-year period and a 4% increase versus third quarter 2009. For
2010, 69% of anticipated gas production is hedged at an average floor
price of $5.53 per mcf and an average cap price of $7.33 per mcf.
Commenting on the announcement, John Pinkerton, Range’s Chairman and
CEO, said, "Meeting production guidance in the fourth quarter was
particularly challenging given the brutal winter weather conditions we
experienced in December. Achieving 28 consecutive quarters of consistent
production growth is an outstanding record reflecting the quality of our
operating team and the quality of our property base. Once again, our
operating team did an excellent job of delivering double-digit
production growth for 2009 at low cost. Importantly, we delivered
double-digit growth while at the same time selling significant amounts
of non-core properties, maintaining our strong financial position and
expanding our position in our key plays.”
The information in this release is unaudited. Audited and final results,
including final fourth quarter 2009 oil and gas price realizations
(including the impact of derivative settlements) will be provided in our
Annual Report on Form 10-K for the year ended December 31, 2009
currently planned to be filed with Securities and Exchange Commission by
the end of February 2010.
RANGE RESOURCES CORPORATION (NYSE: RRC) is an independent oil and
gas company operating in the Southwestern and Appalachian regions of the
United States.
Except for historical information, statements made in this release,
including those relating to anticipated production, future realized
prices, low cost structure and anticipated financial results are
forward-looking statements as defined by the Securities and Exchange
Commission.
These statements are based on assumptions and
estimates that management believes are reasonable based on currently
available information; however, management’s assumptions and the
Company’s future performance are subject to a wide range of business
risks and uncertainties and there is no assurance that these goals and
projections can or will be met.
Any number of factors could cause
actual results to differ materially from those in the forward-looking
statements, including, but not limited to, the volatility of oil and gas
prices, the costs and results of drilling and operations, the timing of
production, mechanical and other inherent risks associated with oil and
gas production, weather, the availability of drilling equipment, changes
in interest rates, litigation, uncertainties about reserve estimates,
and environmental risks.
The Company undertakes no obligation to
publicly update or revise any forward-looking statements.
Further
information on risks and uncertainties is available in the Company’s
filings with the Securities and Exchange Commission, which are
incorporated by reference.
