Independent oil and gas company Range Resources Corp. (RRC - Free Report) announced that it has received approval from the regulatory bodies in Trinidad to spud the MD 51-2 development well. The directional well would be drilled to a total depth of 3,900 feet to test the Middle and Upper Cruse sands. The initial log evaluation identified multiple hydrocarbon bearing zones, with an estimated net pay of over 140 feet.
The company expects to spud MD 51-2 in Jul 2016, with production testing operations scheduled to be performed when all drilling operations on the pad area are completed. This is the second of a six well drilling program which Range Resources has planned for 2016. The remaining scheduled wells include two development wells in Morne Diablo, one development well in Beach Marcelle and one exploration well in the Guayaguayare block.
Range Resources’ diversified asset portfolio is spread between low-risk/long reserve-life Appalachian assets and large-volume/rapid-payout Gulf Coast properties. The company has an impressive inventory in the Marcellus Shale, one of the prominent emerging shale plays in the U.S. Lower 48. The company is advantageously positioned to benefit in the long run from these projects. Given its dominant position in the Marcellus Shale play and its continuous endeavor to control costs, we believe that Range Resources will be capable of long-term shareholder value creation.
For the second quarter, the company estimates production of 1.410 billion cubic feet equivalent (Bcfe) per day, of which liquids are expected in the 32–35% range. The company anticipates direct operating expenses in the range of $0.22–$0.23 per Mcfe. Transportation, gathering and compression expenses are expected in the range of $1.03–$1.05 per Mcfe, while exploration expenses are projected in the $5–$7 million range.
Currently, Range Resources carries a Zacks Rank #3 (Hold). Some better-ranked players from the energy sector are CVR Refining, LP , FutureFuel Corp. (FF - Free Report) and ReneSola Ltd. (SOL - Free Report) . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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Independent oil and gas company Range Resources Corp. (RRC - Free Report) announced that it has received approval from the regulatory bodies in Trinidad to spud the MD 51-2 development well. The directional well would be drilled to a total depth of 3,900 feet to test the Middle and Upper Cruse sands. The initial log evaluation identified multiple hydrocarbon bearing zones, with an estimated net pay of over 140 feet.
The company expects to spud MD 51-2 in Jul 2016, with production testing operations scheduled to be performed when all drilling operations on the pad area are completed. This is the second of a six well drilling program which Range Resources has planned for 2016. The remaining scheduled wells include two development wells in Morne Diablo, one development well in Beach Marcelle and one exploration well in the Guayaguayare block.
Range Resources’ diversified asset portfolio is spread between low-risk/long reserve-life Appalachian assets and large-volume/rapid-payout Gulf Coast properties. The company has an impressive inventory in the Marcellus Shale, one of the prominent emerging shale plays in the U.S. Lower 48. The company is advantageously positioned to benefit in the long run from these projects. Given its dominant position in the Marcellus Shale play and its continuous endeavor to control costs, we believe that Range Resources will be capable of long-term shareholder value creation.
For the second quarter, the company estimates production of 1.410 billion cubic feet equivalent (Bcfe) per day, of which liquids are expected in the 32–35% range. The company anticipates direct operating expenses in the range of $0.22–$0.23 per Mcfe. Transportation, gathering and compression expenses are expected in the range of $1.03–$1.05 per Mcfe, while exploration expenses are projected in the $5–$7 million range.
Currently, Range Resources carries a Zacks Rank #3 (Hold). Some better-ranked players from the energy sector are CVR Refining, LP , FutureFuel Corp. (FF - Free Report) and ReneSola Ltd. (SOL - Free Report) . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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