Company Summary
Based in Fort Worth, TX, Range Resources Corporation is an independent oil and gas company engaged in the exploration, development and acquisition of oil and gas properties, primarily in the Appalachian Basin and North Louisiana.
The Appalachian Basin incorporates prolific acreages in Marcellus, Utica and Upper Devonian shale formations. The company, incorporated in 1980, has 500,000 and 95,000 respective net acres in Southwest and Northeast Marcellus shale plays. In the dry Utica region, the company owns 400,000 net acres and the Upper Devonian assets include 500,000 net acres.
Following the merger with Memorial Resource Development Corporation few years back, Range Resources created a core acreage position in North Louisiana. Currently, North Louisiana properties of Range Resources consist of Lower Cotton Valley formation. In the North Louisiana region, the upstream energy player owns 140,000 net acers with multiple formations of productive oil and natural gas.
The company primarily sells its produced natural gas to midstream firms, utilities, marketing companies and industrial users. It also sells natural gas liquids (NGLs) and crude oil to clients for generating revenues. During 2021, the company recorded total natural gas, NGLs and oil sales at $3,215.0 million.
As of Dec 31, 2023, total proved reserves were 18.1 trillion cubic feet equivalent (Tcfe), marginally higher than the previous year. Notably, a significant portion of the company’s total proved reserves are located in the Marcellus region.
During 2023, Range Resources’ total production averaged 2.14 billion cubic feet equivalent (Bcfe) per day, of which the majority portion was natural gas. Since the majority of the company’s production comprises natural gas, Range Resources is well-positioned to capitalize on the mounting demand for clean energy.