Strong Operational Performance
Range Resources reported consistent well results, free cash flow, and steady activity levels. The company is on track with its capital guidance for the year, having already invested $491 million out of a planned $650 million to $680 million.
Production Growth and Future Plans
Range expects production to grow to approximately 2.3 Bcf equivalent per day in Q4, with a target of 2.6 Bcf equivalent per day by 2027, marking a 20% increase from current levels.
Positive Natural Gas and NGL Market Trends
The U.S. exported record volumes of LNG in Q3, and Range anticipates strong future demand in both natural gas and NGL markets, with export capacities expected to more than double by 2031.
Financial Strength and Shareholder Returns
Range has repurchased $177 million in shares and paid dividends of nearly $65 million year-to-date, while reducing net debt by $175 million since year-end. The company maintains a strong financial position.
Efficient Operations and Cost Management
Cash operating expenses for Q3 were $0.11 per Mcfe, and the company continues to see efficiencies in the field, maintaining a low reinvestment rate.