Strong Free Cash Flow Generation
Range Resources reported another quarter of consistent well performance and efficiency gains, driving strong free cash flow. The company expects continued strong performance to drive annual production above prior guidance.
Operational Efficiencies
Range set new drilling and completions records, including averaging 6,250 lateral feet per day and executing 812 frac stages in a quarter, a 7% increase over the previous record.
Improved Capital Guidance
Year-to-date capital is tracking better than planned, allowing Range to lower the high end of its capital guidance to $680 million without altering planned operational activity.
Record High LNG Feedgas
Natural gas inventory finished the quarter down 6% from the prior year, supported by record high LNG feedgas which reached over 17 Bcf per day in the second quarter.
Expansion in NGL Exports
Range's LPG export volumes are under contracts with international pricing upside, enhancing the ability to capture consistent premium pricing and reinforcing Range's competitive positioning.
Sustainability Achievements
Range achieved net zero for combined Scope 1 and 2 greenhouse gas emissions and expanded MIQ certification to cover all Pennsylvania assets, earning an A grade.