Range Resources Corporation (RRC) - NYSE
  • Oct. 28, 2015, 5:21 PM
    • Range Resources (NYSE:RRC): Q3 EPS of $0.03 beats by $0.08.
    • Revenue of $415.86M (-15.3% Y/Y) beats by $12.65M.
    | Oct. 28, 2015, 5:21 PM
  • Oct. 27, 2015, 5:35 PM
  • Oct. 26, 2015, 2:18 PM
    • Natural gas futures are down ~8% as supplies rise toward record levels amid expectations of a warm start to the winter, sending shares of energy companies with heavy exposure to natural gas sharply lower; CHK -8.7%, SM -7.7%, RRC -7.4%.
    • Adding to the volatility is the expiration of the November futures contract Wednesday, which recently was trading at $2.06/MMBtu, a level last seen in 2012.
    • "This could be a blow off bottom," says Again Capital's John Kilduff, who says the price is hit by expectations that a record amount of natural gas will soon be in storage; weekly data show gas storage at 3.81T cf vs. a record 3.93T cf in November 2012.
    • Weather forecasts released last night called for “significant warm trends” across much of the U.S. in the next two weeks, according to MDA Weather Services.
    • Crude oil prices also are lower, as lingering concerns over a global supply glut and weakening demand send prices toward their lowest settlement in six weeks.; WTI -1.5% at $43.95/bbl, Brent -0.8% at $47.61.
    • ETFs: UNG, USO, OIL, XLE, UGAZ, UCO, DGAZ, UWTI, VDE, ERX, OIH, SCO, BNO, BOIL, GAZ, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, KOLD, BGR, USL, IYE, UNL, DNO, FENY, FIF, PXJ, OLO, SZO, RYE, DCNG, FXN, OLEM, DDG
    | Oct. 26, 2015, 2:18 PM | 44 Comments
  • Oct. 8, 2015, 1:57 PM
    • Oppenheimer energy analysts expect just one of the 15 pure-play E&P companies it covers to report positive EPS in Q3, just two to post positive EPS in Q4, and only two to finish in the green for 2016.
    • Devon Energy (DVN +1.5%) is the only large E&P Oppenheimer expects to post a profit in Q3 and one of only two, along with Range Resources (RRC +1.5%), seen recording a profit in Q4.
    • The firm sees Anadarko Petroleum (APC +2.4%), Hess (HES +4.1%) and Murphy Oil (MUR +3.5%) as the hardest hit stocks in Q3, forecasting respective EPS losses of $0.76, $0.91 and $1.13.
    • Oppenheimer projects only ConocoPhillips (COP +1.2%) and Occidental Petroleum (OXY +1.9%) coming through with a profit for full-year 2016.
    | Oct. 8, 2015, 1:57 PM | 2 Comments
  • Sep. 29, 2015, 12:15 PM
    • Oppenheimer’s Fadel Gheit thinks it may only a matter of time before oil and gas companies need to start cutting their dividends if oil prices stay low, as all oil and gas companies are currently funding their dividend through additional borrowing, which cannot be sustained indefinitely.
    • Dividend to cash flow averages 36% for the majors, Gheit calculates, highest for Shell (NYSE:RDS.A) at 41% and lowest for BP at 31%; 23% for independent refiners, highest for Phillips 66 (NYSE:PSX) at >29%, and lowest for Valero (NYSE:VLO) at <16%; and 17% for the E&Ps, highest for Occidental Petroleum (NYSE:OXY) at >45%, followed by ConocoPhillips (NYSE:COP) at 35%.
    • Net debt ratio averages 14% for the majors, lowest for Chevron (NYSE:CVX) at 11%; 17% for the independent refiners, highest for Tesoro (NYSE:TSO) at 30% and lowest for HollyFrontier (NYSE:HFC) at 5%; 30% for the large E&Ps, highest for Range Resources (NYSE:RRC) at 49% and lowest for OXY at 9%.
    | Sep. 29, 2015, 12:15 PM | 82 Comments
  • Sep. 24, 2015, 6:26 PM
    • Citigroup’s team expects a colder-than-normal winter, which it says would be good news for stocks such as Chesapeake Energy (NYSE:CHK), Southwestern Energy (NYSE:SWN), Cabot Oil & Gas (NYSE:COG), Eclipse Resources (NYSE:ECR), Rice Energy (NYSE:RICE) and Range Resources (NYSE:RRC).
    • Citi's 2016 composite spot natural gas price forecast of $3.00/MMBtu is based on the assumption of normal weather going forward, but a 4% colder-than-normal winter, all else being equal, would lift its 2016 composite spot forecast to $3.20/MMBtu.
    • But Citi says its outlook for much colder temperatures in the Northeast also carries the risk of hurting Appalachian and Utica producers if well freeze-offs and operational disruptions occur, as has often happened in the past during periods of extreme cold or harsh weather.
    | Sep. 24, 2015, 6:26 PM | 32 Comments
  • Sep. 1, 2015, 6:02 AM
    • Range Resources (NYSE:RRC) declares $0.04/share quarterly dividend, in line with previous.
    • Forward yield 0.41%
    • Payable Sept. 30; for shareholders of record Sept. 15; ex-div Sept. 11.
    | Sep. 1, 2015, 6:02 AM
  • Aug. 25, 2015, 10:43 AM
    • Goldman Sachs analysts say the U.S. stock market correction has many more parallels with 1998 than 2008, which “suggest[s] a rebound ahead,” while predicting the S&P 500 will rise by 11% from current levels to reach 2,100 by year's end.
    • The S&P fell 19% between July and August 1998, but "ultimately, the U.S. economy was relatively unaffected by overseas financial market gyrations in 1998, and we believe a similar situation will occur in 2015," Goldman says.
    • The correlation between U.S. economic growth and Chinese growth is relatively low, Goldman says, estimating that a one percentage point drop in Chinese growth would translate into a 0.06 pp reduction in U.S. GDP.
    • The best strategy for U.S. consumers, the bank advises, is to hold companies with high domestic revenues and avoid companies with high foreign sales.
    • Goldman's list of the 25 most oversold stocks with high U.S. sales exposure: KMX, M, WFM, CHK, SWN, RRC, COG, PXD, OKE, MPC, NAVI, ETFC, LNC, BXP, KEY, RF, DFS, ANTM, CSX, NSC, UNP, JBHT, FSLR, ADS, PAYX
    | Aug. 25, 2015, 10:43 AM | 41 Comments
  • Aug. 13, 2015, 7:27 PM
    • Oil companies are bracing for "lower for longer” prices as a global supply glut persists, dragging U.S. crude to the lowest close since March 2009 at just above $42/bbl.
    • More capitulation notes are out; Oppenheimer's Fadel Gheit wrote today that the "new normal" for oil in a recovery would be $65-$75, and that "the vast majority of oil companies are living beyond their means, with operating cash flow falling short of capital investments and dividend... Unless oil prices rebound significantly above future strip prices, oil stocks could sink further, as takeover premiums shrink with potential sellers significantly outnumbering potential buyers."
    • The world’s biggest producers will need to trim investments by another $26B, Jefferies believes; capital spending will have to fall 10% next year, according to Banco Santander.
    • CNBC's Bob Pisani says when energy stocks staged a brief bounce recently, investors repeated a frequent mistake: They tried to buy oil stocks ahead of a recovery in crude oil, instead of the other way around.
    • The result today was heavy losses for many of the sector's big names: CHK -6.6%, MRO -5.4%, COP -2.8%, APC -2.4%, SWN -4.2%, RRC -4.4%, RIG -6.5%, DVN -3.9%, APA -2.6%, BHI -2.9%, CAM -3.5%.
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, XES, IYE, IEO, IEZ, FENY, PXE, PXI, FIF, PXJ, NDP, RYE, FXN, DDG
    | Aug. 13, 2015, 7:27 PM | 173 Comments
  • Jul. 28, 2015, 4:46 PM
    • Range Resources (NYSE:RRC): Q2 EPS of $0.01 misses by $0.03.
    • Revenue of $404.6M (-15.2% Y/Y) misses by $1M.
    | Jul. 28, 2015, 4:46 PM | 2 Comments
  • Jul. 23, 2015, 8:55 AM
    • EQT Midstream Partners (NYSE:EQM) says it will construct a natural gas header pipeline in southwestern Pennsylvania to support Range Resources' (NYSE:RRC) dry Marcellus and Utica development.
    • The partnership will invest ~$250M for the construction of 32 miles of pipeline and installation of ~32K horsepower of compression.
    • EQM and RRC say they plan to complete the project in two phases, with phase one expected to be in-service by Q3 2016 and phase two by mid-year 2017.
    • Earlier: EQT Midstream misses by $0.03, misses on revenue
    | Jul. 23, 2015, 8:55 AM | 1 Comment
  • Jul. 16, 2015, 2:57 PM
    • Global oil majors have $150B of firepower than can be used for M&A and have the ability to defer another $325B in capex on marginal projects; with so much cash available for potential deals and up to 15M bbl/day of production potentially available for purchase, Goldman Sachs analyst Ruth Brooker sees a pickup in M&A activity in the oil and gas space coming soon.
    • The firm thinks shale production has the potential to double by 2025, and Brooker argues majors likely will take the current opportunity to increase their exposure to U.S. shale at historically low prices.
    • Goldman sees seven companies as most likely to draw buyout attention from the majors: EOG, PXD, CLR, COG, NBL, APC, RRC.
    | Jul. 16, 2015, 2:57 PM | 22 Comments
  • Jun. 16, 2015, 5:45 PM
    • The strained finances at U.S. E&P shale companies caused by collapsing crude oil prices is well known, and some analysts say the pain may be compounded by a steep drop in prices for natural gas liquids caused by oversupply, partly due to infrastructure constraints.
    • SM Energy (NYSE:SM) said yesterday the price it is receiving for NGLs at the Mont Belvieu delivery point fell 36% Q/Q to $16.67/bbl and that the price declines would lower its 2015 total budgeted revenue by ~$25M while not affecting its drilling or production.
    • Barclays recently said Chesapeake Energy (NYSE:CHK) could see 2016 cash flow cut by up to 3% if NGL price weakness persists, while Range Resources (NYSE:RRC) may see its cash flow cut by up to 5%; APC, DVN, PXD, QEP, SWN, ECA and EOG also could see reduced cash flow related to NGL pricing, the firm said.
    • Analysts at Tudor Pickering have a more optimistic view and expect an NGL pricing recovery next year, as cresting U.S. nat gas and crude production looks to be flat-to-declining through 2016, giving U.S. infrastructure time to catch up; the firm upgrades SWN to Accumulate from Hold, with GPOR, MRD, COG, RICE and ECA as other top picks, and UPL and EQT recommended on weakness.
    • ETFs: UNG, UGAZ, DGAZ, BOIL, GAZ, KOLD, UNL, DCNG
    | Jun. 16, 2015, 5:45 PM | 32 Comments
  • Jun. 16, 2015, 2:30 PM
    • Range Resources (RRC +1.9%) is slapped with a record $8.9M fine by Pennsylvania's environmental regulator for failing to fix a well in the Marcellus Shale that the state says has been leaking methane and other pollutants into water wells and an adjacent stream since 2011.
    • The Department of Environmental Protection says it first told RRC in 2013 to fix defective cement on the well, and since then an unspecified number of water wells, a pond and streams have become murky from gas and metals; last month, it ordered RRC to submit a plan to fix the well, but rejected the company's proposal to bring the well online.
    • RRC says it does not believe its well caused methane to contaminate the area.
    | Jun. 16, 2015, 2:30 PM
  • Jun. 1, 2015, 10:04 AM
    • Range Resources (NYSE:RRC) declares $0.04/share quarterly dividend, in line with previous.
    • Forward yield 0.29%
    • Payable June 30; for shareholders of record June 16; ex-div June 12.
    | Jun. 1, 2015, 10:04 AM | 3 Comments
  • May 29, 2015, 5:25 PM
    • Natural gas production in the Marcellus shale, which has grown over the past decade from near zero to ~20% of U.S. output, may decline for the first time if prices in the basin remain low for much longer, the U.S. Energy Information Administration says.
    • "Relatively low gas prices, combined with low oil prices, have slowed drilling in the Marcellus so production from new wells is only offsetting the decline in old wells," EIA says, expecting Marcellus output to remain flat through 2018 before declining ~1%/year during 2019-25.
    • Recent data indicates a potential slowdown: The number of rigs in the area has dwindled to its lowest since 2011, and drillers including Chesapeake Energy (NYSE:CHK) and Cabot Oil & Gas (NYSE:COG) have temporarily shut in some production due to weak regional prices.
    • An inability to move all the gas out of the Marcellus region has depressed prices there compared with the Gulf coast benchmark, the Henry Hub in Louisiana, making it less attractive for local producers to drill more.
    • Other top Marcellus producers include RRC, RDS.A, RDS.B, TLM, APC, ATLS, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN, AR.
    | May 29, 2015, 5:25 PM
Company Description
Range Resources Corp. is an independent natural gas and oil company, which engages in the exploration, development and acquisition of natural gas and oil properties in the Appalachian and Midcontinent regions of the United States. The company operates through single segment which exploration and... More
Industry: Independent Oil & Gas
Country: United States