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Range Resources Corporation (RRC)

  • Thu, Apr. 9, 7:21 PM
    • Radon levels have been rising measurably in Pennsylvania since 2004, when the fracking industry began drilling natural gas wells in the state, according to a new report by the Johns Hopkins Bloomberg School of Public Health.
    • The report does not pinpoint the exact cause of rising radon readings or explicitly tie it to any activity, but it says that buildings in counties where natural gas is most actively being extracted have in the past decade had much higher radon measurements than buildings in low-activity areas, where no such discrepancies were found before 2004.
    • Pennsylvania has long been known to have some of the highest indoor radon levels in the U.S., but the researchers say fracking of the Marcellus shale formation could exacerbate pathways for radon to enter buildings.
    • Top Marcellus Shale producers include CHK, RRC, RDS.A, RDS.B, TLM, APC, ATLS, COG, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN, AR.
    | Thu, Apr. 9, 7:21 PM | 89 Comments
  • Mon, Mar. 2, 12:50 PM
    • Range Resources (NYSE:RRC) declares $0.04/share quarterly dividend, in line with previous.
    • Forward yield 0.33%
    • Payable March 31; for shareholders of record March 16; ex-div March 12.
    | Mon, Mar. 2, 12:50 PM | Comment!
  • Tue, Feb. 24, 5:58 PM
    • Range Resources (NYSE:RRC) -0.4% AH despite posting better than expected Q4 earnings and revenues.
    • RRC says it plans to cut capital spending in 2015 by 46% to $870M, with 95% of the planned investment will focus on its key Marcellus activities, but still expects production to increase 20% Y/Y.
    • Says FY 2014 production averaged 1.16B cfe/day with 32% liquids, a 24% Y/Y increase; proved reserves rose 26% to 10.3T cfe at year-end 2014.
    • Q4 production rose 26% Y/Y to 1.27B cfe/day, a company record and 6% higher Q/Q, and oil and natural gas liquid production rose 53% Y/Y; Q1 2015 output is expected to total ~1.3B cfe/day.
    | Tue, Feb. 24, 5:58 PM | Comment!
  • Tue, Feb. 24, 4:22 PM
    • Range Resources (NYSE:RRC): Q4 EPS of $0.39 beats by $0.11.
    • Revenue of $519M (+12.7% Y/Y) beats by $38.27M.
    • Press Release
    | Tue, Feb. 24, 4:22 PM | Comment!
  • Mon, Feb. 23, 5:35 PM
  • Thu, Feb. 12, 11:33 AM
    • Pennsylvania Gov. Tom Wolf is proposing a new 5% severance tax on natural gas extraction in the state, saying the measure could generate $1B or more.
    • The measure could face some pushback in the state's Republican-controlled legislature, but some kind of fracking tax could pass, as lawmakers from both parties already have proposed taxes from 3.2% to 8%.
    • Like other major natural gas producing states, Pennsylvania already has a severance tax on the value of the gas extracted at the wellhead.
    • Top Marcellus Shale producers include CHK, RRC, RDS.A, RDS.B, TLM, APC, ATLS, COG, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN, AR.
    | Thu, Feb. 12, 11:33 AM | 52 Comments
  • Tue, Jan. 27, 12:58 PM
    • Marathon Oil (MRO -1.3%), Cobalt International Energy (CIE -0.3%) and RSP Permian (RSPP +0.8%) are downgraded to Neutral from Buy at UBS, as the firm cuts its 2015 Brent/WTI crude forecasts to a respective $52.50/bbl and $49/bbl, and lowers 2016 Brent/WTI crude estimates to $67.50 and $62.50.
    • UBS also is cautious on several energy names with large free cash flow deficits, slowing growth profiles and rich relative valuations: COP, DVN, MUR, UPL, RRC, DNR, MHR.
    • The firm's top Buys are APC, CHK and EOG.
    | Tue, Jan. 27, 12:58 PM | 5 Comments
  • Thu, Jan. 15, 4:45 PM
    • Range Resources (NYSE:RRC+2.1% AH after reducing its 2015 planned capital spending to $870M, down from $1.3B - which already had been cut 14% from 2014 levels - while targeting 20% Y/Y production growth.
    • RRC says it expects 24% total production growth for 2014 at 1.16B cfe/day of gas equivalent; Q4 production volumes were 1.27B cfe/day, of which 31% were liquids.
    • Confirms the Mariner East propane pipeline was commissioned earlier than expected during the last few weeks of December, and expects utilization to lower its overall cost of propane deliveries by ~$0.20/gal vs. 2014 and result in as much as an additional $50M/year in cash flow.
    • RRC also says its proved reserves as of year-end 2014 rose 26% Y/Y to a record high of 10.3T cfe.
    | Thu, Jan. 15, 4:45 PM | 1 Comment
  • Wed, Jan. 14, 2:35 PM
    • Barclays downgrades the large-cap E&P sector to Negative from Neutral and the small- and mid-cap E&P group to Negative from Positive, arguing that downside risk outweigh potential gains even if oil prices recover.
    • Equity investors are pricing in WTI crude assumptions of close to $75/bbl in 2016 compared to current strip prices of ~$57, Barclays says, also noting that an abundance of relatively cheap oil supply from U.S. producers could further delay a price recovery.
    • Among specific names, the firm downgrades CHK, SD, REN and HK to Underweight; DVN, CLR, KOS, MRO, RSPP and WLL are cut to equal weight.
    • At the same time, Barclays picked a few favorites, upgrading Range Resources (NYSE:RRC) to Overweight from Equal Weight, and maintained Overweight ratings on large-cap E&P companies CNQ, EOG and NBL; among small- and mid-cap E&P names, the firm favors AR, CXO and XEC.
    • ETFs: XOP, IEO, PXE
    | Wed, Jan. 14, 2:35 PM | 9 Comments
  • Mon, Jan. 12, 3:17 PM
    • Goldman Sachs upgrades a few energy stocks even as it cast a pall of gloom over most of the sector today (I, II, III), raising Chesapeake Energy (CHK -3.6%) to Buy from Neutral and Parsley Energy (PE -4.2%) to Neutral from Sell as potential "shale sale" winners.
    • Despite PE's relative vulnerability to lower oil prices because of its weak balance sheet and negative projected free cash, Goldman has more confidence that its core Permian Basin position makes it an attractive M&A target.
    • Among potential "shale scale" winners - companies that either can build positions in the core and reduce costs of capital - the firm's favorites remain EOG Resources (NYSE:EOG), Range Resources (NYSE:RRC), Pioneer Natural Resources (NYSE:PXD), Cabot Oil & Gas (NYSE:COG) and Concho Resources (NYSE:CXO).
    • However, Goldman cuts Bill Barrett (BBG -8.3%) to Sell from Neutral, seeing greater downside risk to its production in a lower oil price environment, and lowers Eclipse Resources (ECR -1.5%) to Neutral from Buy due to a persistently wide funding gap through 2017 coupled with a weak balance sheet.
    | Mon, Jan. 12, 3:17 PM | 4 Comments
  • Wed, Jan. 7, 12:39 PM
    • BofA Merrill recommends that clients stay defensive on oil stocks and become more positive on natural gas names, highlighting four natural gas stocks and two oil stocks to consider.
    • Range Resources (NYSE:RRC) is called a top stock to buy for possible gains in natural gas after shares have slumped 40% since July, especially with the possibility of continued harsh winter weather; the firm also likes Southwestern Energy (NYSE:SWN), Devon Energy (NYSE:DVN) and Memorial Resource Development (NASDAQ:MRD).
    • Occidental Petroleum (NYSE:OXY) and Hess (NYSE:HES) are BofA's top oil stocks to buy, and are on the firm's US1 list.
    | Wed, Jan. 7, 12:39 PM | 2 Comments
  • Tue, Jan. 6, 10:59 AM
    • A warm start to winter is disappointing investors who bet U.S. natural gas producers would offer a refuge from falling oil prices, as gas futures settled at a two-year low $2.882/MMBtu yesterday after dropping 32% in 2014.
    • Among the 10 worst performers on the S&P’s Exploration & Production Index since June 20 - when oil was $107.26/bbl and gas was $4.53 - seven are companies that produce more than 50% gas; since June 20, Chesapeake Energy (CHK -1.3%) has declined 37%, Range Resources (RRC -0.7%) has dropped 41%, and Southwestern Energy (SWN -1.6%) has plunged 45%.
    • The gas market “looks terrible” for 2015 and “has been structurally oversupplied for years," Raymond James analyst Marshall Adkins says as he cuts his forecast for average 2015 Henry Hub gas prices to $3/Mcf from $3.65, citing normal weather that will “unmask the bearish underpinning of the U.S. gas market."
    | Tue, Jan. 6, 10:59 AM | 19 Comments
  • Dec. 22, 2014, 10:45 AM
    • Natural gas prices fall 9.5% to near two-year lows at $3.133/mmBtu, in the biggest one-day percentage loss since February and the lowest intraday price since January 2013, on mild weather forecasts and inventory that is above year-ago levels.
    • Prices are now down more than 15% in three straight losing sessions and are 30% lower than the six-month high closing price of $4.489/mmBtu it hit just a month ago.
    • Weather has been unseasonably warm for December, limiting demand for home heating and allowing relatively low stockpiles to catch up to where they were a year ago and encouraging traders to sell based on the belief that supply is relatively healthy.
    • Gas producers are among the biggest early decliners: XOM -1.1%, CHK -7.3%, APC -2.6%, SWN -6%, DVN -2.2%, COP -2.3%, BP -1.5%, COG -4%, BHP -1.9%, CVX -1.3%, ECA -5.1%, EQT -4.3%, RDS.A -1.7%, UPL -12%, WPX -6.9%, EOG -1%, OXY -1.1%, RRC -6.1%, APA -2.3%, AR -3.2%, CNX -3%, QEP -4.8%, LINE -4.9%, NBL -1.6%, SM -2.6%, XEC -4.2%, PXD -2.9%, NFX -5.1%.
    | Dec. 22, 2014, 10:45 AM | 47 Comments
  • Dec. 17, 2014, 2:20 PM
    • New York Gov. Cuomo's administration says it will ban fracking statewide, citing health concerns and what it considers as limited economic benefits to drilling.
    • NY's acting health commissioner said at a cabinet meeting in Albany today that studies on fracking’s effects on water, air and soil are inconsistent, incomplete and raise too many “red flags” for the state to allow it; the state Department of Environmental Conservation will now issue a legally-binding recommendation prohibiting fracking.
    • The state has had a de facto moratorium on fracking for more than six years, so nothing really changes with today's decision.
    • Parts of New York sit atop the gas-rich Marcellus shale formation, whose top producers include CHK, RRC, RDS.A, RDS.B, TLM, APC, ATLS, COG, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN, AR.
    | Dec. 17, 2014, 2:20 PM | 123 Comments
  • Dec. 15, 2014, 10:17 AM
    • Range Resources (RRC +3.4%) sets its 2015 capital spending budget at $1.3B, an 18% Y/Y decrease, while expecting to continue to deliver Y/Y production growth of 20%-25% due to improving capital efficiencies from its activities in the Marcellus Shale.
    • RRC also says its Utica/Point Pleasant well in Pennsylvania achieved an average 24-hour test rate of 59M cf/day; RRC believes the initial production rate equating to a 10.9M cf/day per 1K ft. of lateral is a record for any horizon drilled in the Appalachian Basin and the highest IP rate of any Utica well.
    • Separately, CEO Jeff Ventura will add Chairman to his title beginning Jan. 1, replacing John Pinkerton.
    | Dec. 15, 2014, 10:17 AM | 2 Comments
  • Dec. 1, 2014, 1:01 PM
    • Range Resources (NYSE:RRC) declares $0.04/share quarterly dividend, in line with previous.
    • Forward yield 0.25%
    • Payable Dec. 31; for shareholders of record Dec. 15; ex-div Dec. 11.
    | Dec. 1, 2014, 1:01 PM | Comment!
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Company Description
Range Resources Corp is a Texas-based independent natural gas, natural gas liquids & Oil company engaged in the exploration, development and acquisition of primarily gas properties, in the Southwestern & Appalachian regions of the United States.