Range Resources(US:RRC)2021-10-29 22:55Financial Performance and Outlook - Range Resources expects to maintain production at 2.12 to 2.13 Bcfe per day in 2021[13] - The company forecasts NGL realizations to exceed $40 per barrel, or over $6.50 per mcfe, in 4Q 2021[13] - Range Resources anticipates a leverage ratio of approximately 2.0x at year-end 2021, declining below 1x by year-end 2022 based on strip pricing[13] - Cumulative free cash flow from 2021-2023 is projected to exceed $2 billion at current strip prices[54] Cost Efficiency and Debt Reduction - Range Resources' 2018-2020 D&C Capex was approximately $280 per Mcfepd, compared to a peer average of approximately $385 per Mcfepd[11] - The company's 2020 cash unit costs improved by $0.33, or approximately 15%, since the end of 2018, reaching $1.85/mcfe[11] - Approximately $750 million in senior notes due by the end of 2023 could be retired via expected free cash flow at strip pricing[12] - Direct Operating Expense (LOE) declined $0.06 per mcfe, or approximately 35%, from 2018 to 2020[30] Environmental and Sustainability - Range Resources is targeting net zero direct GHG emissions by 2025[9, 14] - The company recycled 148% of produced water in 2020 through its water recycling and sharing program[12] - Range Resources has achieved over 80% reduction in GHG emissions intensity since 2011[84]