Range Resources(US:RRC)2021-02-26 23:38Company Overview - Range Resources is a Top 10 U S Natural Gas Producer and a Top 5 U S NGL Producer & Leader in NGL Exports[6] - The company pioneered Marcellus Shale in 2004 and has the lowest breakeven price among Southwest Appalachia E&Ps[6] - Range Resources has approximately one-half million net acres of Appalachian inventory[8] - Proved Reserves of 172 Tcfe at YE2020 with PV-10 of over $22 per share, net of debt[8] Financial Performance and Outlook - The company's 2018-2020 D&C Capex was ~$280 per Mcfepd versus peer average of ~$387 per Mcfepd[11] - Cash unit costs in 4Q20 were $184/mcfe, improved by $034, or ~16% since the end of 2018[11] - The 2021 all-in capital budget is projected to be $425 million or less, with production maintained at ~215 Bcfe per day[13] - The company is targeting leverage of below 3x at YE2021 based on strip pricing, with potential to decline below 2x by YE2022 at $3 natural gas and $55 oil[13] Environmental and Safety - Range Resources is targeting net zero emissions by 2025[9, 14] - In 2020, the company recycled 144% of produced water through its water sharing program[12] - The company has achieved an 80% reduction in GHG emissions intensity since 2011[89]