Range Resources(US:RRC)2020-10-29 22:32Company 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 corporate breakeven price in Southwest Appalachia[6] - Range Resources has approximately 0.5 million net acres providing decades of low-risk drilling inventory[8] Financial Performance and Strategy - Range Resources executed over $1.35 billion in asset sales since the second half of 2018[11] - The company's cash unit costs in 3Q20 of $1.84/mcfe improved $0.34, or ~16% since the end of 2018[12] - The all-in capital budget was reduced to $415 million or less for 2020[13] Operational Efficiency and Environmental Practices - Range Resources is targeting net zero emissions by 2025[9] - The company's 2019 D&C Capex was ~$292 per Mcfepd versus an Appalachia peer average of ~$400 per Mcfepd[11] - Range Resources has the lowest well costs in Appalachia at <$600 per foot, including all facilities costs[11] Reserves and Inventory - Proved Reserves of 18.2 Tcfe at YE2019 with an SEC PV-10 of over $17 per share, net of debt[8] - The company estimates ~2,000 undrilled locations remain with EURs greater than 2.0 Bcfe per 1,000 foot of lateral[41]