Range Resources Corp., Fort Worth, Texas, (NYSE: RRC) had adjusted net income of $309 million in 2008, a 22% increase from 2007. Diluted earnings per share were $1.98, up 16%.
Reported revenues were $1.32 billion, up 53% from 2007; oil and gas sales were $1.23 billion, up 42%; and non-adjusted income was $346 million, up 50% from the year before. Fourth-quarter revenues were $345 million, a 54% increase over the same time period in 2007.
As announced earlier, proved reserves increased 19% to 2.7 trillion cubic feet equivalent at year-end 2008. Range replaced 405% of production during the year.
Production in 2008 totaled 141 billion cubic feet equivalent, comprising 114 billion cubic feet of gas and 4.5 million barrels of oil and liquids. Fourth-quarter production increased by 17% to 403 million cubic feet equivalent per day.
Range’s 2009 capital budget is $700 million; $540 million is expected to be spent to drill 500 wells, and 90% of the drilling capital will be spent on the Barnett Shale, Nora Field and Marcellus Shale areas.
Range chairman and chief executive officer John H. Pinkerton says, “Record highs were achieved in 2008 for all key metrics both on an absolute and per share basis. We added 400,000 net acres to our leasehold inventory at an attractive cost averaging $1,500 per acre. The majority of this acreage was added in our Marcellus Shale play. Looking ahead, we are well-positioned to continue to add value in the current lower commodity price environment.
“Importantly, we continue to make solid progress with regard to delineating and expanding our emerging plays. The unrisked resource potential of the drilling inventory and emerging plays is 8 to 10 times larger than our current proven reserves and will serve as the catalyst for our future growth for many years to come. We look at 2009 as being a year where we may be able to capture unique opportunities in our core operating areas.”
Foothills Exploration Acquires 545 Wells in Kansas, Oklahoma
2023-02-27 - Foothills Exploration’s acquisition of Jubilee Exploration adds 545 wells to its U.S. Midcontinent inventory across Oklahoma and Kansas.
Hilcorp Affiliate Harvest Midstream to Purchase Paradigm’s Bakken, Eagle Ford Assets
2023-02-28 - Paradigm will sell three midstream gathering systems serving the Bakken, and another in the Eagle Ford, to Hilcorp-affiliate Harvest.
Riley Permian, Conduit Power Form JV to Build New Power Infrastructure
2023-03-02 - The project will use captured flared natural gas to power Riley Permian's operations in Yoakum County, Texas.
Barnwell Announces New Investment in Permian Basin, Year-end Results
2022-12-30 - Barnwell views its new Permian non-operated leasehold “as an exciting subset of exploration and production.”
Principal Solar to Acquire Navarro Formation Wells, Pipeline
2023-03-15 - Principal Solar said it has executed a letter of intent to acquire controlling working interest and that a 2022 reserve report set the assets’ oil reserves value at approximately $116 million.