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Range Resources Corporation, Company Intelligence Report - Product Image

Range Resources Corporation, Company Intelligence Report

  • ID: 2051236
  • August 2014
  • 148 pages
  • GlobalData

Range Resources Corporation, Company Intelligence Report

Summary

Range Resources is a Texas-based independent oil and gas company involved in the exploration, exploitation, development and production of onshore oil and natural gas properties. The company’s upstream assets are located mainly in Appalachian Basin and the Southwestern region. The Southwestern region comprises the Permian Basin of West Texas, the Texas Panhandle, the Anadarko Basin of western Oklahoma, the Nemaha Uplift of northern Oklahoma and Kansas, the East Texas Basin and the Mississippi. Its operations mainly focus on upstream operations, along with some exposure to midstream operations. Range Resources’ operations in the Appalachian Basin are mainly located in Pennsylvania, West Virginia and Virginia. The production from this region mainly comes from the Marcellus Shale, the Pennsylvanian (coalbed formation), Berea, Big Lime, Huron Shale, Medina and Upper Devonian formations. These formations are located at depths of 762-2,743 meters (m) (2,500-9,000 feet (ft)).

As of December 31, 2013, the company owns 6,136 net producing wells, operating 84% of all the wells in the Appalachian Basin. READ MORE >

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1.1 List of Tables
1.2 List of Figures
2 Range Resources Corporation, Company Overview
3 Range Resources Corporation, Key Highlights
3.1 Growth Trajectory Set for 3 bcfe Net per Day by 2018
3.2 Significant Amounts of Net Unproved Resource Potential Coupled with Continuous Development Activities
4 Range Resources Corporation, SWOT Analysis
4.1 Strengths
4.1.1 Large Resource Potential of Unconventional Plays
4.1.2 Sufficient Processing Capacity and Marketing Agreements in Place for Production
4.2 Weaknesses
4.2.1 Localized Operations
4.2.2 Transportation and Processing Facilities Owned by Third Parties
4.3 Opportunities
4.3.1 Improvement to Company’s Current Debt Level
4.4 Threats
4.4.1 Highly Volatile Commodity Prices may Affect Company’s Performance
4.4.2 Seasonal Demand for Natural Gas and Propane
5 Range Resources Corporation, Goals and Strategies
5.1 Focus on Per Share Growth of Production and Reserves
5.2 Concentrating in Core Operating Areas with Maintenance of Multi-year Drilling Inventory
6 Acreage
7 Range Resources Corporation, Exploration and Development Overview
7.1 Appalachian Basin
7.1.1 Marcellus Shale
7.1.2 Utica/Point Pleasant and Upper Devonian Shale
7.2 Southwestern Region
8 Capital Expenditure
8.1 Costs Incurred
9 Range Resources Corporation, Production Overview
9.1 Production Profile
9.2 Assets Portfolio
9.2.1 Appalachian Basin
9.2.2 Southwestern Region
10 Range Resources Corporation, Forecast Production and Financial Statements
10.1 Income Statement (2011-2018)
10.2 Balance Sheet (2011-2018)
10.3 Cash Flow Statement (2011-2018)
11 Range Resources Corporation, Valuation
11.1 Net Asset Value Methodology
12 Range Resources Corporation, Peer Comparison
12.1 Share Price Performance
12.2 Operational and Financial Performance
12.3 Key Financial and Operational Ratio
13 Range Resources Corporation, Production and Reserves Trends
13.1 Total Oil and Gas, Reserves and Production
13.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2009-2013
13.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2009-2013
13.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2009-2013
13.2 Crude Oil/Liquids Production and Reserve
13.2.1 Crude Oil/Liquids Production and Reserve Trend, 2009-2013
13.2.2 Crude Oil Production and Reserves By Country/Region, 2009-2013
13.2.3 Crude Oil/Liquids Reserve Changes, 2009-2013
13.3 Natural Gas Production and Reserve
13.3.1 Natural Gas Production and Reserve Trend, 2009-2013
13.3.2 Natural Gas Production and Reserves, By Country/Region, 2009-2013
13.3.3 Natural Gas Reserve Changes, 2009-2013
13.4 Total Crude Oil and Natural Gas Reserves Life Index
13.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2009-2013
13.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2009-2013
14 Range Resources Corporation, E&P Costs Trends
14.1 Allocation of the Upstream Capital Expenditure
14.1.1 Upstream Capital Expenditure, 2009-2013
14.1.2 Acquisition Costs By Country/Region, 2009-2013
14.1.3 Exploration and Development Costs, By Country/Region, 2009-2013
14.2 Oil and Gas Cost Per boe, US$/boe
14.2.1 Oil and Gas Cost Per boe, US$/boe, 2009-2013
14.2.2 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2009-2013
15 Range Resources Corporation, Reserve Replacement Ratio
15.1 Oil and Gas Production Replacement Ratio
15.1.1 Oil and Gas Production Replacement Ratio, 2009-2013
15.1.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2009-2013
16 Range Resources Corporation, Results of Oil & Gas Operations Trend
16.1 Oil and Gas Revenue and Expenses
16.1.1 Oil and Gas Revenue and Expenses, 2009-2013
16.1.2 Oil and Gas Revenue and Expenses, By Country/Region, 2009-2013
16.2 Oil and Gas Revenue and Expenses, Per boe
16.2.1 Oil and Gas Revenue and Expenses, By boe, 2009-2013
16.2.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2009-2013
16.3 Oil and Gas Performance Metrics
17 Range Resources Corporation, Land Holdings and Well Data
17.1 Developed and Undeveloped Acreage
17.1.1 Gross and Net Developed and Undeveloped Acreage, 2009-2013
17.1.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2009-2013
17.2 Well Statistics
17.2.1 Producible Oil and Gas Well, 2009-2013
17.2.2 Producible Oil and Gas Well, By Country/Region, 2009-2013
17.2.3 Exploration and Development Wells Drilled, 2009-2013
17.2.4 Exploration and Development Wells Drilled, By Country/Region, 2009-2013
18 Appendix
18.1 Abbreviations
18.2 Sources
18.3 Research Methodology
18.3.1 Coverage
18.3.2 Secondary Research
18.3.3 Primary Research
18.4 Disclaimer

1.1 List of Tables
Table 1: Range Resources Corporation, Proved Reserves by Region, 2013
Table 2: Range Resources Corporation, Proved Reserves vs. Reserve Potential, 2009-2013
Table 3: Range Resources Corporation vs. Peers (Million Acres), 2013
Table 4: Range Resources Corporation, Costs Incurred (US$ mil), 2009-2013
Table 5: Range Resources Corporation, Reserve Replacement Ratio and Finding and Development Costs Incurred (per boe), 2010-2013
Table 6: Range Resources Corporation, Total Oil and Gas Production Forecast, 2011-2018
Table 7: Range Resources Corporation, Wet and Dry Acreage, Pennsylvania, 2013
Table 8: Range Resources Corporation, Appalachian Basin Production from Marcellus Field Production, 2011-2013
Table 9: Range Resources Corporation, Total Oil and Gas Production Forecast, 2011-2018
Table 10: GlobalData, Price Forecasts, 2014-2018
Table 11: Range Resources Corporation, Income Statement (US$ mil), 2011-2018
Table 12: Range Resources Corporation, Balance Sheet (US$ mil), 2011-2018
Table 13: Range Resources Corporation, Cash Flow Statement (US$ mil), 2011-2018
Table 14: Range Resources, Net Asset Value, 2014
Table 15: Range Resources Corporation, Peer Group Comparison, Operational and Financial Performance, 2013
Table 16: Range Resources Corporation, Peer Group Comparison, Total Reserves and Production (mmboe), 2013
Table 17: Range Resources Corporation, Peer Group Comparison, Financial and Operational Ratios, 2013
Table 18: Range Resources Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013
Table 19: Range Resources Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2009-2013
Table 20: Range Resources Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2009-2013
Table 21: Range Resources Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013
Table 22: Range Resources Corporation, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2009-2013
Table 23: Range Resources Corporation, Crude Oil Reserve Changes, mmbbl, 2009-2013
Table 24: Range Resources Corporation, Natural Gas Production and Reserves Metrics, bcf, 2009-2013
Table 25: Range Resources Corporation, Natural Gas Production and Reserves, By Country/Region, bcf, 2009-2013
Table 26: Range Resources Corporation, Natural Gas Reserve Changes, bcf, 2009-2013
Table 27: Range Resources Corporation, Oil and Gas Reserves Life Index, Years, 2009-2013
Table 28: Range Resources Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2009-2013
Table 29: Range Resources Corporation, Upstream Capital Expenditure, US$ mil, 2009-2013
Table 30: Range Resources Corporation, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013
Table 31: Range Resources Corporation, Exploration and Development Costs, By Country/Region, US$ mil, 2009-2013
Table 32: Range Resources Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013
Table 33: Range Resources Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2009-2013
Table 34: Range Resources Corporation, Oil and Gas Production Replacement Ratio, %, 2009-2013
Table 35: Range Resources Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2009-2013
Table 36: Range Resources Corporation, Revenue and Expenses, US$ mil, 2009-2013
Table 37: Range Resources Corporation, Revenue and Expenses, By Country/Region, US$ mil, 2009-2013
Table 38: Range Resources Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2009-2013
Table 39: Range Resources Corporation, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2009-2013
Table 40: Range Resources Corporation, Oil and Gas Performance Metrics, 2009-2013
Table 41: Range Resources Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013
Table 42: Range Resources Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2009-2013
Table 43: Range Resources Corporation, Producible Oil and Gas Wells, 2009-2013
Table 44: Range Resources Corporation, Producible Oil and Gas Wells, By Country/Region, 2009-2013
Table 45: Range Resources Corporation, Exploratory and Developed Wells, 2009-2013
Table 46: Range Resources Corporation, Exploratory and Developed Wells, By Country/Region, 2009-2013

1.2 List of Figures
Figure 1: Range Resources, Operational Map, 2014
Figure 2: Range Resources Corporation, Financial and Operational Overview, 2010-2013
Figure 3: Range Resources Corporation, Share Price Movement, January 2014-December 2014
Figure 4: Range Resources Corporation, Growth Trajectory by Production, 2009-2018
Figure 5: Range Resources Corporation, Production per Share and Reserves per Share, 2009-2013
Figure 6: Range Resources Corporation, Net Developed and Undeveloped Acreage (‘000 Acres), 2012-2013
Figure 7: Range Resources Corporation vs. Peers, Total Net Acreage (Million Acres), 2013
Figure 8: Range Resources Corporation vs. Peers Acreage Comparison (Million Acres), 2010-2013
Figure 9: Range Resources, Location of Development Activities, 2014
Figure 10: Range Resources Corporation, Net Productive and Dry Exploratory and Development Wells, 2009-2013
Figure 11: Range Resources Corporation, Net Oil and Gas Productive and Dry Development Wells, 2009-2013
Figure 12: Range Resources Corporation, Net Oil and Gas Productive and Dry Exploratory Wells, 2009-2013
Figure 13: Range Resources, Location of Drilled Shale Wells and Permits, 2014
Figure 14: Range Resources, Location of Upper Devonian Shale Wells Drilled, 2014
Figure 15: Range Resources Corporation, Capital Expenditure (US$ mil), 2009-2013
Figure 16: Range Resources Corporation, Costs Incurred (US$ mil), 2009-2013
Figure 17: Range Resources Corporation, Reserve Replacement Ratio and Finding and Development Costs Incurred (per boe), 2010-2013
Figure 18: Range Resources Corporation, Production Mix (%), 2011-2018
Figure 19: Range Resources, Location of Shale, Pennsylvania, 2014
Figure 20: Range Resources, Location of Marcellus Shale Areas, Pennsylvania, 2014
Figure 21: Range Resources Corporation and Peers, Relative Share Price Performance Index (%), July 2013-June 2014
Figure 22: Range Resources Corporation, Financial Parameters, 2009-2013
Figure 23: Range Resources Corporation and Peer Group, Financial Parameters, 2013
Figure 24: Range Resources Corporation and Peer Group, F&D Cost and Reserve Replacement Comparison, 2013
Figure 25: Range Resources Corporation, Peer Group Comparison, Total Reserves and Production (mmboe), 2013
Figure 26: Range Resources Corporation and Peer Group, Reserve Life Index (Years), 2013
Figure 27: Range Resources Corporation, Peer Group Comparison, Valuation Ratios, 2013
Figure 28: Range Resources Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013
Figure 29: Range Resources Corporation, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2009-2013
Figure 30: Range Resources Corporation, Total Oil & Gas Production, By Country/Region, mmboe, 2009-2013
Figure 31: Range Resources Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2013
Figure 32: Range Resources Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013
Figure 33: Range Resources Corporation, Oil Reserves, End of Period, By Country/Region, mmbbl, 2009-2013
Figure 34: Range Resources Corporation, Oil Production, By Country/Region, mmbbl, 2009-2013
Figure 35: Range Resources Corporation, Crude Oil Reserve Changes, mmbbl, 2013
Figure 36: Range Resources Corporation, Natural Gas Production and Reserves Metrics, bcf, 2009-2013
Figure 37: Range Resources Corporation, Gas Reserves, End of Period, By Country/Region, bcf, 2009-2013
Figure 38: Range Resources Corporation, Gas Production, By Country/Region, bcf, 2009-2013
Figure 39: Range Resources Corporation, Natural Gas Reserve Changes, bcf, 2013
Figure 40: Range Resources Corporation, Oil and Gas Reserves Life Index, Years, 2009-2013
Figure 41: Range Resources Corporation, Gas Reserve Life Index, By Country/Region, Ratio, 2009-2013
Figure 42: Range Resources Corporation, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2009-2013
Figure 43: Range Resources Corporation, Oil Reserve Life Index, By Country/Region, Ratio, 2009-2013
Figure 44: Range Resources Corporation, Upstream Capital Expenditure, US$ mil, 2009-2013
Figure 45: Range Resources Corporation, Proved Acquisition Costs, By Country/Region, US$ mil, 2009-2013
Figure 46: Range Resources Corporation, Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013
Figure 47: Range Resources Corporation, Development Costs, By Country/Region, US$ mil, 2009-2013
Figure 48: Range Resources Corporation, Exploration Costs, By Country/Region, US$ mil, 2009-2013
Figure 49: Range Resources Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013
Figure 50: Range Resources Corporation, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013
Figure 51: Range Resources Corporation, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013
Figure 52: Range Resources Corporation, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013
Figure 53: Range Resources Corporation, Proved Reserves Acquisition Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013
Figure 54: Range Resources Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2009-2013
Figure 55: Range Resources Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2009-2013
Figure 56: Range Resources Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2009-2013
Figure 57: Range Resources Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2009-2013
Figure 58: Range Resources Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2009-2013
Figure 59: Range Resources Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2009-2013
Figure 60: Range Resources Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2009-2013
Figure 61: Range Resources Corporation, Revenue and Expenses, US$ mil, 2009-2013
Figure 62: Range Resources Corporation, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013
Figure 63: Range Resources Corporation, Exploration Expenses, By Country/Region, US$ mil, 2009-2013
Figure 64: Range Resources Corporation, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013
Figure 65: Range Resources Corporation, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013
Figure 66: Range Resources Corporation, Oil & Gas Revenue, By Country/Region, US$ mil, 2009-2013
Figure 67: Range Resources Corporation, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013
Figure 68: Range Resources Corporation, Production Costs, By Country/Region, US$ mil, 2009-2013
Figure 69: Range Resources Corporation, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013
Figure 70: Range Resources Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2009-2013
Figure 71: Range Resources Corporation, Exploration Expenses per boe, By Country/Region, US$/boe, 2009-2013
Figure 72: Range Resources Corporation, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2009-2013
Figure 73: Range Resources Corporation, Lifting Cost per boe, By Country/Region, US$/boe, 2009-2013
Figure 74: Range Resources Corporation, Annual Net Income per boe, By Country/Region, US$/boe, 2009-2013
Figure 75: Range Resources Corporation, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2009-2013
Figure 76: Range Resources Corporation, Total DD&A per boe, By Country/Region, US$/boe, 2009-2013
Figure 77: Range Resources Corporation, Total Revenue per boe, By Country/Region, US$/boe, 2009-2013
Figure 78: Range Resources Corporation, Oil and Gas Performance Metrics, 2009-2013
Figure 79: Range Resources Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013
Figure 80: Range Resources Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2009-2013
Figure 81: Range Resources Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2009-2013
Figure 82: Range Resources Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2009-2013
Figure 83: Range Resources Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2009-2013
Figure 84: Range Resources Corporation, Producible Oil and Gas Wells, 2009-2013
Figure 85: Range Resources Corporation, Gross Productive Gas Wells, By Country/Region, Number, 2009-2013
Figure 86: Range Resources Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013
Figure 87: Range Resources Corporation, Gross Productive Oil Wells, By Country/Region, Number, 2009-2013
Figure 88: Range Resources Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2009-2013
Figure 89: Range Resources Corporation, Net Productive Gas Wells, By Country/Region, Number, 2009-2013
Figure 90: Range Resources Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013
Figure 91: Range Resources Corporation, Net Productive Oil Wells, By Country/Region, Number, 2009-2013
Figure 92: Range Resources Corporation, Exploratory and Developed Wells, 2009-2013

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Strongly Positioned in Marcellus to Map Long-term Production Growth

The Marcellus shale is one of the most progressive unconventional gas shales in the US. The shale is located in some of the most prosperous states of the US, close to the major natural gas consuming markets in the US, which provides it with an edge over other developing gas plays in the country. Furthermore, it is estimated that there is around 4,359tcf of natural gas under the Marcellus shale play, and from this, around 262tcf of natural gas is recoverable. As a result, several oil and gas companies are undertaking investments on a large scale in this shale in order to drive their future production growth.

Range Resources is one of the major companies operating in this shale. The company has been continuously developing and capturing Marcellus Shale potential since 2004. The company reported large investments in last three years to accelerate its Marcellus shale operations. In 2011, the company drilled 142.6 net development wells and 24.1 net exploratory wells in the Marcellus Shale. Furthermore, the company reported around 626 proven drilling locations in the shale in 2011. The company’s production from the shale increased by 88.6% in 2011 compared to 2010 primarily due to aggressive development activities. The company’s production from this shale in 2009, 2010 and 2011 was 20,969 MMcfe, 55,802 MMcfe and 105,264 MMcfe, respectively. The contribution of this shale in the Range Resources’ total production increased from around 3.7% in 2008 to 55.7% in 2011, demonstrating the increasing importance of the shale in the company’s production growth. Additionally, the company planned to drill 177 wells in the shale in 2012 and allocated 86% of its 2012 capex for the development of this shale. The company estimates a resource potential of 24-32tcfe. Range Resources expects the operations in the Marcellus Shale to become cash-flow positive and self-funding by 2013. According to GlobalData estimates, the company’s production from the shale are expected to increase from 17.5 MMboe in 2011 to 94.4 MMboe in 2016, increasing at a CAGR of 40.0% during 2011–2016. It is also estimated that the contribution of the shale in the company’s total production is expected to increase from around 55.7% in 2011 to around 81.0% in 2016.

Apart from Range Resources, there are several other oil and gas companies operating in this shale. The several parameters considered in this comparative analysis are net acreage, proved oil and gas reserves, total production, number of operated rigs, cost per well, and Estimated Ultimate Recovery (EUR) per well. The various companies along with Range Resources included in this analysis are Chesapeake Energy Corporation, CONSOL Energy Inc., National Fuel Gas Company, Exxon Mobil Corporation, Chevron Corporation, Statoil ASA, Talisman Energy Inc. and others.

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