Range Resources Corp (NYSE:RRC) has released the financial results for 2009, showing that the company has reached its goal of reaching double digit production and reserve growth while maintaining a strong financial position. The company’s production was reported to have increased by 13% through 2009 while sequential production growth reached 28 consecutive quarters. Range’s proved reserves were also reported to have increased 18% with all in reserve replacement of 486%.
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Range Resources announced that its 2009 results were negatively impacted by the decline in oil and gas prices. The oil and gas prices fell 56% year over year. The company’s hedging program, hover, softened the decline as its average realized prices, after hedging declined by only 25%. The full financial report is available at www.rangeresources.com.
Range Resources Corporation (Range) is engaged in the exploration, development and acquisition of oil and gas properties, primarily in the Southwestern, Appalachian and Gulf Coast regions of the United States. During the year ended December 31, 2008 the Company’s proved reserves comprised 2.7 trillion cubic feet equivalents (Tcfe) of proved reserves; 83% natural gas; 62% proved developed; 77% operated, and a reserve life of 17.9 years. During 2008, Range owned 3,694,000 gross (2,952,000 net) acres of leasehold, including 407,800 acres where it also owns a royalty interest. The Company has built a multi-year inventory drilling that is estimated to contain over 12,000 drilling locations. In 2008, the Company’s annual production averaged 385.6 millions of cubic feet equivalent (Mmcfe) per day. In 2008, Range drilled 634 gross wells. In 2008, Range purchased producing and non-producing Barnett Shale properties. Also in 2008, the Company sold properties located in East Texas.
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