- Range Resources (RRC -11.7%) sinks to 52-week lows after reporting mixed Q2 results in which earnings fall short of expectations but revenues rise by a greater than expected 55% Y/Y.
- RRC says Q2 total production was 1.94B cfe/day, and forecasts Q4 production of 2.17B, which would result in 30% annual production growth of 30%, primarily driven by early 2017 production results from northern Louisiana, but it sees 2018 output growth of only 10%-20%.
- CEO Jeff Ventura says during the earnings conference call that RRC could continue to sell some of its non-core assets as it focuses on its southwestern Pennsylvania and northern Louisiana operations.
- Ventura says RRC would not finalize its 2018 drilling plans until December but the company’s production growth would depend on commodity pricing and cash flow, with the higher end of its production forecast range dependent on $3.25 natural gas.
- Now read: Is It Time To Consider Range Resources?
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