RANGE RESOURCES CORP
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 21, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Production, Sales Price and Production Costs
The following presents historical information about our total and average daily production volumes for natural gas, NGLs and oil; average sales prices and average production costs:
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Production Volumes: | |||
| Natural gas (Mmcf) | 538,085 | 539,443 | 541,021 |
| NGLs (Mbbls) | 37,940 | 36,392 | 36,373 |
| Crude oil and condensate (Mbbls) | 2,475 | 2,716 | 3,044 |
| Total Mmcfe (a) | 780,575 | 774,089 | 777,523 |
| Sales Prices: (b) | |||
| Natural gas (per mcf) | $2.29 | $6.24 | $3.50 |
| NGLs (per bbl) | 24.61 | 35.96 | 31.23 |
| Crude oil and condensate (per bbl) | 67.29 | 87.79 | 60.11 |
| Total (per mcfe) (a) | 2.99 | 6.34 | 4.13 |
| Production Costs: | |||
| Lease operating (per mcfe) | $0.12 | $0.11 | $0.10 |
| Taxes other than income (per mcfe) (c) | 0.03 | 0.05 | 0.04 |
| (a) | Oil and NGLs volumes are converted at the rate of one barrel equals six mcf based on approximate relative energy content. |
|---|---|
| (b) | Does not include derivative settlements or deductions for third-party transportation, gathering or processing costs. |
| (c) | Includes Pennsylvania impact fee. |
Property Overview
Our natural gas and oil operations are concentrated in the Appalachian region of the United States, and more specifically, in the Marcellus Shale in Pennsylvania. Our properties consist of interests in developed and undeveloped natural gas and oil leases. These interests entitle us to drill for and produce natural gas, NGLs, crude oil and condensate from specific areas. Our interests are mostly in the form of working interests and, to a lesser extent, royalty and overriding royalty interests.
We hold a large portfolio of drilling opportunities beyond the five-year horizon of proved reserves and therefore a significant unbooked resource potential within the Marcellus, Utica/Point Pleasant and Upper Devonian formations. We own 1,466 net producing wells in Pennsylvania, almost all of which we operate. Our average working interest in this region is 95%. As of December 31, 2023 we have approximately 860,000 gross (753,000 net) acres under lease. During 2023, we averaged approximately two horizontal drilling rigs in the field and expect to run an average of two horizontal drilling rigs throughout 2024. Substantially all of our reserves and production are located in the Marcellus Shale.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.