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Range Resources Corp RRC

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Morningstar’s Analysis

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Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Range Maintains Capital Discipline in Robust Industry Environment During Q2

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

Range’s second quarter essentially met PitchBook consensus expectations of cash flow per share of $0.71 with $0.70, as the firm benefited from materially higher gas and natural gas liquids pricing. After updating our model, our fair value estimate increases slightly to $9.50 due to better near-term natural gas liquids pricing, while our no-moat rating is unchanged. Range’s gathering costs are expected to increase slightly to a midpoint of $1.45 per million cubic feet equivalent due to its priced-linked natural gas liquids contracts. In turn, realized natural gas liquids pricing is expected to be over $30 a natural gas liquid barrel in the second half of 2021 compared to about $18 per barrel in the fourth quarter of 2020.

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Company Profile

Business Description

Fort Worth-based Range Resources is an independent exploration and production company with that focuses entirely on its operations in the Marcellus Shale in Pennsylvania. At year-end 2020, Range's proved reserves totaled 17.2 trillion cubic feet equivalent, with net production of 2.2 billion cubic feet equivalent per day. Natural gas accounted for 70% of production.

Contact
100 Throckmorton Street, Suite 1200
Fort Worth, TX, 76102
T +1 817 870-2601
Sector Energy
Industry Oil & Gas E&P
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2019
Stock Type Distressed
Employees 533

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