Range Resources
Range has announced its annual report with some very good news on production but a disappointing miss on year end production targets.
The good news is that production is up 25% at 650 b/d with revenues up 55% at 13.1m, the realised oil price was up to $55 and opex down 43% to $26 pb.
The positive steps that the company has taken bode well for the longer term but there is a short term cost to pay.
The infrastructure upgrade programme is running behind its original schedule and accordingly the previous production target of 1/- b/d by the end of this year will slip into 2019.
Clearly this is a disappointment but the company is focusing in the short term on getting the work done enabling the drilling programme to continue.
RRS Price at posting:
0.2¢ Sentiment: Buy Disclosure: Held
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