RANGE RESOURCES
CORP. IS SCALING BACK ITS SPENDING PLANS BY ALMOST HALF A BILLION DOLLARS WITH
THE SOFTENING ENERGY MARKET
Range Resources Corp. is scaling back its spending plans
by almost half a billion dollars with the softening energy market and is
earmarking about 95 percent of it for its Marcellus Shale operations.
Its 2015 capital plan will be reduced from the $1.3
billion announced in December to about $870 million because of what Range
Resources (NYSE: RRC) said was "continuing erosion in commodity
prices." Its previous capital-spending plan was already about 18 percent
less than 2014, according to a December story in the Pittsburgh Business Times.
Range expects to have 20 percent annual growth in
production for the year, down slightly from the 24 percent growth it had in
2014.
CEO Jeff Ventura said Range was well positioned to win
with the prevailing energy market.
"The time and effort that Range spent in
identifying and capturing one of the largest acreage positions in the core of
the Marcellus with three stacked reservoirs and low development costs gives
Range a distinct competitive advantage in this period of low commodity prices,
and we will continue to adapt and take advantage of opportunities as commodity
markets change," Ventura said in a statement.
Range also said its Mariner East pipeline started moving
gas in early December, earlier than expected, although it's not fully
operational yet.
Range Resources is based in Fort Worth, Texas, but its
local headquarters is at Southpointe.