Range Announces Proved Reserves

Source: www.gulfoilandgas.com 2/6/2024, Location: North America

RANGE RESOURCES CORPORATION announced year-end 2023 proved reserves of 18.1 Tcfe and SEC PV10 of $7.9 billion.

Commenting, Dennis Degner, the Company’s CEO said. "This year’s reserve report is consistent with last year’s report, reflecting the quality, scale and repeatability of Range’s asset base and continued positive performance revisions. Year-end 2023 reserves include approximately 3.1 million lateral feet from proved undeveloped locations that are part of our five-year plan. In addition to proved reserves, Range has approximately 25 million lateral feet of undeveloped high-quality Marcellus inventory, which is supported by continued strong performance of existing production. With our unmatched inventory depth, competitive full-cycle cost structure, and strong financial position we believe Range is very well-positioned to drive sustainable, long-term value and capital returns to shareholders for years to come.”

2023 Proved Reserves

Year-end 2023 proved reserves were 18.1 Tcfe, up slightly from last year. By volume, proved reserves were 64.1% natural gas, 34.5% natural gas liquids and 1.4% crude oil and condensate. Proved developed reserves represent 64% of the Company’s reserves.

During 2023, Range realized positive performance revisions of 611 Bcfe. This marked the 16th consecutive year of positive performance revisions driven by continued strong results from existing Marcellus producing wells. As shown in the table below, the present value (PV10) of proved reserves under SEC methodology was $7.9 billion at December 31, 2023. For comparison, the PV10 using December 31, 2023 strip prices equates to $11.7 billion using the same proved reserve volumes.

Year-end 2023 reserves included 6.6 Tcfe of proved undeveloped reserves from approximately 3.1 million lateral feet scheduled to be developed within the next five years with an expected development cost of $0.40 per mcfe. Future development costs included in the year-end 2023 reserve report utilized estimates consistent with 2024 expected drilling and completion costs. Beyond the five-year reserve calculation window, Range has approximately 25 million undrilled lateral feet of high-quality Marcellus and millions of undrilled lateral feet in the Utica and Upper Devonian horizons. Range also has a network of more than 250 existing well pads that provide the opportunity to develop future wells while utilizing existing roads, pads and infrastructure.


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