FORT WORTH, Texas, Jan. 07, 2019 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) today announced that 2018 capital spending is currently estimated to be approximately $20 million below the $941 million budgeted for the year. The Company’s 2018 program was better than budget as a result of savings from a variety of sources, including drilling efficiencies and water recycling.
Separately, the Company announced that the Houston natural gas processing and NGL fractionation facility and the Harmon Creek processing facility, both operated in Pennsylvania by MarkWest, have been returned to service following an operational issue at the Houston facility that required the extended curtailment of both processing complexes. As a result of MarkWest’s operational downtime, Range lost approximately 10 Bcfe of production and expects that production for the fourth quarter of 2018 was approximately 2.15 Bcfe per day.
As planned, the Company generated free cash flow in the fourth quarter of 2018 with efficiencies realized in the 2018 capital spending program expected to offset a majority of the cash flow impact from processing downtime.
RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading U.S. independent natural gas, NGL and oil producer with operations focused in stacked-pay projects in the Appalachian Basin and North Louisiana. The Company pursues an organic growth strategy targeting high return, low-cost projects within its large inventory of low risk development drilling opportunities. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.