Range Resources

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Range Resources Corp.
Type Public (NYSE: RRC)
Industry Independent Oil & Gas
Founded 1976[1]
Headquarters Fort Worth, Texas, USA
Key people John H. Pinkerton, Chairman & CEO
Jeffrey L. Ventura, President & COO
Roger S. Manny, Executive Vice President & CFO
Alan W. Farquharson, Sr. Vice President - Reservoir Engineering
David P. Poole, Sr. Vice President - General Counsel & Corporate Secretary
Chad L. Stephens, Sr. Vice President, Corporate Development
Ray N. Walker, Jr., Sr. Vice President - Marcellus Shale Division
Rodney L. Waller, Sr. Vice President & Assistant Secretary
Mark D. Whitley, Sr. Vice President - Southwest & Engineering Technology
Revenue Increase$907 million USD (2009)[2]
Operating income Increase$59 million USD (2009)[3]
Net income Increase($54)million USD (2009)[4]
Employees 787 (2009)[5]b
Website

http://www.rangeresources.com

http://www.MyRangeResources.com

Range Resources Corp. NYSE: RRC is an American independent natural gas company operating in the Southwestern and Appalachian regions of the United States. The Company pursues a growth strategy of low finding costs by exploiting its large inventory of lower-risk development drilling opportunities. A large portion of the Company’s drilling inventory consists of unconventional resource plays targeting tight gas and oil, shales, or coal bed methane reservoirs. This drill-bit growth strategy is supplemented periodically with acquisitions when such opportunities are financially attractive and add to the reserve growth potential of the Company. At December 31, 2009, Range had 3.1 Tcfe of proved reserves, an 18% increase over the prior year. In addition, Range estimates 24 to 32 Tcfe in net unrisked resource potential from its current acreage position. The proved reserves were 84% natural gas and had a reserve life index of 19 years. Range’s common stock is listed on the New York Stock Exchange under the symbol “RRC.” It is headquartered in Fort Worth, Texas, and is a member of the S&P 500 stock market index.

In 2004, Range Resources pioneered the Marcellus Shale, a largely untapped source of natural gas, completing the first commercially drilled well in Southwest Pennsylvania.

Range Resources Company History

1976- Lomak Petroleum, a predecessor of Range Resources, was founded and incorporated in Hartville, Ohio. Lomak began drilling wells in the Appalachian Basin.

1992- The company’s headquarters are moved to Fort Worth, Texas.

1996- The company began trading on the New York Stock Exchange.

1998- Lomak Petroleum merged with Domain Energy Corp. to form Range Resources

2004- Range Resources bought out FirstEnergy's stake in a joint venture that the two companies had formed earlier, Great Lakes Energy Partners LLC, and renamed it Range Resources Appalachia LLC.

2004- Range Resources Appalachia LLC drilled the first horizontal well to tap the natural gas reserves in the Marcellus Shale.

2010- Range Resources broke ground for a new regional headquarters building in the Southpointe Business Park in Cecil Township, near Canonsburg, Pennsylvania – about 20 miles south of Pittsburgh, Pennsylvania.

2011 - In a June 2011 announcement, Range stated that Jeffrey L. Ventura, the chief operating officer, will succeed John H. Pinkerton as the president and CEO of Range Resources on Jan. 1, 2012. [2]

Pioneering the Marcellus Shale

In 2004, Range Resources became the first company to successfully complete a well in the Marcellus Shale formation at a site in Mount Pleasant Township, Pennsylvania. Range Resources’ geologist William Zagorski led the team that pioneered the world-class natural gas reserves from the Marcellus shale, which may hold one of the world’s largest supplies of clean-burning natural gas. Zagorski, a native of Pittsburgh, Pennsylvania and graduate of the University of Pittsburgh, was named the “Father of the Marcellus” by the Pittsburgh Association of Petroleum Geologists among other recognitions.

Range drilled three horizontal wells in 2005, and within two years had $200 million worth of acreage, prompting Forbes to declare Range Resources the “King of the Marcellus Shale.”

Since Range Resources' activity began in the Marcellus Shale region, the company has paid out more than $1 billion to businesses and landowners in Pennsylvania, $700 million of that in Washington County, which is the company's main operating area. The company has also donated more than $3 million to charities and non-profit organizations in the area since 2007.

Hydraulic Fracturing Voluntary Disclosure

In July 2010, Range Resources became the first natural gas producer in Pennsylvania to voluntarily disclose all additives used in the hydraulic fracturing process to develop natural gas from the Marcellus Shale. Range immediately began submitting to the Pennsylvania Department of Environmental Protection (DEP) additional information about additives used in the process of hydraulic fracturing of each of the company’s natural gas wells in Pennsylvania.[6]. Range's initiative prompted other natural gas producers to follow suit, including Chief Oil and Gas who released a similar announcement a few months later.

The disclosure initiative provides Pennsylvanians – regulators, landowners, and elected officials – with information about the additives used at each well site, along with their classifications, volumes, dilution factors, and specific and common purposes.

Well-by-well reports can be seen on the company’s website: www.RangeResources.com.

Range Resources has been recognized by the industry, as well as state and federal regulators, as a leader in a variety of parts of the natural gas drilling, including well construction and casing, and water recycling for hydraulic fracturing.

Water Recycling Program

As early as October 2009, Range Resources had announced that it was recycling all of the wastewater produced by its natural gas drilling operations in Washington County. By 2011, Range was ahead of the industry in water recycling, when the Pennsylvania Department of Environmental Protection called drillers to cease sending wastewater from shale gas development to treatment plants in the operating areas.

MyRangeResources.com

In 2010, Range Resources-Appalachia LLC launched a website - www.MyRangeResources.com - aimed to educate the public about the company's activity and tell the stories of people who have been positively affected by the natural gas industry in Pennsylvania. The website launch coincided with a statewide advertising campaign featuring Range's landowners, area business owners, and others in television commercials, newspaper ads and billboards.

The Pittsburgh Post-Gazette commended Range Resources' ad campaign in an article on October 13, 2010 for showing everyday people describe how they have benefited from their relationship with the company. Extended videos can be seen on the MyRangeResources.com website.

Visitors to the MyRangeResources.com website can also learn more about the company's activity in Pennsylvania, the process used in natural gas development and extraction, as well as Range Resources' involvement in the community.

Fines Paid to Pennsylvania

Range Resources has paid $288,875 in fines to the Commonwealth of Pennsylvania as of February 2011[7]. The bulk was $141,175 levied for a fracking fluid spill that killed aquatic life in Washington County's Brush Creek (protected by the state as a "high-quality waterway"), according to the Pittsburgh Business Times.[8]

References

  1. ↑ http://www.rangeresources.com/Our-Company/Company-Timeline.aspx
  2. ↑ http://finance.yahoo.com/q/is?s=RRC+Income+Statement&annual
  3. ↑ http://finance.yahoo.com/q/is?s=RRC+Income+Statement&annual
  4. ↑ http://finance.yahoo.com/q/is?s=RRC+Income+Statement&annual
  5. ↑ http://finance.yahoo.com/q/pr?s=RRC+Profile
  6. ↑ article Wall Street Journal, 14 July 2010
  7. ↑ http://www.post-gazette.com/pg/pdf/201104/20110417_shalefines.pdf
  8. ↑ [1] "Pennsylvania collects $1M in fines since spike in Marcellus Shale drilling," By Anya Litvak, The Pittsburgh Business Times, May 31, 2010. Retrieved on 2010-11-29.

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