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RRC

Range Resources

$5.14

-0.09 (-1.72%)

09:07
07/19/19
07/19
09:07
07/19/19
09:07

Range Resources announces assets sales to total $634M

RANGE RESOURCES announced that it has agreed to sell a 2% proportionately reduced overriding royalty interest in 350,000 net surface acres in southwest Appalachia for gross proceeds totaling $600M. The two separate transactions are effective as of March 1, 2019 and apply to existing and future Marcellus, Utica and Upper Devonian development on the subject leases, while excluding shallower and deeper horizons. The properties produced approximately 1.9 Bcfe net per day in the first quarter of 2019 and annualized cash flow associated with these overriding royalty sales is expected to approximate $48M, based on first half 2019 pricing. Range also completed the sale of certain non-producing acreage in Pennsylvania for gross proceeds of $34M that closed in June 2019. The properties sold included approximately 20,000 acres in northwest Armstrong County. Sale processes to monetize additional non-core assets remain underway. The royalty interest transactions are scheduled to close during July 2019 with proceeds utilized to repay amounts outstanding under the Company's revolving credit facility. The combined gross proceeds of $634M will reduce total debt by approximately 17%. Annual interest expense is expected to decline by approximately $30M and offset a significant amount of the cash flow reduction associated with the royalty sales. "Following the expected closing of these transactions, Range will have executed a $1B reduction in absolute debt over the past 12 months as the Company strengthens the business through organic free cash flow generation and asset sales", said CEO Jeff Ventura. "These asset sales once again highlight the significant intrinsic value of our assets. Over the past year, Range will have generated asset sale proceeds that equate to approximately 75% of our current market cap through the divestment of assets with a net impact to annual cash flow of less than 4%. Harvesting value from our asset base through these divestitures coupled with capital efficient operations positions Range for future success through commodity price cycles."

  • 26

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RRC Range Resources
$5.14

-0.09 (-1.72%)

07/15/19
JEFF
07/15/19
DOWNGRADE
JEFF
Jefferies downgrades five in Exploration & Production space ahead of results
Jefferies analyst Mark Lear downgraded Centennial Resource Development (CDEV), Callon Petroleum (CPE), Carrizo Oil & Gas (CRZO), Gulfport Energy (GPOR) and Range Resources (RRC) to Hold from Buy to reflect his firm's reduced oil and natural gas price forecasts. The analyst anticipates "another messy quarter" across the Exploration & Production space, driven by "weak" NGL and Waha natural gas pricing. "Once again, E&Ps have been left in the dust by crude, and it feels to us the market doesn't want, or more importantly need, the crude supply that the US onshore can deliver," Lear tells investors in a research note. He thinks EOG Resources (EOG), Diamondback Energy (FANG), Parsley Energy (PE), and Pioneer Natural (PXD) are set up well into the quarter.
07/15/19
JEFF
07/15/19
DOWNGRADE
Target $7
JEFF
Hold
Range Resources downgraded to Hold from Buy at Jefferies
Jefferies analyst Mark Lear downgraded Range Resources to Hold from Buy and lowered his price target for the shares to $7 from $17.
07/02/19
STFL
07/02/19
NO CHANGE
STFL
Short-selling Antero into earnings 'could be quite risky,' says Stifel
Stifel analyst Jane Trotsenko said investors could be inclined to short Antero Resources (AR) and Range Resources (RRC) given that Mt. Belvieu, Texas NGL prices are down 15% per barrel quarter-over-quarter. However, the analyst, who is projecting a production beat and "very healthy natural gas price realizations" from Antero thinks short-selling the stock into the earnings "could be quite risky," she tells investors in a research note. Antero also plans to update guidance with its Q2 report, "which makes this quarter particularly tricky," added Trotsenko, who keeps a Buy rating on the stock.
04/25/19
04/25/19
DOWNGRADE

Neutral
Range Resources downgraded to Neutral from Buy at Guggenheim
As previously reported, Guggenheim analyst Subash Chandra downgraded Range Resources to Neutral after its Q1 results. The analyst notes that while the quarter showed capital expenditure "under budget" in a sign of commitment to free cash flow over growth in "any price environment", he also sees the "premium" enterprise value to expected EBITDA multiple as an "obstacle" to outperformance in the near term.

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