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Range Resources reports 38% increase in revenue

Range Resources told investors that revenues increased 38% to US$3.8mln due to better oil prices.
oil well, onshore
Production averaged 495 bopd

Range Resources Ltd (LON:RRL) confirmed that its production averaged 495 barrels of oil per day in the six months ended December 31.

It also added that an independent reserves audit has increased the group’s inventory, to 24.4mln barrels oil equivalent in proved and probable (2P) reserves.

The company highlighted that it has been advancing two waterflood projects, and four development wells were completed in the six month period.

Subsequently, however, the group’s work programme has been revised and it no longer expects to reach the prior targets (which was 2,500 bopd by the end of 2017).

More recently, the company announced a proposal to acquire its drilling contractor. The deal is expected to significantly reduce operating and drilling costs, and sees it take control of 12 rigs.

In terms of financial reporting, Range said revenues increased 38% to US$3.8mln due to better oil prices (US$42 per barrel) and operating expenses improved 9% to US$40 per barrel.

Range said it has a healthy unrestricted cash position, with US$20.6mln at the end of the period.

Net loss for the period was reported at US$35.1mln.

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