Range Resources Corporation, Company Intelligence Report
Summary
Range Resources Corporation (Range Resources) is an independent energy company engaged in the exploration, development and acquisition of crude oil and natural gas assets in several regions of the US. The company's operations can be divided into four areas: Midcontinent, Marcellus shale, Appalachian and Southwest. The Midcontinent division consists of areas such as Mississippian, Cana-Woodford, St. Louis, Ardmore Woodford and Granite Wash, with a combined estimated resource potential of 6 to 9 trillion cubic feet equivalent (tcfe). The resource potential of its Marcellus shale assets are anticipated by the company to be 24 to 32tcfe and the areas included under the Marcellus division are the southwest and northeast areas. The other divisions have an expected combined resource potential of 14 to 19tcfe and these include areas such as Upper Devonian shale, Wolfcamp, Penn Shale, Avalon/Bone Springs, Berea, Big Lime and Huron Shale. As of December 2011, the company had a total reserve base of 842.3 MMboe, of which around 47.5% came from developed oil and gas reserves.
Scope
Key Highlights: This section provides detailed analysis on the company's overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, hedging strategies, Capex funding, geographical results of oil and gas operations.
Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
SWOT: The report's SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market.
Production and Development Overview: This section highlights the company's crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the company's producing and development assets.
Exploration: This section includes detailed explanation and analysis on the company's exploration assets resulted due to new discoveries, new drilling and other activities.
M&A trends: This section mainly provides information and analysis on the company's recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the company's status as a buyer or seller during the analyzed period.
Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method.
Peer Group Analysis: This section compares the company's performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters.
Financial and Operational Metrics: This section covers the company's historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.
Reasons to buy
The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to -
Provide detailed analysis to those who are interested in knowing the companies' existing and future business strategies.
Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Keywords
Valuation Report, NAV, Oil and gas valuation, Strategic Evaluation, Strategic and Operational Analysis, Forecasted financial Statements, SWOT, Capital expenditure, Market Scenario, Revenue, Financial Ratios, Production, Reserves, Peer Group Comparison, DCF, Outlook, Investment Thesis, Investment Summary, Range Resources Corporation
Table of Contents
TOC
1 Table of Contents
1 Table of Contents 3
1.1 List of Tables 5
1.2 List of Figures 6
2 Range Resources Corporation, Company Overview 9
3 Range Resources Corporation, Key Highlights 13
3.1 Strongly Positioned in Marcellus to Map Long-term Production Growth 13
3.2 Streamlining the Operations by Selling Non-core Assets to Fund its Capex Plans and Reduce Costs 16
3.3 Multiple Exploration Potential in Nora Area; Can Emerge as a New Driver for Growth 18
4 Range Resources Corporation, SWOT Analysis 19
4.1 Strengths 19
4.1.1 Strong and Solid Presence in Marcellus Shale 19
4.1.2 Consistent Increase in Reserve Base led to Higher Reserve Replacement Ratio Compared to Peer Group Average 20
4.2 Weaknesses 21
4.2.1 High Dependence on Natural Gas Imbalance in Upstream Portfolio 21
4.2.2 Limited Geographical Presence 22
4.3 Opportunities 22
4.3.1 Growth through Joint Ventures and Strategic Acquisitions 22
4.4 Threats 23
4.4.1 Over Reliance on Marcellus Shale Resources could Adversely Impact Future Cash Flow Generation 23
5 Range Resources Corporation, Goals and Strategies 24
5.1 Increase Production at a Low Cost Structure 24
5.2 Sell Non-core Assets to Fund Capex Plans 24
5.3 Maintain Flexibility and Look for Strategic Acquisitions 24
6 Range Resources Corporation, Production Overview 25
6.1 Production Profile 25
6.2 Assets Portfolio 26
6.2.1 Southwestern Region 26
6.2.2 Appalachian Region 26
7 Range Resources Corporation, Exploration and Development Overview 28
7.1 Southwestern Region 30
7.2 Appalachian Region 30
8 Capital Expenditure 32
8.1 Costs Incurred 33
9 Acreage 34
10 Range Resources Corporation, Mergers and Acquisitions Highlights 35
11 Range Resources Corporation, Forecast Production and Financial Statements 38
11.1 Income Statement (2009-2016) 39
11.2 Balance Sheet (2009-2016) 40
11.3 Cash Flow Statement (2009-2016) 41
11.4 Financial Ratios 42
12 Range Resources Corporation, Valuation 45
12.1 Net Asset Value 45
13 Range Resources Corporation, Peer Comparision 49
13.1 Share Price Performance 49
13.2 Operational and Financial Performance 50
13.3 Key Financial and Operational Ratio 53
14 Range Resources Corporation, Detailed Operational and Financial Metrics 55
14.1 Range Resources Corporation, Total Oil and Gas, Reserves and Production 55
14.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2007-2011 55
14.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2007-2011 56
14.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2007-2011 58
14.2 Range Resources Corporation, Crude Oil/Liquids Production and Reserve 59
14.2.1 Crude Oil/Liquids Production and Reserve Trend, 2007-2011 59
14.2.2 Crude Oil Production and Reserves By Country/Region, 2007-2011 60
Table 30: Range Resources Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2007-2011 63
Table 31: Range Resources Corporation, Natural Gas Production and Reserves, By Country/Region, Bcf, 2007-2011 65
Table 32: Range Resources Corporation, Natural Gas Reserve Changes, Bcf, 2007-2011 66
Table 33: Range Resources Corporation, Oil and Gas Reserves Life Index, Years, 2007-2011 67
Table 34: Range Resources Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2007-2011 69
Table 35: Range Resources Corporation, Upstream Capital Expenditure, $m, 2007-2011 70
Table 36: Range Resources Corporation, Proved and Unproved Acquisition Costs, By Country/Region, $m, 2007-2011 72
Table 37: Range Resources Corporation, Exploration and Development Costs, By Country/Region, $m, 2007-2011 74
Table 38: Range Resources Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2007-2011 76
Table 39: Range Resources Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2007-2011 79
Table 40: Range Resources Corporation, Oil and Gas Production Replacement Ratio, %, 2007-2011 80
Table 41: Range Resources Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2007-2011 85
Table 42: Range Resources Corporation, Revenue and Expenses, $m, 2007-2011 86
Table 43: Range Resources Corporation, Revenue and Expenses, By Country/Region, $m, 2007-2011 91
Table 44: Range Resources Corporation, Oil and Gas Revenue and Expenses, $/boe, 2007-2011 92
Table 45: Range Resources Corporation, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2007-2011 96
Table 46: Range Resources Corporation, Oil and Gas Performance Metrics, 2007-2011 97
Table 47: Range Resources Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2007-2011 98
Table 48: Range Resources Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2007-2011 101
Table 49: Range Resources Corporation, Producible Oil and Gas Wells, 2007-2011 102
Table 50: Range Resources Corporation, Producible Oil and Gas Wells, By Country/Region, 2007-2011 106
Table 51: Range Resources Corporation, Exploratory and Developed Wells, 2007-2011 107
Table 52: Range Resources Corporation, Exploratory and Developed Wells, By Country/Region, 2007-2011 108
List of Figures
1.2 List of Figures
Figure 1: Range Resources Corporation, US Operations Map, 2012 9
Figure 2: Range Resources Corporation , Financial and Operational Overview, $m, 2008-2011 10
Figure 3: Range Resources Corporation, Share Price Movement, May 2011-May 2012 11
Figure 4: Range Resources Corporation, Marcellus Shale, Production Forecast and its Contribution in Total Production, MMboe and %, 2012-2016 14
Figure 5: Range Resources Corporation Comparison with Other Major Players by Some Operational Parameters, Marcellus Shale, Latest Reported 15
Figure 6: Range Resources Corporation, Use of Operating Cash Flow, 2008-2011 16
Figure 7: Range Resources Corporation, Lease Operating Expenses (LOE), F&D Cost/boe and Reserve Replacement Ratio, 2008-2011 17
Figure 8: Range Resources Corporation, Nora Area Overview, 2012 18
Figure 9: Top Five Companies, Marcellus Shale's Contribution in the Companies' Total Net Acreage (%), 2011 19
Figure 10: Range Resources Corporation, Total Proved Crude Oil and Natural Gas Reserves, MMboe, 2008-2011 20
Figure 11: Range Resources Corporation and its Peers, Oil and Gas Reserve Replacement Ratio (%), 2008-2011 21
Figure 12: Range Resources Corporation, Contribution of Natural Gas in Total Reserves and Production (%), 2008-2011 22
Figure 13: Range Resources Corporation, Production Forecast, MMboe, 2008-2016 25
Figure 14: Range Resources Corporation, Production Mix (%), 2008-2011 26
Figure 15: Range Resources Corporation, Net Productive and Dry Exploratory and Development Wells, 2008-2011 28
Figure 16: Range Resources Corporation, Net/ Gross Oil and Gas Ratio for Wells, %, 2008-2011 29
Figure 17: Range Resources Corporation, Net Total Oil & Gas Productive & Dry Exploratory Wells, 2008-2011 29
Figure 18: Range Resources Corporation, Comparison of Exploration Cost and Organic Reserve Addition, $m and MMboe, 2008-2011 30
Figure 19: Range Resources Corporation, Comparison of Acquisition Costs and Reserve Additions Through Acquisition, $m and MMboe, 2008-2011 31
Figure 20: Range Resources Corporation, Capital Expenditure, $m, 2008-2011 32
Figure 21: Range Resources Corporation, Costs Incurred, $m, 2008-2011 33
Figure 22: Range Resources Corporation Versus Peers Acreage Comparison (Million Acres), 2011 34
Figure 23: Range Resources Corporation and Peer Group, Relative Share Price Performance Index, May 2011-May 2012 49
Figure 24: Range Resources Corporation and its Peers, Per Boe Parameters, 2011 51
Figure 25: Range Resources Corporation and its Peers, Reserve Life Index, 2011 51
Figure 26: Range Resources Corporation, Total Reserves and Production, MMboe, 2011 52
Figure 27: Range Resources Corporation and its Peers, Valuation Ratios, 2011 54
Figure 28: Range Resources Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2007-2011 55
Figure 29: Range Resources Corporation, Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2007-2011 56
Figure 30: Range Resources Corporation, Total Oil & Gas Production, By Country/Region, MMboe, 2007-2011 56
Figure 31: Range Resources Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2011 58
Figure 32: Range Resources Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2007-2011 59
Figure 33: Range Resources Corporation, Oil Reserves, End of Period, By Country/Region, MMbbl, 2007-2011 60
Figure 34: Range Resources Corporation, Oil Production, By Country/Region, MMbbl, 2007-2011 60
Figure 36: Range Resources Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2007-2011 63
Figure 37: Range Resources Corporation, Gas Reserves, End of Period, By Country/Region, Bcf, 2007-2011 64
Figure 38: Range Resources Corporation, Gas Production, By Country/Region, Bcf, 2007-2011 64
Figure 39: Range Resources Corporation, Natural Gas Reserve Changes, Bcf, 2011 66
Figure 40: Range Resources Corporation, Oil and Gas Reserves Life Index, Years, 2007-2011 67
Figure 41: Range Resources Corporation, Gas Reserve Life Index, By Country/Region, Ratio, 2007-2011 68
Figure 42: Range Resources Corporation, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2007-2011 68
Figure 43: Range Resources Corporation, Oil Reserve Life Index, By Country/Region, Ratio, 2007-2011 69
Figure 44: Range Resources Corporation, Upstream Capital Expenditure, $m, 2007-2011 70
Figure 45: Range Resources Corporation, Proved Acquisition Costs, By Country/Region, $m, 2007-2011 71
Figure 46: Range Resources Corporation, Unproved Acquisition Costs, By Country/Region, $m, 2007-2011 71
Figure 47: Range Resources Corporation, Development Costs, By Country/Region, $m, 2007-2011 73
Figure 48: Range Resources Corporation, Exploration Costs, By Country/Region, $m, 2007-2011 73
Figure 49: Range Resources Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2007-2011 75
Figure 50: Range Resources Corporation, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2007-2011 77
Figure 51: Range Resources Corporation, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/boe, 2007-2011 77
Figure 52: Range Resources Corporation, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2007-2011 78
Figure 53: Range Resources Corporation, Proved Reserves Acquisition Cost per boe, 3-Year Average, By Country/Region, $/boe, 2007-2011 78
Figure 54: Range Resources Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2007-2011 80
Figure 55: Range Resources Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2007-2011 82
Figure 56: Range Resources Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2007-2011 82
Figure 57: Range Resources Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2007-2011 83
Figure 58: Range Resources Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2007-2011 83
Figure 59: Range Resources Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2007-2011 84
Figure 60: Range Resources Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2007-2011 84
Figure 61: Range Resources Corporation, Revenue and Expenses, $m, 2007-2011 86
Figure 62: Range Resources Corporation, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 87
Figure 63: Range Resources Corporation, Exploration Expenses, By Country/Region, $m, 2007-2011 87
Figure 64: Range Resources Corporation, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 88
Figure 65: Range Resources Corporation, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 88
Figure 66: Range Resources Corporation, Oil & Gas Revenue, By Country/Region, $m, 2007-2011 89
Figure 67: Range Resources Corporation, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 89
Figure 68: Range Resources Corporation, Production Costs, By Country/Region, $m, 2007-2011 90
Figure 69: Range Resources Corporation, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 90
Figure 70: Range Resources Corporation, Oil and Gas Revenue and Expenses, $/boe, 2007-2011 92
Figure 71: Range Resources Corporation, Exploration Expenses per boe, By Country/Region, $/boe, 2007-2011 93
Figure 72: Range Resources Corporation, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2007-2011 93
Figure 73: Range Resources Corporation, Lifting Cost per boe, By Country/Region, $/boe, 2007-2011 94
Figure 74: Range Resources Corporation, Annual Net Income per boe, By Country/Region, $/boe, 2007-2011 94
Figure 75: Range Resources Corporation, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2007-2011 95
Figure 76: Range Resources Corporation, Total DD&A per boe, By Country/Region, $/boe, 2007-2011 95
Figure 77: Range Resources Corporation, Total Revenue per boe, By Country/Region, $/boe, 2007-2011 96
Figure 78: Range Resources Corporation, Oil and Gas Performance Metrics, 2007-2011 97
Figure 79: Range Resources Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2007-2011 98
Figure 80: Range Resources Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2007-2011 99
Figure 81: Range Resources Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2007-2011 99
Figure 82: Range Resources Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2007-2011 100
Figure 83: Range Resources Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2007-2011 100
Figure 84: Range Resources Corporation, Producible Oil and Gas Wells, 2007-2011 102
Figure 85: Range Resources Corporation, Gross Productive Gas Wells, By Country/Region, Number, 2007-2011 103
Figure 86: Range Resources Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2007-2011 103
Figure 87: Range Resources Corporation, Gross Productive Oil Wells, By Country/Region, Number, 2007-2011 104
Figure 88: Range Resources Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2007-2011 104
Figure 89: Range Resources Corporation, Net Productive Gas Wells, By Country/Region, Number, 2007-2011 105
Figure 90: Range Resources Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2007-2011 105
Figure 91: Range Resources Corporation, Net Productive Oil Wells, By Country/Region, Number, 2007-2011 106
Figure 92: Range Resources Corporation, Exploratory and Developed Wells, 2007-2011 107
Range Resources Corporation, Company Intelligence Report published by GlobalData in May 31, 2012. This report consists of Pages: 111 and the price starts from US $ 1000.
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