I think as you have a clear line of sight, meaning it's durable, it's not just a transient situation of the durable condition. Your line is open. We're on a trajectory to be at or below both our capex and our cost per foot targets, but we wouldn't anticipate maybe to hit something directly that you'd asked us. As management has been designated by the Board to speak publicly for the Company, Directors refrain from commenting on the Company or its business publicly except if required to exercise the Director’s fiduciary duty or upon request of the Chairman. So these are the things we're thinking through. Drilling focused in areas of low risk, low cost, high return with maximum reserve upside. Some estimates of the ultimate liability were updated, and the costs are coming in better than originally projected, hence, the $28 million reduction in the NPV of that recorded liabilities. INVESTOR RELATIONS Laith SandoP: 817-869-4267 E: Lsando@rangeresources.com MEDIA RELATIONS Mark WindleE: mwindle@rangeresources.comP: 724-873-3223 OWNER RELATIONS Owner Relations TeamE: Owner Relations@rangeresources.comP: 844-594-6775 RESPONSE CENTER Response CenterE: ResponseCenter@rangeresources.comP: 724-754-5999 HUMAN RESOURCES . So the way it works is it's calculated on an annual year, and we would receive the first portion of that potentially during the first half of '22 related to realized prices of the asset during 2021. 4/28/2021. What is the per share exposure to Range's asset base, the predictability of the inventory and the cash flow and exposure to that growing free cash flow per share. Please go ahead, sir. There has been substantial improvement in the debt markets, and it's evident in the trading levels of Range's bonds that both access to and cost of capital has improved. I'll touch briefly on each of these before turning it over to Dennis and Mark to cover in more detail. Thank you, operator. Similar to updates from prior quarters, we returned to pad sites for a significant portion of our activity in Q2, with approximately 75% of our new wells drilled on pads with existing production. And then you talked about securing cash flows. Range's $2.4 billion credit facility was affirmed on March 27, 2020. In aggregate, revenue improvements stemming from diverse marketing arrangements, coupled with prudent hedging and thoughtful expense management resulted in cash margin per unit of production expanding to $0.93. Looking ahead, we see potential for additional positive improvements for natural gas pricing and basis with regional storage levels behind the five year average. Found inside – Page 540ance sistance; intelligence resource(s); internal resistance; interrogator responder; investor relations ir (IR) inflation rate i-r infra-red i/r ... Year-to-date, this contributed to a total workforce recordable incident rate in line with last year, which was Range's best safety performance in the program history, and benchmarks in the top quartile for safety performance among our peer group. We will continue to focus on safe, efficient and environmentally sound operations, prudent capital allocation and generating sustainable returns to our shareholders. Efficiently apply the cash flow so as to not have a negative carry with cash balances on the balance sheet. Directors will receive appropriate information to assist them in the performance of their duties as directors and committee members, as applicable, including, at a minimum, what is necessary to comply with New York Stock Exchange listing standards and regulatory requirements. From time-to-time, officers and managers who can provide insight into items being discussed or which are of particular interest will be asked by the Chairman or Lead Independent Director to be present at a Board meeting. So we're encouraged about not only delivering on our well cost projections, but also on our capital budget. And then are there any limitations to you guys selling any more NGLs into this price environment right now? Wednesday, August 26, 2020 at 7:00 am CT. Evolution Petroleum to present virtually at the Annual Midwest IDEAS Investor Conference. The Audit, Compensation and Governance and Nominating Committees will be comprised solely of Independent Directors. This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. The Investor Relations website contains information about Comstock Resources, Inc.'s business for stockholders, potential investors, and financial analysts. You'll hear more later in the year. As NGL prices strengthened during the quarter, processing costs increased as expected as a result of our percent of proceeds contracts, but this was more than offset by the improvement in natural gas liquids prices, resulting in vast improvements in Range's margins and cash flow. Storage is below the five year average. Demand for Corporate Bonds Stronger Than It Appears. CLR February 2021 Investor Update. So if you were to, let's just say, push those wells literally a week to 10 days, some of those could actually change the numbers by instead of 70%, maybe it's more like 60% to 65%. The Governance and Nominating Committee is responsible for reviewing with the Board, on an annual basis, the composition of the Board. So as prices roll toward us based on the current supply demand equation, we might expect and we're very optimistic that a good portion of that full $75 million could roll to us. Mr. Hays Mabry is Director-Investor Relations at Centennial Resource Development, Inc. and Senior Manager-Investor Relations at Range Resources-Louisiana, Inc. Mr. Mabry was previously employed as an Associate Analyst by Wachovia Securities LLC and a Principal by Morgan Keegan & Co., Inc. (Old). We try to leave flexibility though, throughout the program. Owner Inquiry Form. © Copyright 2021 Morningstar, Inc. All rights reserved. And thinking about the service cost side now, this is the first quarter in a while where we've heard some of the service producers express a little bit of optimism about what they might be able to do in terms of regaining a little pricing power. With operators administering capital and production discipline this year, ongoing strength in LNG exports at 11 Bcf per day and overall storage levels running below the five year average, an undersupplied market has materialized, further impacting 2021 pricing and movement in the forward curve above $3 for 2022. Fort Worth-based Range Resources is an independent exploration and production company with that focuses entirely on its operations in the Marcellus . But that represents overall. ET, Welcome to the Range Resources Second Quarter 2021 Earnings Conference Call. I'll start off with this one. In the second quarter, Range produced $177 million in cash flow with capital spending coming in at just $120 million for the quarter, Range generated solid free cash flow despite seasonally weak pricing and the second quarter being the high point of capital spending for the year. There's some potential benefits from size, but size getting bigger for bigger sake isn't necessarily a primary motivator. Investors Cabot Corporation is a leading specialty chemicals and performance materials company. So it's something we certainly are monitoring. Found inside – Page 658Investor Relations . . . . . . . . . . . Dawan L Garcia - Hendershot Chairman ... Andrew L . Rosivach 61 2 82054400 RANGE RESOURCES CORP ( continued ) ... . Those are kind of the preconditions to, I think, us initiating. Our activity resulted in 25 wells being turned to sales with 75% of the turn-in-line activity landing in the back half of the quarter, setting us up for higher sequential production for the balance of this year. Royalty Owners. CNX Commits $30 million to Broaden Path to Middle Class in Local Communities. Coupled with a lighter barrel from export timing and seasonality in domestic sales, we expect lower premiums to Mont Belvieu but improving overall NGL price realizations. But again, with the portfolio of outlets, the variety of contracts and price linkages that gives us a lot of resilience in that pricing structure. Directors serve for a one-year term or until their successors are elected or for a shorter period ending at the next Annual Meeting. Any such Directors will serve until the next Annual Meeting. So that's the first factor to remember is that the growth in cash flow is available even in a maintenance capital scenario. Found inside – Page 13Committee on Foreign Relations ... the wide variety of circumstances associated with investment disputes around the globe , the range of resources available ... Found inside – Page 48Outsourcing is often used for the logistics of Investor Relations, publishing, ... Independent experts often have more experience with a wider range of ... On the condensate side, realized price for the second quarter was $57.60, a differential of $8.36 per barrel. In addition, the Company will disclose in its proxy statement for its annual meeting of stockholders that a copy of each document is available on the Company’s website. Or is that excluded? Corporate overview. DiDi is the world's leading mobility technology platform. I think with our target leverage levels getting fairly close first half of next year that, that does certainly open up certain optionality in how we approach risk management, how we have structured the business. Dennis L. Degner -- Senior Vice President-Chief Operating Officer. This realized price per unit is $0.41 above NYMEX Henry Hub, driven by a 118% increase in NGL price per barrel, which reached $27.92 pre-hedge. [Operator Instructions] Statements made during this conference call that are not historical facts are forward-looking statements. But if you could just give just some generalities. The Governance and Nominating Committee reviews the Board’s effectiveness and composition no less than annually, seeking to ensure that Directors continue to provide the required expertise. Investor Contact Information. Found inside – Page 287... and an inventory Investor Relations Specialist : Karen M. Giles of almost ... In 2006 Auditors : Ernst & Young LLP Range Resources acquired Stroud ... The drilling team operated two dual-fuel horizontal rigs during the second quarter, split between our dry and super-rich acreage footprint. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. Toll-free in Canada and the U.S.: 1.877.759.6226 Outside Canada and the U.S.: 604.699.4257 investors@teck.com. And then, of course, lastly, we've been able to see more completion efficiency gains as well. And second, what appears to be a temporary increase in medical costs. I would just tack on two things. Found inside – Page 10U.S. position that BITs provide genuine protections to investors , and are ... with investment disputes around the globe , the range of resources available ... It is our policy that Directors and all officers, including our Senior Executives, may not purchase or sell options on our common stock, nor engage in short sales with respect to our common stock. You could actually see in some other quarters, that might be less. Absent these two transitory items, G&A spending was in line with the preceding quarter. The Board’s principal function is to oversee senior management, provide the Chief Executive with guidance in developing corporate strategy and policies, review and approve major corporate decisions and assist the Company in setting and achieving its objectives. So we're going to see some of those wells really be impactful to our production profile for the second half of the year. Going forward in terms of ability to optimize and take advantage of good pricing in the marketplace, yes, we can still do that. Thanks for letting me close it out guys. Liability management over the last few years has, as expected, temporarily increased interest expense. I think it can fluctuate no doubt quarter-to-quarter. Importantly, what further differentiate Range from peers is our ability to efficiently deliver clean burning natural gas for an extended period of time given our multi-decade core inventory. As we look at the second quarter, Range reported a Q2 natural gas differential of $0.39 under NYMEX, including basis hedging. And again, moving back into pad sites allows us to, let's just say, move quickly when we need to. Returns as of 08/27/2021. Before turning it over to Dennis and Mark, I'll just reiterate that Range remains committed to disciplined capital spending. As a result of these tightening fundamentals and the corresponding improvement in prices throughout the quarter, Range's NGL price was $27.92 per barrel, a $2.24 premium to Mont Belvieu. And then do you have any color on the potential contingent payment you could potentially receive in the first quarter of 2022 in regarding the sale? Join to Connect . Found inside – Page 57Hence, the Colombian government is very supportive of foreign investment and it has the best investor protection in Latin America, sixth worldwide, ... Evaluation criteria are established by the Governance and Nominating Committee which leads the process, assesses the results and makes recommendations, as needed, to the Board to improve its performance. So that would get you running the numbers again at current cost guidance, realized prices, you can arrive at around EBITDA estimate. Yes. Continental Resources Delivers Outstanding 2Q21 Results Driving Robust Cash Flow & Exceptional Shareholder Value • $289.3 Million Net Income; $0.79 per Diluted Share ($332.8 Million Adjusted Net Income; $0.91 per Adjusted Share (Non-GAAP)) in 2Q21 • $673 Million Cash Flow from Operations & $634 Million. However, adjournment will be determined by a majority vote. Found inside – Page 1372... 1996 , interest rate of Directors with the Iron Range Resources Rehabilitation ... interest rate of Shareholder Relations : Investor Relations , Tel . The Board reviews the Company’s goals and business plans, authorizes the level of capital expenditures and helps develop key performance measures. But as we look out for the program year anywhere from 12 to 18 months in advance. CLR August 2020 Investor Update. We've got a fair amount contracted, but we do have a significant amount of flexibility as well. Many names appear overvalued, but we remain bullish about HollyFrontier, Tesoro, RSP Permian, Antero, and Range. This organic free cash flow, supported by thoughtful hedging through the end of this year and into 2022, puts us well on our way toward meeting our balance sheet targets in the near future. Just a couple for me. Oil prices are likely to rebound from here, but robust U.S. supply will ultimately cap upside. Sure. Filings Format Description Filing Date File/Film Number 10-Q Documents Interactive Data Quarterly report [Sections 13 or 15(d)] Acc-no: 0001445866-18-000992 (34 Act) Size: 2 MB 2018-09-28 000-54306 181093138 10-Q Documents Interactive Data Quarterly report [Sections 13 or 15(d)] Acc-no: 0001445866-18-000990 (34 Act) Size: 2 MB 2018-09-28 000-54306 181092162 D Documents Notice of Exempt . Our final question the forward-looking statements, more efficient fuels prepared to return capital to shareholders in. To our shareholders from January 2019 to March 2021 Presentations remain operative a. Press release provides reconciliations of these things together with a wider Range... Found insideEven though Resources. The obligation reduction and operators tend to align themselves with Range because we deliver on a rolling to. 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