Range Resources
 |
|
| Public company | |
| Traded as | : RRC S&P 500 Component |
| Industry | Petroleum industry |
| Founded | 1976 |
| Headquarters | Fort Worth, Texas, United States |
|
Key people
|
John H. Pinkerton, Chairman and CEO Jeffrey L. Ventura, President and COO Chad L. Stephens, Vice President Ray Walker, Vice President Matt Pitzarella, Spokesman |
| Products |
Petroleum Natural gas |
|
Production output
|
1.542 billion cubic feet of natural gas equivalent per day (2016) |
| Revenue |  US$1.099 billion (2016) |
 -US$521 million (2016) |
|
| -US$521 million (2016) |
|
| Total assets | US$11.282 billion (2016) |
| Total equity | US$5.408 billion (2016) |
|
Number of employees
|
762 (2016) |
| Website | www.rangeresources.com |
Range Resources Corporation is a petroleum and natural gas exploration and production company headquartered in Fort Worth, Texas.
As of December 31, 2016, the company had 12.1 trillion cubic feet of natural gas equivalent of estimated proved reserves, of which 65% was natural gas, 31% was natural gas liquids, and 4% was petroleum. Approximately 87% of total proved reserves and 88% of 2016 production was in the Marcellus Formation.
In 2014, the company was the 3rd largest producer in the Marcellus Formation
In 2016, the company's production was 1.542 billion cubic feet of natural gas equivalent per day.
Range Resources traces its roots to Lomak Petroleum, its predecessor company, which was founded in 1976 and based in Hartville, Ohio. The company drilled wells in eastern Ohio.
In 1992, it moved its headquarters to Fort Worth, Texas and merged in 1998 with Domain Energy Corp.
In 1997, Range acquired American Cometra for $385 million, which owned properties in the Permian Basin.
In 1999, the company formed a 50-50 joint venture with FirstEnergy called Great Lakes Energy Partners LLC to own properties in the Appalachian Basin. In 2004, Range Resources bought the 50% interest in the venture that it did not own for $290 million, including the assumption of debt.
Before its major expansion into the Marcellus Shale, Range Resources only held a small position in the Texas Barnett Shale and 9000 "worn-out gas wells across the Appalachian basin that had been producing for 25 years". However, geologist William Zagorski, who worked for the company, used the knowledge of fracking gained working in the Barnett Shale (pioneered in the region by Mitchell Energy & Development) to attempt fracking in Appalachia, where according to Ventura, "it worked on the first try".
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Wikipedia