Range Announces Proved Reserves

FORT WORTH, Texas, Feb. 06, 2024 (GLOBE NEWSWIRE) -- RANGE RESOURCES CORPORATION (NYSE: RRC) today announced year-end 2023 proved reserves of 18.1 Tcfe and SEC PV₁₀ of $7.9 billion.

Commenting, Dennis Degner, the Company’s CEO said. "This year’s reserve report is consistent with last year’s report, reflecting the quality, scale and repeatability of Range’s asset base and continued positive performance revisions. Year-end 2023 reserves include approximately 3.1 million lateral feet from proved undeveloped locations that are part of our five-year plan. In addition to proved reserves, Range has approximately 25 million lateral feet of undeveloped high-quality Marcellus inventory, which is supported by continued strong performance of existing production. With our unmatched inventory depth, competitive full-cycle cost structure, and strong financial position we believe Range is very well-positioned to drive sustainable, long-term value and capital returns to shareholders for years to come.”

2023 Proved Reserves

Year-end 2023 proved reserves were 18.1 Tcfe, up slightly from last year.   By volume, proved reserves were 64.1% natural gas, 34.5% natural gas liquids and 1.4% crude oil and condensate. Proved developed reserves represent 64% of the Company’s reserves.

Summary of Changes in Proved Reserves
(in Bcfe)
Balance at December 31, 2022	18,078
Extensions, discoveries and additions	207
Performance revisions	611
Price revisions	(2)
Production	(781)
Balance at December 31, 2023	18,113

During 2023, Range realized positive performance revisions of 611 Bcfe. This marked the 16^th consecutive year of positive performance revisions driven by continued strong results from existing Marcellus producing wells. As shown in the table below, the present value (PV₁₀) of proved reserves under SEC methodology was $7.9 billion at December 31, 2023. For comparison, the PV₁₀ using December 31, 2023 strip prices equates to $11.7 billion using the same proved reserve volumes.