Tag Archives: Range Resources

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The U.S. Natural Gas Supply Just Got 26% Larger

April 14, 2013 Bartle Doo Leave a comment

When an oil and natural gas exploration company books its energy reserves, it’s really using its best guess based on the currently available data. As with most guesses based on limited data, they tend not to be as accurate as we’d like. Sometimes that’s a good thing, as in the case of our nation’s future natural gas supply.

A recent study by the Potential Gas Committee shows that the U.S. now has 26% more recoverable gas than the group estimated we had at the end of 2010. The total now comes to 2,383.9 trillion cubic feet, or Tcf. That’s really good news both for producers and for current and future end users.

Thanks to the Marcellus Shale, the Atlantic portion of the country has the highest ceiling, at an estimated 741.3 Tcf of recoverable natural gas. That means decades of production coming from the likes of Range Resources and Chesapeake Energy , which have large acreage positions in the Marcellus and in the region as a whole.

Chesapeake is already the nation’s second largest natural gas producer. The company pumps out 4% of our total production, and if gas prices rise, it has the potential to produce even more gas in the future. The company is the largest leaseholder in both the Utica, at 1 million net acres, and the Marcellus, at 1.8 million net acres. If gas prices are high enough, Chesapeake has plenty of room to expand its drilling budget and increase its production.

Range Resources, which was the top producer in the Marcellus last year, also has a large acreage position in the play. The company has 700,000 net acres in the Marcellus as well as another 231,000 net acres in its Southern Appalachia division. Overall, the company believes it controls 54 Tcfe of resource potential in its acreage just in the Atlantic potion of the country. As one of the lowest-cost producers of natural gas in the country, Range can profit even in a low-price environment.

Knowing that we have a larger supply of natural gas is great; however, it won’t do a whole lot for profits if prices don’t head higher. The good news here is that more demand is on the way. Overall, there should be enough room so that everyone can profit as more natural gas comes out of the ground.

One area to watch is liquefied natural gas exports. Currently, Cheniere Energy is first in line to begin exporting natural gas. Its Sabine Pass terminal is scheduled to come online in 2015. There’s a boatload of projects in various stages of the approval process that would like to join Cheniere.

The problem here is that chemical companies such as Dow Chemical have vowed to vigorously fight an increase in natural gas exports. With more than $4 billion in projects coming online over the next few years that use natural gas as a feedstock, you can understand why the company wants the

From: http://www.dailyfinance.com/2013/04/14/the-us-natural-gas-supply-just-got-26-larger/

Business, Finance, Occupation & Industry

How Range Resources Stock Will Reward Investors

April 11, 2013 Bartle Doo Leave a comment

By Matt DiLallo, The Motley Fool

Filed under: Investing

Investors in
Range Resources‘ stock have been well rewarded over the past year. While the market is up about 12%, Range Resources‘ stock is up almost 40% over that same time frame. While rising natural gas prices are playing a role, Range Resources has the foundation already in place to continue to deliver outstanding results.

Focus on growth per share
Range Resources is focused on the per-share growth of both production and reserves, on a debt-adjusted basis. It’s not a common practice in the industry as most of its peers are simply focused on growing or, worse, working feverishly just to adjust that debt burden lower. Range Resources per-share focus instead reminds me a lot of Devon Energy . Both companies are focused on deploying capital on higher returning projects while not overspending and becoming too heavily indebted.

This focus has enabled Range Resources to grow production per share of its stock by 15% annually since 2007. Last year it nearly doubled that rate as production per share was 29%. The company believes it can continue growing at that higher pace and sees its production growing by 20%-25% per year for the foreseeable future.

Low-cost producer
Range Resources isn’t a company that seeks growth at all costs. Over the past five years the company has brought down its unit costs by 30%. That’s taken it from $4.30 per Mcfe in 2008 all the way down to just $3.00 per Mcfe last year. That puts Range Resources among the lowest-cost natural gas producers in the country and one reason why the company can grow production and still make money. Take a look at the following chart and you’ll see what I mean:

Source: Range Resources Investor Presentation

Overall the company ranks in the top five, though it’s still well behind the top low-cost producers Southwestern Energy and EQT . Both companies have enjoyed total cost of production of almost a dollar less per Mcfe; still, Range Resource‘s cost structure puts in in an elite group. That’s served owners of its stock very well as it’s up nearly 40% over the past year.

Final thoughts
With a focus on per-share growth and a low-cost structure, Range Resources can grow its natural gas production and profits when most others can’t. While that’s served stock investors well in a low price environment, the company can really outperform when natural gas heads higher. If you believe that’s the most likely scenario, then Range Resources is one stock you’ll want to buy.

Over the past year the market has caught on to Range Resources low cost structure and sent its stock higher. If you’re still looking for natural gas exposure but want a deeper value you’d be hard-pressed to find another company trading at a deeper discount than Chesapeake Energy. Its share price depreciated after negative news surfaced concerning the company’s

From: http://www.dailyfinance.com/2013/04/11/how-range-resources-stock-will-reward-investors/

Business, Finance, Occupation & Industry

3 Regions Where Natural Gas Production Is Growing

April 10, 2013 Bartle Doo Leave a comment

By Matt DiLallo, The Motley Fool

Filed under: Investing

If you haven’t noticed yet, natural gas prices have started to head higher. A combination of factors, including a surprisingly cold March, have led to resilient demand. As prices have inched up, two top Wall Street banks have seen enough momentum to raise their 2013 price target for natural gas. Morgan Stanley‘s price forecast was bumped up by 7% to $3.93 per million British thermal units, or MMBtu, while Goldman Sachs raised its forecast from $3.75 per MMBtu all the way to $4.40 per MMBtu.

That’s good news for those companies in regions where natural gas production is actually growing. Overall since the end of 2011, North American dry shale gas production has risen by 9.95% to 27.2 billion cubic feet of production per day as of the beginning of this past February. This rise has been driven primarily by production growth at three big plays. Let’s take a look.

Eagle Ford
While not known for natural gas, the Eagle Ford Shale has actually seen a 43.12% pop in natural gas production according to data from the Energy Information Administration, or EIA, over the past year. Most of this gas is associated with oil and liquids, as fewer companies are drilling in the dry gas window at the moment.

For example, Chesapeake Energy‘s core acreage is in the sweet spot of the oil window. Despite that, 19% of the company’s fourth-quarter production was natural gas. As Chesapeake increases its overall production, natural gas production increases as a byproduct of its liquids-focused drilling. Further, as the nation’s No. 2 gas producer, Chesapeake is one of the biggest beneficiaries of higher gas prices.

Marcellus
According to the EIA, natural gas production out of the Marcellus jumped 55.28% over the past year. Top producer, Range Resources , produced a total of 146 Bcf of natural gas last year. That production easily exceeded that of number two producer EQT‘s 103 Bcf of natural gas production last year.

These two companies hold one thing in common: Both are among the lowest-cost producers of natural gas in the country, which gives them a competitive advantage to make money when most of their competitors cannot. Investors in these low-cost producers have been served well as both have returned around 40% over the past year.

Bakken
While the Bakken is known for its oil, natural gas production skyrocketed by 94.38% according to data from the EIA. Part of the reason more gas is being produced is because less of it is being flared — instead, it’s being put into pipelines. Most of this infrastructure simply didn’t exist until recently and now that companies have a way to get gas to market, they’re able to sell instead of flare.

The impact of this reduced flaring is clearly evident at Kodiak Oil & Gas . In 2011 the company produced 1,329 MMcf of gas, but flared 807 MMcf. That’s 61% of the gas! Last year the

Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Range Announces Conference Call to Discuss First Quarter 2013 Financial Results

April 4, 2013 Bartle Doo Leave a comment

By Business Wirevia The Motley Fool

Filed under: Investing

Range Announces Conference Call to Discuss First Quarter 2013 Financial Results

FORT WORTH, Texas–(BUSINESS WIRE)– RANGE RESOURCES CORPORATION (NYSE: RRC) announced today that its first quarter 2013 financial results news release will be issued Thursday, April 25 after the close of trading on the New York Stock Exchange.

A conference call to review the financial results is scheduled on Friday, April 26 at 9:00 a.m. ET. To participate in the call, please dial 877-407-0778 and ask for the Range Resources first quarter 2013 financial results conference call. A replay of the call will be available through May 27. To access the phone replay dial 877-660-6853. The conference ID is 412214.

A simultaneous webcast of the call may be accessed over the internet at www.rangeresources.com. The webcast will be archived for replay on the Company’s website until May 27.

RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading independent oil and natural gas producer with operations focused in Appalachia and the southwest region of the United States. The Company pursues an organic growth strategy targeting high return, low-cost projects within its large inventory of low risk, development drilling opportunities. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com and www.myrangeresources.com.

Range Resources Corporation
Investor Contacts:
Rodney Waller, 817-869-4258
Senior Vice President
or
David Amend, 817-869-4266
Investor Relations Manager
or
Laith Sando, 817-869-4267
Research Manager
or
Michael Freeman, 817-869-4264
Financial Analyst
or
Media Contact:
Matt Pitzarella, 724-873-3224
Director of Corporate Communications

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS:

The article Range Announces Conference Call to Discuss First Quarter 2013 Financial Results originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Strong Quarter for Natural Gas

April 2, 2013 Bartle Doo Leave a comment

By Joel South and Taylor Muckerman, The Motley Fool

Filed under: Investing

Late-season cold weather has helped to reduce the levels of natural gas in storage, and this combined with receding production has brought natural gas prices up by 16% in the past month, which is a huge win for natural gas producers and their investors. In this video, Motley Fool energy analysts Joel South and Taylor Muckerman give investors the names of a few low-cost natural gas producers that are poised to lock in some of the best returns in the industry from these climbing natural gas prices.

There are many different ways to play the energy sector, and The Motley Fool‘s analysts have uncovered an under-the-radar company that’s dominating its industry. This company is a leading provider of equipment and components used in drilling and production operations and poised to profit in a big way from it. To get the name and detailed analysis of this company that will prosper for years to come, check out the special free report: “The Only Energy Stock You’ll Ever Need.” Don’t miss out on this limited-time offer and your opportunity to discover this under-the-radar company before the market does. Click here to access your report — it’s totally free.

The article Strong Quarter for Natural Gas originally appeared on Fool.com.

Joel South and Taylor Muckerman have no position in any stocks mentioned. The Motley Fool recommends Range Resources. It recommends and owns shares of Ultra Petroleum and has the following options: long Jan. 2014 $30 calls, long Jan. 2014 $40 calls, and long Jan. 2014 $50 calls. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

If You Want to Invest In Energy, Don't Follow Warren Buffett

March 31, 2013 Bartle Doo Leave a comment

By Tyler Crowe, The Motley Fool

Filed under: Investing

I may be committing investing heresy by saying this, but following Warren Buffett in the energy space is not the way to go.

Yes, Warren Buffett is head and shoulders above the rest in the investing community and has a few decent energy investments the Berkshire Hathaway portfolio. If you are looking for possible investments in the energy space, though, you should look at another investor: T. Boone Pickens. He’s been in the energy industry for more than 60 years, and his hedge fund, BP Capital, is dedicated almost exclusively to energy investments. Let’s take a deeper look into BP Capital’s portfolio and see if there are any themes that can help us with our own investment decisions

Don’t be afraid of natural gas
While getting into the natural gas market only last year might have seemed like a losing proposition, today several companies are selling at pretty deep discounts to their underlying assets. Pickens and his team have a portfolio with more than 60% of of their exploration and production assets centered almost exclusively on natural gas. Both Southwestern Energy and Range Resources, two almost pure natural gas plays, make up more than 18% of BP Capital’s total holdings.

Anyone who has followed Pickens shouldn’t be surprised. Aside from his holdings with BP Capital, he also has a 20% personal stake in Clean Energy Fuels and has for several years been advocating for increased natural gas use through his Pickens Plan. It’s comforting to see that he and his partners at BP Capital are putting their money where their mouths are when it comes to natural gas.

Diversity is the spice of life
According to a recent energy report by Barclays, capital expenditures for exploration and production are set to reach a record $644 billion in 2013. With so much money pouring into the oil service industry, it would almost seem foolish to not be a part of it. Clearly, BP Capital sees a great opportunity in this sector, because it has bumped its holdings of National Oilwell Varco by 74% and picked up a considerable amount of shares in Weatherford International . Overall, BP Capital increased its total exposure to the oil services industry from 12% to 21%.

The big jump in oil services was part of a transition for BP Capital. Over the past quarter, it reduced its exposure to the E&P space from almost 75% to just under 60%. The bulk of that change was a transition toward services companies, but the group also picked up a pretty large share in Freeport McMoRan , the only company in the group’s holdings that isn’t considered a pure energy play.

No love for midstream
Probably the most glaring omission from BP Capital’s portfolio is midstream and pipeline companies. There are two possible reasons:

Much of the midstream business is in a mad scramble to build out pipeline networks across the United States, and the massive buildout to accommodate the boom …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Ignore This Pipeline Statistic

March 28, 2013 Bartle Doo Leave a comment

By Aimee Duffy, The Motley Fool

Filed under: Investing

The Energy Information Administration, or EIA, announced earlier this week that there were only 367 miles of natural gas pipelines built across the U.S. last year. As demand for natural gas climbs, keeping up our infrastructure is incredibly important. Today I’ll take a closer look at what investors really need to pay attention to when it comes to building out our pipeline network.

A brief construction history
Over the past 15 years, we’ve built a considerable amount of natural gas pipeline. Construction really dropped off last year, however, after a massive build out in 2008 and 2009:

Source: EIA

In 2011, we spent nearly $10 billion adding just shy of 2,500 miles of new pipeline. With the exception of six projects smaller than 100 miles each, that construction occurred outside of the Northeast region.

Though we built less than 400 miles of pipeline in 2012, most of that construction was in the Northeast, a region that is particularly wanting for infrastructure as production booms in the Marcellus Shale.

The more important number
This year, the EIA expects operators to bring on line more than 1,000 miles of natural gas pipeline projects. More importantly, capacity additions should reach 15 billion cubic feet per day, after failing to crack 5 bcfd in 2012.

It is important to distinguish between capacity and miles when we attempt to reconcile this construction growth. Capacity can be added by increasing pressure at compressor stations, or more obviously, by using bigger pipes. Taking a look at our next two charts really hammers home this point.

First we have the number of miles constructed in the Northeast from 1997 to proposed miles in 2015:

Source: EIA

Far and away the biggest growth year was 1999. Now let’s look at capacity additions over the same period:

Source: EIA

Right away the difference is striking. There is very little correspondence between miles constructed and capacity added. The easiest comparison to make is between 2012 and 2013. Construction miles in the Northeast are expected to increase slightly this year, but capacity will jump through the roof.

Why this matters
Our world is full of numbers, but not all of them matter. In the pipeline game, capacity and connections to valuable markets are much more important than mileage.

Take for example, Enterprise Products Partners‘ ATEX Express pipeline. It’s a long line that will travel from the Marcellus Shale down to the Gulf Coast, and it will certainly increase the company’s overall mileage statistics, but that doesn’t matter at all. What matters is that it will add 190,000 barrels per day of capacity to a region that desperately needs it. Chesapeake Energy has gone on record saying that it will not increase its liquids production in the Marcellus until this pipe comes on line. Range Resources is also counting on the project to deliver production to the Gulf.

Foolish takeaway
Whether or not …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Natural Gas Prices Surging: Invest Here?

March 19, 2013 Bartle Doo Leave a comment

By Joel South and Taylor Muckerman, The Motley Fool

Filed under: Investing

Natural gas prices are trading up around 30% this month, with April futures nipping at the $4-per-million-BTU mark not seen since the end of 2011. The late winter weather helped lower the weekly storage level by 18.5% year over year, but should we expect prices to move back toward $3 per million BTU once seasonal spring weather sets in?

Not likely. With record low gas prices in 2012, natural gas producers started withdrawing capital away from drilling natural gas wells and shutting down or overhauling rigs to tackle oil liquids plays. Total natural gas land rigs have been diminishing sharply since October, with March’s total gas rig count down 34.9% year over year, according to Baker Hughes.

With both small and large gas players moving capital away from dry gas wells for the past year and a half, gas prices should increase for two reasons. The first is entry time to recommit to drilling gas wells. It takes an incredible amount time to deal with labor, rig, and lease holding contracts. According to Ultra Petroleum Chairman and CEO Mike Watford, once capital is removed, gas prices become sticky, since companies are hesitant to recommit money and secure new contracts and get new drilling permits until natural gas prices are high enough to support re-entry for the long term.

Second, outside the view of low-cost natural gas producers, most E&P companies are focusing production on oil plays, and with crude prices ensuring healthy profits, no incentive remains for new entrants into the U.S. natural gas market. Natural gas insiders and analysts believe prices will stabilize between $4 and $5 dollars in North America for the long term, which will supply healthy margins for low-cost natural gas producers.

In the following video, Motley Fool energy analyst Joel South speaks with Taylor Muckerman about a few of his favorite low-cost natural gas players in this space.

With the swelling of the global middle class, energy consumption will skyrocket over the next few decades, so long-term investors know that you want exposure to this space now. We’ve picked one incredible natural gas company that presents a rare “double-play” investment opportunity today. We’re calling it “The One Energy Stock You Must Own Before 2014,” and you can uncover it today, totally free, in our premium research report. Click here to read more.

The article Natural Gas Prices Surging: Invest Here? originally appeared on Fool.com.

Joel South and Taylor Muckerman have no position in any stocks mentioned. The Motley Fool recommends Range Resources and Ultra Petroleum, owns shares of Ultra Petroleum, and has options on Ultra Petroleum. Try any of our Foolish newsletter services free for 30 days. We Fools don’t all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

The Contrarian Energy MLP

March 9, 2013 Bartle Doo Leave a comment

By Tyler Crowe, The Motley Fool

Filed under: Investing

With natural gas prices falling, we’ve seen several companies try to move their portfolios more toward liquids. Vanguard Natural Resources is going in the opposite direction. What does this company see that the others don’t? Let’s look at this company bucking the industry trend and see what it means for investors.

You say goodbye (to gas), and I say hello
The best way to understand the contrarian approach of Vanguard is to look at Chesapeake Energy . Before the natural gas boom, Chesapeake had gobbled up millions of acres in these emerging shale plays. Then, when natural gas prices sank in 2012, the value of these assets tumbled and the company struggled to service its debt load. So Cheaspeake has gone to great lengths to change its drilling strategy toward a more liquids approach, which is starting to pay off. Chesapeake has increased its liquids produciton by more than 41,000 barrels of oil equivalent in 2012.

Then you have Vanguard. Before 2011, the company was highly leveraged to oil production in mature, proven fields and was producing only 35% natural gas. With so many companies looking to offload their gas assets based on current prices, Vanguard has been a buyer. In 2012, it purchased more than $760 million in assets from both Antero Resources and Bill Barrett in the Arkoma, Piceance, Wind, and Powder River basins. The combination of these two purchases increases Vanguard’s natural gas production to about 65% of total production in 2013.

Why does this make sense? Simply put, the purchase price. These assets were purchased when the market value for natural gas was at its near lows, so the price to produce from them is much lower. Lease operating expenses for Vanguard dropped from $17 per Boe in the fourth quarter 2011 to just over $9 per Boe at the end of 2012. This means the company generates a return at lower natural gas prices.

Echoes of another MLP?
Since the end of the previous quarter, Vanguard has come to an agreement with Range Resources to purchase $275 million of producing assets in the Permian Basin. This would make for just over a billion in purchases over the past 12 months. According to the company’s most recent conference call, that pace may not slow either. Vanguard’s management hinted that it expects to close on as many deals as in 2012, potentially even more.

Its pace of acquisitions is reminiscent of another exploration and production MLP: Linn Energy . With such a similar appetite for acquisitions, it makes it a little less surprising that Vanguard has stated that it’s considering a move similar to Linn’s spin-off of LinnCo . This move not only allowed Linn to generate a large chunk of capital to fund some of its investments, but it also gave the company a vehicle for institutional investors to invest in the company. As of right now, Vanguard’s management believes that it can fund most of its acquisitions through more conventional methods. In the event that it plans to start going after …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

What Sets These MLPs Apart?

March 5, 2013 Bartle Doo Leave a comment

By Matt DiLallo, The Motley Fool

Filed under: Investing

While most investors these days are familiar with midstream MLPs and the generous distributions paid, far fewer are familiar with the growing number of upstream oil and gas MLPs. These companies pay the same large distributions but, instead of transporting oil and gas around the country, they’re taking it out of the ground.

Traditional exploration and production companies still do most of the heavy lifting. An upstream MLP simply buys up mature producing wells to squeeze out every last drop of oil and gas from them while distributing virtually all of the profits to investors. To help you better determine which upstream MLP you might want to buy, I’ve compiled the top reason why you’d want each company in your portfolio.

If you want to own the top dog
LINN Energy , and by association LinnCo , is by far and away the top dog in the upstream MLP segment. Though, as some might point out, LINN‘s not exactly an MLP as its true structure is that of an LLC. That aside, LINN is not only the largest company in the space that it created, but it is bigger than every one of its peers combined:

Source: LINN Energy investor presentation

LINN‘s not just big, but it’s also the most hedged operator in the energy industry. It has hedged its natural gas output until 2017 and its oil production is hedged through 2016. This enables LINN and LinnCo to lock in cash flow to investors, allowing both companies to pay an 8% distribution. Bottom line here, if you want to earn income from oil and gas production, LINN‘s could be the safest way to play.

If you want to be paid monthly
If you want a slightly larger yield hitting your brokerage account a bit more often Vanguard Natural Resources‘ monthly distribution might be for you. Like its upstream peers, Vanguard’s lifeblood is its ability to acquire mature, long-life production. Just last week the company announced a $275 million deal to acquire oil and gas properties in the Permian Basin from Range Resources . The deal added 136 billion cubic feet equivalent of liquid-rich reserves and has an estimated reserve life of nearly 20 years. It’s a great MLP-type asset that should help Vanguard to keep its growing distribution flowing to investors.

If you want a bit more growth
While both LINN Energy and Vanguard are known for slower growth and rising distributions, EV Energy Partners is more of a faster growth story. The company operates in less mature plays like the Barnett Shale and the Utica Shale. It also has a growing midstream business in the fast-growing Utica. Because of the focus on growth, its distribution has been relatively flat over the first few years.

With this growth comes a lot of upside. The company is currently marketing its 100,000 acres in the Utica which could be worth upwards of $10,000 an acre …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Forbes Earnings Preview: Range Resources

February 21, 2013 Bartle Doo Leave a comment

By Narrative Science Despite an expected dip in profit, analysts are generally optimistic about Range Resources (RRC) as it prepares to reports its fourth quarter earnings on Tuesday, February 26, 2013. …read more
Source: FULL ARTICLE at Forbes Markets

Bartle Doo Article Archives

Tag Archives: Range Resources

The U.S. Natural Gas Supply Just Got 26% Larger

How Range Resources Stock Will Reward Investors

3 Regions Where Natural Gas Production Is Growing

Range Announces Conference Call to Discuss First Quarter 2013 Financial Results

Strong Quarter for Natural Gas

If You Want to Invest In Energy, Don't Follow Warren Buffett

Ignore This Pipeline Statistic

Natural Gas Prices Surging: Invest Here?

The Contrarian Energy MLP

What Sets These MLPs Apart?

Forbes Earnings Preview: Range Resources

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