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Range Resources (RRC) Revises 2020 Capital Budget Downward

Zacks Equity Research
·2-min read

Range Resources Corporation RRC announced that it has revised downward its 2020 capital budget.

From the prior guidance of $520 million, the upstream energy player has lowered the capital spending budget to $430 million. Despite the 17% reduction in capital spending, the company has re-affirmed its production guidance for 2020 at 2.3 billion cubic feet equivalent per day. This reflects Range Resources’ strong operating efficiencies.

The company added that it is of paramount importance to have low maintenance capital budget since the commodity pricing environment is weak as the coronavirus pandemic continues to dent global energy demand.

However, on the brighter side, Range Resources added that once the short-term headwinds subside, the pricing scenario of natural gas and natural gas liquids will improve since the worldwide demand for cleaner and efficient fuel is mounting. Thus, with its premium drilling locations in the natural gas-rich Marcellus shale play, the company is well positioned to gain in the long run.

Range Resources Corporation Price

Range Resources Corporation Price
Range Resources Corporation Price

Range Resources Corporation price | Range Resources Corporation Quote

Based in Fort Worth, TX, Range Resources is a leading natural gas producer with strong presence in in the Appalachian Basin. The stock currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the energy space include Montage Resources Corporation MR, Antero Resources Corporation AR and DCP Midstream Partners, LP DCP. While Montage Resources sports a Zacks Rank #1 (Strong Buy), Antero Resources and DCP Midstream carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Montage Resources beat the Zacks Consensus Estimate for earnings in the last four quarters, the average surprise being 294.3%.

Antero Resources is likely to see earnings growth of 189% in 2020.

DCP Midstream is likely to see earnings growth of 240% in 2020.

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