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Range Resources

From Wikipedia, the free encyclopedia

Range Resources Corporation
Public
Traded as
IndustryPetroleum industry
Founded1976; 42 years ago (1976)
HeadquartersFort Worth, Texas, United States
Key people
Jeffrey L. Ventura, Chairman, President & CEO
Mark S. Scucchi, Senior Vice President & CFO
ProductsPetroleum
Natural gas
Production output
2.008 billion cubic feet of natural gas equivalent per day (2017)
RevenueIncrease $2.611 billion (2017)
Increase $0.333 billion (2017)
Total assetsIncrease $11.728 billion (2017)
Total equityIncrease $5.774 billion (2017)
Number of employees
773 (2017)
Websiterangeresources.com
Footnotes / references
[1]

Range Resources Corporation is a petroleum and natural gas exploration and production company organized in Delaware and headquartered in Fort Worth, Texas. It is one of the largest exploration companies operating in the United States and pioneered operations in the Marcellus Formation[2].

Current operations

As of December 31, 2017, the company had 15.262 trillion cubic feet of natural gas equivalent of estimated proved reserves, of which 67% was natural gas, 30% was natural gas liquids, and 3% was petroleum. Approximately 87% of total proved reserves and 88% of 2017 production was in the Marcellus Formation.[1]

In 2016, the company's production was 1.542 billion cubic feet of natural gas equivalent per day.[1]

Exports

In 2016 Range Resources became the first North American company to export ethane to Europe with the commencement of Mariner East 2 Pipeline project, which connects Natural gas Liquids in Southwestern Pennsylvania to the Marcus Hook port.[3][4]

Park Stewardship

Pursuant their lease agreement with Washington County, PA, Range Resources has paid more than $40 million to the county in royalties and bonus payments which have been used by the county to make upgrades to the Cross Creek County park. As part of the same agreement, Range Resources built a 3.2 mile walking trail on the park grounds.[5]

In 2014 Range Resources received the Corporate Conservation Award from the Pennsylvania Chapter of the National Wild Turkey Federation for their habitat project within Cross Creek County Park. The land was restored from weeds to a cultivated field that created a suitable habitat for wildlife. The final planting is 33 acres of clover and oats, which is attract a large population of deer and wild turkey.[6][7]

Range Resources also contributed $2.2 million in improvements to Deer Lakes Park in Alleghany County via fracking revenue generated within the county. Improvements include the replanting of native species along the shoreline, construction of fishing platforms, cleanup of the lake waters, improvement of trails and bathrooms, and construction of the largest children’s playground within the park system. Additional county revenue from Range Resources is allocated for other parks projects in the area, including the Wagman observatory.[8]

History

In 1976, the company was founded as Lomak Petroleum, based in Hartville, Ohio. The company drilled wells in eastern Ohio.

In 1992, the company moved its headquarters to Fort Worth, Texas.

In 1997, the company acquired American Cometra for $385 million, which owned properties in the Permian Basin.[9] It also acquired assets from Cabot Oil & Gas for $92.5 million.[10]

In 1998, the company acquired Domain Energy for $214 million.[11] The company also changed its name to Range Resources Corporation.

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, the company bought the 50% interest in the venture that it did not own for $290 million, including the assumption of debt.[12]

Before its major expansion into the Marcellus Shale, the company only held a small position in the Texas Barnett Shale and 9,000 "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 hydraulic fracturing gained working in the Barnett Shale (pioneered in the region by Mitchell Energy & Development) to attempt hydraulic fracturing in Appalachia, where according to Ventura, "it worked on the first try".[13]

In 2004, the company began operations in the Marcellus Shale in Pennsylvania.[1]

In 2005, the company built horizontal test wells in Mount Pleasant Township, Washington County, Pennsylvania and began production in the Marcellus Shale and in 2007, the company spent $200 million to acquire additional land nearby.[13]

In 2006, the company acquired Stroud Energy and its major position in the Barnett Shale for $450 million.[14]

In 2010, Forbes called the company "King of the Marcellus Shale".The company had spent less than $1,000 per acre on average to acquire land suitable for drilling, compared to larger traditional oil and gas players who joined the exploration rush late in the game who had paid as much as $14,000 an acre.[13]

In 2014, the company exchanged its assets in the Permian Basin with EQT for assets in the Nora Field in Virginia plus $145 million in cash.[15]

In 2015, the company sold its assets in the Nora Field in Virginia to EnerVest for $875 million.[16]

In 2016, the company acquired Memorial Resource Development for $4.2 billion in stock.[17]

In 2017, the company became a top 10 natural gas producers in the U.S. and a top three Liquefied natural gas producer amongst E&P companies.[18]


Controversies

Environmental record

Proactive disclosure of chemicals used in hydraulic fracturing

In 2010, the company became the first to voluntarily disclose the chemicals used in hydraulic fracturing operations, including their volume, concentration and purpose, used in each well completed via hydraulic fracturing.[19][20] The company has also been involved in the development of a national public standard for disclosure and the creation of the public fracking information repository FracFocus.

Water and air pollution in Washington County, Pennsylvania

This American Life and The New York Times investigated the company's operations in Amwell Township and Mount Pleasant Township, Washington County, Pennsylvania. Journalists Eliza Griswold and Sarah Koenig interviewed residents who voiced numerous complaints that they felt were related to contamiated water from the company's activities in the area.[21][22]

One resident in Amwell Township filed complaints about the quality of groundwater in her well. However, according to a letter dated October 19, 2011, The Pennsylvania Department of Environmental Protection tested the landowner's well water twice, and found no contamination in the water.[23]

The company paid $219,875 in fines to the Commonwealth of Pennsylvania as of May 2010. The bulk was $141,175 levied for a fracking fluid spill in Brush Creek in Washington County, Pennsylvania, which is protected by the state as a "high-quality waterway" according to the Pittsburgh Business Times. However, Ray Walker, vice president, said that the company has "made a lot of adjustments since then". The fluid spill was due to a "faulty elbow pipe"; according to Walker, Range has since "gone to a completely different pipe manufacturer and a completely different pipe design". Termination of employment and procedure changes also followed the incident.

In September 2014, the company was ordered to pay a $4.15 million penalty to settle violations related to 6 Marcellus Shale gas drilling and fracking wastewater impoundments in Washington County. The company issued a statement saying contamination was limited to “elevated levels of chlorides, or salt, at some older facilities,” and had no impact on an private water wells. The company has since worked with the state to upgrade liners and leak detection systems, close some of the facilities, and migrate others to above-ground tank systems.[24]

Alleged contamination of water in Parker County, Texas

In 2010, the United States Environmental Protection Agency (EPA) issued an emergency order against the company, stating that the company's drilling activities in Parker County, Texas had led to the contamination of at least two residential drinking water wells.

In a 2011 Hearing, Texas Railroad Commission staff concluded that, based on chemical composition, the gas in the water wells came from the shallow Strawn Formation, rather than the deeper Barnett Shale, in which Range Resource's wells were completed. They also concluded that pressure tests by Range showed mechanical integrity of the casing. EPA and the two homeowners were invited to present evidence at the hearing, but did not.[25]

In March 2012, the EPA dropped its order against the company.[26]

In December 2013, the federal Office of the Inspector General, addressing complaints by six US senators, issued a report concluding that the EPA had been justified in issuing its 2010 emergency order, and had acted reasonably in withdrawing the order after the company had agreed to groundwater quality monitoring.[27]

The top EPA official from Region 6 who oversaw the Parker County water contamination case resigned in 2012 amidst a video surfacing of him advocating for the "crucifying" of oil companies.[28]

In 2018, a study was published by researchers at The University of Texas at Austin and the University of Michigan that indicates the detected methane appears to have migrated naturally to the water wells from the shallower Strawn formations over millions of years and not from the Barnett Shale, where Range Resources and others have engaged in gas production.[29]

Public relations campaign regarding benefits of drilling to landowners

In 2011, the company started a public relations campaign, "My Range Resources" which depict "ordinary people... who have benefited from allowing drilling on their land". According to Elwin Green of the Pittsburgh Post-Gazette, Range Resources stands out because most gas companies generally prefer to keep a low profile, preferring to "tout their successes to Wall Street, but not to Main Street". In contrast, the company's campaign uses testimonials such as, "Natural gas has been ... a godsend to this area," from farmers or "In the last two years, probably 60 percent of our business is natural gas," from local business owners.[30] Journalists' reactions were mixed, with some stating that "[T]he truth is more complicated than the ads suggest." [31]

Litigation and settlements

Litigation regarding property damage in Pennsylvania

In 2011, the company reached a $750,000 settlement with members of a Pennsylvania family that had alleged the water supply for their 10-acre farm had been contaminated by oil and gas development. The company admitted no fault in the settlement. The family agreed to the settlement, which included a confidentiality agreement for both parties, and has since moved away from the farm.[32]

Litigation regarding royalty under-payments

In March 2011, the company settled a class-action lawsuit alleging that royalty payments to Pennsylvania landowners had been improperly reduced. The company paid $1.75 million and agreed to $20 million of changes in its program.[33][34]

In 2013, the company settled for $87.5 million a class-action lawsuit alleging royalty underpayments on sales of natural gas in Oklahoma.[35]

See also

References

  1. ^ a b c d "Range Resources Corporation 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ Helman, Christopher. "Range Resources Is King Of The Marcellus Shale". Forbes. Retrieved 9/19/2018. Check date values in: |accessdate= (help)
  3. ^ Williams, Selina (3/21/2016). "New Market for U.S. Shale Gas Opens in Europe". Wall Street Journal. Retrieved 9/20/2018. Check date values in: |accessdate=, |date= (help)
  4. ^ "Range Resources Q1 2016 IR release". Range Resources. Retrieved 9/20/2018. Check date values in: |accessdate= (help)
  5. ^ "County opens new Range trail in Cross Creek park". Observer-Reporter. Retrieved 9/19/2018. Check date values in: |accessdate= (help)
  6. ^ "Range Resources, NWTF improve wildlife habitat". Wayne Independent. Retrieved 9/19/2018. Check date values in: |accessdate= (help)
  7. ^ "An Award Winning Partnership: Range Resources and National Wild Turkey Federation". Range Resources website. Retrieved 9/19/2018. Check date values in: |accessdate= (help)
  8. ^ Czebiniak, Madasyn. "Deer Lakes Park boasts $2.2M in upgrades from fracking revenue". Trib Live. Retrieved 9/19/2018. Check date values in: |accessdate= (help)
  9. ^ "LOMAK TO BUY $400 MILLION IN ENERGY PROPERTIES". The New York Times. Reuters. January 3, 1997.
  10. ^ "CABOT OIL TO SELL RESERVES TO LOMAK FOR $92.5 MILLION". The New York Times. Dow Jones & Company. September 9, 1997.
  11. ^ De Rouffignac, Ann (May 17, 1998). "Ft. Worth firm buying Domain Energy in $214 million deal". American City Business Journals.
  12. ^ "Range Resources to buy Great Lakes Energy for $290 million". American City Business Journals. June 2, 2004.
  13. ^ a b c Helman, Christopher (August 9, 2010). "Range Resources Is King Of The Marcellus Shale". Forbes.
  14. ^ "Stroud Energy Agrees to Be Acquired by Range Resources" (Press release). Business Wire. May 11, 2006.
  15. ^ "Range and EQT Complete Asset Exchange" (Press release). Business Wire. June 16, 2014.
  16. ^ "EnerVest Acquires $1 Billion in Oil & Gas Assets" (Press release). PR Newswire. November 4, 2015.
  17. ^ "Range Announces Closing of Merger With Memorial Resource Development Corp" (Press release). GlobeNewswire. September 16, 2016.
  18. ^ "Range Resources Corp. (RRC)  Q1 2018 Earnings Call". NASDAQ. Retrieved 9/19/2018. Check date values in: |accessdate= (help)
  19. ^ Kusnetz, Nicholas (July 15, 2010). "Drilling Company Says It Will List Hazardous Chemicals Used in Fracking". ProPublica.
  20. ^ Gold, Russell (14 July 2010). "Natural-Gas Driller to Disclose Chemical Use". Wall Street Journal. Retrieved 15 October 2018.
  21. ^ Glass, Ira (July 8, 2011). "Game Changer, episode 440". This American Life.
  22. ^ Griswold, Eliza (November 17, 2011). "The Fracturing of Pennsylvania". The New York Times Magazine.
  23. ^ "State of Pennsylvania letter to Voyles" (PDF).
  24. ^ Hopey, Don (September 18, 2014). "Range Resources to pay $4.15M penalty". Pittsburgh Post-Gazette.
  25. ^ "Oil and Gas Docket 7B-0268629" (PDF).
  26. ^ Shlachter, By Barry (March 30, 2012). "EPA drops action against Range Resources over Parker County water wells". Fort Worth Star-Telegram.
  27. ^ Malewitz, Jim (December 26, 2013). "Report: EPA Followed Rules in North Texas Drilling Case". NPR.
  28. ^ Helman, Christopher (26 April 2012). "EPA Official Not Only Touted 'Crucifying' Oil Companies, He Tried It". Forbes. Retrieved 14 October 2018.
  29. ^ Bubenik, Travis (25 September 2018). "Researchers: "No Link" between Fracking And Methane in North Texas Groundwater". Houston Public Media. Retrieved 14 October 2018.
  30. ^ Green, Elwin (October 13, 2010). "Ads say Range Resources is a responsible driller". Pittsburgh Post-Gazette.
  31. ^ Henry, Reg (August 17, 2011). "Corporations are the funniest people". Pittsburgh Post-Gazette.
  32. ^ Cusick, Marie. "Drilling Companies Agree to Settle Fracking Contamination Case for $750,000". StateImpact Pennsylvania. Retrieved 14 Oct 2018.
  33. ^ Vanderford, Richard (May 9, 2011). "Shale Lease Suit Against Range Resources Lives On". Law360.(subscription required)
  34. ^ Duffy, Shannon P. (March 23, 2011). "Judge OKs $22 million Marcellus Shale case settlement". Pittsburgh Post-Gazette.(subscription required)
  35. ^ Murray, Lance (June 5, 2013). "Range Resources to settle Oklahoma lawsuit for $87.5M". American City Business Journals.

External links

This page was last edited on 15 November 2018, at 12:11
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