2012-01-26 12:01:51 -
FORT WORTH, TEXAS, JANUARY 26, 2012
RANGE RESOURCES CORPORATION (NYSE: RRC) announced today that one of its
subsidiaries has signed an agreement to ship up to 20,000 barrels of ethane per
day on Enterprise Products Partners L.P.'s (NYSE: EPD) Appalachia-to-Texas
ethane pipeline ("ATEX Express"). Enterprise's ATEX Express open season ended
on January 23(rd). Range's 20,000 barrels per day commitment gives the Company
anchor shipper status on ATEX Express with a transportation rate of 14.5 cents
per gallon. Range will use its transportation arrangements on ATEX Express to
deliver ethane to Mont Belvieu customers along the Gulf Coast as well as
operational flow between its expected various customers at various delivery
points in the future. ATEX Express will originate in southwest Pennsylvania
with a delivery interconnect at MarkWest's Houston, Pennsylvania processing,
fractionation and de-ethanization facilities, where Range is the principal
producer, and transport the ethane to Enterprises' storage complex at Mont
Belvieu. The ATEX Express is currently anticipated to commence operations in
the first quarter of 2014. This arrangement will provide Range direct or
indirect access to a majority of the ethylene plants in the United States.
Range has previously announced a sales and transportation arrangement to
deliver up to 15,000 barrels of ethane per day to Sarnia, Canada beginning in
2013 via the Sunoco Logistics / MarkWest Energy Mariner West project. Range is
in discussions with a number of other domestic and international companies
regarding additional ethane sales and transportation arrangements.
Commenting, Jeff L. Ventura, Range's President and CEO, said, "It is encouraging
to see all the components come together to allow us to commence ethane
extraction from our liquids-rich Marcellus production. Ethane extraction will
materially enhance our revenues and will allow us to better utilize our existing
natural gas transportation arrangements. In particular, the ATEX Express will
allow us to tap into the most attractive ethane market in North America. As we
continue to pursue additional markets both in the United States and globally, we
will seek to add to the mix of ethane pricing arrangements within our ethane
sales portfolio."
RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading independent oil and natural
gas producer with operations focused in the Appalachia and the southwest portion
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.
Except for historical information, statements made in this release, including
those relating to expected commencement dates, expected customers, expected
index and expected completion of the necessary interconnect facilities are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These
statements are based on assumptions and estimates that management believes are
reasonable based on currently available information; however, management's
assumptions and Range's future performance are subject to a wide range of
business risks and uncertainties and there is no assurance that these goals and
projections can or will be met. Any number of factors could cause actual results
to differ materially from those in the forward-looking statements, including,
but not limited to, the volatility of oil and gas prices, the results of our
hedging transactions, the costs and results of drilling and operations, the
timing of production, mechanical and other inherent risks associated with oil
and gas production, weather, the availability of drilling equipment, changes in
interest rates, litigation, uncertainties about reserve estimates, environmental
risks and regulatory changes. Range undertakes no obligation to publicly update
or revise any forward-looking statements. Further information on risks and
uncertainties is available in Range's filings with the Securities and Exchange
Commission ("SEC"), which are incorporated by reference. Investors are urged to
consider closely the disclosure in our most recent Annual Report on Form 10-K,
available from our website at www.rangeresources.com or by written request to
100 Throckmorton Street, Suite 1200, Fort Worth, Texas 76102. You can also
obtain this Form 10-K by calling the SEC at 1-800-SEC-0330.
SOURCE: Range Resources Corporation
Investor Contacts:
Rodney Waller, Senior Vice President
817-869-4258
David Amend, Investor Relations Manager
817-869-4266
Laith Sando, Senior Financial Analyst
817-869-4267
or
Media Contact:
Matt Pitzarella, Director of Corporate Communications
724-873-3224
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Range Resources Corporation via Thomson Reuters ONE
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