Range's 2024 All-in Capital Budget Is Expected To Be $620M-$670M
Portfolio Pulse from Benzinga Newsdesk
Range Resources Corp. (RRC) has announced its 2024 all-in capital budget to be between $620M and $670M, aiming to maintain production levels at 2.12 – 2.16 Bcfe per day. The budget includes maintenance capital, drilling and completion capital, investments in targeted acreage, and water infrastructure. Operational efficiencies from 2023 will allow RRC to build in-process well inventory in 2024, similar to 2023, enhancing future operational and capital flexibility. The plan involves running two drilling rigs and one frac crew, with investments aimed at increasing lateral lengths and reducing future costs.
February 21, 2024 | 9:20 pm
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Range Resources Corp. (RRC) plans a 2024 capital budget of $620M-$670M to maintain production at 2.12 – 2.16 Bcfe per day, with investments in maintenance, drilling, acreage, and water infrastructure.
RRC's announcement of a substantial capital budget aimed at maintaining production levels while investing in efficiency and future flexibility is likely to be viewed positively by investors. The focus on operational efficiencies and strategic investments in infrastructure and acreage suggests a proactive approach to managing costs and enhancing future production capabilities. This could lead to increased investor confidence in RRC's ability to sustain its production levels and manage expenses effectively, potentially having a positive impact on its stock price in the short term.
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