Range Resources Cuts FY15 Budget Outlook

(RTTNews) - Oil and gas company Range Resources Corp. (RRC) revises its capital budget and production growth outlook for full year 2015.

Fort Worth, Texas-based Range Resources lowered its capital spending budget for the year 2015 to $870 million from prior budget of $1.3 billion. The company said with the continuing erosion in commodity prices it has further high-graded its planned capital program for 2015.

The company now targets 20 percent year over year production growth for 2015, compared to prior growth outlook of 20 to 25 percent.

Range Resources expects its total production growth for 2014 to be about 24 percent with estimated production for the year of 1.16 Bcfe per day. Fourth-quarter production volumes were about 1.27 Bcfe per day with 31 percent liquids.

Range also announced that the company entered into a multi-year contract to sell ethane through the ATEX pipeline for 5,000 barrels per day, representing half of its existing committed transportation volume. Commencing January 1, 2015, ethane is being sold under this contract based on a natural gas equivalent index.