Forecast - Production | Capital Markets | Capital Expenditure | Capex Decrease | Capital Expenditure - 2020 | 2020 Guidance
Range Resources Scales Back 2020 Capex by 17% to $430MM
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Range Resources Corp. has reduced its 2020 all-in capital budget from $520 million to $430 million - a reduction of 17% ($90 million).
Range still expects to maintain production at approximately 2.3 Bcfe per day for 2020.
This decision comes shortly after the company's $3.0B borrowing base was reaffirmed by its lender.
CEO Jeff Ventura said: "This announcement is a continuation of Range's prior actions and commitment to prioritizing the balance sheet and aligning capital with projected cash flow. Having met our firm transportation commitments in the Marcellus, we have flexibility in our development program, as evidenced by the 40% reduction in 2020 capital spending compared to last year. Given near-term challenges in commodity pricing, having a sustainably low maintenance capital is…
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