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 23rd. 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
Rodney Waller, Senior Vice President
David Amend, Investor Relations Manager
Laith Sando, Senior Financial Analyst
Matt Pitzarella, Director of Corporate Communications
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