FORT WORTH, TX--(Marketwired - May 29, 2014) - RANGE RESOURCES CORPORATION (NYSE: RRC) issued the following statement.
Last night MarkWest reported an incident at its Houston, Pennsylvania complex which damaged a portion of its gas processing facilities. As a result, some Range wells are shut in while the plant is down to assess the damage.
Range and MarkWest are working closely and are in the process of diverting production to MarkWest's facilities at Majorsville, West Virginia while repairs are made to the Houston facilities.
Based on preliminary reports from MarkWest, the impact to Range's production is expected to be minimal in the second quarter. Range's second quarter production guidance remains at 1,065 to 1,075 Mmcfe per day.
RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading independent oil and natural gas producer with operations focused in Appalachia and the Midcontinent region 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 rangeresources.com.
All statements, except for statements of historical fact, made in this release such as expected repair time estimates, expected production for the quarter and initial damage assessments 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.
(May 29, 2014 - 1:47 PM EDT)
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