For a variety of reasons, but mainly due to investor pressure, Range Resources will continue to produce about the same amount of natural gas next year as it is forecast to produce this year: right around 2.1-2.2 Bcfe/d (billion cubic feet equivalent of production every day). That was the takeaway from yesterday’s Range 3Q21 update. The company’s hedges (presales of production at a specific price) hurt the company’s finances. During Q3 Range had a $652 million derivative fair value loss due to increases in commodity prices. Range’s 3Q loss totaled $350 million vs. a $749 million loss in the same period last year–at least it’s an improvement.
For a variety of reasons, but mainly due to investor pressure, Range Resources will continue to produce about the same amount of natural gas next year as it is forecast to produce this year: right around 2.1-2.2 Bcfe/d (billion cubic feet equivalent of production every day). That was the takeaway from yesterday’s Range 3Q21 update. The company’s hedges (presales of production at a specific price) hurt the company’s finances. During Q3 Range had a $652 million derivative fair value loss due to increases in commodity prices. Range’s 3Q loss totaled $350 million vs. a $749 million loss in the same period last year–at least it’s an improvement.