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Operator
Welcome to the Range Resources Second Quarter 2021 Earnings Conference Call. [Operator Instructions] Statements made during this conference call that are not historical facts are forward-looking statements. Such statements are subject to risks and uncertainties, which could cause actual results to differ materially from those in the forward-looking statements. [Operator Instructions]
At this time, I would like to turn the call over to Mr. Laith Sando, Vice President, Investor Relations at Range Resources. Please go ahead, sir.
Laith Sando
Vice President, Investor Relations
Thank you, operator. Good morning, everyone, and thank you for joining Range s Second quarter earnings call. Speakers on today s call are Jeff Ventura, Chief Executive Officer; Dennis Degner, Chief Operating Officer; and Mark Scucchi, Chief Financial Officer. Hopefully, you ve had a chance to review the press release and updated investor presentation that we ve posted on our website.
Range Resources expects benefits from NGL exports
Apr 27, 2021 3:10:pm
Summary
by: The US-based company reported Q1 net income of $27mn.
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Range Resources expects benefits from NGL exports
Range Resources, a US-based shale company, said April 26 it expected to see long-term benefits from the growing international demand for natural gas liquids.
Range said its total production during the first quarter averaged 2.1bn ft
3 equivalent/day, with 70% coming from natural gas. Full-year guidance was forecast at 2.15bn ft
3 equivalent/day. Nearly all of its production comes from the Marcellus basin, situated within the broader Appalachia shale.
For end-users, Range said it expects to see strength internationally.
Range Gets Boost from Natural Gas, NGL Pricing
Range Resources Corp. got a boost from improved commodity pricing in 1Q2021, including a 44% rise in natural gas prices and a 77% increase in natural gas liquids (NGL) prices.
The Appalachian Basin pure-play on Tuesday reported an average realized natural gas price of $2.58/Mcf compared to $1.74/Mcf a year ago.
Range also reported an average NGL realization of $26.35/bbl, a 77% improvement over 1Q2020 and the highest level since 2018, CEO Jeff Ventura said Tuesday during a conference call to discuss quarterly results. The increase led to a $1.52 premium over the Mont Belvieu index, the highest in company history, he added.