Range Update Regarding MarkWest Houston Processing Plant Outage
FORT WORTH, TX -- (Marketwired) -- 05/29/14 -- 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
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.
Range Investor Contacts:
Senior Vice President
Investor Relations Manager
Range Media Contact:
Director of Corporate Communications
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