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Range Resources' (RRC) Proved Reserves Grow 22% in 2016

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Upstream energy firm Range Resources CorporationRRC recently reported its 2016 proved reserves figures.

The new reserve of 12,072 billion cubic feet equivalent (Bcfe) marks an increase of 22% from the 2015 reserve of 9,892 Bcfe. Excluding acquisitions and divestitures, the 2016 reserve displays 11% improvement. Proved developed reserves jumped 14% after keeping aside the impact of acquisitions and divestitures. Range Resources added that it has replaced 292% of production.

Moreover, the potential for 2016 unrisked unproved resources has increased to 93 trillion cubic feet equivalent (Tcfe). This consists of 4.8 billion barrels of natural gas liquids (NGLs) and crude oil or condensate. The aforesaid reserves cover 4,700 sites in the Marcellus and 2,800 spots in the Upper Devonian.

Fort Worth, TX-based Range Resources is an independent oil and gas company. The firm's prime operations include exploration, development and acquisition of oil and gas resources that spread over the southwestern, Appalachian and Gulf Coast areas of the U.S. The company is expected to report fourth-quarter 2016 results on Feb 22, after the closing bell. The Zacks Consensus Estimate for fourth-quarter earnings stands at 2 cents per share.

Investors should know that the company's price chart was not impressive in the last three months. During the aforesaid quarter, shares of the company gained almost 6%, whereas the Zacks categorized Oil & Gas-U.S Exploration & Production industry registered 11% growth. Moreover, Range Resources had an average negative surprise of 2,423.06% in the previous four quarters.

Currently, the company carries a Zacks Rank #3 (Hold).

Some better-ranked players in the energy sector include Imperial Oil Limited IMO , Suncor Energy Inc. SU and Denbury Resources Inc. DNR . All the stocks carry a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here .

Imperial Oil is undervalued, as revealed by its forward PE ratio of 17.2 compared with 34.9 for the broader industry.

Suncor posted an average earnings surprise of 40.55% in the last four quarters.

Denbury surpassed the Zacks Consensus Estimate in each of the last four quarters with an average earnings surprise of 283.33%.

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Suncor Energy Inc. (SU): Free Stock Analysis Report

Imperial Oil Limited (IMO): Free Stock Analysis Report

Range Resources Corporation (RRC): Free Stock Analysis Report

Denbury Resources Inc. (DNR): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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