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Range Resources Estimates 2018 Capital Spending To Be Below Budgeted $941 Mln

Range Resources Corp. (RRC) on Monday announced that its 2018 capital spending is currently estimated to be about $20 million below the $941 million budgeted for the year. The company noted that its 2018 program was better than budget as a result of savings from a variety of sources, including drilling efficiencies and water recycling.

Separately, Range Resources said that the Houston natural gas processing and NGL fractionation facility as well as the Harmon Creek processing facility, both operated in Pennsylvania by MarkWest, have been returned to service following an operational issue at the Houston facility that required the extended curtailment of both processing complexes.

As a result of MarkWest's operational downtime, Range Resources lost about 10 Bcfe of production and expects that production for the fourth quarter of 2018 was approximately 2.15 Bcfe per day.

As planned, the company generated free cash flow in the fourth quarter of 2018 with efficiencies realized in the 2018 capital spending program expected to offset a majority of the cash flow impact from processing downtime.

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