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Range Resources Corp has a market cap of $8.69 billion; its shares were traded at around $54.3 with a P/E ratio of 76.5 and P/S ratio of 9.6. The dividend yield of Range Resources Corp stocks is 0.3%. Range Resources Corp had an annual average earning growth of 14.2% over the past 10 years.Hedge Fund Gurus that owns RRC: John Griffin of Blue Ridge Capital, Chris Shumway of Shumway Capital Partners LLC, George Soros of Soros Fund Management LLC, Louis Moore Bacon of Moore Capital Management, LP. Mutual Fund and Other Gurus that owns RRC: Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, John Keeley of Keeley Fund Management, RS Investment Management, Columbia Wanger of Columbia Wanger Asset Management, PRIMECAP Management, Pioneer Investments, Ron Baron of Baron Funds.
Highlight of Business Operations: The oil and natural gas industry is affected by many factors that we generally cannot control. Government regulations, particularly in the areas of taxation, energy, climate change and the environment, can have a significant impact on operations and profitability. For several years preceding the 2008 worldwide economic decline, the oil and gas industry had been characterized by volatile but upward trending oil, NGL and natural gas commodity prices. However, since mid-year 2008, we have experienced declines in commodity prices, especially with regard to natural gas prices. NYMEX prices for natural gas averaged $4.40 per mcf in 2010, with a high of $5.82 per mcf in January and a low of $3.32 per mcf in November. Natural gas prices continue to be under pressure due to concerns over excess supply of natural gas due to the high productivity of emerging shale plays in the United States and continued lower product demand caused by a weakened economy. Natural gas prices are generally determined by North American supply and demand and are also affected by imports of liquefied natural gas. Weather also has a significant impact on demand for natural gas since it is a primary heating source.
Significant factors that will impact 2011 crude oil prices include: political and social developments in the Middle East, demand in Asian and European markets, and the extent to which members of the Organization of Petroleum Exporting Countries (“OPEC”) and other oil exporting nations are able to manage oil supply through export quotas. NYMEX prices averaged $79.59 per barrel in 2010 with a high of $89.23 per barrel in December and a low of $74.12 per barrel in May.
Our capital expenditure budget for 2011 has been initially set at approximately $1.38 billion. As has been our historical practice, we will periodically review our capital expenditures throughout the year and adjust the budget based on commodity prices and drilling success. The 2011 budget includes $1.1 billion for drilling, $159.8 million for land, $55.5 million for seismic and $66.6 million for the expansion and enhancement of gathering systems and facilities. Approximately 90% of the budget is attributable to the Appalachian region and 10% to the Southwestern region.
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