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Range’s production & lateral lengths to grow, capex to shrink



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Range Resources plans to maintain similar activity levels in 2019 compared to 2018 but will spend 17% less to do so. Capex has been set at $756 million, with $685 million allocated for drilling and recompletions, $51 million for leasehold and $20 million for pipelines, facilities and other capital. At strip pricing, free cash flow is expected to exceed spending. Production guidance has been set at 2,325-2,345 MMcfe/d (30% liquids), which would be up 6% YOY at midpoint. Appalachia will attract......
 
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