LONDON (Alliance News) - Range Resources reported a narrowed pretax loss for the first half of 2015, as in the previous year the company recorded write downs, it cut costs and streamlined its operations.
For the half year to end-June the company reported a pretax loss of USD21.1 million, narrowed from a pretax loss of USD64.8 million, despite revenue falling to USD13.2 million from USD21.2 million, mostly as a result of lower administrative costs, and in the previous year the company wrote off USD24.3 million of its assets.
Range attributed its improved performance to cutting costs, and selling its drilling business, Texas assets, Citation Resources equity holding and exiting from its Puntland project.
Range said it is confident that 2016 will be "pivotal" in improving its operation performance and growing production and it ramps up its operations in Trinidad. The company has finalised a 22 development and exploration well work programme in Trinidad, which started after the half year end, it said.
"The creation of long-term value for our shareholders remains the fundamental driver of everything we do and we look forward to demonstrating this as we develop our ambitious plans and achieve our goals. With the company's highly prospective licences, drilling underway, and funding in place, I believe the company is well positioned for future success by growing production and reserves, and transforming Range into a significant oil producing company, which is not yet reflected in today's share price," said Chairman David Chen in a statement.
Shares in Range Resources were up 9.2% at 0.546 Wednesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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