LONDON (Alliance News) - Range Resources Ltd on Tuesday said its pretax loss widened in the first half due to an impairment charge booked on its Trinidad assets, while revenue fell due to lower oil prices.
Range said its pretax loss widened to USD24.3 million in the six months to the end of December, from USD13.8 million a year earlier, as it booked a USD17.2 million impairment against the value of its assets in Trinidad.
Revenue fell to USD4.3 million from USD7.8 million, as production remained broadly flat at 561 barrels of oil per day, against 545 barrels a year earlier. The significant fall in the oil price meant it sold the oil for less than a year ago. The average price per barrel received by Range was USD41.40, down from USD78.20.
Range said it made significant progress in cutting costs across the business, with general and administrative expenses down 84%, though operating costs per barrel remained flat at USD31.00.
Range shares were down 4.4% to 0.325 pence on Tuesday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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