Range Resources Interim Loss Narrows On Higher Production

LONDON (Alliance News) - Oil and gas company Range Resources Ltd said on Friday it saw a rise in production for the first half of its financial year, with lower expenses leading to a narrowed loss.

Range Resources said that for the six months to the end of December, average production was 605 barrels per day, up 22% from the same period the year before.

First half pretax loss totaled USD8.5 million, narrowed significantly from USD37.8 million, with operating costs and general & administrative expenses lowered from the prior year, on revenue that rose by 39% to USD5.3 million, from USD3.9 million due to the production increase.

We are extremely encouraged by the progress in both operational and financial performance demonstrated in the interim results.

"We continue to invest in growing the asset base and completed two important acquisitions during the period. Throughout the remainder of this year we look forward to seeing further improvements in key metrics such as operating costs as a result of RRDSL acquisition, and revenue growth from our upstream assets. We are confident that as we focus on growing the business, we will continue to deliver substantive value and results to our shareholders," said Chief Executive Officer Yan Liu.

Shares in Range Resources were down 1.1% at 0.173 pence on Friday.