Range Resources Ltd Production, CAPEX in Decline

Range Resources Limited revealed Wednesday, in its fourth quarter activities report, that the company’s average daily oil and gas production has decreased.

Output for the period was 50,311 barrels, at an average of 547 barrels of oil per day, which marked a decrease of five percent compared to the daily average of 575 bopd registered in the prior period. The decrease was primarily due to a lack of new wells coming on-stream and the natural decline of existing wells. Range’s capital expenditure during 4Q decreased to $1.7 million, compared to $4.5 million in 3Q, and the company’s cash as at December 31, 2015 stood at $21.9 million, compared to $24.9 million in the previous quarter.

In a separate statement, Range Resources Limited also announced Wednesday that Yan Liu has tendered his resignation as the company’s chief executive officer and Trinidad general manager, effective January 31, 2016.

Following his resignation, Liu will remain on the board of directors as a non-executive director to provide “valuable expertise and knowledge of Trinidad operations”, according to a company statement. Lijun Xiu, Range’s Trinidad deputy general manager, has been appointed as Trinidad general manager, effective immediately. The company’s board is currently considering replacement chief executive officers. In the meantime, Liu’s duties have been allocated amongst the senior management team.

Liu’s decision to step down marks the second CEO management shift in the oil and gas sector in the space of a few hours, following Kongsberg’s announcement late yesterday that its CEO, Walter Qvam, will resign in June.

Kongsberg has chosen Geir Håøy, the current president of Kongsberg Maritime, as its new CEO, effective June 2016. The 49 year old was first employed by Kongsberg in 1993 and has been a part of the corporate management team since 2010.

Commenting on the upper management changes, Finn Jebsen, chairman of the Kongsberg board, said in a company statement:

“Kongsberg is in a time with demanding challenges and several opportunities. Geir Håøy excels with long international and industrial experience and has for five years led KM, Kongsberg’s largest business area. It is very pleasing that the best candidate came from Kongsberg. We put great emphasis on internal recruitment and are very pleased that this now also succeeded at the top level.

“Walter Qvam has been CEO since 2008. The board would like to use the opportunity to thank Qvam for his efforts. He has done a great job and leaves the company in a very good position.”

The impending Kongsberg CEO, Geir Håøy, commented in a Kongsberg statement:

“Kongsberg has a solid market position and technology platform. We have over 7,700 competent employees and a strong corporate culture. We will continue to develop the company to the benefit of our owners, customers and employees. Kongsberg’s strategy is future oriented and will remain firm. It is a great responsibility I am taking on and I go to the task with enthusiasm and great respect.”

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

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