If your company is supplying services to Range Resources and wants faster payment on invoices, contact us today. Our oilfield factoring programs speed up cash flow by providing you with working capital, so that you’re able to catch up on bills, meet payroll, invest in new equipment and more.
The process to get started is quick and simple.
First, contact one of our financial experts to inquire about our oilfield factoring programs. In as little as 15 minutes we’ll provide you a quote and an approval. Once you’re quickly approved and set up, send your invoice to us. The day that we receive them, we’ll initiate an advance on the invoice amount. While we wait for 30, 60 or even 90 days for customer payment, you’ll have access to working capital that is normally tied up in your receivables. Once your customers, such as Range Resources, pay the invoice, we’ll deposit the remaining amount, less our factoring fee.
Range Resources Corporation is an independent oil and natural gas producer based in Fort Worth, Texas. Their primary focus is on stacked-pay projects in northern Louisiana and the Appalachian Basin. Although Range Resources Corporation wasn’t created until 1998, the company was actually founded in 1976 as Lomak Petroleum. Lomak Petroleum began as a small company in Ohio that acquired oil and gas properties in the Appalachian Basin, but hired out to other companies for the actual drilling. After going public in the early 1980s, the company saw an influx of capital and was able to expand and create their own geology and oilfield service division. Lomak Petroleum changed hands many times before eventually merging with Domain Energy in 1998, becoming Range Resources Corporation. After the merger, Range Resources Corporation was the 15th largest publicly-traded independent oil company in the United States.
Range Resources Corporation has primarily built value through lower-risk development and acquisitions. However, they have recently begun more high-risk exploration projects in their underdeveloped properties. As a business strategy, the objective of Range Resources is to increase their reserves and production through their internally-generated drilling projects. In order to make this effective, Range Resources invests a lot of time and resources in researching every aspect of a site and collecting a multitude of data to get the best return possible. As such, Range Resources primarily focuses their drilling projects in Pennsylvania in the Marcellus Shale, despite having operations in the Permian Basin in west Texas, Oklahoma, the Texas Panhandle and the Gulf Coast. By concentrating in one area, Range Resources believes that they can develop the regional expertise needed to extract the resources in the most cost-effective and efficient way. Although much more limited than their onshore operations, Range Resources also has an offshore project in the Gulf of Mexico.
In order to reduce their risk, Range Resources maintains a long-life reserve base. This allows for more stable growth and reduces the reinvestment risk of short-life reserves. Additionally, it minimizes the input cost of continually building and rebuilding sites and allows them to maintain operating economies of scale. Also, the time that would have been spent moving operating sites can be focused on enhancing the technology of current ones, making their operations more efficient. Range Resources markets and sells their natural gas and oil to domestic and international customers, giving them a diversified customer base and reducing the impact of a fluctuation in any one area.
Range Resources prides itself on its philosophy “to be good stewards for our shareholders, while doing the same thing for the environment and the communities where we live and work.” They accomplish this by making safety for their workers, the communities near the site, and the environment a top priority. In order to achieve the highest possible safety standards, Range Resources continually works with outside companies to review their performance and make any necessary improvements. Before starting any drilling operations, they engage an independent company to collect and test water supply samples around proposed drilling sites to set a current baseline of naturally occurring gasses. Once the project begins, water levels are continually monitored to ensure the water integrity. In addition, Range Resources participates with FracFocus, a publicly-accessible chemical disclosure registry that provides information about the additives and chemicals used at drilling sites. As innovation is one of the primary values of Range Resources, they are constantly looking for new, better ways to monitor emissions and reduce their output. As a result of the improvements they’ve already implemented, their total company-wide greenhouse gas emissions decreased by 21 percent from 2013 to 2014, even though their average daily production increased by 24 percent. Recently, Range Resources was also given the Environmental Award for Excellence in Environmental Stewardship.
In early May 2016, Range Resources made a deal to purchase a rival oil and natural gas company, Memorial Resource Development Corporation, in an all-stock deal valued at approximately $4.2 billion. The companies will merge under the Range Resources Corporation name and will assume Memorial Resource Development’s $1.1 billion in debt. Despite taking on the debt, the merger/acquisition is a strategic move for Range Resources as it will strengthen their position as one of the leading independent natural gas and oil companies in the U.S. and provide them with additional core acreage positions in Northern Louisiana.
Additionally, Range Resources Corporation provides financing to small oil and gas producers through their fully-owned subsidiary, Independent Producer Finance (IPF). IPF works by advancing money in exchange for a term overriding royalty interest in the projects they help finance.
100 Throckmorton Street
Fort Worth, TX 76102