Trending Basic Materials stocks: Range Resources Corp. (RRC), Peabody Energy Corporation (BTU)


Range Resources Corp. (NYSE:RRC):

Stock’s Trading Stats:

Range Resources Corp. (NYSE:RRC) declined -4.24% yesterday and closed at $31.64. The company’s market capitalization is at $5.46 billion with an average trading volume of 5.80 Million. The total number of Outstanding Shares Held by the company are 169.59 Million.

Recent Press Release:

Range Resources Corp. (RRC) on March 28 announced that it has completed the sale of its Bradford County non-operated assets. After purchase price adjustments based upon a January 1st effective date, Range received approximately $110 million of sales proceeds at the closing plus retaining the net cash flow since the effective date. In early February, Range signed a purchase and sale agreement covering its non-operating Marcellus interest in Bradford County, Pennsylvania for approximately $112 million. Range sold an average working interest of 23% covering approximately 10,900 net acres with net production of approximately 22 Mmcf per day.

Range will include the Bradford County operations in its operations until the closing date in its first quarter reported operations. The net proceeds were used to reduce debt and other corporate purposes. This monetization further strengthens the Company’s financial position by reducing leverage and enhancing liquidity. After the sale, the borrowing base under Range’s revolving credit facility remains unchanged at $3 billion.

Range Resources Corp. (RRC) operates as an independent natural gas, natural gas liquids (NGLs), and oil company. It engages in the exploration, development, and acquisition of natural gas and oil properties. The company holds interests in developed and undeveloped natural gas and oil leases in the Appalachian region of the United States.

Peabody Energy Corporation (NYSE:BTU):

Stock’s Trading Stats:

Peabody Energy Corporation (NYSE:BTU) closed at $2.18 yesterday by showing a decrease of -3.11%. The total number of outstanding shares held by the company are 18.54 Million with the total market capitalization of $37.73 Million. The number of shares traded on the last trading session are 2.87 Million.

Recent Press Release:

As a result of market conditions, Peabody Energy (BTU) has made the difficult decision to reduce approximately 235 hourly and salaried employees from its North Antelope Rochelle Mine in the Powder River Basin to align the workforce with customer needs.

“While our asset position and contracting strategies give us relative strength, we are taking these actions to match production with customer demand,” said Peabody President – Americas Kemal Williamson.  “We regret the impact of these actions on our employees, their families, and the surrounding communities in the Campbell and Converse county areas.”

The reductions affect approximately 15 percent of the workforce at the North Antelope Rochelle Mine.  The company is taking steps to ease the transition through severance and outplacement support.  Williamson noted the company has regularly worked to minimize job impacts by actively anticipating and adjusting staffing resources, managing contractors and temporary employees, and using natural turnover to lower staffing levels.

U.S. coal industry conditions have remained challenged, impacted by an oversupply of natural gas and mild winter weather.  The U.S. coal industry has seen unprecedented shipment declines this year.  Heating degree days year-to-date are 17 percent lower than last year, with March heating degree days down nearly 30 percent versus the 10-year average.