Why Range Resources Stock Fell as Much as 13% on July 27
Shares of natural gas driller Range Resources (NYSE: RRC) fell 13% at one point in midday trading on July 27. The stock managed to claw back some of the drop, however, and was sitting at a roughly 10% decline at 2 p.m. EDT. A company update on its second-quarter performance was the main driver of the decline.
The energy producer reported its second-quarter 2020 capital expenditure, production, and pricing ahead of its official earnings release. The news wasn't uniformly bad, but some very important numbers were pretty weak. On the positive side, natural gas equivalent production was up nearly 3% year over year in the quarter and about 2% sequentially from the first quarter of 2020. Both are positives. Further, the company was able to reduce its capital expenditures by around 20% sequentially, another positive.
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Source Fool.com
