U.S. Army Corps of Engineers Proposes Modification to NWP 12 Program; Splitting Oil & Gas Projects Into Seperate NWP 8/5/2020

The U.S. Army Corps of Engineers has issued a proposal to both reissue and modify the Nationwide Permits (NWP) program moving forward.  The proposal would modify the current utility line under NWP 12 into three new NWP's.  to authorize only oil and gas pipeline activities.  Two new NWP's would be created to authorize work on electric utility lines/telecom lines and utility lines that convey water, sewage, and other substances.  The third NWP would focus on water reuse and reclamation facilities. 

Range Resources Lightly Hedged in 2021; 23% of Gas Volumes Covered 8/4/2020

Range Resources' hedging position in the second half of 2020 covers >70% of forecast gas production at a floor price of $2.57/Mmbtu.  However, their position drop off severely in 2021 with and average of 346 Mmcf/d booked through the year in comparison to a flat production forecast of 1.5 Bcf/d.  

In their earnings release, they cited that "Evidenced by one of the lightest 2021 hedge positions among natural gas producers, Range anticipates that a sustained move higher in the forward curve for natural gas is needed to incentivize activity from dry gas producing basins to avoid extremely low storage levels next year."