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Press release from Business Wire

Range Announces CNG Fleet Investment

Wednesday, August 07, 2013

Range Announces CNG Fleet Investment

10:33 EDT Wednesday, August 07, 2013

CANONSBURG, Pa. (Business Wire) -- RANGE RESOURCES CORPORATION (NYSE: RRC) today announced that the company's vehicle fleet is now being largely fueled by clean-burning compressed natural gas (CNG).

Range officials were joined at its Southern Marcellus Shale Division offices, located south of Pittsburgh, for an event attended by public- and private-sector leaders as well as environmental and nonprofit organizations to share ideas and discuss the numerous advantages of this abundant, clean-burning fuel. Range now has approximately 184 CNG vehicles in its corporate fleet, with 100 serving its growing southwestern Pennsylvania operations.

Commenting on the announcement, Ray Walker, Range's Chief Operating Officer, who has converted his personal vehicle to run on CNG, said, “Not only does compressed natural gas provide our nation with a stronger, more balanced energy portfolio, but it enhances our national security, our economy and our environment. Both GM and Chrysler Group deserve a tremendous amount of credit for providing natural gas-powered transportation options direct from the factory, and we're proud to have partnered with them on this exciting project.”

Added Walker: “With demand growing for CNG vehicles, consumers, businesses of all sizes and public transit authorities across the nation are realizing enormous cost savings while improving air quality at the same time.”

The vehicle models purchased by Range are the Chevrolet Silverado 2500 and Ram 2500. In addition to the environmental benefits of driving vehicles with significantly cleaner burning engines, the company estimates that the pay back for the investment is approximately two years.

Range's commercial fleet order of factory-engineered CNG vehicles is the largest single order for both Chrysler Group and GM. Representatives from both companies participated in today's event, announcing this investment.

“Companies like Range Resources, who are transitioning to a natural gas fleet, will be able to reduce operating costs and improve the environment by switching to a cleaner burning fuel,” said Mark Karney, Alternative Fuels Director, General Motors Fleet and Commercial. “We anticipate that demand for CNG vehicles, including the bi-fuel Chevrolet Silverado and GMC Sierra, will continue to grow as infrastructure expands and as a broader array of vehicles are offered.”

“Chrysler Group appreciates the interest and confidence that Range Resources has shown in our Ram 2500 CNG pickup,” said Jim Sassorossi, Director of Fleet Sales, Chrysler Group LLC. “Chrysler Group is the only manufacturer in North America to offer a factory-built compressed natural gas-powered pickup truck. With customers like Range Resources and the state of Oklahoma, which purchased 283 Ram CNG pickups earlier this year, Chrysler Group is encouraged with the growing awareness in CNG-powered pickup trucks by commercial and government fleets.”

“Range Resource is a natural gas company that is not only talking the talk, but they are walking the walk,” said Rick Price, Executive Director of Pittsburgh Region Clean Cities. “Range has almost 100 CNG vehicles in this area that they are using in their daily activities and are able to take advantage of the economics and environmental benefits of using compressed natural gas as a transportation fuel.”

MORE INFORMATION

  • Progressive Policy Institute: “Natural Gas Vehicles: Driving America to a More Prosperous, Secure, and Sustainable Future: The economic, environmental, and energy security benefits [of CNG] are enormous.”
  • Associated Press: Natural gas vehicles making inroads; sales rising: “Cheap and plentiful" U.S. natural gas "an increasingly attractive option for truck companies and municipalities.”
  • The Economist: “American commercial vehicles already use a lot of natural gas. For several decades now, local-delivery vans, buses and rubbish collectors…have been switching to compressed natural gas (CNG) to lower fuel costs and to minimize their impact on the environment.”
  • Click here to view the U.S. Department of Energy's interactive Natural Gas Fueling Station Locations map.
  • Click here to learn more about the Pa. Department of Environmental Protection's Natural Gas Vehicle Program.

RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading independent oil and natural gas producer with operations focused in Appalachia and the southwest region of the United States. The Company pursues an organic growth strategy targeting high return, low-cost projects within its large inventory of low risk, development drilling opportunities. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at http://www.rangeresources.com/ and http://www.myrangeresources.com/.

Range Resources Corporation
Investor Contacts:
Rodney Waller, 817-869-4258
Senior Vice President
or
David Amend, 817-869-4266
Investor Relations Manager
or
Laith Sando, 817-869-4267
Research Manager
or
Michael Freeman, 817-869-4264
Financial Analyst
or
Media Contact:
Matt Pitzarella, 724-873-3224
Director of Corporate Communications

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