Range Resources Corporation (NYSE:RRC) Q1 2024 Earnings Call Transcript

So just using those two examples, but nothing has changed on that front. We got MiQ certification last year. LDAR program still remains at eight times a year, where our leak detection program is as robust as ever. And we’ve even looked at, we’ll just say, a beta test of a top-down survey and we’re in the process of analyzing that data as well and how it complements our ground level inspection process. So certainly from a Range perspective, we’re still remaining focused on reducing missions tangibly further in an economic and responsible way.

Noel Parks : And just trying to cross for a second. The outlook looking ahead for materials thinking about steel, in particular, for the longer term, is that still looking pretty constructive? Or are you seeing any issues on the horizon there?

Dennis Degner : Noel, are you speaking specifically to service costs?

Noel Parks : I think specifically about steel, materials overall.

Dennis Degner : Sorry about that. I didn’t quite hear that. So from a tubular goods perspective, we have seen some softening in that cost through the back half of last year and a similar strategy, you’ve heard us talked about probably before but we procured a significant portion of our tubular good needs for this year’s program last year, when we saw a positive window for us to do so. But we have seen some fluctuations this year. But I would expect, as you start to see inventories get to a place where they’ve renormalized based upon rig activity, you could see some further relief in tubular good prices.

Operator: Thank you. Ladies and gentlemen, this concludes today’s question-and-answer session. I would now like to turn the call back over to Mr. Degner for closing remarks.

Dennis Degner : I’d just like to thank everyone for joining us this morning on our Q1 call. If you have any follow-up questions, don’t hesitate to reach out to our Investor Relations team. We look forward to seeing you on the next call. Thank you.

Operator: Thank you for your participation in today’s conference. You may now disconnect.