RRRCRange Resources Corporation

Range Resources produces gas in Appalachia — in the field it opened up for the industry.

The company drilled the first fractured well here and proved that Appalachian shale gas could be produced commercially. The legacy is acreage in the best part of the field with very low costs and decades of drilling inventory ahead.

Part of the output is liquids — propane and ethane — sold separately and often for more than the gas, with a substantial share exported. The main constraint on Appalachian gas is pipeline capacity: without it a surplus cannot be moved and the local price falls below the exchange price. Risks: a warm winter, transport costs and liquids prices. The dividend is small.