InstaNext, a premier provider of cloud-hosted commodity trading and risk management solutions, announced today that Range Resources Corporation has chosen the InstaNext platform to manage their crude oil and natural gas production business.
Headquartered in Fort Worth, Texas, Range Resources is a leading U.S. independent oil and natural gas exploration and production company focused in the Appalachia and Texas panhandle regions. Range is committed to being an industry leader in innovation, and in 2004 discovered the Marcellus Shale, which is now the largest producing natural gas field in the United States. The E&P company also drilled the first horizontal wells in the Utica and Upper Devonian Shales in Pennsylvania. Range’s overarching business objective is to build stockholder value through consistent growth in reserves and production on a cost-efficient basis, which involves internally generated drilling projects coupled with occasional complementary acquisitions and divestitures of non-core assets. Range plans to strategically grow production volumes with capital discipline and one of the lowest cost structures in the industry.
Range chose InstaNext over other ETRM solutions on the market because of the platform’s full risk management and analytics capabilities. The company was impressed with InstaNext’s flexible architecture and configurability to support their robust business needs. Range will be using the platform for their energy trading and risk management activities with various hedging instruments including: swaps, zero cost dollars, and basis. With InstaNext’s real time data, Range aims to stay on top of market positions and leverage the system’s extensive risk analysis and reporting features. The ultimate goal is for InstaNext to provide Range with the necessary functionality and adaptability to move the company into the future with confidence. “Range’s requirements for an independent mark to market and financial reporting around ASC 820 and the like, made InstaNext a natural transition from their legacy system. We are excited to add them to our ever increasing list of E&P customers,” stated Richard Kulaszewski, EVP of Global Field Operations.
InstaNext is comprised of a team of software and technology experts in the fields of commodity trading, hedging, and risk management. With an extensive portfolio of prior successes in the CTRM industry, InstaNext provides intuitive solutions to help companies meet the challenges of the complex commodities world. The InstaNext platform simplifies every aspect of commodity trading and risk management. The multi-market platform allows companies to analyze their positions in real-time via its powerful analysis capabilities. With InstaNext, historical and scenario-based data can be used to compare current positions against changes in the market, allowing for more effective management of portfolio risk and ensuring profit margins are secure. Using the latest cloud-hosted technology, InstaNext can be implemented quickly and with low risk.