Range Resources Corp. said Monday it has continued to see positive price premiums this year on natural gas liquids (NGL) exported from the Marcus Hook export terminal in Pennsylvania compared to the Mont Belvieu hub in Texas.

Although global NGL prices have declined amid the Covid-19 pandemic, Range said the impact has largely been offset by lower freight rates.

The Fort Worth, TX-based natural gas and oil producer recorded an average realized NGL price before hedges of $14.87/bbl, at the higher end of guidance and representing a $1.30/bbl premium to the Mont Belvieu-equivalent barrel.

“Additionally, some of Range’s long-term NGL marketing arrangements are structured to insulate Range from lower prices, including physical price floors within certain sales contracts,” management said, adding that the company is maintaining its 2020 NGL premium differential guidance of 50 cents-$1.50/bbl.

“NGL prices have also significantly outperformed oil prices in recent weeks, leading to material improvements in pricing as a percent of” the West Texas Intermediate crude oil price.

Range said it is also maintaining guidance for natural gas and condensate differentials, and that more detailed information will be provided upon release of its 1Q2020 earnings on Thursday.

Range, which operates mainly in the Marcellus, Utica and Upper Devonian formations, produced 1.6 Bcf/d of natural gas, 9,542 b/d of oil, and 105,858 b/d of NGLs during the first quarter. These figures compare with 1.56 Bcf/d, 8,951 b/d and 106,806 b/d, respectively, in the year-ago period.

The company also has operations in Northern Louisiana, which supplied 183 MMcfe/d of production in 4Q2019.

Raymond James & Associates, Inc. analysts said last week they expect NGL prices to stay at historic lows at least through end-2020.