**Kopernik Just Went All-In on Natural Gas: Here's Why RRC Matters**

Kopernik Global Investors isn't making small bets anymore. They just dumped $52 million into Range Resources (NYSE:RRC), adding 1.6 million shares in Q3. Now it's their 2nd-largest position at 13.56% of fund AUM.

Here's the play: Range Resources isn't just another energy stock—it's a low-cost producer sitting right in the middle of the Marcellus and Utica shale boom. The company's got:

- Lowest-cost wells in the region with long productive lives
- Transportation agreements locking in access to Henry Hub pricing (avoiding regional discounts)
- Rock-solid balance sheet + disciplined capex spending
- The ability to survive gas price crashes and still profit when demand tightens

As of Nov 13, RRC was trading at $38.02 (up 12.65% YoY) with a 0.92% dividend yield and a forward P/E of just 10.48. The company pulled in $2.87B revenue (TTM) with $573.78M net income.

**The real question**: Does Range's cost advantage and asset base justify the gas price volatility? If the long-term North American gas market tightens the way value investors think it will, Range's execution could prove way undervalued today.