Range Resources touted its commitment to capital discipline and returns in Q4. Its 2018 guidance was already revealed last month. The company's 2018 spend will be 26% below 2017 levels; 2018 production growth is expected to be 11% year-on-year. This is down significantly from 20% guided for as recently as Q3 2017. Growth (and spend) will be driven by the Marcellus, while North Louisiana Cotton Valley is now being deemphasised. One rig will be allocated to Cotton Valley in 2018 – down from four in 2017 – where management acknowledged disappointing well results.