Range Resources Cuts 2015 Budget 46%, Focus Continues on Marcellus

Yesterday Range Resources published a recap of the company’s performance in 2014 along with comments and guidance on 2015. In 2014, Range production averaged 1.16 billion cubic feet equivalent per day (Bcfe/d) which was 32% liquids. That’s a 24% increase from 2013 levels. Range’s proved reserves rose 26% to 10.3 trillion cubic feet equivalent by the end of 2014. Range expects 2015 output to reach 1.3 Bcfe/d. Even with an expected 20% increase in production for 2015, Range, like most other drillers is cutting way back. Their 2015 capital budget is being slashed 46% to $870 million (down from $1.3 billion in 2014). The good news is that 95% of the 2015 budget will be spent right here–drilling in the Marcellus Shale…

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