Range Resources, one of the largest (and the very first) Marcellus Shale drillers, issued their second quarter 2016 update yesterday. While there was plenty of good news Range highlighted at the beginning of the release–Marcellus production was up 16% year over year at 1.379 billion cubic feet per day, costs were down 8%, total debt as low as it’s been since 2012–there was no getting over the 800-pound gorilla in the room: Range lost $225 million for the quarter in 2Q16, versus losing $119 million in 2Q15. One of the things Range seems most jazzed about is buying Memorial Resource Development Corp. and drilling in Louisiana instead of the Marcellus (see Range Resources Buys Louisiana Driller in Deal Worth $4.4B). CEO Jeff Ventura did mention the company can quickly ramp up drilling on 200 well pads in the Marcellus when/if the time is right. Below is Range’s 2Q16 update, along with a copy of their latest PowerPoint presentation, with lots of interesting slides…
Range Resources, one of the largest (and the very first) Marcellus Shale drillers, issued their second quarter 2016 update yesterday. While there was plenty of good news Range highlighted at the beginning of the release–Marcellus production was up 16% year over year at 1.379 billion cubic feet per day, costs were down 8%, total debt as low as it’s been since 2012–there was no getting over the 800-pound gorilla in the room: Range lost $225 million for the quarter in 2Q16, versus losing $119 million in 2Q15. One of the things Range seems most jazzed about is buying Memorial Resource Development Corp. and drilling in Louisiana instead of the Marcellus (see 