Range Resources, the first and one of the largest drillers in the Marcellus Shale, issued their fourth quarter 2013 and full year 2013 financial and operational update yesterday. Range has a lot of good news to report. They averaged 940 million cubic feet equivalent of natural gas production per day during the year, but as MDN noted in December last year, they have now exceeded 1 billion cubic feet per day average (see Range Resources Inducted into the Marcellus “1 Bcf/d Club”). Proved reserves were up for Range by 26%, to 8.2 trillion cubic feet. Cash flow was up 25%, to $943 million. Perhaps the only “bad news” was that profits in the fourth quarter were down by 47%, to $28.2 million, mainly because of the low commodity price of natural gas. Everything else appears to going quite well for this Marcellus powerhouse.
In 2014 Range plans to spend $1.52 billion on capital expenditures (drilling and associated costs). The vast majority of that–87%–will be spent in the Marcellus. They expect to boost production another 20-25% in 2014. The company is on a tear! Below are details of how many wells Range drilled in the Marcellus in 2013, and how many they plan to drill in 2014, along with loads of other details about their drilling operations…
