Range Resources Proved Reserves Up 22% to 12.1 Tcfe, Dev Costs Down

Range Resources released details on their proved reserves last Friday. The company reports proved reserves are 12.1 trillion cubic feet equivalent (Tcfe), a 22% jump from 9.9 Tcfe at the end of 2015. Excluding acquisitions and divestitures, Range’s proved reserves were actually up 11%. Range CEO Jeff Ventura said the company replaced 292% of production from its drilling activities in 2016. They have driven down development costs to 34 cents per thousand cubic feet. If it costs an average of 87 cents to gather and get the gas to market (PA IFO estimate), that means it costs Range $1.21 to find, extract and get the gas to market. Range’s announcement was pretty amped-up on their newest purchase of acreage in Louisiana. However, in 2016, almost all of the added proved reserves came in the Marcellus–1,315 out of 1,394 billion cubic feet (or 94%)…

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