Range Resources 1Q17: Production Soars 40%, 1st Profit in 2 Yrs

Range Resources, one of the most prolific producers in southwestern Pennsylvania, reported its first quarter of profit in two years. Range swung from a loss of $94 million in 1Q16 to a profit of $170 million in 1Q17. After two years of cutting its capital expenditure spending, Range is once again increasing capex. This year, Range plans to spend $1.15 billion, with 65% allocated to the Marcellus Shale in PA, and the rest to the Terryville Field in LA. Production soared for the company by 40% year over year, to a new record high of 1.93 billion cubic feet equivalent (Bcfe) per day. Below we have the full Range 1Q17 update, along with the latest PowerPoint slide deck. We’ve also extracted out some interesting comments from the quarterly earnings call, which highlight Range’s program of drilling longer laterals in the Marcellus…

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