Range Resources 3Q – Production Up Slightly, Spending Down

Spending went down, but natural gas production went up slightly (3%) at the very first Marcellus driller, Range Resources, in 3Q19. The company previously forecast it would spend $756 million in 3Q but spent $736 million instead. The savings came “as a result of continued efficiency gains, water savings, and service cost improvements.” The company connected 22 new wells in the Marcellus to production in 3Q19, the same number they connected in 3Q18. Our takeaway: the company is doing more, producing more, with less resources. Getting more efficient.

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