Range Resources issued its first-quarter 2020 financial and operational update late last week. The company reported net income significantly increased to $145 million in 1Q20, up a staggering 10,117% from $1.4 million in 1Q19. Production averaged 2.3 billion cubic feet equivalent (Bcfe) per day, approximately 70% natural gas (the rest NGLs). Range says production in 2020 will stay about the same as 2019, yet they will only operate one drilling rig and one fracking crew in 2020 to maintain that level of production.
Range Resources issued its first-quarter 2020 financial and operational update late last week. The company reported net income significantly increased to $145 million in 1Q20, up a staggering 10,117% from $1.4 million in 1Q19. Production averaged 2.3 billion cubic feet equivalent (Bcfe) per day, approximately 70% natural gas (the rest NGLs). Range says production in 2020 will stay about the same as 2019, yet they will only operate one drilling rig and one fracking crew in 2020 to maintain that level of production.