Range Gets Highest Prices for NGLs Since 2018 – 1Q21 Update

Range Resources, the very first driller to sink a Marcellus well (back in 2004), released its first-quarter 2021 update and held a conference yesterday to review the numbers. The company reports the highest average premium (above benchmark) it has ever received for a barrel of natural gas liquids (NGLs) in Q1. Pricing was an average $26.35 a barrel for NGLs, up $8.33 a barrel compared to 4Q20 and up from $14.87 a barrel in 1Q20. However, the company reports a drop in income, down 84% from 1Q20. Fortunately, Range still made money in 1Q21--$27 million of income based on $193 million in cash flow.

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