Range Resources, the very first company to sink a Marcellus Shale well (back in 2004), reported on second quarter results earlier this week. Range produced an average of 2.10 billion cubic feet equivalent per day (Bcfe/d) in 2Q, of which 31% was “liquids” or NGLs, like ethane and propane. In fact, Range’s NGL production was in the limelight, earning the company its highest price for NGLs ($27.92 per barrel) since 2014. However, even with the boost in NGL prices, the company still lost $156 million for the quarter, which is down slightly from losing $168 million in 2Q20. The company reports generating “significant” free cash flow.
Range Resources, the very first company to sink a Marcellus Shale well (back in 2004), reported on second quarter results earlier this week. Range produced an average of 2.10 billion cubic feet equivalent per day (Bcfe/d) in 2Q, of which 31% was “liquids” or NGLs, like ethane and propane. In fact, Range’s NGL production was in the limelight, earning the company its highest price for NGLs ($27.92 per barrel) since 2014. However, even with the boost in NGL prices, the company still lost $156 million for the quarter, which is down slightly from losing $168 million in 2Q20. The company reports generating “significant” free cash flow.