Longer Laterals Means Range Resources Drilling Fewer Wells in 2023

Range Resources Corporation, the very first company to drill a shale well targeting the Marcellus Shale layer in Pennsylvania (in 2004), issued its third quarter update yesterday. In prior guidance from earlier this year, Range said it would drill between 60-65 wells in 2023. However, with this latest update, that number was revised down to 51 new wells in this latest update. The reason for drilling fewer wells, according to the Range officials, is that the company is drilling longer wells, achieving the same amount of lateral feet with fewer holes in the ground. Even though fewer new wells are coming, the ones that are drilled produce more.

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