Range Zags, Keeps Production Even in 1Q24, Happy to Stay in M-U

Range Resources Corporation, the very first company to drill a shale well targeting the Marcellus Shale layer in Pennsylvania (in 2004), issued its first quarter 2024 update earlier this week. Unlike other large Marcellus/Utica drillers, Range is holding its production flat (not decreasing). The company zags while everyone else zigs. During 1Q, Range produced 2.14 Bcfe/d (billion cubic feet equivalent per day), with approximately 68% of production comprised of natural gas and the rest in NGLs and oil. The company averaged 2.14 Bcfe/d, with 69% of that as natural gas, for all of 2023 (see Range Resources – Steady as She Goes in 2024 with 2 Rigs).

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