Range Says Forget Utica, Our Focus “Totally on the Marcellus”
Yesterday we brought you Range Resources’ third quarter update (see Range Resources 3Q15: Marcellus Prod Up 27%, but $301M Net Loss) and Range’s newly revised PowerPoint slide deck (see Range Resources Oct 2015 Investor Slide Presentation, Our Favs). As is typical, the top brass from the company, including CEO Jeff Ventura, held a quarterly analyst/investor phone call to go along with the release of the quarterly update. These phone calls are often treasure troves of additional information–and yesterday’s call was one of the richest troves we’ve seen in a while. What we learned from that call is this: Although early Utica Shale results in southwestern PA have turned the head for some companies, like EQT, who is refocusing on the Utica for 2016 (see EQT Dumps Marcellus Drilling, Concentrates on the Utica in 2016), it’s just the opposite for Range. Jeff Ventura said yesterday that while his company is interested and still testing their first three Utica wells, Range will focus exclusively on the Marcellus in 2016 as being the best/most productive option for them. We find it fascinating when two heavy weights like EQT and Range come to opposite conclusions…
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In March 2014 MDN alerted you to a pitch being made by Gateway Royalty to purchase royalty rights from landowners in eastern Ohio (see 
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The “best of the rest” – stories that caught MDN’s eye that you may be interested in reading. In today’s lineup: Magnum Hunter’s outlook dimming with low gas price; EQT’s stock drop; 50 cranes arriving to build Cove Point LNG terminal; PA DEP feels pinch from lack of budget; surplus gas equals low prices this winter; Halcon keeps $850M line of credit; companies trading big offshore projects for smaller onshore shale projects; Shell scaling back in North America; fracking causes firewood prices to spike is ‘nonsense’; and more!