Range Resources: NGL Prices Through the Roof in 2Q21
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.
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In June MDN brought you the news that three Democrat judges on the U.S. Court of Appeals for the D.C. Circuit overturned a Federal Energy Regulatory Commission (FERC) approval for a long-completed and flowing natural gas pipeline in the St. Louis area that flows Marcellus/Utica gas to residents, businesses, and electric generating plants throughout the region (see 
In May MDN brought you the news that Ohio mineral rights owner Gateway Royalty was sounding the alarm over a new bill quickly advancing in the Ohio legislature. House Bill (HB) 152 would use forced pooling if 65% of a proposed unit’s landowners are leased (too low a bar) and also would force the landowner to accept a 12.5% royalty and force them to accept post-production deductions with royalties in some cases potentially going down to nothing (see 
Expectations coming from Wall Street are that pure-play drillers, like many in the Marcellus/Utica, will show a turnaround in their financials for the second quarter of 2021. According to S&P, investors took drillers at their word last year that they won’t “drill baby drill” the way they have in years gone by. The stock prices of nearly all major M-U drillers have soared over the past 12 months as a result. The biggest turnaround has been Antero Resources. Its stock price is up nearly 400% over the past 12 months! Range Resources’ stock price is up 140%.
Only Pennsylvania issued new permits over the past week to drill shale wells. Both Ohio and West Virginia issued no new permits. New permits for PA were issued for Southwestern Energy (4 new permits), Laurel Mountain Production (3 new permits), and 1 new permit each for Cabot Oil & Gas, CNX Resources, and EQT (aka Rice Drilling).
OTHER U.S. REGIONS: City considering ban of natural gas appliances in existing homes; NATIONAL: Even at $4.00, higher natural gas prices needed, says Raymond James; Shale pioneer Hamm skeptical private E&P can fill gap.