Range Resources released its first-ever Corporate Sustainability Report earlier this week. The report reviews Range’s accomplishments at reducing so-called greenhouse gases (methane emissions) over the past 10 years. However, the big news contained in the report is that Range is committing to the goal of zero greenhouse gas emissions from its operations. Someday. In the future. The report and the goal of zero emissions comes in response to pressure last year from a wacko leftist group that floated a shareholder resolution that almost passed.
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Category: Range Resources Corp
Range Resources Promotes Dennis Degner to COO; CEO-in-Waiting?
Over the years we’ve reported on the rising star of Dennis Degner at Range Resources. In 2016 Degner was named vice president for Range’s Southern Marcellus Shale Division (see Range’s Dennis Degner Named VP of Southern Marcellus Shale). In 2018 Degner was promoted again, to senior VP of operations, including responsibility for the company’s Louisiana Haynesville Shale drilling program in addition to the Marcellus (see Range Resources Update: Dennis Degner Promoted, $333M Profit). And now, Degner has been named Chief Operating Officer for the company.
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Study Shows No Health Impacts from Marcellus Drilling Near School
One of the false allegations made against shale drilling is that it somehow pollutes the air–of particular concern near schools. A new independent two-year study commissioned by Range Resources at one of their drilling sites, located about a mile from a local school, thoroughly debunks that allegation. A first-of-its kind public health and long-term ambient air monitoring report (full copy below) provides analysis from nearly two years of continuous data from an unconventional Marcellus Shale well site nearby a high school and elementary school campus in Washington County, PA. The study found no health impacts from shale drilling.
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SWPA County Judge Rules Range Can’t See Reporters’ Notes/Sources
So-called reporters, like some at the Pittsburgh Post-Gazette, must have known they were breaking the law by using confidential information (sealed under a court order) in some of their anti-shale articles. Range Resources, fighting against an out-of-control Attorney General (Josh Shapiro) who wants to charge the company with crimes, wants to depose those reporters to try and find out who, exactly, broke the law in leaking information that is sealed by court order. However, a county judge won’t let Range do it. Not yet, anyway.
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Range Resources 1Q19 – Happy ME1 is Finally Back Online
Range Resources issued its first quarter 2019 update earlier this week. Natural gas liquids (NGLs) were one of the themes of the update and analyst phone call–and no wonder why. The company produced an average of 2.26 billion cubic feet equivalent per day (Bcfe/d) of natural gas in 1Q19, nearly one-third (31%) of which was NGLs. Ethane and propane, getting them to market, is a major focus for Range.
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Did Range Shale Well in Lycoming County Cause Methane Migration?
In August 2017 Range Resources and the Pennsylvania Dept. of Environmental Protection (DEP) officially settled alleged methane migration from a well Range drilled in 2011 in Lycoming County, PA (see Range/DEP Lycoming Well Settlement: From $8.9M Fine to $0). That settlement caused “outrage” with anti-drillers back then, and continues to cause outrage to this day. Hence another story in the Pittsburgh Post-Gazette dredging up the same old story once again, trying to make out Range to be an evil big corporation screwing over PA residents who suffer to this day.
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Are Marcellus/Utica Shale Drillers Financially Healthy?
We read on a regular basis in mainstream media that shale companies spend more money than they bring in, and that investors are growing tired of pumping money into companies without a return on their investment. We’ve recently noticed a renewed commitment on the part of major drillers to get their financial houses in order–spend less and drill less in order to make more money. We spotted an article by Reuters on the “shale drillers aren’t profitable/healthy” meme which got us investigating the financial health (or lack thereof) for Marcellus/Utica drillers. What we found may interest you.
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Range Resources Considers Drilling Under Washington, PA Airport
In 2013 CONSOL Energy (now CNX Resources) signed a deal with the Pittsburgh International Airport and Allegheny County to lease 9,000 acres surrounding the airport for natural gas drilling (see $50M Check in the Mail: Pittsburgh Airport Lease a Done Deal). The program was/is a huge success. Range Resources is now sniffing around, investigating doing something similar at the Washington County, PA airport.
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Former Range Exec Who Went to H&H is Now at Encino
Last October MDN told you that the man largely responsible for the huge success of Range Resources in drilling in the Marcellus Shale, Range’s former senior vice president in charge of the Marcellus, John Applegath, left retirement to head on over to Huntley & Huntley, to helm the drilling program there (see Retired Range VP of Marcellus Heads to Huntley & Huntley as COO). He didn’t stay long.
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Range Resources: MarkWest Outage Cost Company 10 Bcfe in 4Q18
Range Resources, the very first company to sink a Marcellus well back in 2004, issued its fourth quarter and full year 2018 update yesterday. Range’s overall production increased 5% year over year, but production in 4Q18 actually fell from 4Q17 in part due to an explosion and extended processing plant outage at MarkWest’s Harmon Creek operation.
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PA AG Continues Marcellus Witch Hunt, Impanels Grand Jury
PA Attorney General Josh Shapiro, a sleazy politician, is investigating so-called environmental “crimes” committed by shale companies in a bid to boost his chances of being the next nominee to run for governor (see PA AG Investigates Shale Drillers for “Enviro Crimes”). One of Shapiro’s sham investigations is into Range Resources and the long-ago settled “Haney” court case.
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Marcellus Laterals Get Longer – Heading for 18,000 Feet!
A drilling team with experience drilling more than 1,000 Marcellus shale wells in Pennsylvania with laterals from 1,500 feet to 11,000 feet recently published a research paper looking at best practices and what it will take to routinely drill wells with laterals longer than 18,000 feet.
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CNX, Range Resources Proved Reserves Both Go Up
It’s that time of year for energy companies to issue updates on just how much oil and gas they own in the ground, recoverable at current prices. Both CNX Resources and Range Resources, two major Marcellus/Utica producers, recently issued statements outlining their “proved reserves.” CNX has 7.9 trillion cubic feet equivalent (Tcfe) in proved reserves as of Dec. 31, 2018. Range Resources has 18.1 Tcfe in proved reserves.
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Antis Try to Pick Open Old Scab of Settled (and Sealed) Range Case
Three families who live near a former drill site and frack wastewater impoundment at the Yeager Marcellus Shale site in Washington County, PA sued Range Resources in May 2012 claiming the air they breathe and the water they drink had been contaminated by Range’s operations at the site (see EPA Investigating Range Drill Site in Western PA). The case was eventually settled and sealed in September 2018.
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PA AG Investigates Shale Drillers for “Enviro Crimes”
It turns out Pennsylvania’s current Attorney General, Josh Shapiro, is not much different than his predecessor, Kathleen Kane (who is sitting in jail for committing perjury). Kane, and now Shapiro, have targeted the Marcellus Shale industry, accusing drillers of committing crimes against the environment. It’s cheap and it’s sleazy and a total abuse of the office, all for political grandstanding.
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Range SWPA Production Takes Hit After MarkWest Plant Explosion
Range Resources issued an updated 2018 (not 2019) capital spending and operational update yesterday to say (a) they spent about $20 million less last year than originally forecast and (b) the company took a hit on production because of an outage at the MarkWest Houston/Harmon Creek processing facilities.
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