Range Resources Corp

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Top 10 Marcellus/Utica Drillers in SWPA – Ranked by Production
April 4, 2016April 4, 2016

Everybody loves a list. We do too! We spotted a ranking in a recent issue of the Pittsburgh Business Times that lists the top 37 shale gas producers in southwestern Pennsylvania, based on the amount of gas they produced in 2015. We pulled the names of the top 10, listed in order from most to least…
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Energy Companies | Industrywide Issues | Lycoming County | Pennsylvania | Range Resources Corp | Regulation

PA DEP’s $8.9M Methane Migration Fine Appealed by Range Resources
April 4, 2016April 4, 2016

Last June the Pennsylvania Dept. of Environmental Protection (DEP) sent Range Resource a notice they planned to fine the company a whopping $8.9 million for methane migration into water wells and a nearby stream in Lycoming County, PA (see PA DEP Slaps Range with Record $8.9M Fine for Methane Migration). The DEP said the Range well, drilled in 2011, had been leaking methane since at least 2013 (improperly cemented well casing) and the methane had “contaminated the groundwater-fed wells of private water supplies, and a nearby stream.” But the DEP never actually sent a bill for the fine to Range. Why? Because Range immediately appealed the DEP’s initial notice to the PA Environmental Hearing Board. It now appears the appeal process will drag on at least until the dog days of summer–in July…
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Ascent Resources | Belmont County | Chesapeake Energy | Coterra Energy (Cabot O&G) | Energy Companies | EQT Corp | Greene County (PA) | Ohio | Pennsylvania | Range Resources Corp | Rice Energy | Susquehanna County | Washington County

Top 10 Shale Wells of 2015 for Marcellus, Utica, Entire Country
April 1, 2016April 1, 2016

Rystad Energy Ranks, a data company based in Norway, hosts web-based portal with easy-to-use access data on oil and gas wells around the globle. They call their service “Rystad Energy cubes.” Rystead has made a wealth of data available in predefined “ranking lists” where the user can change filter settings to drill into and slice and dice the data. They call it their “database list format Ranks.” Up to now, Rystad Energy cubes have been available only through Rystad Energy’s proprietary Cube Browser. With “Ranks” users can now access predefined analyses based on the same databases. The really cool thing? They offer the “top 10” for various queries absolutely free. No registration required. We took it for a spin and produced Top 10 lists for Marcellus Shale well production in 2015, Utica Shale well production in 2015, and all American shale wells for 2015. As you might imagine being an MDN reader, most of the wells in the “all American” list are wells located in the Marcellus/Utica…
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Bradford County | Energy Companies | Pennsylvania | Range Resources Corp

Range Resources Gets $110 Million for Bradford County, PA Assets
March 29, 2016March 29, 2016

In February MDN told you that Range Resources had inked a deal to sell non-operated assets–some 11,000 acres of leases along with shale wells located in Bradford County, PA–for $112 million (see Range Resources 2015: $714M Loss, Sells Non-Operated Marcellus). Range is famously tight-lipped about these kinds of deals and didn’t identify who the buyer is. Yesterday Range issued another press release to say that the deal is now done and dusted–the money received and already spent. In the end, Range got $110 million (not $112 million). They still don’t say who the buyer is…
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Energy Companies | Industrywide Issues | Landfills | Pennsylvania | Range Resources Corp | Regulation | Statewide PA

PA DEP Won’t Renew Permits that Allow Drill Cuttings to be Reused
March 28, 2016March 28, 2016

A few years ago (not sure exactly when) three companies were issued permits by the Pennsylvania Dept. of Environmental Protection (DEP) to reuse drill cuttings–leftover rock and dirt that come out of a borehole–on construction sites. The three companies were issued the permits on an experimental basis. The permits will expire March 1, 2017. Even though DEP officials openly state, on the record, that “drill cuttings aren’t dangerous,” the DEP has indicated they will not renew the permits after they expire. However, the DEP appears to leave the door open to issuing more permits in the future, once they make a final determination after reviewing the results from these three companies. Who are the companies that were issued permits?…
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Energy Companies | Range Resources Corp

Banks Reaffirm Range Resources’ $4B Line of Credit
March 18, 2016March 18, 2016

Range Resources, one of the premier drillers in the Marcellus/Utica, and the company that drilled the very first Marcellus well in 2004, just passed its annual financial physical. The 29 banks that loan Range money say the company’s $3 billion “borrowing base” and its $4 billion line of credit are still OK by them. Which put a smile on the face of Range’s CFO Roger Manny…
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Energy Companies | Range Resources Corp

Range Resources 2015: $714M Loss, Sells Non-Operated Marcellus
February 26, 2016February 26, 2016

Range Resources released their fourth quarter and full year 2015 financial and operational update yesterday. Some interesting items of note. The company lost $714 million for the year, much of that a paper loss of impairments and depreciation. Also of note, the company sold non-operated wells and leases in the Marcellus in Bradford County, PA for $112 million. Range has reduced the 2016 drilling budget by 45% over 2015, down to just $495 million. Hey, it’s better than not spending at all. Below is the 2015 update…
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Energy Companies | Energy Services | Ethane | Exporting | Industrywide Issues | Pipelines | Range Resources Corp | Sunoco Logistics

Marcellus Ethane Export Sets Sail “Within a Week” from Philly
February 25, 2016February 25, 2016

We’ve been predicting for some time, but the day is almost here when the first export shipment of Marcellus and Utica ethane will leave the Marcus Hook terminal in Philadelphia and head to Norway. Genscape, which monitors pipelines and trucks and ships and uses really cool technology to alert them of when these things are about to happen says the first ethane export from Philly will happen “within a week”…
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Anadarko | Carrizo Oil & Gas | Chesapeake Energy | Chevron | Citrus | CNX Resources | CONSOL Energy | Coterra Energy (Cabot O&G) | Energy Companies | Energy Corporation of America | EOG Resources | EQT Corp | EXCO Resources | Exxon Mobil | Pennsylvania General Energy | Range Resources Corp | Rice Energy | Seneca Resources | Shell | Southwestern Energy | Talisman Energy | WPX Energy

Top 20 Marcellus Drillers – Ranked by Environmental Impact
February 17, 2016February 17, 2016

Last Friday MDN brought you the news about a professor who devised a clever formula for evaluating the overall environmental impact of 20 Marcellus drillers (see Mirror Mirror on the Wall, Who’s the Best Driller of Them All?). At the time we only knew who the top and bottom companies are in the list. CONSOL Energy took top honors, while ExxonMobil was last or “least” environmentally friendly as compared with the others. We now have the entire list (below). Where does your favorite driller fall in the list?…
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Blue Ridge Mtn Res/Magnum Hunter | Chesapeake Energy | Chevron | CNX Resources | CONSOL Energy | Coterra Energy (Cabot O&G) | Eclipse Resources | Energy Companies | EQT Corp | EXCO Resources | Noble Energy | Range Resources Corp | Seneca Resources | Southwestern Energy

The Dismal Outlook for Marcellus/Utica Drilling in 2016
February 8, 2016February 8, 2016

Yes, it’s bad out there and getting worse–at least in the short term–when it comes to drilling in the Marcellus and Utica Shale. Several major drillers in the northeast have announced cuts–big cuts–and those cuts will impact not only the employees at those companies, but also the many supply chain companies that provide goods and services to them. There were a paltry 19 rigs operating in Pennsylvania last Friday. In January 2014, just two years ago, there were 55 active rigs working in the PA Marcellus. Here’s a recap of who’s cutting how much in 2016 (and perhaps beyond)…
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Energy Companies | Industrywide Issues | Jobs | Lycoming County | Pennsylvania | Range Resources Corp | Washington County

Range Resources Lays off 55, including 33 in PA
February 3, 2016February 3, 2016

Yesterday Range Resources, the fourth largest driller in the Marcellus, announced the company is laying off 55 people companywide, with 31 of those positions located in Washington County, PA. Another 20 positions will be eliminated in Range’s home office located in Fort Worth, TX. Two of the jobs disappearing will be in Williamsport, PA, and the final two in Oklahoma. Range CEO Ray Walker used the same identical language he’s used twice before (lazy PR department?) in saying, “Low commodity prices have created a harsh reality that everyone in our industry is facing.” Indeed. The oil and gas industry is facing the toughest market it’s had in 30 years…
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Energy Companies | Energy Services | Ethane | Industrywide Issues | Pennsylvania | Pipelines | Range Resources Corp | Statewide PA | Sunoco Logistics

Range Resources Ethane Heading to Marcus Hook Beginning February
January 20, 2016January 20, 2016

Range Resources’ ethane will start to flow through a “fully operational” Mariner East 1 pipeline to the Marcus Hook refinery in February, according to an announcement by Range. Mariner East 1 has been up and running for some time, but has not, until now, flowed ethane. Yesterday’s announcement states the ethane will be loaded onto ships. Range doesn’t say where the ethane on those ships will go, but we already know that part of the story. The ethane (at least some of it) is headed for Norway, Scotland and possibly Panama (see Ineos Gets Ready to Begin Ethane Exports from Marcus Hook, PA). Here is the fantastic news that the Mariner East 1 pipeline is about to be fully, 100% ethane operational, after a very long battle to complete it…
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Chesapeake Energy | Coterra Energy (Cabot O&G) | Energy Companies | Range Resources Corp | Southwestern Energy

4 Biggest Marcellus Gas Drillers Cutting Budgets 53% This Year
January 15, 2016January 15, 2016

We spotted a mention of “the four largest U.S. independent gas producers” (meaning natural gas producers) in an article about the challenges drillers are facing in cutting their spending while getting less money for the gas they produce. The article is a somber look at just how hard it is to not spend more than you make, if you’re a gas driller. Oh, and those four largest gas producers in the U.S.? Yep, everyone of them is a major player in the Marcellus/Utica…
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Energy Companies | EnerVest | Industrywide Issues | Jobs | M&A | Range Resources Corp | Statewide VA | Virginia

Range Res. Completes Sale of VA Assets to EnerVest, 55 Lose Jobs
January 4, 2016January 4, 2016

In November MDN reported that Range Resources would sell 3,500 operated wells and approximately 460,000 net acres in the Nora/Haysi combined fields located in southwestern Virginia for $876 million to an unnamed buyer (see Range Sells Coal Bed Methane Wells in VA, Focusing on Marcellus). The stated reason for the sale is to pay down debt and use the money for more Marcellus drilling. The deal is done and dusted. The final price turned out to be $865 million, $11 million less than announced. Although Range has remained tight-lipped about who the buyer was, EnerVest admitted they are the buyer. At the time Range first announced the impending sale, they issued a WARN notice that up to 158 people would lose their jobs when the sale was completed (see 158 Range Resources Employees in SW VA May Lose Jobs by Dec 30). The sale was completed on Dec. 30, but fortunately not all 158 jobs were axed. “Only” 55 jobs were axed while 103 people were extended offers to work for EnerVest. Of course the 55 people who lost their jobs had a sucky Christmas…
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Energy Companies | Range Resources Corp

Range Resources’ Executive Chairman Sells 468K Shares of Co Stock
December 17, 2015December 17, 2015

After serving 20 years as the CEO of Texas-based Range Resources–the first and one of the largest drillers in the Marcellus Shale–John Pinkerton retired and Jeffrey Ventura became the new Range CEO on Jan. 1, 2012 (see Range Resources Names Early Marcellus Advocate as Next CEO). Even though he retired as CEO, Pinkerton stayed on the board of directors, becoming executive chairman. Over the past two weeks Pinkerston has sold 467,521 shares of Range stock that he owns, leaving him with just 390,343 shares. The grand total of his stock sales was $10.6 million. Knowing it doesn’t look good that the executive chairman has just dumped more than half of his stock when the stock price is half what it was just three months ago, Range issued a statement to explain why Pinkerton engaged in a fire sale of his company shares…
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Energy Companies | Industrywide Issues | Litigation | Pennsylvania | Range Resources Corp | Washington County | Wastewater

DEP Final Determination: Range Didn’t Pollute Kiskadden Water Well
December 8, 2015December 8, 2015

Another “Range Resources impoundment leak polluted my water well” case was quietly resolved just a few days ago. You may recall that for some time we’ve been following the back and forth between Range Resources and their (former) wastewater impoundments in Washington County, PA. The PA Dept. of Environmental Protection (DEP) fined Range a whopping $4.15 million for violations in September 2014 (see PA DEP Fines Range Resources $4.15M for Wastewater Impoundments). Some of the nearby neighbors claimed that Range’s leaky impoundments (a quarter of a mile away) contaminated their water wells. One of those landowners was Loren Kiskadden, who is suing Range in civil court. The problem is, the DEP found that the nearby Yeager impoundment had not contaminated Kiskadden’s well, which led to allegations that the DEP had bungled the investigation (see Did DEP Mishandle Range Wastewater Impoundment Investigation?). Kiskadden had to press on, because if the DEP doesn’t reverse its finding, he has no civil case against Range. Press on he did (see Hearing on Range Yeager Impoundment/Water Contamination Continues). The matter was heard by the DEP’s Environmental Hearing Board (EHB). The EHB found that Kiskadden didn’t have a case–his well was not contaminated by Range’s impoundment. So Kiskadden and his lawyers asked for a re-hearing. The result of that re-hearing just came back and closes the door, once and for all, on the case…
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