Range Resources Corp

Range Resources, the first company to drill a horizontal Marcellus Shale well (in 2004) released it’s fourth quarter and entire year results for 2012 yesterday. Among the highlights: Range reported producing an average 753 million cubic feet per day of natural gas over the entire year—36% more than 2011. By the end of 4Q12, Range was producing 844 Mmcf/d. Much of their production comes in the oil and wet gas rich area of the Marcellus play in southwestern Pennsylvania.

Range’s CEO Jeff Ventura pointed out Range has over one million Marcellus Shale acres and the Marcellus is largely what fueled its growth in 2012. Revenues were up 18% in 2012 over 2011, but profits were down 78% (from $58 million to $13 million) largely due to the low commodity price for natural gas and NGLs. Range spent $234 million to drill 64 wells in 4Q12 and $1.36 billion to drill 298 wells for the year.

Below are select portions from the Range update impacting and reporting on the Marcellus Shale:

Read More “Range Resources 2012: Production & Revenue Up, Profit Down”

Range Resources has revised its unproved resource potential—how much recoverable gas they believe they have in the ground for their leased acreage—by a little bit. At the end of 2011, Range estimated their reserves at 47-66 trillion cubic feet. At the end of 2012, they’ve revised it up to 48-68 Tcf. Not a huge jump, but hey, 1 trillion cubic feet of natural gas will heat 1 million homes for 15 years, just to give you some perspective.

Here’s the announcement from Range:

Read More “Range Revises Unproved Resource Potential Up”

Range Resources today issued an update stating the company’s natural gas production for the fourth quarter of 2012 was an average 844 million cubic feet per day—an increase of 35% over the same period in 2011 and 7% higher than the third quarter of 2012. Natural gas liquids production rose an astonishing 41% over the same period in 2011.

Range is one of the largest drillers in the Marcellus Shale and much of their production comes from the Marcellus—particularly southwestern PA. Today’s Range announcement:

Read More “Range Resources 4Q12 Results: NatGas up 35%, NGLs up 41%”

Range Resources issued their 2013 plans yesterday. Range plans to spend $1.3 billion next year, 85% of which will be spent on drilling in the Marcellus and Mississippian Shale plays. Range owns 500,000 acres of leases between the Marcellus and Mississippian. The focus in 2013 will be on wet gas, which means Range will reduce the rigs they use in northeastern Pennsylvania from the current four to five rigs down to one rig next year.

Range is selling some of its Permian Basin assets in New Mexico and Texas to help fund next year’s drilling budget.

Read More “Range Resources Selling Permian to Concentrate on Marcellus”