Range Resources Reports 1Q12 Results
Range Resources released their first quarter results yesterday. As is usually the case, the press release they issued (below, in its entirety) is dense with facts and figures and financial terms. Who wants to read all of it?! (That’s why you read MDN!) Yet there is important information contained in it. MDN will “bottom line” it first, and then we’ll highlight those sections which would be of most interest to landowners—people who either have signed with Range and want to know what they’re up to, or those who have not yet signed and want to know if Range is the kind of company they should sign with.
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In 2011, Marcellus drilling expanded exponentially in Pennsylvania. According to the PA Department of Environmental Protection (DEP), companies drilled 2,755 Marcellus shale gas wells in Pennsylvania in 2011, up from 1,386 in 2010. That’s nearly a 200 percent increase (or doubling) in one year alone.
In areas where there is active drilling, like northeast and southwest Pennsylvania, near the end of completing a gas well is a process called flaring—when some of the gas and other impurities are burned off. Sometimes flaring a well, which results in a large flame coming out of the well, can be seen up to 10 miles away, which catches neighbors by surprise. Tony Gaudlip from Range Resources explains the flaring process, and why it’s not used as much as it once was.
The talk coming from the largest drillers in the Marcellus Shale is that they will scale back drilling activities in the dry (methane only) portions of the Marcellus Shale play and instead focus on the wet (liquids-rich) portion.