Range Resources Drills #1 Producing Marcellus Shale Well in 1Q15
Range Resources released their first quarter 2015 results on Tuesday. We’ve spotted a several news outlets trumpeting the “news” in the release that Range has drilled the highest-ever initial producing Utica Shale well at 59 million cubic feet per day (Mmcf/d)–the Claysville Sportsman’s Club No. 1 well in Washington County, PA. Thing is, we reported that news back in December (see Range Resources Drills Highest-Ever Initial Producing Utica Well). The Claysville Utica well is not new news. However, Range did report some new news on Tuesday: Range has drilled what they claim is the highest ever initially-producing Marcellus Shale well. This Marcellus monster well is a wet gas well that produced an initial rate of 43.4 million cubic feet equivalent per day (Mmcfe/d). Range does not identify the well by name but says it, like their monster Utica well, is located in Washington County, PA. Range reports production in 1Q15 hit a record high of 1,328 Mmcfe per day–26% higher than 1Q14. On the financial side, revenues for Range were up 1% in 1Q15 vs 1Q14, but net income was down 15%…
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Peters Township, in Washington County, PA, continues to “struggle” with whether or not they will allow Marcellus Shale drilling within their borders. Peters, you may recall, is one of the seven selfish towns that sued the state over the zoning provisions in the Act 13 law, eventually winning at the PA Supreme Court level (see