Range Resources: Marcellus Will Provide 20-25% Growth “For Years”
A few weeks ago Range Resources gave us a high level heads-up on second quarter results, and their results from the Marcellus were indeed very good (see Range Resources 2Q13: Production Up 27% Due to Marcellus). Yesterday, Range Released the full 2Q13 update–both financial and operational. The numbers are good (see the report below).
The huge news hidden in yesterday’s announcement: Range reports that on July 21st their first deliveries of ethane via the Mariner West pipeline were made to Sarnia, Ontario, Canada where the ethane will (presumably) be processed at the Corunna ethane cracker plant. Below are selected portions of the 2Q13 report from Range, relevant to their Marcellus drilling program, including a breakdown of how much it costs them to produce each Mmcf of gas…
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Gulfport Energy issued its second quarter 2013 operations update yesterday. Among the highlights: The company produced less oil than a year ago after selling off its Permian wells and acreage to Diamondback, but they saw a dramatic increase in production of natural gas and natural gas liquids from a year ago. Gulfport’s natgas production was up 6.5X and liquids production more than doubled–up 2.3X from last year. The company also said they increased their Utica Shale acreage by an additional 8,000 acres–they now own 145,000 leased Utica acres.
Time to fly the flags at half staff. Why? It seems that freedom and liberty in New York State have died. Tyranny has slowly crept in and has now taken up residence in the Empire State. For five long years, landowners in New York have been denied their Constitutional property rights to allow shale drilling on and under their land, and frankly, there’s no end in sight to this travesty of justice. Oh, we New Yorkers have not given up! As Winston Churchill once famously said, NEVER!