Range Resources production, profit surge in 2Q July 25, 2013
A. Lee Graham
Range Resources Corp. of Fort Worth has reported more than doubling its profit in second-quarter 2013 as the oil land gas company enjoyed a hefty production spike.
Revenues for the quarter totaled $673 million, 50 percent higher compared to the same quarter last year, while daily production reached a record of 910 million cubic feet equivalent of oil, a 27 percent increase over the same quarter last year.
Meanwhile, company profits totaled $144 million, or 88 cents per diluted stock share, up 159 percent compared to $56 million, or 34 cents per diluted share, in the same quarter last year.
Natural gas, natural gas liquids and oil sales rose 47 percent to $437.7 million
“With the progress made during the first half of 2013, we are focused on the higher end of our production growth range for 2013,” said president and CEO Jeff Ventura in a news release.
Leading the company’s growth was its approximate 1 million-acre leasehold in Pennsylvania, anchored by the Marcellus Shale.
“We believe that our 20 percent to 25 percent production growth that we expect to deliver for many years, coupled with the high returns, low cost and low reinvestment risk will drive substantial per-share value for our shareholders for years to come,” Ventura said.
Range Resources Corp. is an independent oil and natural gas producer focusing its operations in Appalachia and the southwest portion of the United States. More information is available at www.rangeresources.com