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Range Resources reports 3Q record productionOctober 17, 2013
A. Lee Graham
Range Resources Corp. of Fort Worth has announced that its third quarter 2013 production volumes have reached 960 million cubic feet equivalent per day, a record high and 21 percent more than the same quarter last year.
Production comprised 77 percent natural gas, 16 percent natural gas liquids and 7 percent crude oil and condensate.
“Third quarter production results were outstanding and reflect the continuing efforts of our operating and marketing teams,” said president and CEO Jeff Ventura, commenting in a news release.
“The success of our drilling program keeps us on track to achieve the high end of our production growth target of 20 percent to 25 percent for 2013,” said Ventura, anticipating that what he called the company’s “sizable position” in the Marcellus Shale will extend that growth for several years.
“We believe this strong growth, coupled with high returns, low cost and low reinvestment risk will allow Range to drive substantial growth per share for our shareholders for years to come,” Ventura said.
Adjusting for the sale of some New Mexico properties that closed in the second quarter, the company said its third quarter production would have increased 24 percent over the prior year quarter with oil and condensate production increasing 58 percent, natural gas liquids production increasing 29 percent and natural gas production increasing 21 percent.
Record production was primarily driven by ongoing success of Marcellus Shale drilling, the company said. Third quarter production of 960 million cubic feet equivalent per day exceeded company guidance of 945–950 million cubic feet equivalent per day due to continued positive performance of wells in the Marcellus Shale and the timing of turning wells to production.
The third quarter saw Range incur a net expense totaling about $3.7 million related to purchasing and blending third-party dry gas into rich residue gas from the southwest portion of the Marcellus. The Mariner West project, expected to be fully operational during November, will eliminate Range’s need for gas blending in the future, according to the company.
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