Tuesday, April 19, 2011

Range Resources (RRC) Marcellus Shale Production Up

Range Resources (NYSE:RRC) announced that first quarter production at has rises as a result of targeted drilling in the liquids-rich portion of Marcellus Shale play in Pennsylvania and the Midcontinent regions.

According to CEO John Pinkerton, Range Resources should achieve its goal of a 10 percent boost in production for 2011.

Production of natural gas liquids (NGLs) for the quarter was 16 percent, compared with 12 percent last year, said the company.

The record production marked the company's 33rd consecutive quarter of sequential production growth. Production was 79% natural gas, 16% natural gas liquids (NGLs) and 5% crude oil.

Preliminary Q1 production and realized prices by each commodity are: natural gas - 429.9 Mmcfe per day ($4.40), natural gas liquids - 14,338 barrels per day ($47.96) and crude oil - 4,924 barrels per day ($81.35).

"Despite the unusually cold weather conditions we incurred in the first quarter, we were able to reach the mid-point of our production guidance. Adjusting for the weather related downtime, we would have exceeded the high end of our guidance," the company concluded.

Range Resources was trading at $52.28, falling $0.29, or 0.55 percent, as of 12:47 PM EDT.

No comments: