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.

Northern (NOG), Oceaneering (OII) Soar on LNG Demand from Japan

Being the largest importer of coal and liquefied natural gas, Japan is expected to boost its purchases of liquefied natural gas to offset the loss in energy from the nuclear challenges in the country, with Northern Oil and Gas(AMEX:NOG), Oceaneering (NYSE:OII), and others receiving the benefits of that.

The EIA said in a report, “As a result of the March 11 earthquake, the country is likely to import more spot LNG along with other fuels to cover the nuclear power outages as occurred after the last earthquake disruption at the Kashiwazaki-Kariwa nuclear facility in 2007. Only one small regasification terminal, Shin Minato LNG, shut down as a result of the recent earthquake, allowing the country to continue importing LNG and potentially compensate for some portion of lost nuclear capacity.”

Coal miners are also getting a push from the expected growth in demand for electricity in Japan.

Oceaneering International closed Thursday at $79.81, gaining $3.35, or 4.38 percent. Northern Oil & Gas closed at $29.58, up $1.52, or 5.42 percent.

Shares of Patriot Coal (PCX), (ANR) (EEE) Jump on Japan Demand

Evergreen Energy (NYSE:EEE), Alpha Natural Resources (NYSE:ANR) and Patriot Coal (NYSE:PCX) joined other coal companies in a rising share price, as expected coal demand in Japan will soar in order to replace the loss of electricity generated from the nuclear reactors.

Other energy sectors such as wind and solar have been pushed up, but that's unsustainable, as there's nothing in that segment of the market that can help Japan in any way.

Another major product expected to rise in demand in Japan is liquefied natural gas, in which Japan is the largest importer in the world at this time.

For now there will be rolling blackouts until power is sufficiently restored in the country.

Patriot Coal closed Thursday at $23.63, gaining $0.31, or 1.33 percent. Alpha Natural Resources ended the trading day at $55.02, up $2.10, or 3.97 percent. Evergreen Energy closed at $2.93, rising $0.14, or 5.21 percent.