Range Resources reported a 21 percent increase in natural gas production, averaging 1,205 million cubic feet per day compared to the same period last year, the Fort Worth-based driller said late Monday.
The Marcellus driller reported net income of $171 million, or $1.04 per diluted share, compared to net income of $144 million, or $0.88 per diluted share, in the second quarter 2013. Revenue for the second quarter totaled $766 million, up 14 percent compared to a year ago.
Second quarter production volumes averaged 1,105 million cubic feet equivalent per day (MMcfe/d), a 21% increase over the prior-year quarter “despite Marcellus production being significantly impacted by plant turnarounds and midstream downtime,” the company said in a release accompanying its earnings statement.
In the company’s southern Marcellus Shale division, which includes southwestern Pennsylvania, production rose 33 percent to an average of 848 MMcfe/d. That total includes 404 MMcf/d of natural gas; 43,640 barrels per day of natural gas liquids and 7,810 barrels per day of condensate.
Range brought on line 36 wells in southwest Pennsylvania and 14 wells are waiting on pipeline connection.
The drilling company also began drilling a dry gas test well into the Utica/Point Pleasant — the formation that lies beneath the Marcellus — from an existing Marcellus pad in Washington County, Pa. Well completion results will be available by the end of the year, according to Range.
Stephanie Ritenbaugh: firstname.lastname@example.org or 412-263-4910