Range taps Marcellus for first quarter output mark

Continued success of a drilling program mainly in the Marcellus shale has led Range Resources Corp., Fort Worth, to year-to-year production increases of 52% for oil and condensate, 22% for natural gas liquids, and 34% for natural gas in the quarter ended Mar. 31, 2013, the company said.

First quarter 2013 production volumes set a record at 876 MMcfd equivalent, also 34% higher than the first quarter of 2012. First quarter 2013 production was 79% gas, 14% NGL, and 7% oil and condensate.

In the latest quarter the company sold 689 MMcfd of gas at an average of $4.09/Mcf, 20,994 b/d of NGL at $35.29/bbl, and 10,141 b/d of oil and condensate at $85.46/bbl.

The company said it is on track to achieve a 20-25% production growth target for 2013, led by its 1 million net acre Pennsylvania lease position, and that it foresees 20-25%/year production growth for years to come.

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