Range Resources ups capital budget on positive Marcellus results

Range Resources Corp., Ft. Worth, reported it will increase its capital budget for 2014 by $220 million to $1.52 billion, citing positive results in the Marcellus shale as the reason.

With the move, 87% of the company’s capital program will be directed toward activities in the play.

Range reported its estimated unrisked unproved resource potential as of Dec. 31, 2013, increased to 64-85 tcf of natural gas equivalent, which includes 42-55 tcf of gas and 3.7-4.9 billion bbl of natural gas liquids and crude oil. About 62% of the unproved resource potential is attributable to the Marcellus shale where Range has 955,000 net acres across the play.

Range reported that it pioneered the Marcellus shale play in 2004 with the successful drilling of the Renz No. 1 vertical well.

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