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Range Resources increases profits to $171.4 million in Q2

David Conti | Pittsburgh Tribune-Review

Range Resources Corp. continued to increase its profits by bolstering its gas well production in the Marcellus shale despite pipeline and processing glitches.

The Fort Worth company with a regional headquarters in Cecil posted a $171.4 million profit, or $1.04 per share, during the three months that ended June 30. That’s a 19 percent increase over the $144 million, or 88 cents a share, it reported for the same quarter last year.

Revenue rose 14 percent to $765.5 million, even though disruptions on a pipeline and shutdowns of the MarkWest processing facility in Washington County cost the company about $19 million, it said in releasing quarterly earnings after the market closed Monday.

CEO Jeff Ventura said the company expects to grow net production to 3 billion cubic feet of gas per day. The company announced recently it signed additional pipeline agreements and deals to supply liquefied natural gas to plants on the Gulf Coast.

“The wells have been identified, the compression and plants have been scheduled, and the takeaway capacity to multiple markets has been secured,” said in a release. Officials plan to discuss the results Tuesday morning.

In the Marcellus, Range brought online 36 wells in Western Pennsylvania during the quarter. It has 14 wells awaiting connection to pipelines. It drilled seven wells in Northeast Pennsylvania, and test-drilled its first well in the Utica/Point Pleasant shale, a deeper formation, from a pad in Washington County.

 

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