| Business

Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Range cites 'outstanding' Marcellus results as profit skyrockets

Email Newsletters

Click here to sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

'American Coyotes' Series

Traveling by Jeep, boat and foot, Tribune-Review investigative reporter Carl Prine and photojournalist Justin Merriman covered nearly 2,000 miles over two months along the border with Mexico to report on coyotes — the human traffickers who bring illegal immigrants into the United States. Most are Americans working for money and/or drugs. This series reports how their operations have a major impact on life for residents and the environment along the border — and beyond.

By Pittsburgh The Tribune-Review
Tuesday, July 26, 2011

Increased production and higher fuel prices helped natural gas producer Range Resources Corp. drive profit up 466 percent to $51.29 million, or 32 cents a share, for the second quarter compared to $9 million, or 6 cents, a year ago.

Fort Worth-based Range said its gas production grew by 2 percent, and natural gas liquids and crude oil production went up 33 percent, due in part to "outstanding" drilling results in Marcellus shale regions of Western Pennsylvania.

Marcellus production hit 300 million cubic feet equivalent per day, up from 200 mmcfe at the end of 2010.

As of June 30, Range said, 21 Western Pennsylvania wells were awaiting connection to gathering pipes, and another 51 wells were being completed. Revenue was $306.6 million for the quarter, up 60 percent.

Subscribe today! Click here for our subscription offers.



Show commenting policy

Most-Read Business