Range cites 'outstanding' Marcellus results as profit skyrockets
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.
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