Range Resources reports deeper loss
Losses mounted at Marcellus shale gas producer Range Resources Corp. as low prices continued cut into revenue.
The Fort Worth-based producer with a large office in Cecil on Tuesday reported a net loss of $224.9 million or $1.35 per share during the second quarter, deeper than the loss of $118.6 million or 71 cents per share from the same period last year.
Revenue from gas and liquids sales fell 13 percent to $225 million and Range recorded a loss from commodity contracts.
Range, which announced in May it was buying Louisiana driller Memorial Resource Development for $3.3 billion in stock, plans to maintain its three Marcellus drilling rigs through 2016.
The company can quickly ramp up drilling on 200 existing well pads in the region, which “will allow Range to reduce costs and increase efficiencies for future development and, importantly, speed the pace of development when warranted, as much of the required infrastructure is already in place,” CEO Jeff Ventura said in a statement.
The company will discuss the results in a call with analysts on Wednesday.