Fort Worth-based Range Resources said today its first-quarter production was the equivalent of 876 million cubic feet of natural gas a day, a record to for the independent producer and driven by rising Marcellus Shale output. Production of crude oil and condensate was up 52 percent, natural gas was up 34 percent and natural gas liquids were up 22 percent. That put the company's overall production at 79 percent natural gas, 14 percent NGLs and 7 percent crude oil and condensate.
The average price for all products slipped 3 percent to $5.06 per 1,000 cubic feet (mcf) equivalent. Range realized $4.09 an mcf for gas, $35.29 a barrel for NGLs and $85.46 for oil and condensate. Costs for gathering, compression and transportation were estimated at 80 cents per mcf. CEO Jeff Ventura said the company is on track for production growth of 20 to 25 percent in 2013 and "for many years" as it develops about 1 million net acres in the Marcellus in Pennsylvania.
-- Jim Fuquay