Range Resources Corp. produced a record 1.85 Bcfe/d during the fourth quarter. The period’s volumes were lifted by performance in the Marcellus Shale and the company’s $4.4 billionacquisition of Memorial Resource Development Corp. and assets in the Cotton Valley Sands Terryville Complex in North Louisiana. Range produced 1.43 Bcfe in 4Q2015. The company has set a capital budget of $1.15 billion for 2017 to set it up for 33-35% growth this year and 20% year/year growth in 2018. The company plans to spend two-thirds of the budget in the Marcellus and one-third in North Louisiana, where it will move forward with more well tests this year. Range reported a fourth quarter net loss of $161 million (minus 66 cents/share), compared to a net loss of $322 million (minus $1.93) in the year-ago period. Revenue for the quarter was down 38% from 4Q2015 to $254 million.
A group of more than 40 doctors and health organizations has sent a letter to the Marcellus Shale Coalition (MSC) urging it to “stop attacking…reasonable safeguards” that it believes could better protect air quality in Pennsylvania. The letter was organized by the Environmental Defense Fund. It comes as the state Department of Environmental Protection is accepting public comments on a new general permit for unconventional well sites and revisions for the general permit for natural gas compressor facilities. Theproposed permits are part of Gov. Tom Wolf’s plans to reduce oil and gas industry emissions. The letter warns that pollution from the industry can exacerbate respiratory conditions. The MSC has been vocal in its opposition to several of DEP’s recent initiatives including the permits and an overhaul of environmental regulations for shale drillers. Some Republican state lawmakers have also been critical of those efforts.
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