Range Resources reported that fourth quarter 2004 production volumes rose to 214.8 MMfe/d, a 30% increase comapred to 4Q2003 levels. Production for the year averaged 196 MMcfe/d, a 23% increase over 2003. About 71% of the company’s production in the quarter was natural gas. The company’s production is projected to continue to increase sharply in 2005. Range currently expects first quarter 2005 production to reach 224-226 MMcfe per day, a 27% increase over productiong during the first quarter of 2004 and a 5% increase over the most recent quarter. Range’s fourth quarter 2004 oil and gas price realizations (including the impact of hedging) averaged $4.85/Mcfe, a 20% increase over the prior-year period. First quarter 2005 price realizations are expected to average $5-$5.10/Mcfe, which is 25% higher than the prior-year period.
FERC Chairman Pat Wood on Wednesday named J. McLane Layton to be director of FERC’s Office of External Affairs. Layton for the past 14 years was legislative counsel to former Sen. Don Nickles of Oklahoma, advising him on energy, environmental and natural resources law and policy. Prior to that, she was an attorney in the Department of Interior’s Solicitor’s Office. The Office of External Affairs is the Commission’s primary point of contact with the public, Congress, international, federal, state and local government offices, public interest groups and the news media.
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