With two weeks still left in 2010, Range Resources Corp. said Wednesday it has more than doubled its Marcellus Shale production year/year.
The Houston-based explorer was producing 100 MMcfe/d net at the end of 2009. On Wednesday the company was producing 212 MMcfe/d net from its Pennsylvania leasehold.
Net production from the play averaged 212 MMcfe/d net in the first two weeks of December, which exceeded the 2010 exit rate target, the company said. Range had expected to exit 2010 producing 200-210 MMcf/d net.
“Doubling our Marcellus Shale production and hitting our exit rate target is a testament to the quality of our operating team [which] has done a terrific job,” said CEO John Pinkerton. “However, we don’t have a lot of time to celebrate, as we are focused on another ‘double’ next year to an exit rate of 400 to 420 MMcfe/d.”
Output from the company’s northeastern Pennsylvania acreage is expected to begin in late January, as the first phase of some pipeline and compression facilities are scheduled to be completed.
In 2011 Marcellus output is forecast to “increase from both the southwest and northeast areas of Pennsylvania throughout the year as additional wells are completed and brought online.”
Pinkerton credited Range’s Marcellus Shale operating team, which now numbers 290. The company, he said, is “extremely well positioned to drive up production from the Marcellus Shale for many years to come.”
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