Fort Worth, TX-based Range Resources Corp. plans to focus 75% of its $1.6 billion capital budget for 2012 on liquids-rich plays in Appalachia and the Midcontinent. Range is adding five “enhancements” this year: the “super-rich” Marcellus Shale, the “super-rich” Upper Devonian Shale, the wet Utica Shale, the horizontal Mississippian plays and the Cline Shale in the Permian Basin. In the fourth quarter Range recorded a net loss of $3 million (minus 2 cents/share) versus a net loss of $318 million (minus $2.02) in the year-ago quarter. Range said the increase in quarterly net income from a year ago was driven by a 46% increase in production and lower costs per Mcfe. The company earned $58 million for full-year 2011 (36 cents/share) compared with a net loss of $239 million (minus 52 cents) in 2010. Cash flow from operations increase 28% to $737 million from $577 million in 2010. Although it lost 20% of its production by selling its Barnett Shale assets in 2011, Range posted a 12% increase in production to 554 MMcfe/d. The company expects 30-35% production growth this year.
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Range to Anchor Gulf Coast Ethane Pipeline
Range Resources Corp. is expanding the reach of its Appalachian ethane operation. A subsidiary of the Fort Worth, TX-based company said Thursday it had signed a deal to ship 20,000 b/d on Enterprise Product Partners LP’s proposed Appalachia-to-Texas (Atex Express) ethane pipeline.
Quicksilver Adds Niobrara, West Texas Plays to Roster
Fort Worth, TX-based Quicksilver Resources Inc. has added depth to its North American lineup of oil and gas prospects with two large-scale commercial projects — one in search of a partner — which altogether would give it a large presence in seven North American basins, officials said Thursday.
EPA May Expand Barnett Region Smog Monitoring
The Environmental Protection Agency (EPA) is considering adding two Texas counties — Wise and Hood — overlying the Barnett Shale in North Texas to the Dallas-Fort Worth (DFW) nonattainment area, which has failed to meet federal standards for ozone. Gas drilling activities in the region are thought by EPA to be contributing to the ground-level ozone, or smog, problem.
EPA Weighing Expanded North Texas Ozone Region
The Environmental Protection Agency (EPA) is considering adding two Texas counties — Wise and Hood — overlying the Barnett Shale in North Texas to the Dallas-Fort Worth (DFW) nonattainment area, which has failed to meet federal standards for ozone. Gas drilling activities in the region are thought by EPA to be contributing to the ground-level ozone, or smog, problem.
Quicksilver Sets Quarterly Production Record
Fort Worth-based Quicksilver Resources Inc. continued to chip away at its substantial debt during the third quarter and managed to set a quarterly production record.
Barnett, Horn River Boost Quicksilver Production
The Barnett Shale and Horn River Basin lifted Fort Worth-based Quicksilver Resources Inc. to a quarterly production record during the third quarter while the company continued to chip away at its substantial debt.
Quicksilver Sets Quarterly Production Record
Fort Worth-based Quicksilver Resources Inc. continued to chip away at its substantial debt and during the third quarter managed to set a quarterly production record.
Enbridge Takes Bigger Stake in BC Gas Plant
Enbridge Inc. on Thursday acquired another 13.3% stake in the Cabin Gas Plant development east of Fort Nelson, BC, which would give it a 71% stake in the project intended to serve growing natural gas output from the Horn River Basin.
Industry Briefs
Enbridge Inc. has acquired another 13.3% stake in the Cabin Gas Plant development east of Fort Nelson, BC, which would give it a 71% stake in the project intended to serve growing natural gas output from the Horn River Basin. In October Enbridge paid Encana Corp., the project’s operator, C$220 million to acquire a 57.7% majority stake in the Cabin project. Details of the latest acquisition weren’t disclosed but Enbridge said the transaction was “on the same terms” as the one with Encana. The plant, which has been sanctioned by producers and received regulatory approval, is under construction and expected to be in-service in late 2012. Phase 1 is to have 400 MMcf/d of processing capacity. Phase 2, expected to be ready for service in the second half of 2014, would add an additional 400 MMcf/d of capacity.
