Range

Many U.S. shale plays will work with oil prices in the $45-50 range, but the majority need $55-60, and the market will eventually get there, said Devon Energy Corp. CEO David Hager. The outlook is not as bright for natural gas prices, though, he said at IHS CERAWeek in Houston last week.

Continuing its plans to divest noncore assets and generate more cash for its balance sheet, Range Resources Corp. said Friday it has agreed to sell 11,000 non-operated acres in Bradford County, PA, to an undisclosed operator for $112 million.

Range Resources Corp. on Wednesday confirmed that it has laid off another 55 employees in response to the commodities downturn, announcing job cuts that primarily affect the workforce in Southwest Pennsylvania, where its core operations in the Marcellus Shale are located.

February natural gas is expected to open 15 cents higher Thursday morning at $2.36 as traders factor in additional cooling and a high-risk storage report. Overnight oil markets were mixed.

Range Resources Corp. said late Wednesday that it closed a deal to sell its coalbed methane assets in Virginia’s Nora Field, receiving $865 million in proceeds — $11 million less than what it announced when the company entered the agreement in November.

After posting substantial production growth for the third quarter, Gulfport Energy Corp. said it plans to strategically curtail 100 MMcf/d of natural gas production between now and early 2016 in response to current commodity pricing.

Range Resources Corp. said late Tuesday it has an agreement to sell its coalbed methane (CBM) assets in Virginia’s Nora Field for $876 million, delivering on a plan to ditch noncore properties, raise more liquidity and cut its debt during the commodity downturn.

While the company remains encouraged about Southwest Pennsylvania’s deep, dry Utica Shale, Range Resources Corp. is not yet ready to build more wells into next year’s program, calling the Utica complementary to its low-risk, high-quality Marcellus Shale assets.

October natural gas is expected to open a penny lower Thursday morning at $2.56 as traders anticipate what might be a triple-digit storage build not only this week but in succeeding weeks as well. Overnight oil markets fell.