Range Resources 1Q Profit Soars, Beats Estimates

Revenue jumped 35 percent to $276.4 million, up from $205.3 million in the prior-year period. Analysts forecast revenue of $251.8 million, on average.

Range reported that is Marcellus shale division continued to make solid progress in the first quarter. The company ordered six custom-designed drilling rigs for the area, located primarily in West Virginia, Pennsylvania and New York, and said they plan to drill more than 60 horizontal wells in 2009.

"Given the progress we have made so far in 2009, we not only anticipate exiting 2009 at a net Marcellus production rate of 80 mmcfe to 100 mmcfe per day, but also now anticipate doubling that in 2010," said John Pinkerton, Range's chief executive.

Shares of the company rose $1.72, or 4.2 percent, to $42.85 in morning trading.