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Range Resources Management Discusses Q2 2012 Results - Earnings Call Transcript

Our DD&A per Mcfe has also been reduced from $1.80 per Mcfe in 2011 to $1.67 in the first 6 months of 2012. These are both very impressive numbers and a very impressive trend. Our teams are also making important progress on the marketing side of our business. We continue to negotiate on the third ethane solution and we believe we are close to finalizing the deal. In addition, we're well-hedged for the remainder of 2012 and '13 for all 3 products, gas, oil and natural gas liquids. The details of our hedge position are listed on our website. This includes how we've hedged both the light and heavy end of the NGL barrel.

As we continue to focus on optimizing our portfolio we have engaged RBC Richardson and Barr to market our Ardmore Basin Woodford properties. We have about 9,300 net acres of liquids-rich Woodford properties that are currently producing about 12.3 million cubic feet equivalent per day, of which about 54% is liquids. Our Ardmore Basin Woodford properties are high quality properties. However, our current focus in the midcontinent is on our horizontal Mississipian play where we are achieving outstanding results. The position we have in the horizontal Mississippian consists of 152,000 net acres and therefore has much greater upside per share.

In addition, although the rate of return in the Ardmore Woodford is very good, the rate of return in our horizontal Mississippian play is even better. The decision to market the Ardmore Woodford properties, assuming we find a buyer that recognizes the value in these properties, both increases our focus and fast-forwards the value we would have received from these properties. The results we're achieving in the horizontal Mississippian play continue to improve and impress. The average result of our 2012 drilling program is significantly better than our first 8 wells. You can view the 2012 curve as compared to the first 8 wells on a slide included in our current IR presentation on our website.

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