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Range Anchors Mariner East Project And Announces New Ethane Sales Contract

RANGE RESOURCES CORPORATION (NYSE: RRC) today announced that one of its subsidiaries has signed a 15-year agreement with Sunoco Logistics Partners, L.P. (NYSE: SXL) to become the anchor shipper on the Mariner East Project subject to final approval by FERC. The Mariner East Project is a pipeline, processing and export project that will interconnect the natural gas liquids resources in southwest Pennsylvania to Sunoco’s existing infrastructure and international port at its Marcus Hook facility near Philadelphia.

Commenting, Jeff Ventura, Range’s President and CEO, said, “With the Mariner East Project, Range expects to have three significant options that together provide substantial flexibility for ethane and liquids transportation and marketing from our Marcellus operations. In addition, these projects are expected to enhance the economics of our core wet gas production and future resource potential value. The Mariner East Project will help drive our continued development of natural gas and associated liquids in southwest Pennsylvania, help provide the northeast United States with ample supplies of heating fuel, open the global natural gas liquids market for Appalachian producers and help to serve as a building block for the potential expansion of the region’s petrochemical industry. These efforts will require even more local workers, while effectively utilizing existing infrastructure. We are encouraged with the support that these projects have garnered throughout the community and with state and federal authorities.”

Commenting on the impact to Pennsylvania, Governor Tom Corbett said, “I have long held that the Marcellus Shale is an important resource that over time would benefit the entire Commonwealth. By literally linking Western Pennsylvania resources to markets in Eastern Pennsylvania and beyond, this project represents the first step in achieving that vision. It has the added benefits of creating jobs across Pennsylvania and breathing new life into the former Marcus Hook refinery site.”

United States Senator Pat Toomey said, “As an ardent supporter of this project, I’m pleased to see Pennsylvania take a leading role in securing our domestic energy future. Connecting Delaware County to Western Pennsylvania’s Marcellus Shale development will help support good-paying jobs in our Commonwealth. Today’s announcement is an important step in ensuring America’s energy independence and expanding its role as a global energy exporter.”

Stock quotes in this article: RRC 

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