Marcellus Shale -Range continued to make significant progress in the Marcellus Shale during 2012 as we continued to grow production and reserves and delineate our sizable acreage position while expanding our current and future marketing and transportation capabilities for natural gas and NGLs. Range was able to reach its year-end production target of 600 Mmcfe per day net with approximately 75% of that production coming from the liquids-rich area of the play. Another milestone for Range in 2012 was the signing of two additional ethane transportation agreements, ATEX and Mariner East; the culmination of several years of planning. Mariner East will also transport propane to the northeast United States for both domestic consumption and export to international markets. Ethane exports to Canada under the first ethane sales agreement are expected to commence on time in mid-2013. These ethane sales are expected to allow Range to meet natural gas pipeline quality requirements for the foreseeable future and are expected to eliminate shut-in production risk in the liquids-rich area. Prior to the Mariner East pipeline being completed in 2014, Range is shipping propane by rail for export through the Marcus Hook port facility near Philadelphia to the international market. This innovative arrangement increased our NGL realizations in the fourth quarter of 2012. Additional exports of propane are planned for 2013.
Range Reports Outstanding 2012 Results
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