- Record production of 960 Mmcfe per day, an increase of 21% over the prior-year quarter.
- Adjusted cash flow was $244 million, an increase of 29% as compared to the prior-year quarter.
- Unit costs were reduced 12% versus the prior-year quarter.
- Basin leading liquids-rich wells drilled in Pennsylvania continue to provide impressive results.
- Approximately 540,000 net acres of Range’s leasehold is in southwest Pennsylvania where the largest estimated gas in place (GIP) occurs when combining all three shale horizons.
- Range’s southwest and northeast Marcellus natural gas price realizations were $0.41 and $0.56 higher, respectively, than local pricing indices.
- Mariner West Project, exporting ethane to Sarnia, Canada, is expected to be fully operational in November.
- When all three ethane solutions are fully operational, based on today’s prices, Range’s average price for ethane would equate to a natural gas price of $4.13, net of transportation cost without considering the expected benefit of up to 8% additional propane recovery which could add a net $0.40 to $0.50 to an equivalent natural gas price.
Range Announces Third Quarter 2013 Results
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