Range Resources down for another quarter
Monday, November 2, 2015
Pittsburgh Tribune-Review reports that Range Resources Corp. increased production by 20 percent during the third quarter of 2015, but reported a net loss of $310 million.
Range, Pennsylvania’s fourth largest shale producer, brought 23 wells online in the state during the third quarter.
Due to the supply glut that has been affecting producers for the past few quarters, Range is looking to sell assets and cut costs. However, the company will likely benefit from the Mariner East pipeline that will send ethane to Marcus Hook in eastern Pennsylvania and then overseas.
Via: Pittsburgh Tribune-Review > Range Resources looking to sell assets as low gas prices remain a drag
Recent Range Resources news:
- Range Resources down $119 million for second quarter July 31, 2015
- DEP assesses $8.9 million civil penalty against Range Resources for failure to repair leaking gas well June 16, 2015
- Range Resources breaks record with Washington County well May 1, 2015
- Range Resources’ well hits record hits record flow in Washington County, Pennsylvania Dec. 19, 2014
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.