Range Resources breaks record with Washington County well
Friday, May 1, 2015
Range Resources reported record gas production for the first quarter of 2015, but also lost 15 percent of its net income during that same period. Pittsburgh Business Times states that the company averaged 1.3 billion equivalent cubic feet per day.
A Marcellus Shale well that Range Resources drilled in Washington County in late April produced a record 43.4 million equivalent cubic feet per day in its first 24-hours of production. This is a new record for Marcellus wells.
While production was up, the company received less revenue from its natural gas, natural gas liquids and oils. There was a 43 percent drop in sales, related to the oversupply of natural gas and NGLs in the region.
Via: Pittsburgh Business Times > Range Resources net income drops; drills another gusher
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