Range Resources reports 4Q results
Tuesday, March 1, 2016
Range Resources released its fourth quarter results, and they weren’t as good as the company’s 2014 results. The Fort Worth, Texas-based company lost $321.8 million during the final three month period of 2015.
According to The Observer-Reporter, Range lost $713.7 million over the course of last year, compared to its profit of $634.4 million the previous year.
Range is still a leading natural gas and natural gas liquids producer in the Marcellus shale, though, and will hopefully increase its income from shipping ethane and propane via the Mariner East Pipeline.
Read more: The Observer-Reporter > Range reports 4Q, full-year loss, cuts capital spending for 2016
Recent Range Resources news:
- Pa. DEP cites Range Resources for well site violations Feb. 28, 2016
- Range Resources makes workforce cuts Feb. 6, 2016
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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.