Super-rich Washington County pad averages 31.4 Mmcfe/day per well
Range Resources Corp. (ticker: RRC) released first quarter 2017 financial results.
Highlights for Q1:
- First quarter GAAP net income reached $170 million, or $0.69 per diluted share, compared to a net loss of $94 million, or $0.56 per share in the prior-year quarter
- First quarter cash margins improved to $1.47 per mcfe, compared to $0.77 per mcfe in the prior-year quarter, an improvement of 91%
- Cash flow from operations before changes in working capital, a non-GAAP measure, reached $258 million, $1.05 per diluted share, compared to $99 million, $0.59 per diluted share, in first quarter 2016
- Record production of 1.93 Bcfe per day, an increase of 40% compared to the prior-year quarter
- Total unit costs continued to decline, with first quarter 2017 costs of $2.57 per mcfe, compared to $2.71 in the previous year quarter, an improvement of 5%
- Super-rich pad in northwestern Washington County, PA averages 31.4 Mmcfe per day per well
- North Louisiana well costs continue to improve, currently at $7.4 million per well, compared to $7.7 million in the previous quarter and approximately $8.7 million when the properties were acquired
Jeff Ventura, Range’s CEO said, “The first quarter of 2017 was an excellent quarter for Range. First quarter cash margins improved to $1.47 per mcfe, compared to $0.77 per mcfe a year ago.
“In addition to improved macroeconomic conditions, margin expansion is being driven by improving netbacks from better transportation arrangements and a continued focus on cost and operational improvements throughout the company. With our extensive drilling inventory combined with expected increasing demand for natural gas and NGLs over the next several years, Range is well-positioned to generate shareholder value for years to come.”
Read the press release here.
