Jul 25, 2013 2 min read

FORT WORTH, Texas – Range Resources Corp. reported Wednesday a profit of $144 million, or 88 cents per share, a 159 percent increase from $55.7 million, or 34 cents per share a year earlier.

The Fort Worth-based oil and gas exploration company, which reported results following the close of Wednesday’s stock market, attributed the gain to several factors, not the least of which was its performance in the Marcellus Shale play.

The company, which has its regional headquarters in Southpointe, and is the largest leaseholder in the Marcellus, noted that its record daily production of 910 million cubic feet per day was a 27 percent increase over the prior-year quarter; and was a 30 percent increase when adjusted for the company’s New Mexico asset sale of $275 million, which closed April 1.

During the second quarter, oil and condensate production increased 57 percent, natural gas liquids production grew 35 percent, and natural gas production was up 27 percent. The company noted that its record production was driven by the continued success of the its drilling program primarily in the Marcellus Shale.

Realized prices, after adjustment for all cash-settled hedges, averaged $5.02 per thousand cubic feet, a 6 percent increase from the prior-year period.

Range credited its successful quarter to a savings in production costs, with unit costs declining 7 percent as compared to the prior-year quarter.

It also noted that initial ethane deliveries by the Mariner West pipeline to Sarnia, Canada, began July 21.

Commenting on the announcement, Jeff Ventura, Range’s Chief Executive Officer said the company’s balance sheet and lquidity “are set for continued growth as outlined in our business plan of growing production 20 percent to 25 percent for many years. Importantly, cash flow growth is expected to outpace our production growth percentage.”