Jul 11, 2013 2 min read

FORT WORTH, Texas – Range Resources Corp. said Thursday that its second quarter 2013 production volumes reached a record high of 910 million cubic feet per day, a 27 percent increase over the prior year quarter.

Range, one of the largest leasholders in the Marcellus Shale play, said in a press release that its second-quarter output consisted of 79 percent natural gas, 15 percent natural gas liquids and 6 percent crude oil and condensate.

Compared to the prior year quarter, oil and condensate production increased 39 percent, NGL production rose 35 percent, while natural gas production increased 24 percent.

Adjusting for the sale of the New Mexico properties which closed at the beginning of the second quarter comprising production of approximately 18 Mmcfe per day with 30 percent being liquids, second quarter production would have increased 30 percent over the prior year quarter with oil and condensate production increasing 57 percent, NGL production increasing 35 percent and natural gas production increasing 27 percent.

Range said the record production was primarily driven by the continued success of its drilling program in the Marcellus Shale.

The company said its preliminary second quarter natural gas, NGLs and oil price realizations averaged $5.02 per thousand cubic feet, a 6 percent composite increase from the prior year quarter.

Production and preliminary realized prices by each commodity for the second quarter of 2013 were: natural gas, 713 Mmcf per day ($4.20 per mcf); NGLs, 23,247 barrels per day ($32.92 per barrel) and crude oil and condensate, 9,500 barrels per day ($85.09 per barrel).

Second quarter average natural gas pricing improved $0.63 per mcf, before hedging settlements, as compared to the first quarter of 2013 and increased $2.00 per mcf as compared to the prior year quarter. Financial hedges added $0.07 per mcf in the current quarter and added $1.54 per mcf in the prior year quarter.