Range Resources reported production for 2010 totaled 181 Bcfe, comprised of 142 Bcf of natural gas (79%), 4.5 million barrels of NGLs (15%) and 2.0 million barrels of oil (6%). Production for 2009 totaled 159 Bcfe and was 82% natural gas, 8% NGLs and 10% crude oil. The company has increased its natural gas production by 9% but has increased its NGLs and crude oil production by 36% when compared year-over-year. Reserves increased 1,313 Bcfe or 42% compared to the prior year. The company replaced 931% of production in 2010.
Key points:
-- 2010 production up 12% and reserves/share ratio up 32% over 2009
-- Higher quality asset base – producing more with less wells
-- Plan to invest $1.38 billion in 2011, of which 86% is allocating to Marcellus
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