Exploration & Production | Capital Markets | Capital Expenditure
Range Cuts Spending for 2015; Expects Record Production
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Range Resources Corp. has announced its 2015 capital budget.
Range has set its 2015 capital spending budget at $1.3 billion, a decrease of 18% versus its 2014 capital budget. As a result of improving capital efficiencies from its Marcellus activities, Range expects to continue to deliver year-over-year production growth in the 20% to 25% range despite the reduction in its capital budget. The 2015 capital budget includes approximately $1,065 million for drilling and recompletions, $155 million for leasehold and renewals, $55 million for pipeline tie-ins and facilities and $25 million for seismic and other. By division, the 2015 capital budget is approximately 92% directed to the Marcellus, Southern Appalachia 4% and Midcontinent 4%. As previously announced, Range will increase the lateral…
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