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Range to Maintain Three Rigs for 2H16; Improves Completions
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Range Resources Corp. announced its second quarter results.
Key Points: The Company expects to average three rigs running for the second half of 2016. The division completed 1,067 stages, averaging over 7.8 stages per day per crew, which is a 23% improvement compared to the prior-year quarter. Highlights: Announced pending merger with Memorial Resource Development Corp. Second quarter company production averaged 1,421 net Mmcfe per day, up 4% from the prior-year quarter, with Marcellus production averaging a record 1,379 net Mmcfe per day, up 16% from the prior-year quarter Unit costs reduced by 8%, or $0.24 per mcfe, compared to prior-year quarter Total debt at lowest level since May 2012 Completed the sale of central Oklahoma properties for $77.7 millionCommenting, Jeff Ventura…
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