Range Resources turned it on in 2017 with an outstanding performance in the Marcellus Shale; longer laterals, big production gains and huge financial gains.
The Range Resources 2017 Annual Report includes a letter from CEO Jeffrey Ventura that indicates just how far the Marcellus Shale has taken the company in a year. It’s a story of recovery from low prices via technological progress and concentration on a shale play that continues to astound.
Ventura’s letter is self-explanatory but we excerpt the most interesting parts here, parts that illustrate just what a marvelous resource the Marcellus Shale is and why oil and gas industry technology just keeps blowing away the opposition (emphasis added):
As we look back over the past year, we saw much improved financial results in 2017 with increases in earnings, cash flow, revenues and production as compared to 2016. We saw revenues up by 137% with a net income of $333 million… production increased by 30% as well. Operationally, the Marcellus continues to drive growth and profitability, with increasing capital efficiency. Outstanding drilling results during the year expanded the core inventory in all directions…
Range expects annual production growth of approximately 11%…