April 25--Range Resources Corp., a Texas-based oil and gas company and one of the most prolific producers in southwestern Pennsylvania, reported its first quarter of profit in two years.
The company swung from a loss of $94 million, or 56 cents per share, during the first three months of last year to a profit of $170 million, or 69 cents per share during the past quarter.
Revenue was $777 million, compared with $331 a year ago.
After two years of cutting its capital spending, Range is ready to ramp up again, the company said. This year, it plans to spend $1.15 billion, mostly on drilling and fracking wells, with 65 percent of that allocated to the Marcellus Shale in Pennsylvania and the rest to the Terryville Field in Louisiana.
Range saw an increase in the price of natural gas and liquids that it was able to fetch for its products during the past quarter. The average realized price was $2.17 per thousand cubic feet, a increase from $1.54 for the same three months last year.
The company said that by the end of this year, more than 90 percent of its oil and gas will be sold in markets outside of Appalachia; products sold here are discounted compared to markets in the Gulf Coast, southwestern U.S., Midwest and international destinations.
Anya Litvak: [email protected] or 412-263-1455.
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