American Oil and Gas Reporter - November 2015 - 97
SpecialReport: Marcellus/Utica Activity
U.S. Natural Gas Demand Growth Projection
125
120
2.1
115
7.8
110
U.S. Demand (Bcf/d)
placement has driven up efficiency, too.
Our total unit cost has dropped 43 percent
since 2008."
Range's production reached a record
high in the second quarter, averaging
1.37 billion cubic feet equivalent a day.
Meanwhile, unit costs declined 36 cents
an Mcfe, or 11 percent compared with the
prior-year quarter. "If you look at capital
efficiency, we are at the head of the
class," Ventura suggests.
The company's Marcellus Shale division reported second-quarter net production of 1.19 Bcfe/d, of which 963 net MMcfe/d came from Southwest Pennsylvania.
That included 585 MMcf/d of gas, 53,238
barrels a day of NGLs and 9,807 bbl/d of
condensate. Range brought 41 wells on
line in the second quarter in southwestern
Pennsylvania: 25 wells in the wet gas area,
four wells in the super-rich gas area and
12 wells in the dry gas area.
Range indicates it also has completed
two Utica Shale wells off the same pad in
Washington County, Pa. The second well,
which is much like the first, features a
5,225-foot lateral and 32 stages. The
1.1
105
0.1
3.1
100
95
4.2
10.4*
117
90
2.6
85
0.0
3.3
102
80
75
70
65
80
2014
Demand
83
2015E Res-Comm Industrial
Demand
Power
Exports Losses and 2020E Res-Comm Industrial
Lease Use Demand
Power
Exports
Losses and 2025E
Lease Use Demand
*Exports include LNG and exports to Mexico
Natural gas prices are poised to strengthen, suggests Range Resources Chairman, President and Chief Executive Officer Jeff Ventura, who points to U.S. Energy Information
Administration demand projections that suggest the United States' appetite for natural
gas will grow by 20 billion cubic feet a day by 2020 and by another 15 Bcf/d by 2025.
company says it plans to spud an additional Utica well before 2016 at a location
slightly east of the first two wells.
Finding New Markets
Although Marcellus and Utica supply
has exceeded both demand and local infrastructure, Ventura counts himself among
those who foresee a Northeast gas price recovery during the next two years. He
goes on to express excitement about two
midstream projects that he predicts will
strengthen his company's bottom line.
One, Spectra's Uniontown to Gas
City project, was completed ahead of
schedule in September. Range is the an-
NOVEMBER 2015 97
American Oil and Gas Reporter - November 2015
Table of Contents for the Digital Edition of American Oil and Gas Reporter - November 2015
Contents
American Oil and Gas Reporter - November 2015 - Cover1
American Oil and Gas Reporter - November 2015 - Cover2
American Oil and Gas Reporter - November 2015 - Contents
American Oil and Gas Reporter - November 2015 - 4
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American Oil and Gas Reporter - November 2015 - Cover3
American Oil and Gas Reporter - November 2015 - Cover4
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