American Oil and Gas Reporter - November 2016 - 87
SpecialReport: Marcellus/Utica Activity
neighbors and at some point invest in the
Utica. In the meantime, we will continue
to focus on our most economic production
growth."
Range, which drilled its first Marcellus
well in 2004 and its first Utica well in
2009, is predicting a growth rate of more
than 30 percent in 2017, which includes
the company's acquisition in the Lower
Cotton Valley formation in northern
Louisiana last May. Walker points out,
too, that 90 percent of Range's gas will
be sold outside of the Appalachian Basin
by the end of 2018.
"In the early days, we were looking
for ways to create more value, investing
and working smarter," he explains. "One
thing we have done is reduce the number
of days from spud to release. We are able
to accomplish more work in less time.
For example, when the rig leaves, it used
to take two months to bring the well to
sales. Now, we can do it in a month. That
is 30 days more production."
Walker claims Range last year performed 23 percent more frac stages per
day compared with the year before while
reducing total cost per foot by 25 percent.
"That means we are doing 23 percent
more work for 25 percent less cost," he
enthuses.
Range also is drilling 6 percent longer
Gas Liquids
More than 90 percent of Range Resource's 2016 capital is earmarked for
southwestern Pennsylvania, primarily
Washington County, according to Walker,
where it has super-rich, wet gas, and dry
gas production.
"Super-rich is not an official term; it
is a term that Ray Walker made up," he
quips. "Gas is termed wet if it has high
enough Btu content that it has to be
processed. Dry gas doesn't require processing. It is usually below 1,050 Btu.
On the far western side of Washington
County, we have gas that has four times
as much condensate. We wanted to come
up with a term to identify that production,
which is more than 60 percent liquids."
The ability to move those liquids at
the best prices is part of what Walker
calls Range Resources' unique story.
"We control 80 percent of the capacity
on the Mariner East Pipeline, where we
have 20,000 barrels a day of ethane and
20,000 bbl/d of propane," he explains.
"We sell our ethane to (chemical company)
INEOS, which sends it to crackers in the
North Sea and Scotland. With Mariner
East now fully operational, we are marketing our propane globally out of Sunoco's Marcus Hook facility, and are realizing
prices favorable to Mont Belvieu, Tx.
We can sell our propane on the East
Coast in the winter or to South America
or wherever. We have a lot of flexibility."
Range, too, has done a number of
things to improve operational efficiencies,
according to Walker.
NOVEMBER 2016 87
American Oil and Gas Reporter - November 2016
Table of Contents for the Digital Edition of American Oil and Gas Reporter - November 2016
Contents
American Oil and Gas Reporter - November 2016 - 1
American Oil and Gas Reporter - November 2016 - 2
American Oil and Gas Reporter - November 2016 - Contents
American Oil and Gas Reporter - November 2016 - 4
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