Natural gas company Range Resources announced Feb. 6 that the company expects an increase in its final production results and a slight decrease in average prices numbers for fourth quarter of 2023.
In an announcement detailing expectations for the fourth quarter of 2023, Range Resources put estimates for fourth quarter production at an average of about 2.207 Bcfe/d, an increase from the third quarter production 2.123 Bcfe/d.
The company also expects fourth quarter natural gas prices averaged $2.40 per 1,000 cf, a decrease from the third quarter average of $2.47 per 1,000 cf.
The company’s daily oil and condensate production averaged about 7,136 bbl/d in the fourth quarter. The average condensate price, including settled hedges was $63.42/bbl.
Also in the fourth quarter, the company realized $8 million from its divesture in North Louisiana through contingent derivative settlement gains. Range Resources sold its North Louisiana assets in 2020, and 2023 was the final year of divesture contingent payments.
The company’s fourth quarter earnings meeting is scheduled for Feb. 22.
Recommended Reading
Enterprise Increasing Permian NatGas Production
2024-04-03 - Enterprise Products Partners began service on two natural gas plants: the Leonidas in the Midland Basin and the Mentone 3 in the Delaware Basin, each with a capacity to process 300 MMcf/d of natural gas and 40,000 bbl/d of NGLs.
APA Corp. Latest E&P to Bow to Weak NatGas Prices, Curtail Volumes
2024-05-07 - APA Corp. plans to curtail gas and NGL production in the U.S. owing to weak Waha prices but remains confident it can deliver in the Permian Basin, CEO John Christmann said during a quarterly webcast with analysts.
Paisie: Dutch Vehicle Fleet Foreshadows Structural Shifts
2024-03-26 - The expanding role of battery electric vehicles will be supported by the development of associated supply chains, as indicated by Stratas Advisors' forecast of global EV battery production capacity.
Paisie: Crude Prices Rising Faster Than Expected
2024-04-19 - Supply cuts by OPEC+, tensions in Ukraine and Gaza drive the increases.
Exclusive: Renewables Won't Promise Affordable Security without NatGas
2024-03-25 - Greg Ebel, president and CEO of midstream company Enbridge, says renewables needs backing from natural gas to create a "nice foundation" for affordable and sustainable industrial growth, in this Hart Energy Exclusive interview.