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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.
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