Range Resources Corp. (NYSE: RRC) announced its third quarter 2012 production results, preliminary realized prices and an update on its hedging status. On an equivalent basis, production volumes exceeded the upper range of guidance for the third quarter production averaging 790 MMcf net per day, a 47% increase over the prior-year quarter and 10% greater than second quarter 2012.
The record production was driven by the continued success of the company’s drilling program in the Marcellus and horizontal Mississippian oil plays. Production was 79% natural gas, 15% natural gas liquids (NGLs) and 6% crude oil. Year-over-year oil production increased 36%, NGL production rose 30%, while natural gas production increased 52%. Preliminary third quarter average net production volumes were: 623.3 MMcf/d of natural gas; 20,040 b/d of NGLs; and 7,748 b/d of crude oil.
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