Apr 27, 2018 2 min read

Range Resources Corp., a Texas-based oil and gas exploration and production company, released first-quarter financial results Wednesday night.

The firm, with Appalachian Basin headquarters in Southpointe, reported net production averaging 2.188 billions of cubic feet equivalent per day. That breaks down, per day, to 1.5 Bcf of natural gas, 103,000 barrels of natural gas liquids and 11,816 barrels of condensate and oil.

That output, Range said, places it among the top 10 natural gas producers in the United States and a top three NGL producer among E&P companies.

The company reported strong cash-flow results during the January-through-March period. It said GAAP cash flow was $371 million, compared with $226 million during the year-ago quarter, and nonGAAP cash flow hit a record $323 million. That was up from $258 million in first quarter of 2017.

Range said it drilled the two longest Marcellus laterals the company has drilled – both in Washington County – at 18,129 feet and 17,875 feet. The company added that it drilled 21 percent longer laterals than it did in the fourth quarter of 2017.

Dennis Degner, senior vice president of operations, said in a statement: “We’ve got a de-risked world class asset in the Marcellus and we have a great team in Appalachia with a long track record of delivering results. We are focused every day on continuing to build upon that history as the Marcellus drives the company forward.”