Range Resources is planning another big year for its southwestern Pennsylvania wells in 2014.
In a conference call recently with analysts on its quarterly financial results, Range Resources (NYSE: RRC) said it plans to drill 14 new wells on five already functioning well pads in the next year, part of its plans in southwestern Pennsylvania. Range Resources did not disclose how many total wells it would drill in 2014.
Range estimates it will save about $200,000 for each well planned and not shoulder the cost of constructing new well pads or getting new permits. Drilling in existing locations also means the company will realize profits from the new wells more quickly because it will avoid the nine to 12 months of development usually required to complete both new pad and well.
Range also said it will increase laterals on its wells this year; average laterals in 2014 drilling will reach 5,200 feet.
Read more: http://www.bizjournals.com/pittsburgh/news/2014/02/26/range-2014-plan-to-focus-on-marcellus.html