Range Resources Corp. (RRC) announced that its first quarter 2013 production volumes were 876 Mmcfe per day, a 34% increase over the prior-year quarter. Production was 79% natural gas, 14% natural gas liquids or "NGLs" and 7% crude oil and condensate.
The company also announced its preliminary first quarter 2013 natural gas, NGLs and oil price realizations (including the impact of cash-settled hedges and derivative settlements which would correspond to analysts' estimates) averaged $5.06 per mcfe, a 3% decrease from the prior-year period.
The company said it is well on track to achieve its production growth target of 20% to 25% for 2013. The company believes that it has line-of-sight production growth of 20% to 25% for many years.
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