On Jan. 27, Range Resources Corp. (NYSE: RRC) said its proved reserves were 12.1 trillion cubic feet equivalent (Tcfe) as of Dec. 31, 2016, an 11% increase excluding A&D.
Proved developed reserves, which increased by 14% excluding A&D, represent 56% of total reserves, Range Resources said.
During 2016, Range Resources added 1,394 Bcfe of proved reserves through drilling, driven by 1,315 Bcfe from Marcellus development.
Jeff Ventura, CEO, said Marcellus development drove the reserve additions because the acquisition of North Louisiana assets closed in late 2016.
He said there are about 740 Bcfe of additional reserves in the Terryville area of North Louisiana that would be included as Securities and Exchange Commission (SEC) proved reserves if included within the company’s five-year development plan.
The company removed 269 Bcfe of proved undeveloped reserves from the SEC proved reserves.
The company also reported that, during 2016, 165 Bcfe of proved reserves--primarily in Oklahoma and non-operated areas in Pennsylvania—was sold.
Range Resource’s estimate of costs incurred during 2016, excluding acquisitions, is about $570 million, in line with the $495 million capex budget prior to the Memorial acquisition.
Range Resources Corp. is based in Fort Worth, Texas.
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