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Ohio Utica Shale

Range Resources to cut 2013 capital spending to $1.3 billion

By Bob Downing Published: December 14, 2012

From the Associated Press:

Independent oil and natural gas producer Range Resources' 2013 capital spending budget will decline by 19 percent to $1.3 billion.

Range Resources Corp. said Wednesday that the 2013 budget includes about $1.1 billion for drilling and recompletions, $100 million for leasehold and renewals, $75 million for pipelines and facilities and $25 million for seismic.

The company is active in Pennsylvania's Marcellus shale.

The company's 2012 capital spending budget was $1.6 billion.

The company, based in Fort Worth, Texas, said that the majority of the 2013 capital spending budget — approximately 85 percent — will be put toward oil and liquids-rich projects mostly in the Marcellus shale and Horizontal Mississippian plays. Range Resources said that these projects have the highest estimated rates of return in its portfolio.

The company plans to fund the 2013 capital spending budget from operating cash flow, proceeds from asset sales and available liquidity under its credit facility. Those properties that may be involved in an asset sale include some of Range's Permian Basin properties in southeast New Mexico and West Texas.

President and CEO Jeff Ventura said in a statement that the 2013 capital budget is expected to deliver 20 percent to 25 percent production growth and strengthen its balance sheet.

Shares of Range Resources rose $1.20, or 1.9 percent, to $65.87 in afternoon trading on Wednesday. They have traded in a 52-week range of $52.34 to $73.94.

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Utica and Marcellus shale web sites

Ohio Department of Natural Resources' Division of Oil and Gas Resources Management State agency Web site.

ODNR Division of Oil and Gas Resources Management. State drilling permits. List is updated weekly.

ODNR Division of Geological Survey.

Ohio Environmental Protection Agency.

Ohio State University Extension.

Ohio Farm Bureau.

Ohio Oil and Gas Association, a Granville-based group that represents 1,500 Ohio energy-related companies.

Ohio Oil & Gas Energy Education Program.

Energy In Depth, a trade group.

Marcellus and Utica Shale Resource Center by Ohio law firm Bricker & Eckler.

Utica Shale, a compilation of Utica shale activities.

Landman Report Card, a site that looks at companies involved in gas and oil leases.FracFocus, a compilation of chemicals used in fracking individual wells as reported voluntarily by some drillers.

Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.

Rig Count Interactive Map by Baker Hughes, an energy services company.

Shale Sheet Fracking, a Youngstown Vindicator blog.

National Geographic's The Great Shale Rush.

The Ohio Environmental Council, a statewide eco-group based in Columbus.

Buckeye Forest Council.

Earthjustice, a national eco-group.

Stop Fracking Ohio.

People's Oil and Gas Collaborative-Ohio, a grass-roots group in Northeast Ohio.

Concerned Citizens of Medina County, a grass-roots group.

No Frack Ohio, a Columbus-based grass-roots group.

Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.

Penn State Marcellus Center.

Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.

Allegheny Front, environmental public radio for Western Pennsylvania.