For Marcellus Drillers, Profits Rise
Good news seems to keep pouring in for Pennsylvania’s shale drillers. Last week, Cabot Oil and Gas reported record production volumes and earnings for 2012.
Speaking at a hearing in Philadelphia City Council Wednesday afternoon, David Yoxheimer, from the Marcellus Center for Outreach and Research, says Marcellus wells produced 2 trillion cubic feet of natural gas in 2012, representing 10 percent of the nation’s annual demand. And this afternoon, the Pittsburgh Post-Gazette reports on how Range Resources did last year.
“During the fourth quarter, the Southern Marcellus Shale Division brought 30 horizontal wells online alone, taking advantage of the liquid-rich area of southwest Pennsylvania. An additional eight wells were drilled and cased in the northeast Marcellus during the fourth quarter. The company met its year-end production target of 600 Mmcfe per day. Range Resources had a total of $1.5 billion in revenue for the year, marking an 18 percent increase over 2011.”
Meanwhile, Range continues to take an aggressive stance toward critics and lawsuits. The Pittsburgh Tribune-Review reports that the drilling company has asked a Washington County judge to recuse himself because Range says the judge’s wife is an anti-drilling activist.