Range Resources reported that production for the year totaled 117.6 Bcfe, comprised of 90.5 Bcf of gas and 4.5 million barrels of oil and liquids. Production rose in each quarter of the year and averaged 322 Mmcfe per day. Range has achieved consecutive production increases in each of the past 20 quarters.
Wellhead prices, after adjustment for all cash-settled hedges and derivatives, rose 18% to $8.03 per mcfe. The average gas price rose 16% to $7.66 per mcf, as the average oil price rose 27% to $60.13 a barrel. The cash margin per mcfe for 2007 rose to a record $5.67 per mcfe, 22% higher than 2006.
"Production rose 17% and proved reserves increased 27% at an attractive all-in cost of $1.82 per mcfe," said President and CEO John Pinkerton. "Looking ahead, we are in an excellent position to set record results again in 2008."
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