Range Resources Increases Production, Revenue
Range Resources announced Friday that its oil and gas production in Trinidad rose by eight percent in the second quarter of 2015, compared to the previous quarter, which resulted in a revenue increase.
The company averaged a production output of 602 barrels of oil per day for 2Q 2015, compared to 557 bopd registered in the first quarter of 2015. As a result of increased production during the period, revenue rose from $2.4 million dollars in the first quarter of 2015 to $2.9 million in 2Q 2015.
As well as positive production and revenue figures, Range also revealed in its 2Q results statement that it has finalized an exploration work program and budget for 2015 on the St Mary’s block in Trinidad. The company plans to commence its exploration work program on the region, which is estimated to contain 66 million barrels of oil and one trillion cubic feet of gas, in the second half of the year.
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