Range Resources boosts capital budget to $126M

Petroleum News

Exploration and production independent Range Resources has set its 2004 capital budget at $126 million, a 21 percent increase from last year, the company said Jan. 8, adding that the budget does not include possible property acquisitions in the new year.

The 2004 budget includes $109 million for drilling and recompletions, $15 million for land and seismic and $2 million for the expansion and enhancement of gathering systems and facilities, the Fort Worth, Texas-based company said.

Range said that acquisitions, particularly those in proximity to existing properties, “will continue to be pursued but are considered too unpredictable to be specifically budgeted.” In 2003, Range spent about $104 million on capital projects and $93 million on acquisitions.

About half of this year’s $109 million capital budget is earmarked for Southwest region, including the Permian Basin, the Midcontinent and East Texas, with the remainder equally divided between the Gulf Coast and Appalachia regions, the company said.

This year Range said it expects to drill or participate in 409 wells and do 35 recompletions, compared to 359 wells and 56 recompletions last year.