Range ropes in profits on solid production

Roping it in: Range posts profit

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Luke Johnson

 24 July 2012 22:48 GMT

US independent Range Resources rode strong production figures to a profitable second quarter despite lower realised natural gas prices.

The Fort Worth-based company also said it was planning to sell its holdings in the Ardmore basin, located in the heart of the Woodford shale in southern Oklahoma.

Range posted revenues of $442 million for the three months that ended in June, a 32% increase over the same period last year.

This led to an adjusted income of $18.1 million, or 11 cents per share. That was down from $43.2 million a year ago.

The drop came as a result of a 32% decrease in natural gas prices compared to a year earlier and an 18% decrease…

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