American Oil and Gas Reporter - April 2018 - 56

VISION2020
cellus and Utica development through 2020? What
do you see going forward with respect to Range's
Marcellus/Utica operations?
VENTURA: What many people may not realize is that Range
has been operating in Pennsylvania for more than 25 years. In
fact, we started increasing our acreage in the Appalachian Basin
several years prior to pioneering that first Marcellus well in
2004.
The Appalachian Basin is still our flagship asset and growth
driver for the company. Large, high-quality, de-risked acreage
in southwestern Pennsylvania gives us flexibility in both the
dry gas and the liquids-rich portions of the play. We have spent
nearly 15 years taking the Marcellus from an idea in a conference
room to what is now the largest gas field in the country.
Despite more than a decade of development in the play, Range
still has approximately 3,800 core Marcellus wells left to drill.
This is in stark contrast to some basin operators who are expected
to exhaust their core inventories over the next few years.
We recently released a five-year outlook that projects an 11
percent annual production growth, with us holding production
at 3.5 billion cubic feet equivalent a day by 2022.
We see the Marcellus remaining a key source of supply for
both domestic and international natural gas markets. Demand
for LNG exports is growing, and we expect to see continued
growth in production out of Appalachia. In the meantime, our
Utica results are strong and continue to grow. Results from peer
wells show very robust long-term potential and our deep Utica
wells are among the best in the basin.

Today, Range holds 875,000 net acres in
Q: Pennsylvania
and has completed some of
the most productive wells in both the Marcellus
and Utica formations. What key lessons have you
learned about drilling and completing these wells
to maximize production and reserves recovery in
the "super-rich," wet and dry portions of the play?
One of Range's newest Marcellus wells has a 17,875foot lateral. What engineering elements define an
optimal well design?
VENTURA: The technological advancements that we have
been able to make since the early Marcellus days are incredible,
and have allowed us to attain some unbelievable achievements.
The teams in place discovered ways to do things smarter, better
and faster. In 2017, we hit a new milestone, as the team drilled
the longest Marcellus lateral in Pennsylvania, and three of the
top four longest Marcellus laterals. We are constantly seeking
new ways to improve operations and capital efficiencies. We
are now routinely drilling laterals longer than 10,000 feet, and
we are achieving a 67 percent increase in daily lateral footage
drilled versus a year ago.
We have accomplished all of this while narrowing our lateral
target to a 10-foot window. Cutting the time of drilling and
adding lateral footage has enabled us to lower costs from last
year on a per-foot basis by more than 30 percent. As a result, we
56 THE AMERICAN OIL & GAS REPORTER

now have the most productive wells per 1,000 feet of lateral in
the southwest portion of the Marcellus. Importantly, the efficiencies
we are realizing now as a result of recent improvements-fewer
surface locations, fewer rigs, and significantly reduced impacts-
would have been unthinkable as recently as 10 years ago. We are
truly entering a new era of shale development.
The Marcellus has continued to surprise us to the high side in
terms of productivity and efficiency gains, as evidenced by the
consistent reserve growth and production results over the past
decade with improved type curves over time, most recently in the
super-rich area that has continued to outperform our expectations.
It also is worth noting that we couldn't take full advantage of the
technological advancements we have seen since the discovery of
the Marcellus if Range did not have a large, contiguous highquality acreage position in southwestern Pennsylvania. I believe
our inventory is further demonstrated by the fact that Range's
proved reserves were up 26 percent from last year.
The Marcellus has been and will continue to be a critical
component of Range's success.

Rapidly growing Marcellus/Utica production
Q: has
created bottlenecks in regional pipeline
take-away capacity, particularly for natural gas
liquids. How is Range working to overcome these
market access issues? Is sufficient transportation
capacity in place to accommodate Range's projected
11 percent annual production growth over the next
few years? In 2016, Range became the first North
American company to export ethane to Europe.
What do regional exports of NGLs and LNG mean
long term to Marcellus/Utica producers?
VENTURA: Demand for natural gas is on the rise both here
at home and internationally, and we are extremely proud of the
role that Range has played in delivering natural gas and NGLs
across the globe. Increased demand is good news for natural
gas producers like us, but in order to deliver that gas to the
markets that seek it, there needs to be sufficient pipelines and
facilities.
Throughout the latter part of 2017 and into the early part of
this year, two important natural gas pipeline projects came on
line: Enbridge's TETCO Adair Southwest project and TransCanada's Leach and Rayne Xpress project. These pipelines
now are moving Marcellus gas from southwestern Pennsylvania
to more favorable Gulf Coast markets. A third project, Energy
Transfer's Rover pipeline (Phase 2), is expected to reach full
completion in the second quarter of 2018. It is the last major
natural gas transportation project for which Range has contracted
for capacity.
With these projects fully in service, approximately 90 percent
of Range's 2018 gas price exposure is expected to be in favorable
markets. The ability to fill our firm transportation commitment
so efficiently is a testament to the collaborative efforts of our
marketing, planning and operational teams.
We also have created flexibility in our NGL marketing
portfolio that allows us to export propane, ethane and other



American Oil and Gas Reporter - April 2018

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Contents
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