Range Resources Corporation provides information on 2009 production volumes and price realizations. Fourth quarter 2009 production volumes averaged 457 Mmcfe per day, a record high for Range. Fourth quarter 2009 production increased 13% over the prior-year period. Range has now achieved 28 consecutive quarters of sequential production growth. On a sequential basis, fourth quarter 2009 production rose 5% compared to the prior quarter. Production for full-year 2009 averaged 436 Mmcfe per day, also a 13% increase over 2008. This represents Range's sixth consecutive year of double-digit production growth.
The Company also announced that its preliminary fourth quarter 2009 oil and gas price realizations (including the impact of derivative settlements) averaged $6.59 per mcfe. This represents a 4% decrease from the prior-year period and a 4% increase versus third quarter 2009. For 2010, 69% of anticipated gas production is hedged at an average floor price of $5.53 per mcf and an average cap price of $7.33 per mcf.
Commenting on the announcement, John Pinkerton, Range's Chairman and CEO, said:
'Meeting production guidance in the fourth quarter was particularly challenging given the brutal winter weather conditions we experienced in December. Achieving 28 consecutive quarters of consistent production growth is an outstanding record reflecting the quality of our operating team and the quality of our property base. Once again, our operating team did an excellent job of delivering double-digit production growth for 2009 at low cost. Importantly, we delivered double-digit growth while at the same time selling significant amounts of non-core properties, maintaining our strong financial position and expanding our position in our key plays.'