Range has a new (very cumbersome) method for distributing investor presentations. If you listen to the first one, you get two new details. Range gave a general statement that for every six well pad, they envision eighteen to 26 wells in the future.
They also commented on relative liquid composition for different btu's. The higher the btu's, the more condensate (which is fairly obvious). Something I didn't think of is that the amount of heavier liquids go up, so more butanes than ethane and propane.
“The first deliveries of ethane into Mariner West to Sarnia, Canada commenced start up operations on July 21st. Range has access to the only operating de-ethanizer in Appalachia while others are still under construction. This will allow us to continue our planned growth without concern for pipeline quality requirements. Additional ethane and propane transportation projects are scheduled to become operational next year conforming to our growth plans.”
“Liquids are expected to be approximately 22% of third quarter production. The Company has included in this guidance for the third quarter an average of 1,630 (1,360 net) barrels per day of ethane deliveries for the Mariner West pipeline commissioning process. These projected initial volumes may be subject to start up delays while commissioning the pipeline, ethane storage facilities and the cracker in Canada. The Company continues to expect to deliver on average 5,000 (4,175 net) barrels per day of ethane over the last six months of the year. Under the current contract arrangements, Range is scheduled to increase ethane deliveries under this first ethane arrangement to 15,000 barrels per day at the beginning of 2014. Because ethane deliveries are FOB the Houston processing plant, the Company is not expected to incur any additional costs associated with the contract and will record ethane sales as deliveries are made.”