More wells, more profit for Range Resources

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Range Resources Corp., a Texas-based company with regional headquarters at Southpointe, posted net income of $144 million, or 88 cents per share, for the three months ended June 30. That's nearly three times the $55.7 million, or 34 cents per share, the company reported during the same time last year.

Revenue for the second quarter was $673 million.

The oil and gas company drilled 73 wells during the past three months, and brought online 45 Marcellus wells in southwestern Pennsylvania.

Range operates mostly in southwestern Pennsylvania, capitalizing on the area's wet gas, which is packed with natural gas liquids that can be sold separately.

The company announced it will start drilling wells closer together after a three-year evaluation showed the amount of gas produced from wells 500 feet apart is only 20 percent less than from wells 1,000 feet apart.

Range also reported it spent $52.9 million on lawsuit settlements during the past three months, a reference to a class-action suit in Oklahoma over royalties.

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