Range Resources making progress but losses flat

published 16 March 2012

Oil and gas group Range Resources reported the same level of losses in the first half of its fiscal year, despite soaring revenue, as operating costs increased significantly.

Revenue from continuing operations increased from $1.1m to $12.8m in the six months ended December 31st. However, as operating costs surged from $0.6m to $8.3m, the pre-tax loss was flat at $2.2m.

The firm completed five out of the 21 development wells at its Trinidad assets during the period, with production totalling 90,000 barrels of oil. The group is now running a 24-hour operation in the region after adding over 70 employees.