U.S. shale leader Range Resources said it trimmed 2015 spending plans by more than 30 percent, but was betting on Marcellus shale for continued success. Low commodity prices are forcing major energy companies to revisit their spending plans for 2015. Range, which has headquarters in Texas, said it was trimming its capital budget from $1.3 billion to $870 million in response to “the continuing erosion in commodity prices.” Last year, the company said it added nearly 2.4 trillion cubic feet of gas reserves , driven largely by developments in the Marcellus shale play near Pennsylvania. “Concentration of its operations in the Marcellus, coupled with continuing operating efficiencies and now anticipated cost reductions, allows Range to target 20 percent production growth for 2015 with this revised capital budget,” the company said. Energy consultant […]