RANGE RESOURCES CORPORATION (NYSE: RRC) today
announced its third quarter 2021 financial results.
Highlights –
- Realizations before index hedges of
$4.37 per mcfe, or approximately $0.36 above NYMEX natural gas
- Pre-hedge NGL realization of $34.05
per barrel, a $6.14 per barrel increase versus prior quarter
- Natural gas differentials,
including basis hedging, averaged $0.35 per mcf below NYMEX
- All-in third quarter capital
spending was $96 million, approximately 23% of the annual
budget
- Production averaged 2.14 Bcfe per
day, approximately 30% liquids
- Reduced total debt outstanding by
approximately $91 million
- All-in 2021 capital budget lowered
by $10 million to $415 million
- Improved midpoint of 2021 natural
gas differential guidance by approximately $0.07 per mcf
- Increased midpoint of 2021 NGL
differential guidance by $0.25 per barrel
- Divestiture contingent
consideration fair value increased $12.9 million to $50.2
million
Commenting on the quarter, Jeff Ventura, the
Company’s CEO said, “Range remains committed to disciplined capital
spending and generating sustainable free cash flow. This was
demonstrated in the third quarter, as Range generated $276 million
in operating cash flow before changes in working capital, as
compared to just $96 million of all-in capital spending. We expect
to generate significant free cash flow in the coming quarters and
rapidly approach balance sheet targets with leverage trending below
1x by the end of next year at current strip pricing. Additionally,
we continue to make progress on other key objectives: improving
margins, generating free cash flow, and operating safely while
maintaining peer-leading capital efficiency. We believe Range
is differentiated as a result of our low sustaining capital,
competitive cost structure, liquids optionality, marketing
strategies, environmental leadership and importantly, our
multi-decade core inventory life, which is an increasingly
important competitive advantage.”
Financial Discussion
Except for generally accepted accounting
principles (GAAP) reported amounts, specific expense categories
exclude non-cash impairments, unrealized mark-to-market adjustment
on derivatives, stock-based compensation and other items shown
separately on the attached tables. “Unit costs” as used in this
release are composed of direct operating, transportation,
gathering, processing and compression, production and ad valorem
taxes, general and administrative, interest and depletion,
depreciation and amortization costs divided by production. See
“Non-GAAP Financial Measures” for a definition of each of the
non-GAAP financial measures and the tables that reconcile each of
the non-GAAP measures to their most directly comparable GAAP
financial measure.
Third Quarter 2021
GAAP revenues for third quarter 2021
totaled $303 million, GAAP net cash provided from operating
activities (including changes in working capital) was $192
million, and GAAP net earnings was a loss of $350 million
($1.44 per diluted share). Third quarter earnings
results include a $652 million derivative fair value loss due
to increases in commodity prices.
Non-GAAP revenues for third quarter 2021
totaled $795 million, and cash flow from operations before
changes in working capital, a non-GAAP measure, was $276
million. Adjusted net income comparable to analysts’
estimates, a non-GAAP measure, was $130
million ($0.52 per diluted share) in third quarter
2021.
The following table details Range’s average
production and realized pricing for third quarter 2021(a):
|
3Q21 Production & Realized Pricing |
|
|
Natural Gas(Mcf) |
|
Oil(Bbl) |
|
NGLs(Bbl) |
|
Natural GasEquivalent(Mcfe) |
|
|
|
|
|
|
|
|
|
|
Net production per day |
1,496,888 |
|
7,727 |
|
98,705 |
|
2,135,485 |
|
|
|
|
|
|
|
|
|
|
Average index price(b) |
$4.01 |
|
$70.42 |
|
$33.22 |
|
|
|
Differential |
(0.42) |
|
(6.90) |
|
0.83 |
|
|
|
Basis hedging |
0.06 |
|
- |
|
- |
|
|
|
Realized prices before index
hedges |
$3.66 |
|
$63.52 |
|
$34.05 |
|
$4.37 |
|
Settled index hedges |
(0.96) |
|
(13.20) |
|
(2.88) |
|
(0.86) |
|
Average realized prices after
hedges |
$2.69 |
|
$50.32 |
|
$31.17 |
|
$3.51 |
|
(a) |
May not add due to rounding |
|
(b) |
Indexes include NYMEX-Henry Hub, NYMEX-WTI and OPIS-Mont Belvieu
for natural gas, oil and NGLs, respectively |
|
|
|
|
Third quarter 2021 natural gas, natural gas
liquids (NGL) and oil price realizations (including the impact of
cash-settled hedges and derivative settlements) averaged $3.51 per
mcfe.
- The average natural gas price,
including the impact of basis hedging, was $3.66 per mcf, or a
($0.35) per mcf differential to NYMEX. The Company updated its
average 2021 natural gas differential guidance to approximately
$0.28 per mcf below NYMEX, a $0.07 per mcf annual improvement
compared to the prior guidance midpoint.
- Pre-hedge NGL realizations were
$34.05 per barrel, an improvement of $6.14 per barrel versus the
second quarter of 2021 and a $0.83 premium to the Mont Belvieu
equivalent barrel. The Company updated its average 2021 premium
differential estimate to the Mont Belvieu equivalent barrel to
within a range of $1.00 to $2.00 per barrel for 2021, a $0.25 per
barrel improvement at the midpoint of guidance.
- Crude oil and condensate price
realizations, before realized hedges, averaged $63.52 per barrel,
or $6.90 below WTI (West Texas Intermediate). Range’s estimated
condensate differential to WTI during 2021 remains within an
expected range of $7 to $9 below NYMEX.
The following table details Range’s unit costs
per mcfe(a):
Expenses |
|
|
3Q 2021($/Mcfe) |
|
|
2Q 2021 ($/Mcfe) |
|
|
Increase (Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
Direct operating(a) |
|
$ |
0.10 |
|
$ |
0.10 |
|
|
0% |
|
Transportation, gathering,
processing and compression |
|
|
1.51 |
|
|
1.48 |
|
|
2% |
|
Production and ad valorem
taxes |
|
|
0.04 |
|
|
0.04 |
|
|
0% |
|
General and
administrative(a) |
|
|
0.16 |
|
|
0.16 |
|
|
0% |
|
Interest expense(a) |
|
|
0.28 |
|
|
0.29 |
|
|
(3%) |
|
Total cash unit costs(b) |
|
|
2.08 |
|
|
2.07 |
|
|
1% |
|
Depletion, depreciation and amortization (DD&A) |
|
|
0.47 |
|
|
0.47 |
|
|
0% |
|
Total unit costs plus DD&A(b) |
|
$ |
2.56 |
|
$ |
2.54 |
|
|
1% |
|
(a) |
Excludes stock-based compensation, legal settlements and
amortization of deferred financing costs. |
|
(b) |
May not add due to rounding. |
|
|
|
|
Capital Expenditures
Third quarter 2021 drilling and completion
expenditures were $91.8 million. In addition, during the quarter,
$4.6 million was invested on acreage leasehold, gathering systems
and other corporate items. Total capital expenditures year-to-date
were $322 million at the end of the third quarter. As a result of
continued efficiency gains realized year-to-date, Range expects
annual capital spending of $415 million in 2021, or $10 million
under the original budget.
Financial
Position As
of September 30, 2021, Range had total debt outstanding
of $2.98 billion, consisting of $30 million in bank
debt and $2.95 billion in senior notes. The Company has
approximately $750 million in senior notes that mature through
2023, which are expected to be retired with projected free cash
flow at current strip pricing. Range had over $2.0 billion of
borrowing capacity under the bank credit facility commitment amount
at the end of the third quarter.
Production and Operational
Activity
Production for the third quarter was 2.14 Bcfe
per day, representing a 1.5% increase over second quarter 2021.
Range expects a similar production increase in the fourth quarter
and to exit the year near 2.2 Bcfe per day. Average daily
production for calendar 2021 is expected to be 2.12 to 2.13 Bcfe
per day, approximately 1% below the previous guidance.
Adjustments to 2021 production guidance are a
result of temporary gathering and transportation outages and delays
alongside weather-related force majeure events. Range remains
committed to the originally planned activity cadence and
disciplined capital spending and expects to be under budget for the
fourth consecutive year.
The table below summarizes estimated activity
for 2021 regarding the number of wells to sales for each area.
|
Wells TIL3Q 2021 |
|
Calendar 2021Planned TIL |
|
Remaining2021 |
|
SW PA Super-Rich |
4 |
|
17 |
|
4 |
|
SW PA Wet |
0 |
|
18 |
|
3 |
|
SW PA Dry |
8 |
|
25 |
|
0 |
|
Total Wells |
12 |
|
60 |
|
7 |
|
Marketing and
Transportation
The natural gas pricing benchmark, Henry Hub,
averaged $4.01 per Mmbtu during the quarter, the highest since
2014. The East, Midwest, and Gulf markets, where Range
sells its natural gas production, have experienced meaningful
improvements compared to 2020 in terms of both basis and absolute
pricing due to strong summer demand and storage deficits relative
to historical averages across each region. Range reported a third
quarter natural gas differential of $0.35 per mcf below NYMEX,
including basis hedging. As a result of year-to-date performance
and improving regional basis into the upcoming winter months, the
Company updated its average 2021 natural gas differential guidance
to approximately $0.28 per mcf below NYMEX, a $0.07 per mcf annual
improvement compared to the prior guidance midpoint. The updated
guidance implies a fourth quarter natural gas differential estimate
of approximately $0.24 per mcf below NYMEX, inclusive of basis
hedging.
Propane prices ended the third quarter at the
highest level in over seven years, as the Mont Belvieu weighted
price for Range’s NGL barrel increased by approximately $7.50 per
barrel, compared to the second quarter, to over $33 per barrel.
Range’s NGL exports continue to deliver significant value versus
domestic northeast prices, as the Company’s NGL portfolio of
contracts drove an $0.83 per barrel premium to the Mont Belvieu
equivalent for the quarter. The flexibility of Range’s
transportation and sales portfolio places the Company in a strong
position to serve increased domestic and international
demand. As a result of year-to-date performance and
strong domestic and international prices, Range has improved its
estimated 2021 premium differential to the Mont Belvieu equivalent
barrel to within a range of $1.00 to $2.00 per barrel, a $0.25 per
barrel improvement at the midpoint of guidance.
Range’s forecasted 2021 pre-hedge NGL
realization has increased by approximately $4 per barrel since
July, resulting in an increase of over $140 million in forecasted
revenue. As a result of higher NGL prices and the effect of Range’s
price-linked processing contracts, Range is increasing guidance for
2021 GP&T expense to $1.48 to $1.52 per mcfe. Net of projected
processing costs, Range’s forecasted pre-hedge cash flow from NGL
sales in 2021 has increased by over $100 million since July. As
previously disclosed, Range expects GP&T expense to decline
annually in 2022 and beyond based on existing gathering contracts.
The reduction in annual gathering expenses relative to 2021 totals
approximately $70 million by 2025 and greater than $100 million by
2030.
Guidance – 2021
Capital & Production Guidance
Range’s updated 2021 all-in capital budget is
$415 million. Production for full-year 2021 is expected to average
approximately 2.12 to 2.13 Bcfe per day, with ~30% attributed to
liquids production.
Full Year 2021 Expense Guidance
Direct operating expense: |
$0.09 - $0.11 per mcfe |
|
Transportation, gathering, processing and compression expense: |
$1.48 - $1.52 per mcfe |
|
Production tax expense: |
$0.02 - $0.04 per mcfe |
|
Exploration expense: |
$20 - $25 million |
|
G&A expense: |
$0.15 - $0.16 per mcfe |
|
Interest expense: |
$0.26 - $0.28 per mcfe |
|
DD&A expense: |
$0.47 - $0.50 per mcfe |
|
Net brokered gas marketing net expense: |
$0 - $4 million |
|
Full Year 2021 Price Guidance
Based on current market indications, Range expects to average
the following price differentials for its production in 2021.
Natural Gas:(1) |
NYMEX minus $0.28 |
|
Natural Gas Liquids (including ethane):(2) |
Mont Belvieu plus $1.00 to $2.00 per barrel |
|
Oil/Condensate: |
WTI minus $7.00 to $9.00 |
|
(1) |
Including basis hedging |
|
(2) |
Weighting based on 53% ethane, 27% propane, 7% normal butane, 4%
iso-butane and 9% natural gasoline. |
|
|
|
|
Hedging Status and Divestiture Contingent
Payments
Range hedges portions of its expected future
production volumes to increase the predictability of cash flow and
to help maintain a strong, flexible financial position. As of
October 20, 2021, Range had approximately 65% of its fourth quarter
2021 net revenue hedged and less than 50% of its expected calendar
2022 net revenue hedged. Since Range’s July update, the average
floor and ceiling prices on incremental 2022 natural gas hedges
were $3.76 and $4.19, respectively. For additional information,
please see the detailed hedging schedule posted on the Range
website under Investor Relations - Financial Information.
Range also hedges basis for natural gas and NGL
volumes to limit volatility between published pricing benchmarks
and regional sales prices. The combined fair value of the natural
gas basis, NGL freight and spread hedges as of September 30, 2021
was a net gain of $9 million.
Range is entitled to receive contingent
consideration from last year’s sale of North Louisiana assets. The
remaining contingent consideration of up to $75.0 million is based
on future achievement of natural gas and oil prices based on
published indexes and realized NGLs prices of the buyer for the
years 2021, 2022 and 2023. At the end of third quarter, the fair
value of the potential payments was $50.2 million, an increase of
$12.9 million compared to last quarter.
Conference Call Information
A conference call to review the financial results is scheduled
on Wednesday, October 27 at 9:00 a.m. ET. To participate in the
call, please dial (877) 928-8777 and provide conference code
4709989 about 10 minutes prior to the scheduled start time.
A simultaneous webcast of the call may be accessed at
www.rangeresources.com. The webcast will be archived for replay on
the Company's website until November 26.
Non-GAAP Financial Measures
Adjusted net income comparable to analysts’
estimates as set forth in this release represents income or loss
from operations before income taxes adjusted for certain non-cash
items (detailed in the accompanying table) less income taxes. We
believe adjusted net income comparable to analysts’ estimates is
calculated on the same basis as analysts’ estimates and that many
investors use this published research in making investment
decisions and evaluating operational trends of the Company and its
performance relative to other oil and gas producing companies.
Diluted earnings per share (adjusted) as set forth in this release
represents adjusted net income comparable to analysts’ estimates on
a diluted per share basis. A table is included which reconciles
income or loss from operations to adjusted net income comparable to
analysts’ estimates and diluted earnings per share (adjusted). The
Company provides additional comparative information on prior
periods along with non-GAAP revenue disclosures on its website.
Cash flow from operations before changes in
working capital (sometimes referred to as “adjusted cash flow”) as
defined in this release represents net cash provided by operations
before changes in working capital and exploration expense adjusted
for certain non-cash compensation items. Cash flow from operations
before changes in working capital is widely accepted by the
investment community as a financial indicator of an oil and gas
company’s ability to generate cash to internally fund exploration
and development activities and to service debt. Cash flow from
operations before changes in working capital is also useful because
it is widely used by professional research analysts in valuing,
comparing, rating and providing investment recommendations of
companies in the oil and gas exploration and production industry.
In turn, many investors use this published research in making
investment decisions. Cash flow from operations before changes in
working capital is not a measure of financial performance under
GAAP and should not be considered as an alternative to cash flows
from operations, investing, or financing activities as an indicator
of cash flows, or as a measure of liquidity. A table is included
which reconciles net cash provided by operations to cash flow from
operations before changes in working capital as used in this
release. On its website, the Company provides additional
comparative information on prior periods for cash flow, cash
margins and non-GAAP earnings as used in this release.
The cash prices realized for oil and natural gas
production, including the amounts realized on cash-settled
derivatives and net of transportation, gathering, processing and
compression expense, is a critical component in the Company’s
performance tracked by investors and professional research analysts
in valuing, comparing, rating and providing investment
recommendations and forecasts of companies in the oil and gas
exploration and production industry. In turn, many investors use
this published research in making investment decisions. Due to the
GAAP disclosures of various derivative transactions and third-party
transportation, gathering, processing and compression expense, such
information is now reported in various lines of the income
statement. The Company believes that it is important to furnish a
table reflecting the details of the various components of each line
in the statement of operations to better inform the reader of the
details of each amount and provide a summary of the realized
cash-settled amounts and third-party transportation, gathering,
processing and compression expense which were historically reported
as natural gas, NGLs and oil sales. This information is intended to
bridge the gap between various readers’ understanding and fully
disclose the information needed.
The Company discloses in this release the
detailed components of many of the single line items shown in the
GAAP financial statements included in the Company’s quarterly
report on Form 10-Q. The Company believes that it is important to
furnish this detail of the various components comprising each line
of the Statements of Operations to better inform the reader of the
details of each amount, the changes between periods and the effect
on its financial results. RANGE RESOURCES
CORPORATION (NYSE: RRC) is a
leading U.S. independent natural gas and NGL producer
with operations focused on stacked-pay projects in
the Appalachian Basin. The Company is headquartered
in Fort Worth, Texas. More information about Range can
be found at www.rangeresources.com.
Included within this release are certain
“forward-looking statements” within the meaning of the federal
securities laws, including the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, that are not
limited to historical facts, but reflect Range’s current beliefs,
expectations or intentions regarding future events. Words
such as “may,” “will,” “could,” “should,” “expect,” “plan,”
“project,” “intend,” “anticipate,” “believe,” “outlook”,
“estimate,” “predict,” “potential,” “pursue,” “target,” “continue,”
and similar expressions are intended to identify such
forward-looking statements.
All statements, except for statements of
historical fact, made herein regarding activities, events or
developments the Company expects, believes or anticipates will or
may occur in the future, such as those regarding future well costs,
expected asset sales, well productivity, future liquidity and
financial resilience, anticipated exports and related financial
impact, NGL market supply and demand, improving commodity
fundamentals and pricing, future capital efficiencies, future
shareholder value, emerging plays, capital spending, anticipated
drilling and completion activity, acreage prospectivity, expected
pipeline utilization and future guidance information, are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements are
based on assumptions and estimates that management believes are
reasonable based on currently available information; however,
management's assumptions and Range's future performance are subject
to a wide range of business risks and uncertainties and there is no
assurance that these goals and projections can or will be met. Any
number of factors could cause actual results to differ materially
from those in the forward-looking statements. Further information
on risks and uncertainties is available in Range's filings with the
Securities and Exchange Commission (SEC), including its most recent
Annual Report on Form 10-K. Unless required by law, Range
undertakes no obligation to publicly update or revise any
forward-looking statements to reflect circumstances or events after
the date they are made.
The SEC permits oil and gas companies, in
filings made with the SEC, to disclose proved reserves, which are
estimates that geological and engineering data demonstrate with
reasonable certainty to be recoverable in future years from known
reservoirs under existing economic and operating conditions as well
as the option to disclose probable and possible reserves. Range has
elected not to disclose its probable and possible reserves in its
filings with the SEC. Range uses certain broader terms such as
"resource potential,” “unrisked resource potential,” "unproved
resource potential" or "upside" or other descriptions of volumes of
resources potentially recoverable through additional drilling or
recovery techniques that may include probable and possible reserves
as defined by the SEC's guidelines. Range has not attempted to
distinguish probable and possible reserves from these broader
classifications. The SEC’s rules prohibit us from including in
filings with the SEC these broader classifications of reserves.
These estimates are by their nature more speculative than estimates
of proved, probable and possible reserves and accordingly are
subject to substantially greater risk of actually being realized.
Unproved resource potential refers to Range's internal estimates of
hydrocarbon quantities that may be potentially discovered through
exploratory drilling or recovered with additional drilling or
recovery techniques and have not been reviewed by independent
engineers. Unproved resource potential does not constitute reserves
within the meaning of the Society of Petroleum Engineer's Petroleum
Resource Management System and does not include proved reserves.
Area wide unproven resource potential has not been fully risked by
Range's management. “EUR”, or estimated ultimate recovery, refers
to our management’s estimates of hydrocarbon quantities that may be
recovered from a well completed as a producer in the area. These
quantities may not necessarily constitute or represent reserves
within the meaning of the Society of Petroleum Engineer’s Petroleum
Resource Management System or the SEC’s oil and natural gas
disclosure rules. Actual quantities that may be recovered from
Range's interests could differ substantially. Factors affecting
ultimate recovery include the scope of Range's drilling program,
which will be directly affected by the availability of capital,
drilling and production costs, commodity prices, availability of
drilling services and equipment, drilling results, lease
expirations, transportation constraints, regulatory approvals,
field spacing rules, recoveries of gas in place, length of
horizontal laterals, actual drilling results, including geological
and mechanical factors affecting recovery rates and other factors.
Estimates of resource potential may change significantly as
development of our resource plays provides additional data.
In addition, our production forecasts and
expectations for future periods are dependent upon many
assumptions, including estimates of production decline rates from
existing wells and the undertaking and outcome of future drilling
activity, which may be affected by significant commodity price
declines or drilling cost increases. Investors are urged to
consider closely the disclosure in our most recent Annual Report on
Form 10-K, available from our website at www.rangeresources.com or
by written request to 100 Throckmorton Street, Suite 1200, Fort
Worth, Texas 76102. You can also obtain this Form 10-K on the SEC’s
website at www.sec.gov or by calling the SEC at 1-800-SEC-0330.
Range Investor Contacts:
Laith Sando, Vice President – Investor
Relations817-869-4267lsando@rangeresources.com
Range Media Contacts:
Mark Windle, Director of Corporate Communications724-873-3223
mwindle@rangeresources.com
RANGE RESOURCES CORPORATION
STATEMENTS OF OPERATIONS |
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Based on GAAP reported
earnings with additional |
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details of items included in
each line in Form 10-Q |
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(Unaudited, in thousands,
except per share data) |
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Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
|
2020 |
|
|
% |
|
2021 |
|
|
2020 |
|
|
% |
|
|
|
|
|
|
|
|
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Revenues and other
income: |
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|
Natural gas, NGLs and oil sales (a) |
$ |
849,305 |
|
|
$ |
381,553 |
|
|
|
|
|
|
$ |
2,074,507 |
|
|
$ |
1,162,907 |
|
|
|
|
|
Derivative fair value (loss) income |
|
(652,220 |
) |
|
|
(124,690 |
) |
|
|
|
|
|
|
(959,782 |
) |
|
|
102,182 |
|
|
|
|
|
Brokered natural gas, marketing and other (b) |
|
105,312 |
|
|
|
42,153 |
|
|
|
|
|
|
|
247,337 |
|
|
|
103,851 |
|
|
|
|
|
ARO settlement loss (b) |
|
(3 |
) |
|
|
(6 |
) |
|
|
|
|
|
|
(3 |
) |
|
|
(18 |
) |
|
|
|
|
Other (b) |
|
245 |
|
|
|
335 |
|
|
|
|
|
|
|
1,334 |
|
|
|
889 |
|
|
|
|
|
Total revenues and other income |
|
302,639 |
|
|
|
299,345 |
|
|
|
1 |
% |
|
|
1,363,393 |
|
|
|
1,369,811 |
|
|
|
0 |
% |
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Costs and expenses: |
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|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
Direct operating |
|
19,926 |
|
|
|
19,589 |
|
|
|
|
|
|
|
56,667 |
|
|
|
75,134 |
|
|
|
|
|
Direct operating – stock-based compensation (c) |
|
319 |
|
|
|
(74 |
) |
|
|
|
|
|
|
986 |
|
|
|
810 |
|
|
|
|
|
Transportation, gathering, processing and compression |
|
296,510 |
|
|
|
268,108 |
|
|
|
|
|
|
|
853,684 |
|
|
|
831,748 |
|
|
|
|
|
Production and ad valorem taxes |
|
7,140 |
|
|
|
6,106 |
|
|
|
|
|
|
|
20,179 |
|
|
|
20,682 |
|
|
|
|
|
Brokered natural gas and marketing |
|
105,392 |
|
|
|
47,643 |
|
|
|
|
|
|
|
245,838 |
|
|
|
117,847 |
|
|
|
|
|
Brokered natural gas and marketing – stock-based compensation
(c) |
|
446 |
|
|
|
324 |
|
|
|
|
|
|
|
1,339 |
|
|
|
905 |
|
|
|
|
|
Exploration |
|
5,513 |
|
|
|
7,897 |
|
|
|
|
|
|
|
15,331 |
|
|
|
22,299 |
|
|
|
|
|
Exploration – stock-based compensation (c) |
|
368 |
|
|
|
189 |
|
|
|
|
|
|
|
1,116 |
|
|
|
891 |
|
|
|
|
|
Abandonment and impairment of unproved properties |
|
2,000 |
|
|
|
5,667 |
|
|
|
|
|
|
|
7,206 |
|
|
|
16,604 |
|
|
|
|
|
General and administrative |
|
31,398 |
|
|
|
31,209 |
|
|
|
|
|
|
|
90,300 |
|
|
|
92,552 |
|
|
|
|
|
General and administrative – stock-based compensation (c) |
|
9,845 |
|
|
|
6,863 |
|
|
|
|
|
|
|
28,632 |
|
|
|
24,071 |
|
|
|
|
|
General and administrative – lawsuit settlements |
|
7,818 |
|
|
|
81 |
|
|
|
|
|
|
|
8,375 |
|
|
|
1,672 |
|
|
|
|
|
General and administrative – bad debt expense |
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
400 |
|
|
|
|
|
Exit and termination costs |
|
11,789 |
|
|
|
519,613 |
|
|
|
|
|
|
|
9,557 |
|
|
|
531,505 |
|
|
|
|
|
Exit and termination costs – stock-based compensation (c) |
|
— |
|
|
|
2,020 |
|
|
|
|
|
|
|
— |
|
|
|
2,020 |
|
|
|
|
|
Deferred compensation plan (d) |
|
34,278 |
|
|
|
6,237 |
|
|
|
|
|
|
|
89,551 |
|
|
|
10,287 |
|
|
|
|
|
Interest expense |
|
54,483 |
|
|
|
45,866 |
|
|
|
|
|
|
|
164,039 |
|
|
|
137,812 |
|
|
|
|
|
Interest expense – amortization of deferred financing costs
(c) |
|
2,326 |
|
|
|
2,133 |
|
|
|
|
|
|
|
6,935 |
|
|
|
6,329 |
|
|
|
|
|
Loss (gain) on early extinguishment of debt |
|
— |
|
|
|
7,821 |
|
|
|
|
|
|
|
98 |
|
|
|
(14,093 |
) |
|
|
|
|
Depletion, depreciation and amortization |
|
93,116 |
|
|
|
96,167 |
|
|
|
|
|
|
|
272,128 |
|
|
|
303,779 |
|
|
|
|
|
Impairment of proved property |
|
— |
|
|
|
1,955 |
|
|
|
|
|
|
|
— |
|
|
|
78,955 |
|
|
|
|
|
(Gain) loss on sale of assets |
|
(78 |
) |
|
|
9,230 |
|
|
|
|
|
|
|
(724 |
) |
|
|
(112,443 |
) |
|
|
|
|
Total costs and expenses |
|
682,589 |
|
|
|
1,084,644 |
|
|
|
-37 |
% |
|
|
1,871,237 |
|
|
|
2,149,766 |
|
|
|
-13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
(379,950 |
) |
|
|
(785,299 |
) |
|
|
-52 |
% |
|
|
(507,844 |
) |
|
|
(779,955 |
) |
|
|
-35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
4,484 |
|
|
|
— |
|
|
|
|
|
|
|
7,221 |
|
|
|
(366 |
) |
|
|
|
|
Deferred |
|
(34,167 |
) |
|
|
(36,509 |
) |
|
|
|
|
|
|
(35,477 |
) |
|
|
(29,411 |
) |
|
|
|
|
|
|
(29,683 |
) |
|
|
(36,509 |
) |
|
|
|
|
|
|
(28,256 |
) |
|
|
(29,777 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(350,267 |
) |
|
$ |
(748,790 |
) |
|
|
-53 |
% |
|
$ |
(479,588 |
) |
|
$ |
(750,178 |
) |
|
|
-36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Per Common
Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(1.44 |
) |
|
$ |
(3.12 |
) |
|
|
|
|
|
$ |
(1.98 |
) |
|
$ |
(3.10 |
) |
|
|
|
|
Diluted |
$ |
(1.44 |
) |
|
$ |
(3.12 |
) |
|
|
|
|
|
$ |
(1.98 |
) |
|
$ |
(3.10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding, as reported: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
243,311 |
|
|
|
239,895 |
|
|
|
1 |
% |
|
|
242,692 |
|
|
|
241,770 |
|
|
|
0 |
% |
Diluted |
|
243,311 |
|
|
|
239,895 |
|
|
|
1 |
% |
|
|
242,692 |
|
|
|
241,770 |
|
|
|
0 |
% |
(a) |
See separate natural gas, NGLs and oil sales information
table. |
(b) |
Included in Brokered natural gas, marketing and other revenues in
the 10-Q. |
(c) |
Costs associated with stock compensation and restricted stock
amortization, which have been reflected in the categories
associated with the direct personnel costs, which are combined with
the cash costs in the 10-Q. |
(d) |
Reflects the change in market value of the vested Company stock
held in the deferred compensation plan. |
(e) |
Included in interest expense in the 10-Q. |
|
|
RANGE RESOURCES CORPORATION
BALANCE SHEETS |
|
|
|
|
|
|
|
(In thousands) |
|
September 30, |
|
|
|
December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
(Unaudited) |
|
|
|
(Audited) |
|
Assets |
|
|
|
|
|
|
|
Current assets |
$ |
384,210 |
|
|
$ |
266,508 |
|
Derivative assets |
|
53,663 |
|
|
|
40,012 |
|
Natural gas and oil properties, successful efforts method |
|
5,737,956 |
|
|
|
5,686,809 |
|
Transportation and field assets |
|
3,433 |
|
|
|
4,161 |
|
Operating lease right-of-use assets |
|
46,543 |
|
|
|
63,581 |
|
Other |
|
78,384 |
|
|
|
75,865 |
|
|
$ |
6,304,189 |
|
|
$ |
6,136,936 |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’
Equity |
|
|
|
|
|
|
|
Current liabilities |
$ |
954,353 |
|
|
$ |
673,445 |
|
Asset retirement obligations |
|
6,689 |
|
|
|
6,689 |
|
Derivative liabilities |
|
685,285 |
|
|
|
26,707 |
|
|
|
|
|
|
|
|
|
Bank debt |
|
23,976 |
|
|
|
693,123 |
|
Senior notes |
|
2,706,495 |
|
|
|
2,329,745 |
|
Senior subordinated notes |
|
— |
|
|
|
17,384 |
|
Total debt |
|
2,730,471 |
|
|
|
3,040,252 |
|
|
|
|
|
|
|
|
|
Deferred tax liability |
|
99,855 |
|
|
|
135,267 |
|
Derivative liabilities |
|
85,436 |
|
|
|
9,746 |
|
Deferred compensation liability |
|
112,235 |
|
|
|
81,481 |
|
Operating lease liabilities |
|
27,839 |
|
|
|
43,155 |
|
Asset retirement obligations and other liabilities |
|
86,247 |
|
|
|
91,157 |
|
Divestiture contract obligation |
|
334,495 |
|
|
|
391,502 |
|
|
|
|
|
|
|
|
|
Common stock and retained earnings |
|
1,211,559 |
|
|
|
1,668,146 |
|
Other comprehensive loss |
|
(268 |
) |
|
|
(479 |
) |
Common stock held in treasury stock |
|
(30,007 |
) |
|
|
(30,132 |
) |
Total stockholders’ equity |
|
1,181,284 |
|
|
|
1,637,535 |
|
|
$ |
6,304,189 |
|
|
$ |
6,136,936 |
|
RECONCILIATION OF
TOTAL REVENUES AND OTHER INCOME TO TOTAL REVENUE EXCLUDING CERTAIN
ITEMS, a non-GAAP measure |
|
|
(Unaudited, in thousands) |
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
% |
|
|
|
2021 |
|
|
|
2020 |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues and other
income, as reported |
$ |
302,639 |
|
|
$ |
299,345 |
|
|
1 |
% |
|
$ |
1,363,393 |
|
|
$ |
1,369,811 |
|
|
-1 |
% |
|
Adjustment for certain special
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total change in fair value related to derivatives prior to
settlement loss |
|
492,763 |
|
|
|
210,504 |
|
|
|
|
|
|
720,617 |
|
|
|
203,061 |
|
|
|
|
|
ARO settlement loss |
|
3 |
|
|
|
6 |
|
|
|
|
|
|
3 |
|
|
|
18 |
|
|
|
|
|
Total revenues, as adjusted,
non-GAAP |
$ |
795,405 |
|
|
$ |
509,855 |
|
|
56 |
% |
|
$ |
2,084,013 |
|
|
$ |
1,572,890 |
|
|
33 |
% |
|
RANGE RESOURCES CORPORATION
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(350,267 |
) |
|
$ |
(748,790 |
) |
|
$ |
(479,588 |
) |
|
$ |
(750,178 |
) |
Adjustments to reconcile net
cash provided from continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income tax benefit |
|
(34,167 |
) |
|
|
(36,509 |
) |
|
|
(35,477 |
) |
|
|
(29,411 |
) |
Depletion, depreciation, amortization and impairment |
|
93,116 |
|
|
|
98,122 |
|
|
|
272,128 |
|
|
|
382,734 |
|
Abandonment and impairment of unproved properties |
|
2,000 |
|
|
|
5,667 |
|
|
|
7,206 |
|
|
|
16,604 |
|
Derivative fair value loss (gain) |
|
652,220 |
|
|
|
124,690 |
|
|
|
959,782 |
|
|
|
(102,182 |
) |
Cash settlements on derivative financial instruments |
|
(159,457 |
) |
|
|
85,814 |
|
|
|
(239,165 |
) |
|
|
305,243 |
|
Divestiture contract obligation, including accretion, net of
gain |
|
11,602 |
|
|
|
486,689 |
|
|
|
8,467 |
|
|
|
486,689 |
|
Allowance for bad debts |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
400 |
|
Amortization of deferred issuance costs and other |
|
1,994 |
|
|
|
1,625 |
|
|
|
6,253 |
|
|
|
5,023 |
|
Deferred and stock-based compensation |
|
44,833 |
|
|
|
15,267 |
|
|
|
119,946 |
|
|
|
38,380 |
|
(Gain) loss on sale of assets and other |
|
(78 |
) |
|
|
9,230 |
|
|
|
(724 |
) |
|
|
(112,443 |
) |
Loss (gain) on early extinguishment of debt |
|
— |
|
|
|
7,821 |
|
|
|
98 |
|
|
|
(14,093 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in working capital: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
(67,066 |
) |
|
|
(12,047 |
) |
|
|
(116,204 |
) |
|
|
91,343 |
|
Other current assets |
|
(2,695 |
) |
|
|
(1,730 |
) |
|
|
(3,574 |
) |
|
|
(5,786 |
) |
Accounts payable |
|
13,073 |
|
|
|
(25,467 |
) |
|
|
34,313 |
|
|
|
(52,820 |
) |
Accrued liabilities and other |
|
(13,254 |
) |
|
|
(34,676 |
) |
|
|
(58,172 |
) |
|
|
(80,529 |
) |
Net changes in working capital |
|
(69,942 |
) |
|
|
(73,920 |
) |
|
|
(143,637 |
) |
|
|
(47,792 |
) |
Net cash provided from operating activities |
$ |
191,854 |
|
|
$ |
(24,294 |
) |
|
$ |
475,289 |
|
|
$ |
178,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NET
CASH PROVIDED FROM OPERATING ACTIVITIES, AS REPORTED, TO CASH FLOW
FROM OPERATIONS BEFORE CHANGES IN WORKING CAPITAL, a non-GAAP
measure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited, in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net cash provided from
operating activities, as reported |
$ |
191,854 |
|
|
$ |
(24,294 |
) |
|
$ |
475,289 |
|
|
$ |
178,974 |
|
Net changes in working capital |
|
69,942 |
|
|
|
73,920 |
|
|
|
143,637 |
|
|
|
47,792 |
|
Exploration expense |
|
5,513 |
|
|
|
7,897 |
|
|
|
15,331 |
|
|
|
22,299 |
|
Lawsuit settlements |
|
7,818 |
|
|
|
81 |
|
|
|
8,375 |
|
|
|
1,672 |
|
Exit and termination costs |
|
— |
|
|
|
4,191 |
|
|
|
394 |
|
|
|
5,638 |
|
One-time midstream termination payment |
|
— |
|
|
|
28,500 |
|
|
|
— |
|
|
|
28,500 |
|
Accrued transportation contract release |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
10,365 |
|
Non-cash compensation adjustment |
|
945 |
|
|
|
1,039 |
|
|
|
3,059 |
|
|
|
2,241 |
|
Cash flow from operations
before changes in working capital – non-GAAP measure |
$ |
276,072 |
|
|
$ |
91,334 |
|
|
$ |
646,085 |
|
|
$ |
297,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED WEIGHTED
AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited, in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding |
|
249,780 |
|
|
|
246,128 |
|
|
|
249,268 |
|
|
|
247,050 |
|
Stock held by deferred
compensation plan |
|
(6,469 |
) |
|
|
(6,233 |
) |
|
|
(6,576 |
) |
|
|
(5,280 |
) |
Adjusted basic |
|
243,311 |
|
|
|
239,895 |
|
|
|
242,692 |
|
|
|
241,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dilutive: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding |
|
249,780 |
|
|
|
246,128 |
|
|
|
249,268 |
|
|
|
247,050 |
|
Dilutive stock options under
treasury method |
|
(6,469 |
) |
|
|
(6,233 |
) |
|
|
(6,576 |
) |
|
|
(5,280 |
) |
Adjusted dilutive |
|
243,311 |
|
|
|
239,895 |
|
|
|
242,692 |
|
|
|
241,770 |
|
RANGE RESOURCES CORPORATION
RECONCILIATION OF
NATURAL GAS, NGLs AND OIL SALES AND DERIVATIVE FAIR VALUE INCOME
(LOSS) TO CALCULATED CASH REALIZED NATURAL GAS, NGLs AND OIL PRICES
WITH AND WITHOUT THIRD PARTY TRANSPORTATION, GATHERING AND
COMPRESSION FEES, a non-GAAP measure |
|
|
|
|
|
(Unaudited, in thousands,
except per unit data) |
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2021 |
|
|
2020 |
|
|
|
% |
|
|
2021 |
|
|
2020 |
|
|
|
% |
|
Natural gas, NGL and oil sales components: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas sales |
$ |
494,917 |
|
|
$ |
211,638 |
|
|
|
|
|
|
$ |
1,152,283 |
|
|
$ |
679,094 |
|
|
|
|
|
NGL sales |
|
309,232 |
|
|
|
149,263 |
|
|
|
|
|
|
|
795,173 |
|
|
|
416,885 |
|
|
|
|
|
Oil sales |
|
45,156 |
|
|
|
20,652 |
|
|
|
|
|
|
|
127,051 |
|
|
|
66,928 |
|
|
|
|
|
Total oil and gas sales, as
reported |
$ |
849,305 |
|
|
$ |
381,553 |
|
|
|
123 |
% |
|
$ |
2,074,507 |
|
|
$ |
1,162,907 |
|
|
|
78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative fair value (loss)
income, as reported: |
$ |
(652,220 |
) |
|
$ |
(124,690 |
) |
|
|
|
|
|
$ |
(959,782 |
) |
|
$ |
102,182 |
|
|
|
|
|
Cash settlements on derivative
financial instruments –loss (gain): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas |
|
123,932 |
|
|
|
(74,035 |
) |
|
|
|
|
|
|
132,794 |
|
|
|
(245,044 |
) |
|
|
|
|
NGLs |
|
26,142 |
|
|
|
915 |
|
|
|
|
|
|
|
77,899 |
|
|
|
(16,033 |
) |
|
|
|
|
Crude Oil |
|
9,383 |
|
|
|
(12,694 |
) |
|
|
|
|
|
|
28,472 |
|
|
|
(44,166 |
) |
|
|
|
|
Total change in fair value
related to derivatives prior to settlement, a non-GAAP measure |
$ |
(492,763 |
) |
|
$ |
(210,504 |
) |
|
|
|
|
|
$ |
(720,617 |
) |
|
$ |
(203,061 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation, gathering,
processing and compression components: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas |
$ |
165,864 |
|
|
$ |
157,097 |
|
|
|
|
|
|
$ |
486,162 |
|
|
$ |
494,305 |
|
|
|
|
|
NGLs |
|
130,221 |
|
|
|
110,849 |
|
|
|
|
|
|
|
366,648 |
|
|
|
336,491 |
|
|
|
|
|
Oil |
|
425 |
|
|
|
162 |
|
|
|
|
|
|
|
874 |
|
|
|
952 |
|
|
|
|
|
Total transportation,
gathering, processing and compression, as reported |
$ |
296,510 |
|
|
$ |
268,108 |
|
|
|
|
|
|
$ |
853,684 |
|
|
$ |
831,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas, NGL and oil
sales, including cash-settled derivatives: (c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas sales |
$ |
370,985 |
|
|
$ |
285,673 |
|
|
|
|
|
|
$ |
1,019,489 |
|
|
$ |
924,138 |
|
|
|
|
|
NGL sales |
|
283,090 |
|
|
|
148,348 |
|
|
|
|
|
|
|
717,274 |
|
|
|
432,918 |
|
|
|
|
|
Oil sales |
|
35,773 |
|
|
|
33,346 |
|
|
|
|
|
|
|
98,579 |
|
|
|
111,094 |
|
|
|
|
|
Total |
$ |
689,848 |
|
|
$ |
467,367 |
|
|
|
48 |
% |
|
|
1,835,342 |
|
|
|
1,468,150 |
|
|
|
25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production of oil and gas
during the periods (a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (mcf) |
|
137,713,717 |
|
|
|
142,876,351 |
|
|
|
-4 |
% |
|
|
399,929,389 |
|
|
|
439,764,525 |
|
|
|
-9 |
% |
NGL (bbl) |
|
9,080,902 |
|
|
|
9,176,553 |
|
|
|
-1 |
% |
|
|
26,977,257 |
|
|
|
28,525,849 |
|
|
|
-5 |
% |
Oil (bbl) |
|
710,914 |
|
|
|
656,319 |
|
|
|
8 |
% |
|
|
2,245,972 |
|
|
|
2,244,741 |
|
|
|
0 |
% |
Gas equivalent (mcfe) (b) |
|
196,464,613 |
|
|
|
201,873,583 |
|
|
|
-3 |
% |
|
|
575,268,763 |
|
|
|
624,388,065 |
|
|
|
-8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production of oil and gas –
average per day (a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (mcf) |
|
1,496,888 |
|
|
|
1,553,004 |
|
|
|
-4 |
% |
|
|
1,464,943 |
|
|
|
1,604,980 |
|
|
|
-9 |
% |
NGL (bbl) |
|
98,705 |
|
|
|
99,745 |
|
|
|
-1 |
% |
|
|
98,818 |
|
|
|
104,109 |
|
|
|
-5 |
% |
Oil (bbl) |
|
7,727 |
|
|
|
7,134 |
|
|
|
8 |
% |
|
|
8,227 |
|
|
|
8,192 |
|
|
|
0 |
% |
Gas equivalent (mcfe) (b) |
|
2,135,485 |
|
|
|
2,194,278 |
|
|
|
-3 |
% |
|
|
2,107,212 |
|
|
|
2,278,789 |
|
|
|
-8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average prices, excluding
derivative settlements and before third party transportation
costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (mcf) |
$ |
3.59 |
|
|
$ |
1.48 |
|
|
|
143 |
% |
|
$ |
2.88 |
|
|
$ |
1.54 |
|
|
|
87 |
% |
NGL (bbl) |
$ |
34.05 |
|
|
$ |
16.27 |
|
|
|
109 |
% |
|
$ |
29.48 |
|
|
$ |
14.61 |
|
|
|
102 |
% |
Oil (bbl) |
$ |
63.52 |
|
|
$ |
31.47 |
|
|
|
102 |
% |
|
$ |
56.57 |
|
|
$ |
29.82 |
|
|
|
90 |
% |
Gas equivalent (mcfe) (b) |
$ |
4.32 |
|
|
$ |
1.89 |
|
|
|
129 |
% |
|
$ |
3.61 |
|
|
$ |
1.86 |
|
|
|
94 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average prices, including
derivative settlements before third party transportation costs:
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (mcf) |
$ |
2.69 |
|
|
$ |
2.00 |
|
|
|
35 |
% |
|
$ |
2.55 |
|
|
$ |
2.10 |
|
|
|
21 |
% |
NGL (bbl) |
$ |
31.17 |
|
|
$ |
16.17 |
|
|
|
93 |
% |
|
$ |
26.59 |
|
|
$ |
15.18 |
|
|
|
75 |
% |
Oil (bbl) |
$ |
50.32 |
|
|
$ |
50.81 |
|
|
|
-1 |
% |
|
$ |
43.89 |
|
|
$ |
49.49 |
|
|
|
-11 |
% |
Gas equivalent (mcfe) (b) |
$ |
3.51 |
|
|
$ |
2.32 |
|
|
|
52 |
% |
|
$ |
3.19 |
|
|
$ |
2.35 |
|
|
|
36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average prices, including
derivative settlements and after third party transportation costs:
(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (mcf) |
$ |
1.49 |
|
|
$ |
0.90 |
|
|
|
66 |
% |
|
$ |
1.33 |
|
|
$ |
0.98 |
|
|
|
36 |
% |
NGL (bbl) |
$ |
16.83 |
|
|
$ |
4.09 |
|
|
|
312 |
% |
|
$ |
13.00 |
|
|
$ |
3.38 |
|
|
|
284 |
% |
Oil (bbl) |
$ |
49.72 |
|
|
$ |
50.56 |
|
|
|
-2 |
% |
|
$ |
43.50 |
|
|
$ |
49.07 |
|
|
|
-11 |
% |
Gas equivalent (mcfe) (b) |
$ |
2.00 |
|
|
$ |
0.99 |
|
|
|
102 |
% |
|
$ |
1.71 |
|
|
$ |
1.02 |
|
|
|
68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation, gathering and
compression expense per mcfe |
$ |
1.51 |
|
|
$ |
1.33 |
|
|
|
14 |
% |
|
$ |
1.48 |
|
|
$ |
1.33 |
|
|
|
11 |
% |
(a) |
Represents volumes sold regardless of when produced. |
(b) |
Oil and NGLs are converted at the rate of one barrel equals six
mcfe based upon the approximate relative energy content of oil to
natural gas, which is not necessarily indicative of the
relationship of oil and natural gas prices. |
(c) |
Excluding third party transportation, gathering and compression
costs. |
(d) |
Net of transportation, gathering and compression costs. |
|
|
RANGE RESOURCES CORPORATION
RECONCILIATION OF LOSS
BEFORE INCOME TAXESAS REPORTED TO INCOME BEFORE
INCOME TAXESEXCLUDING CERTAIN ITEMS, a non-GAAP
measure |
|
|
|
|
|
(Unaudited, in thousands,
except per share data) |
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2021 |
|
|
2020 |
|
|
|
% |
|
|
2021 |
|
|
2020 |
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations before
income taxes, as reported |
$ |
(379,950 |
) |
|
$ |
(785,299 |
) |
|
|
-52 |
% |
|
$ |
(507,844 |
) |
|
$ |
(779,955 |
) |
|
|
-35 |
% |
Adjustment for certain special
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on sale of assets |
|
(78 |
) |
|
|
9,230 |
|
|
|
|
|
|
|
(724 |
) |
|
|
(112,443 |
) |
|
|
|
|
Loss (gain) on ARO settlements |
|
3 |
|
|
|
6 |
|
|
|
|
|
|
|
3 |
|
|
|
18 |
|
|
|
|
|
Change in fair value related to derivatives prior to
settlement |
|
492,763 |
|
|
|
210,504 |
|
|
|
|
|
|
|
720,617 |
|
|
|
203,061 |
|
|
|
|
|
Abandonment and impairment of unproved properties |
|
2,000 |
|
|
|
5,667 |
|
|
|
|
|
|
|
7,206 |
|
|
|
16,604 |
|
|
|
|
|
Loss (gain) on early extinguishment of debt |
|
— |
|
|
|
7,821 |
|
|
|
|
|
|
|
98 |
|
|
|
(14,093 |
) |
|
|
|
|
Impairment of proved property and other assets |
|
— |
|
|
|
1,955 |
|
|
|
|
|
|
|
— |
|
|
|
78,955 |
|
|
|
|
|
Lawsuit settlements |
|
7,818 |
|
|
|
81 |
|
|
|
|
|
|
|
8,375 |
|
|
|
1,672 |
|
|
|
|
|
Exit and termination costs |
|
11,789 |
|
|
|
519,613 |
|
|
|
|
|
|
|
9,557 |
|
|
|
531,505 |
|
|
|
|
|
Exit and termination costs – stock-based compensation |
|
— |
|
|
|
2,020 |
|
|
|
|
|
|
|
— |
|
|
|
2,020 |
|
|
|
|
|
Brokered natural gas and marketing – non-cash stock-based
compensation |
|
446 |
|
|
|
324 |
|
|
|
|
|
|
|
1,339 |
|
|
|
905 |
|
|
|
|
|
Direct operating – stock-based compensation |
|
319 |
|
|
|
(74 |
) |
|
|
|
|
|
|
986 |
|
|
|
810 |
|
|
|
|
|
Exploration expenses – stock-based compensation |
|
368 |
|
|
|
189 |
|
|
|
|
|
|
|
1,116 |
|
|
|
891 |
|
|
|
|
|
General & administrative – stock-based compensation |
|
9,845 |
|
|
|
6,863 |
|
|
|
|
|
|
|
28,632 |
|
|
|
24,071 |
|
|
|
|
|
Deferred compensation plan – non-cash adjustment |
|
34,278 |
|
|
|
6,237 |
|
|
|
|
|
|
|
89,551 |
|
|
|
10,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
taxes, as adjusted |
|
179,601 |
|
|
|
(14,863 |
) |
|
|
|
|
|
|
358,912 |
|
|
|
(35,692 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense (benefit),
as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
4,484 |
|
|
|
— |
|
|
|
|
|
|
|
7,221 |
|
|
|
(366 |
) |
|
|
|
|
Deferred (a) |
|
44,900 |
|
|
|
(3,716 |
) |
|
|
|
|
|
|
89,728 |
|
|
|
(8,923 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) excluding
certain items, a non-GAAP measure |
$ |
130,217 |
|
|
$ |
(11,147 |
) |
|
|
|
|
|
$ |
261,963 |
|
|
$ |
(26,403 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP income (loss) per
common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.54 |
|
|
$ |
(0.05 |
) |
|
|
|
|
|
$ |
1.08 |
|
|
$ |
(0.11 |
) |
|
|
|
|
Diluted |
$ |
0.52 |
|
|
$ |
(0.05 |
) |
|
|
|
|
|
$ |
1.08 |
|
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted shares
outstanding, if dilutive |
|
249,607 |
|
|
|
239,895 |
|
|
|
|
|
|
|
248,620 |
|
|
|
241,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Deferred taxes are estimated to be approximately 25% for 2021 and
2020. |
|
|
RANGE RESOURCES CORPORATION
RECONCILIATION OF NET INCOME (LOSS),
EXCLUDINGCERTAIN ITEMS AND ADJUSTMENT EARNINGS PER
SHARE, non-GAAP measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per
share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember 30, |
|
|
Nine Months EndedSeptember 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss, as
reported |
$ |
(350,267 |
) |
|
$ |
(748,790 |
) |
|
$ |
(479,588 |
) |
|
$ |
(750,178 |
) |
Adjustment for certain
special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on sale of assets |
|
(78 |
) |
|
|
9,230 |
|
|
|
(724 |
) |
|
|
(112,443 |
) |
Loss (gain) on ARO settlements |
|
3 |
|
|
|
6 |
|
|
|
3 |
|
|
|
18 |
|
Loss (gain) on early extinguishment of debt |
|
— |
|
|
|
7,821 |
|
|
|
98 |
|
|
|
(14,093 |
) |
Change in fair value related to derivatives prior to
settlement |
|
492,763 |
|
|
|
210,504 |
|
|
|
720,617 |
|
|
|
203,061 |
|
Impairment of proved property |
|
— |
|
|
|
1,955 |
|
|
|
— |
|
|
|
78,955 |
|
Abandonment and impairment of unproved properties |
|
2,000 |
|
|
|
5,667 |
|
|
|
7,206 |
|
|
|
16,604 |
|
Lawsuit settlements |
|
7,818 |
|
|
|
81 |
|
|
|
8,375 |
|
|
|
1,672 |
|
Exit and termination costs |
|
11,789 |
|
|
|
519,613 |
|
|
|
9,557 |
|
|
|
531,505 |
|
Non-cash stock-based compensation |
|
10,978 |
|
|
|
9,322 |
|
|
|
32,073 |
|
|
|
28,697 |
|
Deferred compensation plan |
|
34,278 |
|
|
|
6,237 |
|
|
|
89,551 |
|
|
|
10,287 |
|
Tax impact |
|
(79,067 |
) |
|
|
(32,793 |
) |
|
|
(125,206 |
) |
|
|
(20,488 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
excluding certain items, a non-GAAP measure |
$ |
130,217 |
|
|
$ |
(11,147 |
) |
|
$ |
261,962 |
|
|
$ |
(26,403 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
diluted share, as reported |
$ |
(1.44 |
) |
|
$ |
(3.12 |
) |
|
$ |
(1.98 |
) |
|
$ |
(3.10 |
) |
Adjustment for certain
special items per diluted share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on sale of assets |
|
(0.00 |
) |
|
|
0.04 |
|
|
|
(0.00 |
) |
|
|
(0.47 |
) |
Loss (gain) on ARO settlements |
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
Loss (gain) on early extinguishment of debt |
|
— |
|
|
|
0.03 |
|
|
|
0.00 |
|
|
|
(0.06 |
) |
Change in fair value related to derivatives prior to
settlement |
|
2.02 |
|
|
|
0.88 |
|
|
|
2.97 |
|
|
|
0.84 |
|
Impairment of proved property and other assets |
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.33 |
|
Abandonment and impairment of unproved properties |
|
0.01 |
|
|
|
0.02 |
|
|
|
0.03 |
|
|
|
0.07 |
|
Lawsuit settlements |
|
0.03 |
|
|
|
0.00 |
|
|
|
0.03 |
|
|
|
0.01 |
|
Exit and termination costs |
|
0.04 |
|
|
|
2.17 |
|
|
|
0.04 |
|
|
|
2.20 |
|
Non-cash stock-based compensation |
|
0.04 |
|
|
|
0.04 |
|
|
|
0.13 |
|
|
|
0.12 |
|
Deferred compensation plan |
|
0.14 |
|
|
|
0.03 |
|
|
|
0.37 |
|
|
|
0.04 |
|
Adjustment for rounding differences |
|
— |
|
|
|
(0.01 |
) |
|
|
0.01 |
|
|
|
(0.01 |
) |
Tax impact |
|
(0.32 |
) |
|
|
(0.14 |
) |
|
|
(0.52 |
) |
|
|
(0.08 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
diluted share, excluding certain items, a
non-GAAP measure |
$ |
0.52 |
|
|
$ |
(0.05 |
) |
|
$ |
1.08 |
|
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share, a non-GAAP measure: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.54 |
|
|
$ |
(0.05 |
) |
|
$ |
1.08 |
|
|
$ |
(0.11 |
) |
Diluted |
$ |
0.52 |
|
|
$ |
(0.05 |
) |
|
$ |
1.08 |
|
|
$ |
(0.11 |
) |
RANGE RESOURCES CORPORATION
RECONCILIATION OF CASH MARGIN PER MCFE, a non-GAAP
measure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited, in thousands,
except per unit data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember 30, |
|
|
Nine Months EndedSeptember 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas, NGL and oil sales, as reported |
$ |
849,305 |
|
|
$ |
381,553 |
|
|
$ |
2,074,507 |
|
|
$ |
1,162,907 |
|
Derivative fair value (loss) income, as reported |
|
(652,220 |
) |
|
|
(124,690 |
) |
|
|
(959,782 |
) |
|
|
102,182 |
|
Less non-cash fair value loss (gain) |
|
492,763 |
|
|
|
210,504 |
|
|
|
720,617 |
|
|
|
203,061 |
|
Brokered natural gas and marketing and other, as reported |
|
105,554 |
|
|
|
42,482 |
|
|
|
248,668 |
|
|
|
104,722 |
|
Less ARO settlement and other (gains) losses |
|
(242 |
) |
|
|
(329 |
) |
|
|
(1,331 |
) |
|
|
(871 |
) |
Cash revenue applicable to production |
|
795,160 |
|
|
|
509,520 |
|
|
|
2,082,679 |
|
|
|
1,572,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct operating, as reported |
|
20,245 |
|
|
|
19,515 |
|
|
|
57,653 |
|
|
|
75,944 |
|
Less direct operating stock-based compensation |
|
(319 |
) |
|
|
74 |
|
|
|
(986 |
) |
|
|
(810 |
) |
Transportation, gathering and compression, as reported |
|
296,510 |
|
|
|
268,108 |
|
|
|
853,684 |
|
|
|
831,748 |
|
Production and ad valorem taxes, as reported |
|
7,140 |
|
|
|
6,106 |
|
|
|
20,179 |
|
|
|
20,682 |
|
Brokered natural gas and marketing, as reported |
|
105,838 |
|
|
|
47,967 |
|
|
|
247,177 |
|
|
|
118,752 |
|
Less brokered natural gas and marketing
stock-based compensation |
|
(446 |
) |
|
|
(324 |
) |
|
|
(1,339 |
) |
|
|
(905 |
) |
General and administrative, as reported |
|
49,061 |
|
|
|
38,153 |
|
|
|
127,307 |
|
|
|
118,695 |
|
Less G&A stock-based compensation |
|
(9,845 |
) |
|
|
(6,863 |
) |
|
|
(28,632 |
) |
|
|
(24,071 |
) |
Less lawsuit settlements |
|
(7,818 |
) |
|
|
(81 |
) |
|
|
(8,375 |
) |
|
|
(1,672 |
) |
Interest expense, as reported |
|
56,809 |
|
|
|
47,999 |
|
|
|
170,974 |
|
|
|
144,141 |
|
Less amortization of deferred financing costs |
|
(2,326 |
) |
|
|
(2,133 |
) |
|
|
(6,935 |
) |
|
|
(6,329 |
) |
Cash expenses |
|
514,849 |
|
|
|
418,521 |
|
|
|
1,430,707 |
|
|
|
1,276,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash margin, a
non-GAAP measure |
$ |
280,311 |
|
|
$ |
90,999 |
|
|
$ |
651,972 |
|
|
$ |
295,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mmcfe produced during
period |
|
196,465 |
|
|
|
201,874 |
|
|
|
575,269 |
|
|
|
624,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash margin per
mcfe |
$ |
1.43 |
|
|
$ |
0.45 |
|
|
$ |
1.13 |
|
|
$ |
0.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF LOSS
BEFORE INCOME TAXES TO CASH MARGIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited, in thousands,
except per unit data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember 30, |
|
|
Nine Months EndedSeptember 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes, as reported |
$ |
(379,950 |
) |
|
$ |
(785,299 |
) |
|
$ |
(507,844 |
) |
|
$ |
(779,955 |
) |
Adjustments to
reconcile (loss) income before income taxes
to cash margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARO settlements and other gains |
|
(242 |
) |
|
|
(329 |
) |
|
|
(1,331 |
) |
|
|
(871 |
) |
Derivative fair value loss (income) |
|
652,220 |
|
|
|
124,690 |
|
|
|
959,782 |
|
|
|
(102,182 |
) |
Net cash receipts on derivative settlements |
|
(159,457 |
) |
|
|
85,814 |
|
|
|
(239,165 |
) |
|
|
305,243 |
|
Exploration expense |
|
5,513 |
|
|
|
7,897 |
|
|
|
15,331 |
|
|
|
22,299 |
|
Lawsuit settlements |
|
7,818 |
|
|
|
81 |
|
|
|
8,375 |
|
|
|
1,672 |
|
Exit and termination costs |
|
11,789 |
|
|
|
519,613 |
|
|
|
9,557 |
|
|
|
531,505 |
|
Deferred compensation plan |
|
34,278 |
|
|
|
6,237 |
|
|
|
89,551 |
|
|
|
10,287 |
|
Stock-based compensation (direct operating, brokered natural gas
and marketing, general and administrative and termination
costs) |
|
10,978 |
|
|
|
9,322 |
|
|
|
32,073 |
|
|
|
28,697 |
|
Interest – amortization of deferred financing costs |
|
2,326 |
|
|
|
2,133 |
|
|
|
6,935 |
|
|
|
6,329 |
|
Depletion, depreciation and amortization |
|
93,116 |
|
|
|
96,167 |
|
|
|
272,128 |
|
|
|
303,779 |
|
(Gain) loss on sale of assets |
|
(78 |
) |
|
|
9,230 |
|
|
|
(724 |
) |
|
|
(112,443 |
) |
Loss (gain) on early extinguishment of debt |
|
— |
|
|
|
7,821 |
|
|
|
98 |
|
|
|
(14,093 |
) |
Impairment of proved property and other assets |
|
— |
|
|
|
1,955 |
|
|
|
— |
|
|
|
78,955 |
|
Abandonment and impairment of unproved properties |
|
2,000 |
|
|
|
5,667 |
|
|
|
7,206 |
|
|
|
16,604 |
|
Cash margin, a
non-GAAP measure |
$ |
280,311 |
|
|
$ |
90,999 |
|
|
$ |
651,972 |
|
|
$ |
295,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Range Resources (NYSE:RRC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Range Resources (NYSE:RRC)
Historical Stock Chart
From Apr 2023 to Apr 2024