| --- | --- | --- | --- | --- | |---------------------------------------|-------------------|--------------------------------------------------|------------|-------------------------------| | | Natural Gas (mcf) | 2Q24 Production & Realized Pricing \nNGLs (bbls) | Oil (bbls) | Natural Gas Equivalent (mcfe) | | Net production per day | 1,495,594 | 103,042 | 6,517 | 2,152,946 | | | | | | | | Average NYMEX price | $ 1.88 | $ 23.09 | $ 80.49 | | | Differential, including basis hedging | (0.41 ) | 1.26 | (12.17 ...

Financial Performance - Range Resources Corporation reported a net income of $28.7 million for the second quarter of 2024, compared to $30.2 million in the same period of 2023, reflecting a decrease of 5.1% [1] - Adjusted net income for the second quarter was $110.9 million, or $0.46 per diluted share, which is a 54% increase from $71.8 million, or $0.30 per diluted share, in the second quarter of 2023 [5][26] - Total revenues for the second quarter of 2024 were $530 million, down 17% from $637 million in the second quarter of 2023 [9][44] Production and Sales - Average production for the second quarter of 2024 was 2.15 billion cubic feet equivalent (Bcfe) per day, with approximately 69% attributed to natural gas [24][12] - The average realized price for natural gas was $2.47 per thousand cubic feet (mcf), while natural gas liquids (NGLs) averaged $24.56 per barrel [12][13] - Natural gas differentials, including basis hedging, averaged ($0.41) per mcf to NYMEX [13][24] Operational Efficiency - Direct operating expenses per mcfe decreased by 15% to $0.11 in the second quarter of 2024 compared to $0.13 in the same period of 2023 [27] - Total cash unit costs were $1.88 per mcfe, a slight decrease of 1% from $1.90 per mcfe in the second quarter of 2023 [27] - The company maintained a strong balance sheet with net debt of approximately $1.47 billion as of June 30, 2024 [14] Capital Expenditures and Guidance - Capital expenditures for the second quarter were $175 million, representing approximately 27% of the total 2024 budget [24][30] - Range Resources is targeting a maintenance production program in 2024, expecting production to remain flat at 2.12 to 2.16 Bcfe per day [16] - The company has updated its full-year 2024 price guidance for natural gas to NYMEX minus $0.40 to $0.45 per mcf [17] Market Position and Strategy - The CEO highlighted the resilience of the company's business model, emphasizing strong well performance and effective hedging strategies that allowed for free cash flow generation despite low natural gas prices [8] - Range Resources continues to expect a constructive long-term outlook for natural gas and NGLs, supported by a durable high-quality inventory [8]

The Zacks Consensus Estimate for second-quarter loss per share of 39 cents has witnessed four downward revisions and no upward movement over the past 30 days. The estimated figure suggests an improvement of 30% from the year-ago quarter's reported number. On the production front, we expect the company, having a strong footprint in the prolific Appalachian Basin, to produce 1.3% year-over-year higher natural gas equivalent volumes. Our proven model does not indicate an earnings beat for RRC this time around. ...

Emissions Progress FORT WORTH, Texas, July 17, 2024 (GLOBE NEWSWIRE) -- RANGE RESOURCES CORPORATION (NYSE: RRC) today published its 2023-2024 Corporate Sustainability Report. The latest report provides updates on key topics showcasing the Company's responsible business practices and its resiliency in the coming decades. Range has made significant strides in meeting its emissions targets, including progress towards its goal of netzero scope 1 and 2 GHG emissions by 2025. Range employees have implemented proc ...

"We have found success in merging long-term economic objectives with a commitment to environmental and social responsibility, which positions Range as a low-cost, resilient producer with a competitive emissions profile," said Dennis Degner, Chief Executive Officer and President. "Natural gas and natural gas liquids are being produced more efficiently than ever and will continue to play a meaningful role in global energy discussions. I believe the latest report showcases Range's sustainability in a world tha ...

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. Revenues are expected to be $626.29 million, up 6.8% from the year-ago quarter. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. The earnings ...

In its latest short-term energy outlook, the U.S. Energy Information Administration revealed that it expects Henry Hub spot natural gas spot average price to be higher in the second half of this year at $2.90 per million British thermal units (MMBtu) compared with $2.10 per MMBtu in the first half. It has a strong focus on strengthening its balance sheet. Over the past several years, RRC has consistently reduced its net debt load. Notably, the company has the lowest emission intensity among the upstream com ...

SOURCE: Range Resources Corporation Range Investor Contact: FORT WORTH, Texas, May 31, 2024 (GLOBE NEWSWIRE) -- RANGE RESOURCES CORPORATION (NYSE:RRC) today announced that its Board of Directors declared a quarterly cash dividend on its common stock for the second quarter. A dividend of $0.08 per common share is payable on June 28, 2024 to stockholders of record at the close of business on June 14, 2024. RANGE RESOURCES CORPORATION (NYSE:RRC) is a leading U.S. independent natural gas and NGL producer with o ...

FORT WORTH, Texas, May 31, 2024 (GLOBE NEWSWIRE) -- RANGE RESOURCES CORPORATION (NYSE:RRC) today announced that its Board of Directors declared a quarterly cash dividend on its common stock for the second quarter. A dividend of $0.08 per common share is payable on June 28, 2024 to stockholders of record at the close of business on June 14, 2024. RANGE RESOURCES CORPORATION (NYSE:RRC) is a leading U.S. independent natural gas and NGL producer with operations focused in the Appalachian Basin. The Company is h ...

Range Resources Corporation (NYSE:RRC) Q1 2024 Earnings Conference Call April 24, 2024 9:00 AM ET Company Participants Laith Sando - Vice President, Investor Relations Dennis Degner - Chief Executive Officer Mark Scucchi - Chief Financial Officer Alan Engberg - Vice President Liquid Marketing Conference Call Participants Michael Scialla - Stephens Bertrand Donnes - Truist Paul Diamond - Citi Nitin Kumar - Mizuho Jake Roberts - TPH & Company Leo Mariani - Roth MKM Noel Parks - Tuohy Brothers Investment Resea ...