Core Viewpoint - Range Resources Corporation reported strong third-quarter earnings, beating consensus estimates, driven by higher production volumes, but faces a downward trend in estimates moving forward [2][3][10]. Financial Performance - Adjusted earnings for Q3 2024 were 48 cents per share, surpassing the Zacks Consensus Estimate of 35 cents and improving from 46 cents in the prior year [2]. - Total revenues reached $680 million, exceeding the Zacks Consensus Estimate of $627 million and up from $649 million year-over-year [2]. Operational Performance - Average production was 2,204.5 million cubic feet equivalent per day (Mcfe/d), an increase from 2,123 Mcfe/d in the prior year and above the projection of 2,118.3 Mcfe/d [4]. - Natural gas accounted for approximately 68% of total production, with a 4% year-over-year increase, while oil production decreased by 12% and NGL output increased by 5% [4]. Pricing and Costs - Average price realization was $2.63 per Mcfe, down 3% year-over-year but higher than the estimate of $2.59 per Mcfe [5]. - Total costs and expenses rose by 1% year-over-year to $549 million, exceeding the expectation of $528.2 million, with significant increases in transportation and processing costs [6]. Capital Expenditure and Debt - Drilling and completion expenditures were $146 million, with an additional $10 million spent on acreage leasehold and gathering systems [7]. - Total debt at the end of the quarter was $1,706.5 million [8]. Future Outlook - The company has raised its total production guidance for 2024 to 2.17 billion cubic feet equivalent per day, with over 30% attributed to liquids production, and estimated a capital budget of $645-$670 million for the year [9]. - However, there has been a downward trend in estimates, with a consensus estimate shift of -6.54% [10][11].

As winter approaches with colder temperatures expected, energy investors increasingly focus on natural gas, a cleaner-burning alternative to oil and coal, due to rising heating demand. As a result, Range Resources Corporation (RRC) , Antero Resources Corporation (AR) , and Comstock Resources Inc. (CRK) are well-positioned to benefit.Colder Winter Forecast Across the U.S. Drives Gas DemandIn its short-term energy outlook, the U.S. Energy Information Administration forecasts a colder winter across much of the ...

Earnings Growth and Market Outlook - Range Resources Corporation (RRC) is expected to see earnings growth of 33% in 2025 [1] - The U S Energy Information Administration forecasts the 2025 Henry Hub spot natural gas price to rise to $3 10 per MMBtu from $2 28 MMBtu in September reflecting growing demand due to increased liquefied natural gas exports [1] Company Strengths and Production Outlook - RRC has decades of low-risk drilling inventory in Appalachia which brightens its production outlook [2] - The company has lower well costs per lateral foot compared to many other upstream players [2] - RRC has consistently reduced its net debt load over the past several years and has the lowest emission intensity among U S upstream companies [3] Industry Comparison and Competitor Analysis - ConocoPhillips (COP) has a solid production outlook supported by decades of drilling inventories across its low-cost and diversified upstream asset base including Eagle Ford shale the Permian Basin and Bakken shale [5] - Diamondback Energy has reported ongoing enhancements in average productivity per well in the Midland Basin likely leading to increased production volumes [6] - Matador Resources has a strong presence in the prolific Wolfcamp and Bone Spring plays in the Delaware Basin [6]

A few days ago, Range Resources (NYSE: RRC ) published its 2024 third-quarter report with results that beat analysts' expectations, both in terms of revenues and net income. The market appreciated Range Resources' results with the stock price that increased by 3.5% in the following Analyst's Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresse ...

We are currently offering a free two-week trial to Distressed Value Investing . Join our community to receive exclusive research about various companies and other opportunities along with full access to my portfolio of historic research that now includes over 1,000 reports on over 100 companies.Range Resources (NYSE: RRC ) is a pure-play Appalachian natural gas producer that has managed to weather low natural gas prices in 2024 with the help of its hedges. It generated $294 million in free cash flow during ...

Exhibit 99.1 NEWS RELEASE Range Announces Third Quarter 2024 Results FORT WORTH, TEXAS, October 22, 2024…RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its third quarter 2024 financial results. Third Quarter 2024 Highlights – • Cash flow from operating activities of $246 million • Cash flow from operations, before working capital changes, of $250 million • Capital spending of $156 million, approximately 24% of the 2024 budget • Pre-hedge NGL realizations of $25.96 per barrel – premium of $4.10 over ...

Range Resources Corporation (RRC) reported third-quarter 2024 adjusted earnings of 48 cents per share, which beat the Zacks Consensus Estimate of 35 cents. The bottom line also improved from the prior-year level of 46 cents. Total quarterly revenues of $680 million beat the Zacks Consensus Estimate of $627 million. The top line also increased from the prior-year figure of $649 million.The strong quarterly results can be primarily attributed to higher gas equivalent production volumes.Operational Performance ...

Range Resources (RRC) came out with quarterly earnings of $0.48 per share, beating the Zacks Consensus Estimate of $0.35 per share. This compares to earnings of $0.46 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 37.14%. A quarter ago, it was expected that this independent oil and gas company would post earnings of $0.39 per share when it actually produced earnings of $0.46, delivering a surprise of 17.95%.Over the last four ...

[PART I – FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=ITEM%201.%20Financial%20Statements%3A) The unaudited consolidated financial statements detail the company's financial position, operations, and cash flows, showing asset growth and reduced net income [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheets reflect a slight increase in total assets to $7.24 billion, a decrease in total liabilities, and an increase in stockholders' equity Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2024 (Unaudited) | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $277,450 | $211,974 | | Total current assets | $655,541 | $870,124 | | Total assets | $7,241,303 | $7,203,885 | | **Liabilities & Equity** | | | | Total current liabilities | $1,223,904 | $583,086 | | Total liabilities | $3,373,216 | $3,438,334 | | Total stockholders' equity | $3,868,087 | $3,765,551 | | Total liabilities and stockholders' equity | $7,241,303 | $7,203,885 | [Consolidated Statements of Income (Unaudited)](index=4&type=section&id=Consolidated%20Statements%20of%20Income%20(Unaudited)) Net income for Q3 2024 slightly increased, while the nine-month net income sharply declined to $171.5 million due to lower derivative income and reduced sales Income Statement Summary (in thousands, except per share data) | Metric | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Natural gas, NGLs and oil sales | $533,277 | $526,718 | $1,578,728 | $1,731,382 | | Total revenues and other income | $609,724 | $609,724 | $1,790,445 | $2,433,061 | | Net income | $50,656 | $49,430 | $171,498 | $561,108 | | Diluted EPS | $0.21 | $0.20 | $0.70 | $2.27 | [Consolidated Statements of Cash Flows (Unaudited)](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) Net cash from operating activities decreased to $726.6 million, with significant cash used in investing and financing activities, leading to a $65.5 million increase in cash Cash Flow Summary for Nine Months Ended Sept 30 (in thousands) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided from operating activities | $726,624 | $751,797 | | Net cash used in investing activities | ($472,605) | ($443,889) | | Net cash used in financing activities | ($188,543) | ($145,314) | | **Increase in cash and cash equivalents** | **$65,476** | **$162,594** | [Consolidated Statements of Stockholders' Equity (Unaudited)](index=7&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity%20(Unaudited)) Stockholders' equity increased to $3.87 billion, driven by net income of $171.5 million, partially offset by dividends and treasury stock repurchases - Key activities affecting stockholders' equity in the first nine months of 2024 included net income of **$171.5 million**, dividend payments totaling **$58.5 million** (**$0.24 per share**), and treasury stock repurchases of **$44.1 million**[10](index=10&type=chunk)[71](index=71&type=chunk) [Notes to Consolidated Financial Statements (Unaudited)](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20(Unaudited)) The notes detail accounting policies and financial items, including revenue disaggregation, total debt of $1.71 billion, derivative hedging with a $207.4 million unrealized gain, and a $1.0 billion stock repurchase authorization Revenue by Product - Nine Months Ended Sept 30 (in thousands) | Product | 2024 | 2023 | | :--- | :--- | :--- | | Natural gas sales | $715,266 | $913,915 | | NGLs sales | $750,547 | $695,368 | | Oil sales | $112,915 | $122,099 | | **Total** | **$1,578,728** | **$1,731,382** | Outstanding Debt (in thousands) | Debt Instrument | Sept 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | 4.875% senior notes due 2025 | $618,140 | $688,388 | | 8.25% senior notes due 2029 | $600,000 | $600,000 | | 4.75% senior notes due 2030 | $500,000 | $500,000 | | **Total senior notes** | **$1,718,140** | **$1,788,388** | - The company repurchased **$70.2 million** of its 4.875% senior notes due 2025 in the open market during the first nine months of 2024, recognizing a gain of **$254,000**[22](index=22&type=chunk) - As of September 30, 2024, the company had commodity derivative contracts with a net unrealized gain of **$207.4 million**, expiring monthly through December 2027[27](index=27&type=chunk) - The company has approximately **$1.0 billion** remaining under its stock repurchase authorization as of September 30, 2024[53](index=53&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the significant drop in nine-month net income to lower commodity prices and derivative fair value income, while maintaining strong liquidity and executing capital return strategies - The company's strategy focuses on returns-focused development, capital discipline, operational efficiency, hedging, and balance sheet management to navigate volatile commodity prices[64](index=64&type=chunk) - Natural gas prices declined in Q1 2024 due to mild weather but partially recovered in Q3, with long-term prices supported by expectations of strong demand from U.S. LNG exports[66](index=66&type=chunk) - In the first nine months of 2024, the company paid **$58.1 million** in dividends and repurchased **$44.1 million** of its common stock[71](index=71&type=chunk) - As of September 30, 2024, the company had approximately **$1.6 billion** of liquidity, including **$277.5 million** in cash and **$1.3 billion** available under its credit facility[103](index=103&type=chunk) [Consolidated Results of Operations](index=23&type=section&id=Consolidated%20Results%20of%20Operations) Q3 2024 net income slightly increased due to higher production, while nine-month net income sharply declined to $171.5 million, primarily from lower derivative income and commodity prices Q3 2024 vs Q3 2023 Performance | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Net Income | $50.7M | $49.4M | +2.6% | | Production (Bcfe/d) | 2.2 | 2.1 | +4% | | Realized Price (pre-hedge, $/mcfe) | $2.63 | $2.70 | -3% | | Transportation Costs ($/mcfe) | $1.51 | $1.42 | +6.3% | Nine Months 2024 vs Nine Months 2023 Performance | Metric | 9M 2024 | 9M 2023 | Change | | :--- | :--- | :--- | :--- | | Net Income | $171.5M | $561.1M | -69.4% | | Derivative Fair Value Income | $110.5M | $530.1M | -79.2% | | Production (Bcfe/d) | 2.2 | 2.1 | +2% | | Realized Price (pre-hedge, $/mcfe) | $2.66 | $3.00 | -11% | [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity of $1.6 billion from cash and credit facilities, with operating cash flow funding capital programs and a $618.1 million debt maturity in 2025 - Operating cash flow for the first nine months of 2024 was **$726.6 million**, a decrease from **$751.8 million** in the prior-year period due to lower realized prices[100](index=100&type=chunk)[102](index=102&type=chunk) - The bank credit facility has a borrowing base of **$3.0 billion** and lender commitments of **$1.5 billion**, with no outstanding borrowings as of September 30, 2024[104](index=104&type=chunk) - The company's next major debt maturity is **$618.1 million** of senior notes due in 2025[105](index=105&type=chunk) - The board approved a dividend of **$0.08 per share** in August 2024, and the remaining stock repurchase authorization is approximately **$1.0 billion**[107](index=107&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=34&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risks are volatile commodity prices, mitigated by derivatives with a $207.4 million unrealized gain, while fixed-rate debt minimizes interest rate risk - The company uses swaps, collars, three-way collars, and swaptions to manage commodity price volatility, with these contracts having a net unrealized gain of **$207.4 million** as of September 30, 2024, expiring monthly through December 2027[117](index=117&type=chunk) Commodity Derivative Volumes Hedged (as of Sept 30, 2024) | Period | Product | Type | Volume Hedged | Weighted Avg. Price/Range | | :--- | :--- | :--- | :--- | :--- | | 2024 | Natural Gas | Swaps | 300,000 Mmbtu/day | $4.21 | | 2024 | Natural Gas | Collars | 416,848 Mmbtu/day | $3.49 - $5.63 | | 2025 | Natural Gas | Swaps | 400,000 Mmbtu/day | $4.12 | | 2024 | Oil | Swaps | 5,000 bbls/day | $81.35 | - The company is exposed to basis risk and uses basis swap agreements to fix the differential between NYMEX Henry Hub and local market prices, which had a fair value loss of **$16.9 million** at September 30, 2024[120](index=120&type=chunk) - All of the company's **$1.7 billion** in debt carries fixed interest rates, resulting in no significant exposure to market interest rate movements[122](index=122&type=chunk) [Controls and Procedures](index=36&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of September 30, 2024, with no material changes to internal control over financial reporting during Q3 2024 - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of September 30, 2024[124](index=124&type=chunk) - No changes in internal control over financial reporting occurred during the third quarter of 2024 that materially affected, or are reasonably likely to materially affect, these controls[125](index=125&type=chunk) [PART II – OTHER INFORMATION](index=37&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=37&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is involved in various legal and environmental proceedings, but management believes these will not materially affect its financial position or operations - The company is subject to various legal actions, but management believes the outcomes will not have a material adverse effect on its financial position or operations[58](index=58&type=chunk)[127](index=127&type=chunk) [Risk Factors](index=37&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors are reported, referring stakeholders to the 2023 Form 10-K for detailed information - No new risk factors are reported in this 10-Q; stakeholders are referred to the risk factors in the 2023 Form 10-K[129](index=129&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q3 2024, the company repurchased 800,000 shares for $24.0 million, with approximately $1.0 billion remaining under its stock repurchase authorization Common Stock Repurchases - Q3 2024 | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | July 2024 | 325,000 | $31.62 | | August 2024 | 285,000 | $29.39 | | September 2024 | 190,000 | $28.57 | | **Total Q3** | **800,000** | **N/A** | - As of September 30, 2024, the company has approximately **$1.0 billion** remaining under its stock repurchase authorization[130](index=130&type=chunk) [Other Information](index=37&type=section&id=ITEM%205.%20Other%20Information) No director or officer adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the third quarter of 2024 - No director or officer adopted, modified, or terminated a Rule 10b5-1 trading plan in Q3 2024[131](index=131&type=chunk) [Exhibits](index=38&type=section&id=ITEM%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL data files - Exhibits filed include Sarbanes-Oxley Section 302 and 906 certifications from the CEO and CFO[131](index=131&type=chunk)

FORT WORTH, Texas, Oct. 22, 2024 (GLOBE NEWSWIRE) -- RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its third quarter 2024 financial results. Third Quarter 2024 Highlights – Cash flow from operating activities of $246 millionCash flow from operations, before working capital changes, of $250 millionCapital spending of $156 million, approximately 24% of the 2024 budgetPre-hedge NGL realizations of $25.96 per barrel – premium of $4.10 over Mont Belvieu equivalentNatural gas differentials, including b ...