Range Resources(RRC)

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Range Resources(RRC) - 2023 Q4 - Annual Results
2024-02-22 16:37
Exhibit 99.1 NEWS RELEASE Range Announces Fourth Quarter 2023 Results and 2024 Guidance FORT WORTH, TEXAS, FEBRUARY 21, 2024…RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its fourth quarter 2023 financial results and plans for 2024. Full-Year 2023 Highlights – Commenting on the 2023 results and 2024 plans, Dennis Degner, the Company's CEO said, "Range had a successful year – operating safely and efficiently, while generating free cash flow despite lower natural gas prices. Range's 2023 free cash f ...
Range Resources(RRC) - 2023 Q4 - Annual Report
2024-02-21 22:00
Reserves and Production - Proved reserves totaled 18.1 trillion cubic feet equivalent (Tcfe), with 64% being natural gas, 34% NGLs, and 2% crude oil and condensate [24]. - Total proved reserves as of December 31, 2023, were 18.1 Tcfe, a slight increase from the previous year, with developed reserves accounting for 64% [47][50]. - Proved undeveloped reserves (PUDs) as of December 31, 2023, totaled 21.6 Mmbbls of crude oil, 411.4 Mmbbls of NGLs, and 4.0 Tcf of natural gas, amounting to 6.6 Tcfe [57]. - Average production in 2023 was 2.14 Bcfe per day, up from 2.12 Bcfe per day in 2022, indicating a disciplined investment strategy in the Marcellus Shale [47]. - 2023 production volumes reached 538.1 billion cubic feet (Bcf) of natural gas, 37.9 million barrels (Mmbbls) of NGLs, and 2.5 Mmbbls of crude oil and condensate, averaging 2.14 billion cubic feet equivalent (Bcfe) per day [25]. - Average daily production volumes for natural gas in 2023 were 538,085 Mmcf, slightly down from 539,443 Mmcf in 2022 [61]. - The company drilled 50 productive development wells in 2023, maintaining a 100% success ratio [69]. - A successful drilling program in 2023 resulted in 50 gross natural gas wells with a 100% success rate [47]. Financial Performance - Realized cash flow from operating activities was $977.9 million, with a total distribution of $77.2 million in dividends and $19.0 million in stock repurchases [26]. - The pretax present value of future net cash flows from proved reserves was estimated at $7.9 billion, discounted at 10% per annum [24]. - Future net cash flows from proved reserves are estimated at $54,390 million for 2023, a decrease of 30.8% from $78,650 million in 2022 [60]. - The present value of future net cash flows after income tax is $6,838 million for 2023, down from $24,545 million in 2022, representing a decline of 72.1% [60]. - Average sales price for natural gas decreased to $2.29 per mcf in 2023 from $6.24 per mcf in 2022, a drop of 63.3% [61]. - The average price for a barrel of NGLs in 2023 was approximately 32% of the average price for equivalent volumes of oil [56]. - The company maintained a cash balance of $212.0 million and has no debt maturities until 2025, providing financial flexibility [40]. - The company reduced its total debt by $80.6 million in 2023, ending the year with $1.3 billion available under the credit facility and $212 million in cash [47]. Cost Management - The company achieved an 11% reduction in transportation, gathering, processing, and compression costs per thousand cubic feet equivalent (mcfe) from 2022 [26]. - The company reduced its general and administrative expenses per mcfe by 5% and interest expenses per mcfe by 24% from 2022 [32]. - Costs incurred for the development of PUDs in 2023 were approximately $495.1 million, with all PUD drilling locations scheduled to be drilled by the end of 2028 [57]. - The capital budget for 2024 is expected to be between $620 million and $670 million, with $575 million to $590 million allocated for drilling costs [46]. Environmental and Regulatory Compliance - The company aims to achieve net zero GHG emissions by year-end 2025, focusing on sustainable operations and recycling approximately 100% of produced water [47]. - The company is subject to extensive federal, state, and local regulations that can impact production viability and profitability, including compliance with the Energy Policy Act of 2005 [99]. - The company believes it is in substantial compliance with applicable laws and regulations, but acknowledges that changes in regulations could affect future costs and operations [99]. - The company is subject to GHG emissions regulations and may need to install control technologies for new or modified facilities if they exceed permitting thresholds [126]. - The company is in substantial compliance with environmental laws and does not expect material expenditures related to compliance in 2024 [130]. Workforce and Safety - Employee turnover rate averaged less than 3.5% over the five-year period ended December 31, 2023, indicating strong employee retention [77]. - The company has only recorded two OSHA incidents over 3.5 million work hours from 2021 to 2023, resulting in a Total Recordable Incident Rate of 0.11 [78]. - A 28% reduction in workforce recordable injuries was achieved compared to 2022, with no employee recordable injuries in 2023 [32]. - The company adopts a conservative approach to headcount management, evaluating the necessity of new hires to minimize layoffs during downturns [79]. Management and Competition - The executive team includes Dennis L. Degner (CEO, age 51), Mark S. Scucchi (CFO, age 46), Erin W. McDowell (General Counsel, age 45), and Dori A. Ginn (Controller, age 66) [82]. - The company faces substantial competition in the oil and gas industry, particularly in acquiring properties and securing personnel, with many competitors having significantly greater financial resources [87]. - The company employs a strategy of marketing its natural gas, NGLs, and oil production based on price, credit quality, and service reliability, with alternative purchasers readily available [89].
Range Resources(RRC) - 2023 Q3 - Earnings Call Transcript
2023-10-25 16:14
Range Resources Corporation (NYSE:RRC) Q3 2023 Earnings Conference Call October 25, 2023 9:00 AM ET Company Participants Dennis Degner - CEO Mark Scucchi - CFO Laith Sando - VP, IR Conference Call Participants Scott Hanold - RBC Capital Markets Doug Leggate - Bank of America Jean Ann Salisbury - Bernstein Umang Choudhary - Goldman Sachs & Company Michael Scialla - Stephens Inc. Jacob Roberts - TPH & Company Arun Jayaram - J.P. Morgan Securities Operator Welcome to the Range Resources Third Quarter 2023 Earn ...
Range Resources(RRC) - 2023 Q3 - Earnings Call Presentation
2023-10-25 14:09
▪ Planned nuclear retirements (~2 GW of announced retirements for 2023- 2027) also remove large base-load of power generation ▪ New gas-fired reciprocating engines being added to balance grid instability issues created by renewables 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 2022 2023 2024 2025 2026 2027 Displacement (Bcf/d equivalent) Retirements (MW) Coal Nuclear Cumulative Displacement Announced Coal & Nuclear Reactor Retirements Bcf per Day Equivalent 48% 44% ...
Range Resources(RRC) - 2023 Q3 - Quarterly Report
2023-10-24 20:45
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-12209 RANGE RESOURCES CORPORATION (Exact Name of Registrant as Specified in Its Charter) Delaware 34-1312571 (State or Othe ...
Range Resources(RRC) - 2023 Q2 - Earnings Call Transcript
2023-07-25 17:20
Range Resources Corporation (NYSE:RRC) Q2 2023 Earnings Conference Call July 25, 2023 9:00 AM ET Company Participants Laith Sando - VP, IR Jeff Ventura - CEO Dennis Degner - COO Mark Scucchi - CFO Alan Engberg - VP, Liquids Marketing Conference Call Participants Bernard Don - Truist Umang Choudhary - Goldman Sachs Leo Mariani - Roth MKM Roger Read - Wells Fargo Michael Scialla - Stephens Paul Diamond - Citi Jacob Roberts - TPH & Company Doug Leggate - Bank of America Operator Welcome to the Range Resources ...
Range Resources(RRC) - 2023 Q2 - Earnings Call Presentation
2023-07-25 13:28
All statements, except for statements of historical fact, made within 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, future commodity fundamentals and pricing, future capital efficiencies, future shareholder value, emerging plays ...
Range Resources(RRC) - 2023 Q2 - Quarterly Report
2023-07-24 20:46
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 100 Throckmorton Street, Suite 1200 Fort Worth, Texas 76102 (Address of Principal Executive Offices) (Zip Code) Securities registered pursuant to Section 12(b) of the Act: | | Trading | | | --- | --- | --- | | Title of each class | Symbol(s) | Name of each exchange on which registered | | Common Stock, (Par Value $0.01) | RRC | ...
Range Resources(RRC) - 2023 Q1 - Earnings Call Transcript
2023-04-25 17:19
Range Resources Corporation (NYSE:RRC) Q1 2023 Results Conference Call April 25, 2023 9:00 AM ET Company Participants Laith Sando - VP, IR Jeff Ventura - CEO Dennis Degner - COO Mark Scucchi - CFO Alan Engberg - VP, Liquids Marketing Conference Call Participants Michael Scialla - Stephens Doug Leggate - Bank of America Bertrand Donnes - Truist Jacob Roberts - TPH & Company Subhasish Chandra - Benchmark Company Paul Diamond - Citi Scott Hanold - RBC Capital Markets Umang Choudhary - Goldman Sachs Operator We ...
Range Resources(RRC) - 2023 Q1 - Quarterly Report
2023-04-24 20:46
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-12209 RANGE RESOURCES CORPORATION (Exact Name of Registrant as Specified in Its Charter) Delaware 34-1312571 (State or Other Ju ...