Range Resources(US:RRC)2025-04-23 15:15Financial Performance - First quarter 2025 GAAP revenues totaled $691 million, with net income of $97 million ($0.40 per diluted share) and adjusted net income of $232 million ($0.96 per diluted share) [6][7] - Total revenues and other income for Q1 2025 were $690,554,000, a 7% increase from $645,456,000 in Q1 2024 [40] - Net income for Q1 2025 was $97,052,000, reflecting a 5% increase from $92,138,000 in Q1 2024 [40] - Net income for Q1 2025 was reported at $97,052, up from $92,138 in Q1 2024, with adjusted net income excluding certain items increasing by 39% to $232,087 [55] - Adjusted diluted earnings per share for Q1 2025 was $0.96, a 39% increase from $0.69 in Q1 2024 [53] Cash Flow and Capital Expenditures - Cash flow from operating activities was $330 million, while cash flow from operations before changes in working capital was $397 million [8] - Capital expenditures for the first quarter were $147 million, representing about 22% of the annual budget for 2025 [8][13] - The company repurchased $68 million of shares and paid $22 million in dividends during the first quarter [8] Production and Sales - Production averaged 2.20 Bcfe per day, with approximately 69% being natural gas [8] - Natural gas, NGLs, and oil sales reached $791,920,000 in Q1 2025, compared to $567,001,000 in Q1 2024 [40] - Total natural gas, NGLs, and oil sales for Q1 2025 reached $791,920, representing a 40% increase from $567,001 in Q1 2024, driven by a significant rise in natural gas sales [50] - Production of natural gas increased by 2% to 135,963,430 mcf in Q1 2025, while oil production decreased by 31% to 423,579 bbls [50] Debt and Assets - Range has a net debt of approximately $1.36 billion as of March 31, 2025 [11] - The company reported a total debt of $1,696,541,000 as of March 31, 2025, with net debt at $1,361,968,000, a 3% decrease from the previous year [44] - Current assets increased to $714,502,000 as of March 31, 2025, up from $636,982,000 at the end of 2024 [43] - The company’s current liabilities decreased to $1,211,926,000 as of March 31, 2025, from $1,263,247,000 at the end of 2024 [43] Costs and Expenses - Total costs and expenses for Q1 2025 were $580,819,000, a 9% increase from $535,114,000 in Q1 2024 [40] - Total transportation, gathering, processing, and compression costs for Q1 2025 were $306,109, up from $290,875 in Q1 2024, reflecting a 5% increase [50] - Exploration expenses rose to $6,044,000 in Q1 2025 from $4,202,000 in Q1 2024, reflecting an increase of about 43.7% [58] - Depletion, depreciation, and amortization expenses increased to $90,559,000 in Q1 2025 from $87,137,000 in Q1 2024, marking an increase of about 2.8% [58] Derivative and Fair Value - The company reported a derivative fair value loss of $158,957,000 in Q1 2025, compared to a gain of $46,598,000 in Q1 2024 [40] - Derivative fair value loss for Q1 2025 was $158,957,000, compared to a gain of $46,598,000 in Q1 2024, indicating a significant shift in derivative performance [58] - Net cash receipts on derivative settlements decreased to $4,573,000 in Q1 2025 from $122,373,000 in Q1 2024, a decline of approximately 96.3% [58] Future Outlook - Range expects its 2025 all-in capital budget to be between $650 million and $690 million, with annual production projected at approximately 2.2 Bcfe per day [18] - The company plans to exit 2025 with approximately 400,000 lateral feet of surplus inventory to support future development [14] - The company’s production forecasts are dependent on various assumptions, including production decline rates and future drilling activity [36] Miscellaneous - Bad debt expense remained unchanged at $0 for both Q1 2025 and Q1 2024, indicating no losses recorded [58] - The company reported a gain on the sale of assets of $62,000 in Q1 2025, compared to a gain of $87,000 in Q1 2024 [58] - Abandonment and impairment of unproved properties increased to $4,574,000 in Q1 2025 from $2,371,000 in Q1 2024, reflecting an increase of approximately 93.0% [58]