Range Announces Second Quarter 2024 Results

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]