Range Announces Fourth Quarter 2024 Results and Three-Year Outlook

Financial Performance - Range Resources Corporation reported fourth quarter 2024 revenues of $626 million, a decrease of 33% compared to the previous year [13]. - The company generated cash flow from operating activities of $945 million for the year, with a net income of $95 million for the fourth quarter, down 69% year-over-year [8][13]. - The average production for the fourth quarter was 2.2 Bcfe per day, with approximately 68% being natural gas [8][16]. Capital Expenditures and Guidance - The all-in capital budget for 2025 is projected to be between $650 million and $690 million, targeting annual production of approximately 2.2 Bcfe per day [5][28]. - The company plans to invest up to $30 million in non-maintenance acreage and $20-$30 million in production facility upgrades to reduce emissions [5][9]. - For the three-year outlook, Range expects to increase daily production to 2.6 Bcfe by 2027, with annual capital expenditures ranging from $650 million to $700 million [11]. Reserves and Production Outlook - As of year-end 2024, Range's proved reserves remained stable at 18.1 Tcfe, marking the 17th consecutive year of positive performance revisions [24]. - The company has approximately 6.2 Tcfe of proved undeveloped reserves, with an expected development cost of $0.38 per mcfe [24]. - The present value (PV10) of reserves under SEC methodology was reported at $5.5 billion, with a higher PV10 of $12.2 billion using December 31, 2024 strip prices [25][26]. Market Position and Strategy - Range Resources is positioned as a low-cost, low-emissions natural gas producer, with a focus on the Appalachian Basin to meet growing global gas demand [4]. - The company has secured incremental transportation and export capacity expected to start in 2026, enhancing its market access [12][15]. - The strategic investments made over the past two years are aimed at building in-process well inventory to support efficient production growth through 2027 [3][4]. Shareholder Returns - The company returned $77 million in dividends and invested $65 million in share repurchases during the year [8]. - A 12.5% increase in the quarterly cash dividend to $0.09 per share is expected to be approved by the Board of Directors [23]. - Range's net debt was reduced by $172 million, bringing the total net debt to approximately $1.40 billion by year-end 2024 [19].