Range Resources Q4 Earnings & Revenues Surpass Estimates

Core Insights - Range Resources Corporation (RRC) reported fourth-quarter 2024 adjusted earnings of 68 cents per share, exceeding the Zacks Consensus Estimate of 51 cents and improving from 63 cents in the prior year [1] - Total quarterly revenues reached $750 million, surpassing the Zacks Consensus Estimate of $693 million and increasing from $715 million year-over-year [1] Operational Performance - Production averaged 2,202.5 million cubic feet equivalent per day (Mcfe/d), slightly lower than the prior-year level of 2,207.4 Mcfe/d but above the projection of 2,196.2 Mcfe/d [3] - Natural gas contributed approximately 68% to total production, with natural gas production decreasing by 2% year-over-year, oil production decreasing by 30%, and NGL output increasing by 7% [3] Price Realization - Total price realization averaged $3.13 per Mcfe, up 5% year-over-year and higher than the estimate of $2.74 per Mcfe [4] - Natural gas price increased by 8% year-over-year to $2.43 per Mcf, while NGL price rose by 6% and oil price fell by 12% [4] Costs & Expenses - Total costs and expenses increased by 1% year-over-year to $562 million, exceeding the expectation of $554.4 million [5] - Transportation, gathering, processing, and compression costs rose to $299.4 million from $283.1 million in the prior-year quarter [5] Capital Expenditure & Balance Sheet - Drilling and completion expenditure amounted to $124 million, with an additional $29 million spent on acreage leasehold and gathering systems [6] - Total debt at the end of the reported quarter was $1,697.9 million [6] Outlook - Range Resources expects total production for 2025 to be 2.2 billion cubic feet equivalent per day, with over 30% attributed to liquids production [7] - The estimated capital budget for 2025 is between $650 million and $690 million [7]