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Range Resources Q1 Earnings Beat on Higher Price Realizations
RRCRange Resources(RRC) ZACKS·2025-04-23 17:55

Financial Performance - Range Resources Corporation (RRC) reported first-quarter 2025 adjusted earnings of 96 cents per share, exceeding the Zacks Consensus Estimate of 90 cents and improving from 69 cents in the prior year [1] - Total quarterly revenues reached 854million,surpassingtheZacksConsensusEstimateof854 million, surpassing the Zacks Consensus Estimate of 811 million and increasing from 721millionyear−over−year[1]OperationalPerformance−Productionaveraged2,200.3millioncubicfeetequivalentperday(Mcfe/d),upfrom2,141.5Mcfe/dinthesamequarterlastyearandexceedingtheprojectionof2,169.3Mcfe/d[2]−Naturalgascontributedapproximately69721 million year-over-year [1] Operational Performance - Production averaged 2,200.3 million cubic feet equivalent per day (Mcfe/d), up from 2,141.5 Mcfe/d in the same quarter last year and exceeding the projection of 2,169.3 Mcfe/d [2] - Natural gas contributed approximately 69% to total production, with natural gas production increasing by 4% year-over-year, while oil production decreased by 30% and NGL output increased by 3% [2] Price Realization - Total price realization averaged 4 per Mcfe, a 37% increase year-over-year, although lower than the estimate of 4.08perMcfe[3]−Naturalgaspriceroseby764.08 per Mcfe [3] - Natural gas price rose by 76% year-over-year to 3.61 per Mcf, while NGL price increased by 6% and oil price fell by 5% [3] Costs & Expenses - Total costs and expenses increased by 9% year-over-year to 580.8million,exceedingtheexpectationof580.8 million, exceeding the expectation of 562.9 million [4] - Transportation, gathering, processing, and compression costs rose to 306.1millionfrom306.1 million from 290.9 million in the prior-year quarter [4] Capital Expenditure & Balance Sheet - Drilling and completion expenditure was 130million,withanadditional130 million, with an additional 16 million spent on acreage and 1milliononinfrastructureandotherinvestments[5]−Attheendofthefirstquarter,totaldebtstoodat1 million on infrastructure and other investments [5] - At the end of the first quarter, total debt stood at 1,696.5 million, net of deferred financing costs [5] 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 [6] - The company has projected a capital budget of 650−650-690 million for the year [6]