Range Announces Fourth Quarter Production and Pricing

Rhea-AI Summary

Range Resources Corporation (NYSE: RRC) announced its fourth-quarter 2022 production averaged approximately 2,204 Mmcfe per day. The company realized $24.5 million in contingent derivative settlement gains during this quarter. Natural gas production averaged 1,517 Mmcf per day, with realization prices reaching $5.71 per mcf. NGL production averaged 107,806 barrels per day, with average prices at $27.83 per barrel. Additionally, crude oil production averaged 6,696 barrels per day, with prices averaging $55.83 per barrel, including settled hedges. Range has potential additional contingent payments of $21.0 million based on 2023 commodity prices.

Positive

• Fourth-quarter production of 2,204 Mmcfe per day reflects strong operational output.
• Realized $24.5 million in contingent derivative settlement gains, providing cash inflow.
• High average natural gas price of $5.71 per mcf indicates favorable pricing conditions.
• Potential for additional contingent payments of $21.0 million based on future commodity prices.

Negative

• None.

FORT WORTH, Texas, Feb. 08, 2023 (GLOBE NEWSWIRE) -- RANGE RESOURCES CORPORATION (NYSE: RRC) today announced that fourth quarter 2022 production averaged approximately 2,204 Mmcfe per day. In addition, Range realized $24.5 million in contingent derivative settlement gains in fourth quarter 2022.

Production and Pricing

Fourth quarter 2022 daily natural gas production averaged approximately 1,517 Mmcf per day. The average natural gas realization, including the impact of basis hedges, was $5.71 per mcf. The average natural gas price, including all settled hedges, was $4.06 per mcf.

Fourth quarter 2022 daily NGL production averaged approximately 107,806 barrels per day. Pre-hedge NGL realizations were $27.17 per barrel. The average NGL price, including settled hedges, was $27.83 per barrel.

Fourth quarter 2022 daily oil and condensate production averaged approximately 6,696 barrels per day. Crude oil and condensate price realizations, before realized hedges, averaged $75.66 per barrel. The average condensate price, including settled hedges, was $55.83 per barrel.

Contingent Derivatives

In fourth quarter 2022, Range realized a total of $24.5 million in contingent derivative settlement gains related to the North Louisiana divestiture. This represents the maximum amount that Range could receive pertaining to 2022 commodity prices, and Range expects to receive the cash proceeds in the first half of 2023. Range has the potential to receive an additional $21.0 million in contingent payments based on natural gas, NGL and oil prices in 2023. At year-end 2022, the fair value of these remaining contingent payments was approximately $13.1 million.

RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading U.S. independent natural gas and NGL producer with operations focused on stacked-pay projects in the Appalachian Basin. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.

SOURCE: Range Resources Corporation

Range Investor Contact:

Laith Sando, Vice President – Investor Relations
817-869-4267
lsando@rangeresources.com

Range Media Contact:

Mark Windle, Director of Corporate Communications
724-873-3223
mwindle@rangeresources.com

 

FAQ

What was Range Resources' average production in Q4 2022?

Range Resources averaged approximately 2,204 Mmcfe per day in Q4 2022.

How much did Range Resources realize in contingent derivative settlement gains in Q4 2022?

Range Resources realized $24.5 million in contingent derivative settlement gains in Q4 2022.

What was the average natural gas price for Range Resources in Q4 2022?

The average natural gas price, including all settled hedges, was $4.06 per mcf.

What is Range Resources' potential contingent payments for 2023?

Range has the potential to receive an additional $21.0 million in contingent payments based on commodity prices in 2023.