Range Announces Third Quarter 2022 Results
Range Resources Corporation (NYSE: RRC) reported record financial highlights for Q3 2022, achieving the highest cash flow from operating activities in its history at $521 million. The company initiated a quarterly dividend of $0.08 and increased its share repurchase authorization by $1 billion, totaling $1.5 billion. Production averaged 2.13 Bcfe per day, with strong realizations before NYMEX hedges at $7.40 per mcfe. Net income stood at $373 million, or $1.49 per diluted share, despite a $458 million mark-to-market derivative loss. The firm maintains a solid leverage ratio of 1.0x and expects capital expenditures to reach the upper end of its $460 million to $480 million guidance.
- Q3 2022 cash flow from operating activities reached a record $521 million.
- Quarterly dividend of $0.08 initiated in September 2022.
- Increased share repurchase authorization to $1.5 billion.
- Production averaged 2.13 Bcfe per day, a 3% increase from Q2 2022.
- Net income of $373 million ($1.49 per diluted share) reported.
- Reported a $458 million mark-to-market derivative loss due to commodity price increases.
FORT WORTH, Texas, Oct. 24, 2022 (GLOBE NEWSWIRE) -- RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its third quarter 2022 financial results.
Third Quarter 2022 Highlights –
- Highest cash flow from operating activities in Company history →
$521 million - Highest cash flow from operations, before working capital changes, in Company history →
$550 million - Capital spending was
$138 million , approximately29% of the 2022 budget - Quarterly dividend of
$0.08 per quarter initiated in September - Share repurchase authorization increased by
$1 billion in October - Repurchased 5.7 million shares at an average of
$29.41 per share - Realizations before NYMEX hedges of
$7.40 per mcfe - Natural gas differentials, including basis hedging, averaged (
$0.38) per mcf to NYMEX - Pre-hedge NGL realizations of
$35.30 per barrel - Production averaged 2.13 Bcfe per day, approximately
70% natural gas
Commenting on the quarter, Jeff Ventura, the Company’s CEO said, “Range delivered record free cash flow and cash flow per share in the third quarter, allowing us to reduce net debt while increasing returns of capital to shareholders. Range has unlocked a massive inventory of high-quality wells in the Marcellus, measured in decades, and translated that inventory into a business capable of generating healthy free cash flow and returns of capital through the cycles. As a result of Range’s organic operational and financial performance, commitment to disciplined spending and confidence in free cash flow sustainability, we are tripling our share repurchase authorization to
Financial Discussion
Except for generally accepted accounting principles (“GAAP”) reported amounts, specific expense categories exclude non-cash impairments, unrealized mark-to-market adjustment on derivatives, non-cash stock compensation and other items shown separately on the attached tables. “Unit costs” as used in this release are composed of direct operating, transportation, gathering, processing and compression, production, and ad valorem taxes, general and administrative, interest and depletion, depreciation and amortization costs divided by production. See “Non-GAAP Financial Measures” for a definition of each of the non-GAAP financial measures and the tables that reconcile each of the non-GAAP measures to their most directly comparable GAAP financial measure.
Third Quarter 2022 Results
GAAP revenues for third quarter 2022 totaled
Non-GAAP revenues for third quarter 2022 totaled
The following table details Range’s third quarter 2022 unit costs per mcfe(a):
| Expenses | 3Q 2022 (per mcfe) | 2Q 2022 (per mcfe) | Increase (Decrease) | ||||||||
| Direct operating | $ | 0.11 | $ | 0.10 | 10 | % | |||||
| Transportation, gathering, | |||||||||||
| processing and compression(a) | 1.65 | 1.70 | (3 | %) | |||||||
| Production and ad valorem taxes | 0.04 | 0.04 | 0 | % | |||||||
| General and administrative(a) | 0.16 | 0.17 | (6 | %) | |||||||
| Interest expense(a) | 0.19 | 0.21 | (10 | %) | |||||||
| Total cash unit costs(b) | 2.15 | 2.22 | (3 | )% | |||||||
| Depletion, depreciation and | |||||||||||
| amortization (DD&A) | 0.46 | 0.46 | 0 | % | |||||||
| Total unit costs plus DD&A(b) | $ | 2.61 | $ | 2.68 | (3 | )% | |||||
| (a) | Excludes stock-based compensation, one-time settlements, and amortization of deferred financing costs. | |
| (b) | May not add due to rounding. | |
The following table details Range’s average production and realized pricing for third quarter 2022(a):
| 3Q22 Production & Realized Pricing | ||||||||||||||||
| Natural Gas (Mcf) | Oil (Bbl) | NGLs (Bbl) | Natural Gas Equivalent (Mcfe) | |||||||||||||
| Net production per day | 1,487,640 | 7,098 | 100,387 | 2,132,550 | ||||||||||||
| Average NYMEX price | $ | 8.19 | $ | 91.55 | $ | 36.83 | ||||||||||
| Differential, including basis hedging | (0.38 | ) | (6.86 | ) | (1.53 | ) | ||||||||||
| Realized prices before NYMEX hedges | 7.81 | 84.69 | 35.30 | 7.40 | ||||||||||||
| Settled NYMEX hedges | (3.39 | ) | (29.28 | ) | 0.44 | (2.45 | ) | |||||||||
| Average realized prices after hedges | $ | 4.42 | $ | 55.41 | $ | 35.74 | $ | 4.95 | ||||||||
| (a) | May not add due to rounding | |
Third quarter 2022 natural gas, NGLs and oil price realizations (including the impact of cash-settled hedges and derivative settlements) averaged
- The average natural gas price, including the impact of basis hedging, was
$7.81 per mcf, or a ($0.38) per mcf differential to NYMEX. Natural gas realizations for Range have remained strong in recent months, and as a result, the Company is improving guidance for average 2022 natural gas differentials versus NYMEX to an expected range of ($0.30) t o ($0.35) per mcf. - Range’s pre-hedge NGL price for 3Q was
$35.30 per barrel, an increase of$1.25 versus the prior year quarter and approximately$1.53 b elow the Mont Belvieu weighted equivalent. During the third quarter, the spread between European naphtha and Mont Belvieu ethane prices decreased considerably. This change in relative pricing for a portion of Range’s sales was the primary driver of Range’s discount to Mont Belvieu for the quarter. The Company expects a slight improvement to its fourth quarter differential and further improvement into 2023 based on forward commodity pricing. - Crude oil and condensate price realizations, before realized hedges, averaged
$84.69 per barrel, or$6.86 b elow WTI (West Texas Intermediate). Range continues to expect the 2022 condensate differential to average$6.00 -$8.00 b elow WTI.
Financial Position and Share Buyback
During the third quarter, Range purchased 5.7 million shares at an average price of approximately
As of September 30, 2022, Range had net debt outstanding of approximately
Capital Expenditures
Third quarter 2022 drilling and completion expenditures were
Production and Operational Activity
Production for third quarter was 2.13 Bcfe per day, representing a
The table below summarizes expected 2022 activity regarding the number of wells to sales in each area.
| Wells TIL 3Q 2022 | Calendar 2022 Planned TIL | Remaining 2022 | |||
| SW PA Super-Rich | 0 | 7 | 3 | ||
| SW PA Wet | 8 | 21 | 7 | ||
| SW PA Dry | 4 | 26 | 6 | ||
| NE PA Dry | 6 | 9 | 3 | ||
| Total Wells | 18 | 63 | 19 |
Guidance – 2022
Capital & Production Guidance
As previously noted, Range is targeting holding production approximately flat at 2.12 – 2.16 Bcfe per day, approximately
Updated Full Year 2022 Expense Guidance
| Direct operating expense: | |
| Transportation, gathering, processing and | |
| compression expense: | |
| Production tax expense: | |
| Exploration expense: | |
| G&A expense: | |
| Interest expense: | |
| DD&A expense: | |
| Net brokered gas marketing expense: |
Updated Price Guidance
Based on recent market indications, Range expects to average the following price differentials for its production.
| FY 2022 Natural Gas:(1) | NYMEX minus |
| 4Q 2022 Natural Gas Liquids (including ethane):(2) | MB minus |
| FY 2022 Oil/Condensate: | WTI minus |
| (1) | Including basis hedging | |
| (2) | Mont Belvieu-equivalent pricing based on weighting of | |
Hedging Status
Range hedges portions of its expected future production volumes to increase the predictability of cash flow and to help improve and maintain a strong, flexible financial position. Please see the detailed hedging schedule posted on the Range website under Investor Relations - Financial Information.
Range has also hedged Marcellus and other basis differentials for natural gas to limit volatility between benchmark and regional prices. The combined fair value of natural gas basis hedges as of September 30, 2022, was a net gain of
Conference Call Information
A conference call to review the financial results is scheduled on Tuesday, October 25 at 8:00 AM Central Time (9:00 AM Eastern Time). Please click here to pre-register for the conference call and obtain a dial in number with passcode.
A simultaneous webcast of the call may be accessed at www.rangeresources.com. The webcast will be archived for replay on the Company's website until November 24th.
Non-GAAP Financial Measures
Adjusted net income comparable to analysts’ estimates as set forth in this release represents income or loss from operations before income taxes adjusted for certain non-cash items (detailed in the accompanying table) less income taxes. We believe adjusted net income comparable to analysts’ estimates is calculated on the same basis as analysts’ estimates and that many investors use this published research in making investment decisions and evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Diluted earnings per share (adjusted) as set forth in this release represents adjusted net income comparable to analysts’ estimates on a diluted per share basis. A table is included which reconciles income or loss from operations to adjusted net income comparable to analysts’ estimates and diluted earnings per share (adjusted). On its website, the Company provides additional comparative information on prior periods along with non-GAAP revenue disclosures.
Cash flow from operations before changes in working capital (sometimes referred to as “adjusted cash flow”) as defined in this release represents net cash provided by operations before changes in working capital and exploration expense adjusted for certain non-cash compensation items. Cash flow from operations before changes in working capital is widely accepted by the investment community as a financial indicator of an oil and gas company’s ability to generate cash to internally fund exploration and development activities and to service debt. Cash flow from operations before changes in working capital is also useful because it is widely used by professional research analysts in valuing, comparing, rating and providing investment recommendations of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Cash flow from operations before changes in working capital is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operations, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity. A table is included which reconciles net cash provided by operations to cash flow from operations before changes in working capital as used in this release. On its website, the Company provides additional comparative information on prior periods for cash flow, cash margins and non-GAAP earnings as used in this release.
The cash prices realized for oil and natural gas production, including the amounts realized on cash-settled derivatives and net of transportation, gathering, processing and compression expense, is a critical component in the Company’s performance tracked by investors and professional research analysts in valuing, comparing, rating and providing investment recommendations and forecasts of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Due to the GAAP disclosures of various derivative transactions and third-party transportation, gathering, processing and compression expense, such information is now reported in various lines of the income statement. The Company believes that it is important to furnish a table reflecting the details of the various components of each income statement line to better inform the reader of the details of each amount and provide a summary of the realized cash-settled amounts and third-party transportation, gathering, processing and compression expense, which were historically reported as natural gas, NGLs and oil sales. This information is intended to bridge the gap between various readers’ understanding and fully disclose the information needed.
The Company discloses in this release the detailed components of many of the single line items shown in the GAAP financial statements included in the Company’s Annual or Quarterly Reports on Form 10-K or 10-Q. The Company believes that it is important to furnish this detail of the various components comprising each line of the Statements of Operations to better inform the reader of the details of each amount, the changes between periods and the effect on its financial results.
We believe that the presentation of PV10 value of our proved reserves is a relevant and useful metric for our investors as supplemental disclosure to the standardized measure, or after-tax amount, because it presents the discounted future net cash flows attributable to our proved reserves before taking into account future corporate income taxes and our current tax structure. While the standardized measure is dependent on the unique tax situation of each company, PV10 is based on prices and discount factors that are consistent for all companies. Because of this, PV10 can be used within the industry and by credit and security analysts to evaluate estimated net cash flows from proved reserves on a more comparable basis.
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.
Included within this release are certain “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that are not limited to historical facts, but reflect Range’s current beliefs, expectations or intentions regarding future events. Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “outlook”, “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” and similar expressions are intended to identify such forward-looking statements.
All statements, except for statements of historical fact, made within regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as those regarding future well costs, expected asset sales, well productivity, future liquidity and financial resilience, anticipated exports and related financial impact, NGL market supply and demand, improving commodity fundamentals and pricing, future capital efficiencies, future shareholder value, emerging plays, capital spending, anticipated drilling and completion activity, acreage prospectivity, expected pipeline utilization and future guidance information, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions and Range's future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements. Further information on risks and uncertainties is available in Range's filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K. Unless required by law, Range undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.
The SEC permits oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions as well as the option to disclose probable and possible reserves. Range has elected not to disclose its probable and possible reserves in its filings with the SEC. Range uses certain broader terms such as "resource potential,” “unrisked resource potential,” "unproved resource potential" or "upside" or other descriptions of volumes of resources potentially recoverable through additional drilling or recovery techniques that may include probable and possible reserves as defined by the SEC's guidelines. Range has not attempted to distinguish probable and possible reserves from these broader classifications. The SEC’s rules prohibit us from including in filings with the SEC these broader classifications of reserves. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of actually being realized. Unproved resource potential refers to Range's internal estimates of hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques and have not been reviewed by independent engineers. Unproved resource potential does not constitute reserves within the meaning of the Society of Petroleum Engineer's Petroleum Resource Management System and does not include proved reserves. Area wide unproven resource potential has not been fully risked by Range's management. “EUR”, or estimated ultimate recovery, refers to our management’s estimates of hydrocarbon quantities that may be recovered from a well completed as a producer in the area. These quantities may not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System or the SEC’s oil and natural gas disclosure rules. Actual quantities that may be recovered from Range's interests could differ substantially. Factors affecting ultimate recovery include the scope of Range's drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals, field spacing rules, recoveries of gas in place, length of horizontal laterals, actual drilling results, including geological and mechanical factors affecting recovery rates and other factors. Estimates of resource potential may change significantly as development of our resource plays provides additional data.
In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases. Investors are urged to consider closely the disclosure in our most recent Annual Report on Form 10-K, available from our website at www.rangeresources.com or by written request to 100 Throckmorton Street, Suite 1200, Fort Worth, Texas 76102. You can also obtain this Form 10-K on the SEC’s website at www.sec.gov or by calling the SEC at 1-800-SEC-0330.
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
RANGE RESOURCES CORPORATION
| STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
| Based on GAAP reported earnings with additional | |||||||||||||||||||||||
| details of items included in each line in Form 10-Q | |||||||||||||||||||||||
| (Unaudited, in thousands, except per share data) | |||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2022 | 2021 | % | 2022 | 2021 | % | ||||||||||||||||||
| Revenues and other income: | |||||||||||||||||||||||
| Natural gas, NGLs and oil sales (a) | $ | 1,435,152 | $ | 849,305 | $ | 3,824,395 | $ | 2,074,507 | |||||||||||||||
| Derivative fair value loss | (457,708 | ) | (652,220 | ) | (1,636,687 | ) | (959,782 | ) | |||||||||||||||
| Brokered natural gas, marketing and other (b) | 132,681 | 105,312 | 326,441 | 247,337 | |||||||||||||||||||
| ARO settlement gain (loss) (b) | 8 | (3 | ) | 8 | (3 | ) | |||||||||||||||||
| Other (b) | 412 | 245 | 2,267 | 1,334 | |||||||||||||||||||
| Total revenues and other income | 1,110,545 | 302,639 | 267 | % | 2,516,424 | 1,363,393 | 85 | % | |||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Direct operating | 20,918 | 19,926 | 60,545 | 56,667 | |||||||||||||||||||
| Direct operating – stock-based compensation (c) | 372 | 319 | 1,083 | 986 | |||||||||||||||||||
| Transportation, gathering, processing and compression | 323,019 | 296,510 | 941,213 | 853,684 | |||||||||||||||||||
| Transportation, gathering, processing and compression – Settlements | — | — | 7,500 | — | |||||||||||||||||||
| Production and ad valorem taxes | 8,428 | 7,140 | 22,486 | 20,179 | |||||||||||||||||||
| Brokered natural gas and marketing | 126,622 | 105,392 | 328,649 | 245,838 | |||||||||||||||||||
| Brokered natural gas and marketing – stock-based compensation (c) | 663 | 446 | 1,868 | 1,339 | |||||||||||||||||||
| Exploration | 7,105 | 5,513 | 18,540 | 15,331 | |||||||||||||||||||
| Exploration – non-cash stock-based compensation (c) | 393 | 368 | 1,163 | 1,116 | |||||||||||||||||||
| Abandonment and impairment of unproved properties | 3,186 | 2,000 | 12,319 | 7,206 | |||||||||||||||||||
| General and administrative | 30,714 | 31,398 | 94,695 | 90,300 | |||||||||||||||||||
| General and administrative – stock-based compensation (c) | 10,402 | 9,845 | 32,245 | 28,632 | |||||||||||||||||||
| General and administrative – lawsuit settlements | 81 | 7,818 | 776 | 8,375 | |||||||||||||||||||
| General and administrative – bad debt expense | — | — | — | — | |||||||||||||||||||
| Exit and termination costs | 11,065 | 11,789 | 58,249 | 9,557 | |||||||||||||||||||
| Exit and termination costs – stock-based compensation (c) | — | — | — | — | |||||||||||||||||||
| Deferred compensation plan (d) | 5,795 | 34,278 | 59,917 | 89,551 | |||||||||||||||||||
| Interest expense | 37,173 | 54,483 | 121,137 | 164,039 | |||||||||||||||||||
| Interest expense – amortization of deferred financing costs (c) | 1,563 | 2,326 | 6,775 | 6,935 | |||||||||||||||||||
| Loss on early extinguishment of debt | — | — | 69,232 | 98 | |||||||||||||||||||
| Depletion, depreciation and amortization | 90,471 | 93,116 | 262,573 | 272,128 | |||||||||||||||||||
| Impairment of proved property | — | — | — | — | |||||||||||||||||||
| Gain on sale of assets | (135 | ) | (78 | ) | (548 | ) | (724 | ) | |||||||||||||||
| Total costs and expenses | 677,835 | 682,589 | -1 | % | 2,100,417 | 1,871,237 | 12 | % | |||||||||||||||
| Income (loss) before income taxes | 432,710 | (379,950 | ) | 214 | % | 416,007 | (507,844 | ) | 182 | % | |||||||||||||
| Income tax expense (benefit): | |||||||||||||||||||||||
| Current | 6,981 | 4,484 | 20,732 | 7,221 | |||||||||||||||||||
| Deferred | 52,642 | (34,167 | ) | 26,141 | (35,477 | ) | |||||||||||||||||
| 59,623 | (29,683 | ) | 46,873 | (28,256 | ) | ||||||||||||||||||
| Net income (loss) | $ | 373,087 | $ | (350,267 | ) | 207 | % | $ | 369,134 | $ | (479,588 | ) | 177 | % | |||||||||
| Net Income (Loss) Per Common Share: | |||||||||||||||||||||||
| Basic | $ | 1.52 | $ | (1.44 | ) | $ | 1.48 | $ | (1.98 | ) | |||||||||||||
| Diluted | $ | 1.49 | $ | (1.44 | ) | $ | 1.45 | $ | (1.98 | ) | |||||||||||||
| Weighted average common shares outstanding, as reported: | |||||||||||||||||||||||
| Basic | 239,768 | 243,311 | -1 | % | 242,850 | 242,692 | 0 | % | |||||||||||||||
| Diluted | 245,023 | 243,311 | 1 | % | 248,360 | 242,692 | 2 | % | |||||||||||||||
| (a) | See separate natural gas, NGLs and oil sales information table. | |
| (b) | Included in Brokered natural gas, marketing and other revenues in the 10-Q. | |
| (c) | Costs associated with stock compensation and restricted stock amortization, which have been reflected in the categories associated with the direct personnel costs, which are combined with the cash costs in the 10-Q. | |
| (d) | Reflects the change in market value of the vested Company stock held in the deferred compensation plan. | |
| (e) | Included in interest expense in the 10-Q. |
RANGE RESOURCES CORPORATION
| BALANCE SHEETS | |||||||
| (In thousands) | September 30, | December 31, | |||||
| 2022 | 2021 | ||||||
| (Unaudited) | (Audited) | ||||||
| Assets | |||||||
| Current assets | $ | 825,016 | $ | 730,927 | |||
| Derivative assets | 50,772 | 44,339 | |||||
| Natural gas and oil properties, successful efforts method | 5,871,600 | 5,754,656 | |||||
| Transportation and field assets | 2,732 | 3,494 | |||||
| Operating lease right-of-use assets | 96,567 | 40,832 | |||||
| Other | 73,089 | 86,259 | |||||
| $ | 6,919,776 | $ | 6,660,507 | ||||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities | $ | 903,623 | $ | 766,371 | |||
| Asset retirement obligations | 5,310 | 5,310 | |||||
| Derivative liabilities | 652,585 | 162,767 | |||||
| Current maturities of long-term debt | 528,149 | 218,017 | |||||
| Bank debt | — | — | |||||
| Senior notes | 1,831,675 | 2,707,770 | |||||
| Total debt | 1,831,675 | 2,707,770 | |||||
| Deferred tax liability | 143,814 | 117,642 | |||||
| Derivative liabilities | 155,995 | 8,216 | |||||
| Deferred compensation liability | 85,750 | 137,102 | |||||
| Operating lease liabilities | 37,458 | 24,861 | |||||
| Asset retirement obligations and other liabilities | 99,268 | 101,509 | |||||
| Divestiture contract obligation | 312,665 | 325,279 | |||||
| Common stock and retained earnings | 2,502,298 | 2,115,820 | |||||
| Other comprehensive loss | 37 | (150 | ) | ||||
| Common stock held in treasury stock | (338,851 | ) | (30,007 | ) | |||
| Total stockholders’ equity | 2,163,484 | 2,085,663 | |||||
| $ | 6,919,776 | $ | 6,660,507 |
| RECONCILIATION OF TOTAL REVENUES AND OTHER INCOME TO TOTAL REVENUE EXCLUDING CERTAIN ITEMS, a non-GAAP measure | |||||||||||||||||||||||||
| (Unaudited, in thousands) | |||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
| 2022 | 2021 | % | 2022 | 2021 | % | ||||||||||||||||||||
| Total revenues and other income, as reported | $ | 1,110,545 | $ | 302,639 | 267 | % | $ | 2,516,424 | $ | 1,363,393 | 85 | % | |||||||||||||
| Adjustment for certain special items: | |||||||||||||||||||||||||
| Total change in fair value related to derivatives prior to settlement (gain) loss | (6,969 | ) | 492,763 | 631,165 | 720,617 | ||||||||||||||||||||
| ARO settlement (gain) loss | (8 | ) | 3 | (8 | ) | 3 | |||||||||||||||||||
| Total revenues, as adjusted, non-GAAP | $ | 1,103,568 | $ | 795,405 | 39 | % | $ | 3,147,581 | $ | 2,084,013 | 51 | % | |||||||||||||
RANGE RESOURCES CORPORATION
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||
| (Unaudited in thousands) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Net income (loss) | $ | 373,087 | $ | (350,267 | ) | $ | 369,134 | $ | (479,588 | ) | |||||
| Adjustments to reconcile net cash provided from continuing operations: | |||||||||||||||
| Deferred income tax expense (benefit) | 52,642 | (34,167 | ) | 26,141 | (35,477 | ) | |||||||||
| Depletion, depreciation, amortization and impairment | 90,471 | 93,116 | 262,573 | 272,128 | |||||||||||
| Abandonment and impairment of unproved properties | 3,186 | 2,000 | 12,319 | 7,206 | |||||||||||
| Derivative fair value loss | 457,708 | 652,220 | 1,636,687 | 959,782 | |||||||||||
| Cash settlements on derivative financial instruments | (464,677 | ) | (159,457 | ) | (1,005,522 | ) | (239,165 | ) | |||||||
| Divestiture contract obligation, including accretion, net of gain | 10,930 | 11,602 | 57,791 | 8,467 | |||||||||||
| Allowance for bad debts | — | — | — | — | |||||||||||
| Amortization of deferred issuance costs and other | 1,401 | 1,994 | 6,521 | 6,253 | |||||||||||
| Deferred and stock-based compensation | 17,242 | 44,833 | 95,397 | 119,946 | |||||||||||
| (Gain) loss on sale of assets and other | (135 | ) | (78 | ) | (548 | ) | (724 | ) | |||||||
| Loss on early extinguishment of debt | — | — | 69,232 | 98 | |||||||||||
| Changes in working capital: | |||||||||||||||
| Accounts receivable | (25,446 | ) | (67,066 | ) | (132,644 | ) | (116,204 | ) | |||||||
| Other current assets | 3,621 | (2,695 | ) | (19,478 | ) | (3,574 | ) | ||||||||
| Accounts payable | 15,918 | 13,073 | 52,292 | 34,313 | |||||||||||
| Accrued liabilities and other | (14,979 | ) | (13,254 | ) | (177,806 | ) | (58,172 | ) | |||||||
| Net changes in working capital | (20,886 | ) | (69,942 | ) | (277,636 | ) | (143,637 | ) | |||||||
| Net cash provided from operating activities | $ | 520,969 | $ | 191,854 | $ | 1,252,089 | $ | 475,289 | |||||||
| RECONCILIATION OF NET CASH PROVIDED FROM OPERATING ACTIVITIES, AS REPORTED, TO CASH FLOW FROM OPERATIONS BEFORE CHANGES IN WORKING CAPITAL, a non-GAAP measure | |||||||||||||||
| (Unaudited, in thousands) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Net cash provided from operating activities, as reported | $ | 520,969 | $ | 191,854 | $ | 1,252,089 | $ | 475,289 | |||||||
| Net changes in working capital | 20,886 | 69,942 | 277,636 | 143,637 | |||||||||||
| Exploration expense | 7,105 | 5,513 | 18,540 | 15,331 | |||||||||||
| Lawsuit settlements | 81 | 7,818 | 776 | 8,375 | |||||||||||
| Transportation, gathering, processing and compression settlements | — | — | 7,500 | — | |||||||||||
| Non-cash compensation adjustment and other | 688 | 945 | 1,599 | 3,453 | |||||||||||
| Cash flow from operations before changes in working capital – non-GAAP measure | $ | 549,729 | $ | 276,072 | $ | 1,558,140 | $ | 646,085 | |||||||
| ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING | |||||||||||||||
| (Unaudited, in thousands) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Basic: | |||||||||||||||
| Weighted average shares outstanding | 245,468 | 249,780 | 249,038 | 249,268 | |||||||||||
| Stock held by deferred compensation plan | (5,700 | ) | (6,469 | ) | (6,188 | ) | (6,576 | ) | |||||||
| Adjusted basic | 239,768 | 243,311 | 242,850 | 242,692 | |||||||||||
| Dilutive: | |||||||||||||||
| Weighted average shares outstanding | 245,468 | 249,780 | 249,038 | 249,268 | |||||||||||
| Dilutive stock options under treasury method | (445 | ) | (6,469 | ) | (678 | ) | (6,576 | ) | |||||||
| Adjusted dilutive | 245,023 | 243,311 | 248,360 | 242,692 | |||||||||||
RANGE RESOURCES CORPORATION
| RECONCILIATION OF NATURAL GAS, NGLs AND OIL SALES AND DERIVATIVE FAIR VALUE INCOME (LOSS) TO CALCULATED CASH REALIZED NATURAL GAS, NGLs AND OIL PRICES WITH AND WITHOUT THIRD PARTY TRANSPORTATION, GATHERING AND COMPRESSION FEES, a non-GAAP measure | ||||||||||||||||||||||||
| (Unaudited, in thousands, except per unit data) | ||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
| 2022 | 2021 | % | 2022 | 2021 | % | |||||||||||||||||||
| Natural gas, NGL and oil sales components: | ||||||||||||||||||||||||
| Natural gas sales | $ | 1,053,863 | $ | 494,917 | $ | 2,593,540 | $ | 1,152,283 | ||||||||||||||||
| NGL sales | 325,989 | 309,232 | 1,039,057 | 795,173 | ||||||||||||||||||||
| Oil sales | 55,300 | 45,156 | 191,798 | 127,051 | ||||||||||||||||||||
| Total oil and gas sales, as reported | $ | 1,435,152 | $ | 849,305 | 69 | % | $ | 3,824,395 | $ | 2,074,507 | 84 | % | ||||||||||||
| Derivative fair value loss, as reported: | $ | (457,708 | ) | $ | (652,220 | ) | $ | (1,636,687 | ) | $ | (959,782 | ) | ||||||||||||
| Cash settlements on derivative financial instruments – (gain) loss: | ||||||||||||||||||||||||
| Natural gas | 449,713 | 123,932 | 916,518 | 132,794 | ||||||||||||||||||||
| NGLs | (4,150 | ) | 26,142 | 18,673 | 77,899 | |||||||||||||||||||
| Crude Oil | 19,114 | 9,383 | 70,331 | 28,472 | ||||||||||||||||||||
| Total change in fair value related to derivatives prior to settlement, a non-GAAP measure | $ | 6,969 | $ | (492,763 | ) | $ | (631,165 | ) | $ | (720,617 | ) | |||||||||||||
| Transportation, gathering, processing and compression components: | ||||||||||||||||||||||||
| Natural gas | $ | 176,324 | $ | 165,864 | $ | 513,548 | $ | 486,161 | ||||||||||||||||
| NGLs | 146,695 | 130,221 | 435,154 | 366,649 | ||||||||||||||||||||
| Oil | — | 425 | 11 | 874 | ||||||||||||||||||||
| Total transportation, gathering, processing and compression, as reported | $ | 323,019 | $ | 296,510 | $ | 948,713 | $ | 853,684 | ||||||||||||||||
| Natural gas, NGL and oil sales, including cash-settled derivatives: (c) | ||||||||||||||||||||||||
| Natural gas sales | $ | 604,150 | $ | 370,985 | $ | 1,677,022 | $ | 1,019,489 | ||||||||||||||||
| NGL sales | 330,139 | 283,090 | 1,020,384 | 717,274 | ||||||||||||||||||||
| Oil sales | 36,186 | 35,773 | 121,467 | 98,579 | ||||||||||||||||||||
| Total | $ | 970,475 | $ | 689,848 | 41 | % | 2,818,873 | 1,835,342 | 54 | % | ||||||||||||||
| Production of oil and gas during the periods (a): | ||||||||||||||||||||||||
| Natural gas (mcf) | 136,862,857 | 137,713,717 | -1 | % | 399,834,208 | 399,929,389 | 0 | % | ||||||||||||||||
| NGL (bbl) | 9,235,626 | 9,080,902 | 2 | % | 26,473,922 | 26,977,257 | -2 | % | ||||||||||||||||
| Oil (bbl) | 653,000 | 710,914 | -8 | % | 2,099,630 | 2,245,972 | -7 | % | ||||||||||||||||
| Gas equivalent (mcfe) (b) | 196,194,613 | 196,464,613 | 0 | % | 571,275,520 | 575,268,763 | -1 | % | ||||||||||||||||
| Production of oil and gas – average per day (a): | ||||||||||||||||||||||||
| Natural gas (mcf) | 1,487,640 | 1,496,888 | -1 | % | 1,464,594 | 1,464,943 | 0 | % | ||||||||||||||||
| NGL (bbl) | 100,387 | 98,705 | 2 | % | 96,974 | 98,818 | -2 | % | ||||||||||||||||
| Oil (bbl) | 7,098 | 7,727 | -8 | % | 7,691 | 8,227 | -7 | % | ||||||||||||||||
| Gas equivalent (mcfe) (b) | 2,132,550 | 2,135,485 | 0 | % | 2,092,584 | 2,107,212 | -1 | % | ||||||||||||||||
| Average prices, excluding derivative settlements and before third party transportation costs: | ||||||||||||||||||||||||
| Natural gas (mcf) | $ | 7.70 | $ | 3.59 | 114 | % | $ | 6.49 | $ | 2.88 | 125 | % | ||||||||||||
| NGL (bbl) | $ | 35.30 | $ | 34.05 | 4 | % | $ | 39.25 | $ | 29.48 | 33 | % | ||||||||||||
| Oil (bbl) | $ | 84.69 | $ | 63.52 | 33 | % | $ | 91.35 | $ | 56.57 | 61 | % | ||||||||||||
| Gas equivalent (mcfe) (b) | $ | 7.31 | $ | 4.32 | 69 | % | $ | 6.69 | $ | 3.61 | 86 | % | ||||||||||||
| Average prices, including derivative settlements before third party transportation costs: (c) | ||||||||||||||||||||||||
| Natural gas (mcf) | $ | 4.41 | $ | 2.69 | 64 | % | $ | 4.19 | $ | 2.55 | 65 | % | ||||||||||||
| NGL (bbl) | $ | 35.75 | $ | 31.17 | 15 | % | $ | 38.54 | $ | 26.59 | 45 | % | ||||||||||||
| Oil (bbl) | $ | 55.42 | $ | 50.32 | 10 | % | $ | 57.85 | $ | 43.89 | 32 | % | ||||||||||||
| Gas equivalent (mcfe) (b) | $ | 4.95 | $ | 3.51 | 41 | % | $ | 4.93 | $ | 3.19 | 55 | % | ||||||||||||
| Average prices, including derivative settlements and after third party transportation costs: (d) | ||||||||||||||||||||||||
| Natural gas (mcf) | $ | 3.13 | $ | 1.49 | 110 | % | $ | 2.91 | $ | 1.33 | 118 | % | ||||||||||||
| NGL (bbl) | $ | 19.86 | $ | 16.83 | 18 | % | $ | 22.11 | $ | 13.00 | 70 | % | ||||||||||||
| Oil (bbl) | $ | 55.41 | $ | 49.72 | 11 | % | $ | 57.85 | $ | 43.50 | 33 | % | ||||||||||||
| Gas equivalent (mcfe) (b) | $ | 3.30 | $ | 2.00 | 64 | % | $ | 3.27 | $ | 1.71 | 91 | % | ||||||||||||
| Transportation, gathering and compression expense per mcfe | $ | 1.65 | $ | 1.51 | 9 | % | $ | 1.66 | $ | 1.48 | 12 | % | ||||||||||||
| (a) | Represents volumes sold regardless of when produced. | |
| (b) | Oil and NGLs are converted at the rate of one barrel equals six mcfe based upon the approximate relative energy content of oil to natural gas, which is not necessarily indicative of the relationship of oil and natural gas prices. | |
| (c) | Excluding third party transportation, gathering and compression costs. | |
| (d) | Net of transportation, gathering and compression costs. | |
RANGE RESOURCES CORPORATION
| RECONCILIATION OF INCOME BEFORE INCOME TAXES AS REPORTED TO INCOME BEFORE INCOME TAXES EXCLUDING CERTAIN ITEMS, a non-GAAP measure | |||||||||||||||||||||||
| (Unaudited, in thousands, except per share data) | |||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2022 | 2021 | % | 2022 | 2021 | % | ||||||||||||||||||
| Income (loss) from operations before income taxes, as reported | $ | 432,710 | $ | (379,950 | ) | 214 | % | $ | 416,007 | $ | (507,844 | ) | 182 | % | |||||||||
| Adjustment for certain special items: | |||||||||||||||||||||||
| Gain on sale of assets | (135 | ) | (78 | ) | (548 | ) | (724 | ) | |||||||||||||||
| (Gain) loss on ARO settlements | (8 | ) | 3 | (8 | ) | 3 | |||||||||||||||||
| Change in fair value related to derivatives prior to settlement | (6,969 | ) | 492,763 | 631,165 | 720,617 | ||||||||||||||||||
| Abandonment and impairment of unproved properties | 3,186 | 2,000 | 12,319 | 7,206 | |||||||||||||||||||
| Loss on early extinguishment of debt | — | — | 69,232 | 98 | |||||||||||||||||||
| Transportation, gathering, processing and compression settlements | — | — | 7,500 | — | |||||||||||||||||||
| Lawsuit settlements | 81 | 7,818 | 776 | 8,375 | |||||||||||||||||||
| Exit and termination costs | 11,065 | 11,789 | 58,249 | 9,557 | |||||||||||||||||||
| Brokered natural gas and marketing – non-cash stock-based compensation | 663 | 446 | 1,868 | 1,339 | |||||||||||||||||||
| Direct operating – non-cash stock-based compensation | 372 | 319 | 1,083 | 986 | |||||||||||||||||||
| Exploration expenses – non-cash stock-based compensation | 393 | 368 | 1,163 | 1,116 | |||||||||||||||||||
| General & administrative – non-cash stock-based compensation | 10,402 | 9,845 | 32,245 | 28,632 | |||||||||||||||||||
| Deferred compensation plan – non-cash adjustment | 5,795 | 34,278 | 59,917 | 89,551 | |||||||||||||||||||
| Income before income taxes, as adjusted | 457,555 | 179,601 | 155 | % | 1,290,968 | 358,912 | 260 | % | |||||||||||||||
| Income tax expense, as adjusted | |||||||||||||||||||||||
| Current | 6,981 | 4,484 | 20,732 | 7,221 | |||||||||||||||||||
| Deferred (a) | 114,389 | 44,900 | 322,742 | 89,728 | |||||||||||||||||||
| Net income excluding certain items, a non-GAAP measure | $ | 336,185 | $ | 130,217 | 158 | % | $ | 947,494 | $ | 261,963 | 262 | % | |||||||||||
| Non-GAAP income per common share | |||||||||||||||||||||||
| Basic | $ | 1.40 | $ | 0.54 | 159 | % | $ | 3.90 | $ | 1.08 | 261 | % | |||||||||||
| Diluted | $ | 1.37 | $ | 0.52 | 163 | % | $ | 3.82 | $ | 1.05 | 264 | % | |||||||||||
| Non-GAAP diluted shares outstanding, if dilutive | 245,023 | 249,607 | 248,360 | 248,620 | |||||||||||||||||||
| (a) | Deferred taxes are estimated to be approximately | |
RANGE RESOURCES CORPORATION
| RECONCILIATION OF NET INCOME (LOSS), EXCLUDING CERTAIN ITEMS AND ADJUSTMENT EARNINGS PER SHARE, non-GAAP measures | |||||||||||||||
| (In thousands, except per share data) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Net income (loss), as reported | $ | 373,087 | $ | (350,267 | ) | $ | 369,134 | $ | (479,588 | ) | |||||
| Adjustment for certain special items: | |||||||||||||||
| Gain on sale of assets | (135 | ) | (78 | ) | (548 | ) | (724 | ) | |||||||
| Loss (gain) on ARO settlements | (8 | ) | 3 | (8 | ) | 3 | |||||||||
| Loss on early extinguishment of debt | — | — | 69,232 | 98 | |||||||||||
| Change in fair value related to derivatives prior to settlement | (6,969 | ) | 492,763 | 631,165 | 720,617 | ||||||||||
| Transportation, gathering, processing and compression settlements | — | — | 7,500 | — | |||||||||||
| Abandonment and impairment of unproved properties | 3,186 | 2,000 | 12,319 | 7,206 | |||||||||||
| Lawsuit settlements | 81 | 7,818 | 776 | 8,375 | |||||||||||
| Exit and termination costs | 11,065 | 11,789 | 58,249 | 9,557 | |||||||||||
| Non-cash stock-based compensation | 11,830 | 10,978 | 36,359 | 32,073 | |||||||||||
| Deferred compensation plan | 5,795 | 34,278 | 59,917 | 89,551 | |||||||||||
| Tax impact | (61,747 | ) | (79,067 | ) | (296,601 | ) | (125,205 | ) | |||||||
| Net income excluding certain items, a non-GAAP measure | $ | 336,185 | $ | 130,217 | $ | 947,494 | $ | 261,963 | |||||||
| Net income (loss) per diluted share, as reported | $ | 1.49 | $ | (1.44 | ) | $ | 1.45 | $ | (1.98 | ) | |||||
| Adjustment for certain special items per diluted share: | |||||||||||||||
| (Gain) loss on sale of assets | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | |||||||
| Loss (gain) on ARO settlements | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||
| Loss on early extinguishment of debt | — | — | 0.28 | 0.00 | |||||||||||
| Change in fair value related to derivatives prior to settlement | (0.03 | ) | 1.97 | 2.54 | 2.90 | ||||||||||
| Transportation, gathering, processing and compression settlements | — | — | 0.03 | — | |||||||||||
| Abandonment and impairment of unproved properties | 0.01 | 0.01 | 0.05 | 0.03 | |||||||||||
| Lawsuit settlements | 0.00 | 0.03 | 0.00 | 0.03 | |||||||||||
| Exit and termination costs | 0.05 | 0.05 | 0.23 | 0.04 | |||||||||||
| Non-cash stock-based compensation | 0.05 | 0.04 | 0.15 | 0.13 | |||||||||||
| Deferred compensation plan | 0.02 | 0.14 | 0.24 | 0.36 | |||||||||||
| Adjustment for rounding differences | — | — | 0.01 | (0.01 | ) | ||||||||||
| Tax impact | (0.25 | ) | (0.32 | ) | (1.19 | ) | (0.50 | ) | |||||||
| Dilutive share impact (rabbi trust and other) | 0.03 | 0.04 | 0.03 | 0.05 | |||||||||||
| Net income per diluted share, excluding certain items, a non-GAAP measure | $ | 1.37 | $ | 0.52 | $ | 3.82 | $ | 1.05 | |||||||
| Adjusted earnings per share, a non-GAAP measure: | |||||||||||||||
| Basic | $ | 1.40 | $ | 0.54 | $ | 3.90 | $ | 1.08 | |||||||
| Diluted | $ | 1.37 | $ | 0.52 | $ | 3.82 | $ | 1.05 | |||||||
RANGE RESOURCES CORPORATION
| RECONCILIATION OF CASH MARGIN PER MCFE, a non-GAAP measure | |||||||||||||||
| (Unaudited, in thousands, except per unit data) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Revenues | |||||||||||||||
| Natural gas, NGL and oil sales, as reported | $ | 1,435,152 | $ | 849,305 | $ | 3,824,395 | $ | 2,074,507 | |||||||
| Derivative fair value income loss, as reported | (457,708 | ) | (652,220 | ) | (1,636,687 | ) | (959,782 | ) | |||||||
| Less non-cash fair value (gain) loss | (6,969 | ) | 492,763 | 631,165 | 720,617 | ||||||||||
| Brokered natural gas and marketing and other, as reported | 133,101 | 105,554 | 328,716 | 248,668 | |||||||||||
| Less ARO settlement and other (gains) losses | (420 | ) | (242 | ) | (2,275 | ) | (1,331 | ) | |||||||
| Cash revenue applicable to production | 1,103,156 | 795,160 | 3,145,314 | 2,082,679 | |||||||||||
| Expenses | |||||||||||||||
| Direct operating, as reported | 21,290 | 20,245 | 61,628 | 57,653 | |||||||||||
| Less direct operating stock-based compensation | (372 | ) | (319 | ) | (1,083 | ) | (986 | ) | |||||||
| Transportation, gathering and compression, as reported | 323,019 | 296,510 | 948,713 | 853,684 | |||||||||||
| Less transportation, gathering and compression settlements | — | — | (7,500 | ) | — | ||||||||||
| Production and ad valorem taxes, as reported | 8,428 | 7,140 | 22,486 | 20,179 | |||||||||||
| Brokered natural gas and marketing, as reported | 127,285 | 105,838 | 330,517 | 247,177 | |||||||||||
| Less brokered natural gas and marketing stock-based compensation | (663 | ) | (446 | ) | (1,868 | ) | (1,339 | ) | |||||||
| General and administrative, as reported | 41,197 | 49,061 | 127,716 | 127,307 | |||||||||||
| Less G&A stock-based compensation | (10,402 | ) | (9,845 | ) | (32,245 | ) | (28,632 | ) | |||||||
| Less lawsuit settlements | (81 | ) | (7,818 | ) | (776 | ) | (8,375 | ) | |||||||
| Interest expense, as reported | 38,736 | 56,809 | 127,912 | 170,974 | |||||||||||
| Less amortization of deferred financing costs | (1,563 | ) | (2,326 | ) | (6,775 | ) | (6,935 | ) | |||||||
| Cash expenses | 546,874 | 514,849 | 1,568,725 | 1,430,707 | |||||||||||
| Cash margin, a non-GAAP measure | $ | 556,282 | $ | 280,311 | $ | 1,576,589 | $ | 651,972 | |||||||
| Mmcfe produced during period | 196,195 | 196,465 | 571,276 | 575,269 | |||||||||||
| Cash margin per mcfe | $ | 2.84 | $ | 1.43 | $ | 2.76 | $ | 1.13 | |||||||
| RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO CASH MARGIN | |||||||||||||||
| (Unaudited, in thousands, except per unit data) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Income (loss) before income taxes, as reported | $ | 432,710 | $ | (379,950 | ) | $ | 416,007 | $ | (507,844 | ) | |||||
| Adjustments to reconcile income (loss) before income taxes to cash margin: | |||||||||||||||
| ARO settlements and other gains | (420 | ) | (242 | ) | (2,275 | ) | (1,331 | ) | |||||||
| Derivative fair value loss | 457,708 | 652,220 | 1,636,687 | 959,782 | |||||||||||
| Net cash receipts on derivative settlements | (464,677 | ) | (159,457 | ) | (1,005,522 | ) | (239,165 | ) | |||||||
| Transportation, gathering and compression settlements | — | — | 7,500 | — | |||||||||||
| Exploration expense | 7,105 | 5,513 | 18,540 | 15,331 | |||||||||||
| Lawsuit settlements | 81 | 7,818 | 776 | 8,375 | |||||||||||
| Exit and termination costs | 11,065 | 11,789 | 58,249 | 9,557 | |||||||||||
| Deferred compensation plan | 5,795 | 34,278 | 59,917 | 89,551 | |||||||||||
| Stock-based compensation (direct operating, brokered natural gas and marketing, general and administrative and termination costs) | 11,830 | 10,978 | 36,359 | 32,073 | |||||||||||
| Interest – amortization of deferred financing costs | 1,563 | 2,326 | 6,775 | 6,935 | |||||||||||
| Depletion, depreciation and amortization | 90,471 | 93,116 | 262,573 | 272,128 | |||||||||||
| Gain on sale of assets | (135 | ) | (78 | ) | (548 | ) | (724 | ) | |||||||
| Loss on early extinguishment of debt | — | — | 69,232 | 98 | |||||||||||
| Abandonment and impairment of unproved properties | 3,186 | 2,000 | 12,319 | 7,206 | |||||||||||
| Cash margin, a non-GAAP measure | $ | 556,282 | $ | 280,311 | $ | 1,576,589 | $ | 651,972 | |||||||
FAQ
What were Range Resources' Q3 2022 financial results?
How much did Range Resources authorize for share repurchases in October 2022?
What was Range Resources' production level in Q3 2022?
What was the quarterly dividend declared by Range Resources?
What challenges did Range Resources face in Q3 2022?
