FORT WORTH, Texas (AP) _ Range Resources Corp. (RRC) on Monday reported a second-quarter loss of $79.8 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Fort Worth-based company said it had a loss of 32 cents. Earnings, adjusted for non-recurring costs, came to 20 cents per share.
The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 10 cents per share.
The independent oil and gas company posted revenue of $656.2 million in the period, missing Street forecasts. Six analysts surveyed by Zacks expected $661.2 million.
Range Resources shares have declined 15 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen nearly 5 percent. In the final minutes of trading on Monday, shares hit $14.57, a decline of 33 percent in the last 12 months.
Production averaged a record 2,200 million cubic feet estimate (Mmcfe) per day, an increase of 13 percent compared to second quarter 2017
Liquids production averaged 117,520 barrels per day, a 12 percent increase over the prior-year period, and contributed 46 percent of total product revenues before hedging’
“This year is off to a solid start with another quarter of improving cash margins and record production, lifting cash flow per share by 22 percent over the same period last year,” said Jeff Ventura, CEO in the company’s earnings news release. “ This effort was led by our Marcellus operations, where long laterals and the utilization of existing pads and infrastructure are a tailwind for capital efficiencies, positioning us to deliver growth within cash flow for 2018 and in our five-year outlook. At the same time, Range is intently focused on actions to fast-forward the de-levering process swiftly and prudently through asset sales. We have processes underway and believe we can execute one or more successful sales in the current year, which would improve our balance sheet and corporate returns.”
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RRC at https://www.zacks.com/ap/RRC