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Wednesday, March 3, 2021

Range Resources reports 3Q loss

FORT WORTH, Texas (AP) _ Range Resources Corp. (RRC) on Oct. 24 reported a loss of $127.7 million in its third quarter.

The Fort Worth-based company said it had a loss of 52 cents per share. Earnings, adjusted for non-recurring costs, came to 5 cents per share.

The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 2 cents per share.

The independent oil and gas company posted revenue of $482.2 million in the period, which fell short of Street forecasts. Seven analysts surveyed by Zacks expected $528.8 million.

Record third quarter production totaled 1.99 Bcfe per day, an increase of 32 percent compared to the prior-year quarter. Range’s fourth quarter production is expected to be 2,170 Mmcfe per day. This results in annual production growth of 30 percent., or organic growth of approximately 10 percent, according to the company.

“This is an exciting time for Range as we are nearing an inflection point in our Marcellus development and as we continue to improve well results in North Louisiana,” said Jeff Ventura, Range CEO. “In the Marcellus, the last of our natural gas transportation projects are coming on line over the next few months which will allow us to develop our Marcellus position over the long-term while having access to better priced markets. This buildout process has been years in the making and we believe Range’s combination of high-quality assets and infrastructure provide a solid foundation to deliver strong returns for many years.”

Range Resources shares have dropped 46 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 15 percent. In the final minutes of trading on Tuesday, shares hit $18.59, a decline of 49 percent in the last 12 months.

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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

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