Wednesday, December 8, 2021
43.6 F
Fort Worth
970x250_DM_Leasing

Range Resources reports loss, but better than Wall Street expected

🕐 2 min read

FORT WORTH, Texas (AP) _ Range Resources Corp. (RRC) on Wednesday reported a third-quarter loss of $300.9 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 $1.81. Earnings, adjusted for one-time gains and costs, were 3 cents per share.

The results surpassed Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for a loss of 4 cents per share.

The independent oil and gas company posted revenue of $415.9 million in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $392.4 million.

Range Resources shares have declined 46 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 1.5 percent. In the final minutes of trading on Wednesday, shares hit $28.83, a decrease of 57 percent in the last 12 months.

“Our operational results in the third quarter continued to improve during this challenging commodity period.,” said Jeff Ventura, Range’s chairman, president and CEO, in a statement. “Range is expecting to deliver our 20 percent production growth target in 2015 from a significantly lower capital budget of only $870 million, compared to $1.5 billion in 2014. We believe Range has one of the most capital efficient operations in the industry and we expect to continue improvements in 2016 and beyond.”

Ventura said Range was working on “potential non-core asset sales for areas in our portfolio that cannot compete against the Marcellus for capital.”

Range is looking to close one or more non-core asset sales before the end of the year, he said. Sale proceeds will be used to reduce debt and strengthen the company’s balance sheet.

Parts of 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 http://www.zacks.com/ap/RRC

Related Articles

Our Digital Sponsors

Latest Articles

Fort Worth Business Press Logo
This advertisement will close in
00
Months
00
Days
00
Hours
00
Minutes
00
Seconds
seconds..
Click here to continue to Fort Worth Business Press

Not ready to subscribe?

Try a few articles on us.

Enter your email address and we will give you access to three articles a month, to give us a try. You also get an opportunity to receive our newsletter with stories of the day.

This field is for validation purposes and should be left unchanged.

Get our email updates

Stay up-to-date with the issues, companies and people that matter most to business in the Fort Worth.

  • Restaurants
  • Technology
  • and more!

FWBP Morning Brief

FWBP 5@5

Weekend Newsletter

  • Banking & Finance
  • Culture
  • Real Estate