Range Resources (RRC) Q4 Results - Feb 21

[dan_s]

Fourth Quarter 2023 Results

Revenues for fourth quarter 2023 totaled $941 million, net cash provided from operating activities (including changes in working capital) was $226 million, and net income was $310 million ($1.27 per diluted share). Fourth quarter earnings results include a $291 million mark-to-market derivative gain due to decreases in commodity prices.

Non-GAAP revenues for fourth quarter 2023 totaled $715 million, and cash flow from operations before changes in working capital, a non-GAAP measure, was $300 million. < KEY STAT. Beat my forecast of $270 million Adjusted Operating Cash Flow.

Adjusted net income comparable to analysts’ estimates, a non-GAAP measure, was $153 million ($0.63 per diluted share) in fourth quarter 2023. < Beat my forecast of $118.1 million net income.
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I will update my forecast/valuation model in the morning. RRC is close to my current valuation, so I rate it a HOLD for now.