RRC earnings
http://phx.corporate-ir.net/phoenix.zht ... ID=2310909
and updated presentation
http://phx.corporate-ir.net/phoenix.zht ... sentations
Range Announces Third Quarter 2017 Results
FORT WORTH, Texas, Oct. 24, 2017 (GLOBE NEWSWIRE) -- RANGE RESOURCES CORPORATION (NYSE:RRC) today announced its third quarter 2017 financial results.
Highlights –
Year to date 2017 GAAP net income was $112 million, or $0.45 per diluted share, compared to a net loss of $361 million, or $2.10 per share in the comparable period of 2016
Year to date net cash provided from operating activities (GAAP) was $601 million, compared to $206 million in the comparable period of 2016, an improvement of 192% while year to date cash flow from operations before changes in working capital, (non-GAAP), reached $656 million, compared to $316 million, an improvement of 108%
Two recently completed Marcellus super-rich pads were brought on line with average per well 24-hour IPs of 41.3 Mmcfe per day, containing 64% liquids, with 20% being condensate
Record third quarter production totaled 1.99 Bcfe per day, an increase of 32% compared to the prior-year quarter
Third quarter NGL pre-hedge realized prices improved to $16.93 per barrel versus $11.17 per barrel in the prior-year quarter, a 52% improvement
Third quarter natural gas price differential including the impact of basis hedges improved to minus ($0.51) per mcf, compared to minus ($0.68) in the prior-year quarter, a 25% improvement
Third quarter crude oil and condensate realized prices improved to $4.80 per barrel below WTI versus $5.81 per barrel below WTI in the prior-year quarter, a 17% improvement
Commenting, Jeff Ventura, the Company’s CEO said, “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. 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.”
RRC Q3 Earnings
Re: RRC Q3 Earnings
Cash flow from operations came in at $175.3 million, which compares to my forecast of $195.6 million. Lower realized prices for their natural gas was partially offset by higher realized prices for NGLs. Production was close to my forecast. Ignore the non-cash impairment charges. All that does is lowers DD&A expense going forward.
RRC is a complex company, so it will take awhile to update my forecast. I need time to analysis the 10-Q on this one. I really hate the way they present the quarterly results in their press release.
FORT WORTH, Texas, Oct. 24, 2017 (GLOBE NEWSWIRE) -- RANGE RESOURCES CORPORATION (RRC) today announced its third quarter 2017 financial results.
Highlights –
Year to date 2017 GAAP net income was $112 million, or $0.45 per diluted share, compared to a net loss of $361 million, or $2.10 per share in the comparable period of 2016
Year to date net cash provided from operating activities (GAAP) was $601 million, compared to $206 million in the comparable period of 2016, an improvement of 192% while year to date cash flow from operations before changes in working capital, (non-GAAP), reached $656 million, compared to $316 million, an improvement of 108%
Two recently completed Marcellus super-rich pads were brought on line with average per well 24-hour IPs of 41.3 Mmcfe per day, containing 64% liquids, with 20% being condensate
Record third quarter production totaled 1.99 Bcfe per day, an increase of 32% compared to the prior-year quarter < Compares to my forecast of 1.97 Bcfe per day
Third quarter NGL pre-hedge realized prices improved to $16.93 per barrel versus $11.17 per barrel in the prior-year quarter, a 52% improvement
Third quarter natural gas price differential including the impact of basis hedges improved to minus ($0.51) per mcf, compared to minus ($0.68) in the prior-year quarter, a 25% improvement
Third quarter crude oil and condensate realized prices improved to $4.80 per barrel below WTI versus $5.81 per barrel below WTI in the prior-year quarter, a 17% improvement
Commenting, Jeff Ventura, the Company’s CEO said, “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. 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.”
RRC is a complex company, so it will take awhile to update my forecast. I need time to analysis the 10-Q on this one. I really hate the way they present the quarterly results in their press release.
FORT WORTH, Texas, Oct. 24, 2017 (GLOBE NEWSWIRE) -- RANGE RESOURCES CORPORATION (RRC) today announced its third quarter 2017 financial results.
Highlights –
Year to date 2017 GAAP net income was $112 million, or $0.45 per diluted share, compared to a net loss of $361 million, or $2.10 per share in the comparable period of 2016
Year to date net cash provided from operating activities (GAAP) was $601 million, compared to $206 million in the comparable period of 2016, an improvement of 192% while year to date cash flow from operations before changes in working capital, (non-GAAP), reached $656 million, compared to $316 million, an improvement of 108%
Two recently completed Marcellus super-rich pads were brought on line with average per well 24-hour IPs of 41.3 Mmcfe per day, containing 64% liquids, with 20% being condensate
Record third quarter production totaled 1.99 Bcfe per day, an increase of 32% compared to the prior-year quarter < Compares to my forecast of 1.97 Bcfe per day
Third quarter NGL pre-hedge realized prices improved to $16.93 per barrel versus $11.17 per barrel in the prior-year quarter, a 52% improvement
Third quarter natural gas price differential including the impact of basis hedges improved to minus ($0.51) per mcf, compared to minus ($0.68) in the prior-year quarter, a 25% improvement
Third quarter crude oil and condensate realized prices improved to $4.80 per barrel below WTI versus $5.81 per barrel below WTI in the prior-year quarter, a 17% improvement
Commenting, Jeff Ventura, the Company’s CEO said, “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. 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.”
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group