Energy Prospectus

dan, would sure appreciate your accountant's take on this------

Range Resources -3% after disclosing Q1 results excluding EQT deal

Range Resources (RRC -3.1%) is sharply lower after disclosing pro forma results excluding the pending transaction with EQT Corp. (EQT -1.2%); Q1 revenues would be reduced by 4% to $437M and EPS by $0.04 to $0.16.
RRC expect to complete the exchange of the Conger assets in Texas for the Nora oil and gas producing properties, gathering and other assets in Virginia owned by EQT on June 16 with an effective date of Jan. 1, 2014.

They are just telling you what Q1 results would have been if they had closed the deal on January 1.

Remember, the Closing Date is the key date. Effective Date is just used to price an asset buy/sell. Cash flows from the Effective Date to the Closing Date are a purchase/sales price adjustment that is paid months after the deal at a "Post Closing". This is what my team at Hess did.

In other words, the impact of any deal like this on the income statement starts at the Closing Date.

RRC down today probably just because natural gas price is down.

I trust RRC management. They are a world class team and any deal they make is best for the long-term for RRC.