Range Resources(RRC)

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Range Resources(RRC) - 2023 Q3 - Quarterly Report
2023-10-24 20:45
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-12209 RANGE RESOURCES CORPORATION (Exact Name of Registrant as Specified in Its Charter) Delaware 34-1312571 (State or Othe ...
Range Resources(RRC) - 2023 Q2 - Earnings Call Transcript
2023-07-25 17:20
Financial Data and Key Metrics Changes - The second quarter cash flow totaled $187 million, funding capital expenditures and dividends while maintaining balance sheet strength [30][34] - Realized unit price was $2.47 per Mcfe, which is $0.37 above NYMEX Henry Hub [34] - Cash interest expense declined by $9 million compared to Q2 last year, equating to $0.05 per Mcfe in savings [37] Business Line Data and Key Metrics Changes - Production for Q2 was 2.08 BCF equivalent per day, slightly ahead of guidance [13] - The average daily lateral footage drilled exceeded 4,700 feet per day in Q2, representing a 42% increase compared to the previous year [17] - Completions averaged over 10 stages per day throughout the quarter, with a 13% increase in frac stages per day compared to the previous year [18] Market Data and Key Metrics Changes - NGL prices were historically low in Q2 but are expected to improve later in the year due to robust LPG exports and recovering petrochemical demand [22][23] - Ethane prices have shown recovery, supported by strong domestic and export demand, averaging 2.5 million barrels a day year-to-date [23] - The domestic natural gas market is expected to gradually rebalance later this year, with increased LNG exports anticipated next year [24] Company Strategy and Development Direction - The company aims to maintain peer-leading capital efficiency, generate free cash flow, and return capital to shareholders while balancing debt reduction and opportunistic share repurchases [7][33] - The focus remains on developing high-quality assets and enhancing the position to participate in demand growth through low-cost, long-life inventory [33][46] - The company is committed to safety and environmental leadership, achieving low emissions intensity and completing the MIQ certification process with an A grade [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business despite low commodity prices, highlighting the ability to generate free cash flow [28][46] - The company is optimistic about the future demand for natural gas and NGLs, positioning itself to lead in capital efficiency and emissions intensity [51][52] - Management noted that the current pricing environment allows for visibility into the economic durability of assets across the E&P space [32] Other Important Information - The company has reduced debt by approximately $2.5 billion since 2018, nearing its target net debt range of $1 billion to $1.5 billion [43][44] - The cash balance at the end of Q2 was $162 million, providing ample liquidity for operations and market opportunities [42] Q&A Session Summary Question: Discussion on turn-in-line disclosure versus CapEx - Management explained that the lower percentage of turn-in-lines compared to higher CapEx is due to increased drilling activity in Q2, with most turn-in-lines expected in Q3 [54][58] Question: Thoughts on pulling capital from 2024 to 2023 - Management confirmed that internal discussions about optimizing capital allocation for 2024 are ongoing, allowing for flexibility in the program [60][62] Question: Insights on cost inflation and implications for 2024 - Management noted early signs of relief in costs, particularly in tubular goods, while some equipment remains in high demand [66][70] Question: Hedging strategy for 2025 - Management indicated that while they are currently 80% unhedged for 2025, they will monitor market developments and adjust their hedging strategy accordingly [76] Question: Capital allocation priorities - Management emphasized that debt reduction remains a priority, but they are also open to share repurchases if market conditions allow [78][85] Question: Maintenance mode on production outlook - Management stated that maintenance mode will continue into 2024, but they are optimistic about future growth opportunities driven by LNG and inventory exhaustion [88][89] Question: Maintaining capital efficiency with increased activity - Management highlighted their focus on logistics and operational efficiencies to sustain capital efficiency as activity levels rise [92][96] Question: Recent strength in ethane pricing - Management attributed the recent strength in ethane pricing to tight fundamentals and increased demand, while cautioning that prices may not remain at current highs [100][106]
Range Resources(RRC) - 2023 Q2 - Earnings Call Presentation
2023-07-25 13:28
All statements, except for statements of historical fact, made within regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as those regarding future well costs, expected asset sales, well productivity, future liquidity and financial resilience, anticipated exports and related financial impact, NGL market supply and demand, future commodity fundamentals and pricing, future capital efficiencies, future shareholder value, emerging plays ...
Range Resources(RRC) - 2023 Q2 - Quarterly Report
2023-07-24 20:46
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 100 Throckmorton Street, Suite 1200 Fort Worth, Texas 76102 (Address of Principal Executive Offices) (Zip Code) Securities registered pursuant to Section 12(b) of the Act: | | Trading | | | --- | --- | --- | | Title of each class | Symbol(s) | Name of each exchange on which registered | | Common Stock, (Par Value $0.01) | RRC | ...
Range Resources(RRC) - 2023 Q1 - Earnings Call Transcript
2023-04-25 17:19
Range Resources Corporation (NYSE:RRC) Q1 2023 Results Conference Call April 25, 2023 9:00 AM ET Company Participants Laith Sando - VP, IR Jeff Ventura - CEO Dennis Degner - COO Mark Scucchi - CFO Alan Engberg - VP, Liquids Marketing Conference Call Participants Michael Scialla - Stephens Doug Leggate - Bank of America Bertrand Donnes - Truist Jacob Roberts - TPH & Company Subhasish Chandra - Benchmark Company Paul Diamond - Citi Scott Hanold - RBC Capital Markets Umang Choudhary - Goldman Sachs Operator We ...
Range Resources(RRC) - 2023 Q1 - Quarterly Report
2023-04-24 20:46
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-12209 RANGE RESOURCES CORPORATION (Exact Name of Registrant as Specified in Its Charter) Delaware 34-1312571 (State or Other Ju ...
Range Resources(RRC) - 2022 Q4 - Annual Report
2023-02-27 21:46
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to_____ Commission File Number: 001-12209 RANGE RESOURCES CORPORATION (Exact Name of Registrant as Specified in Its Charter) Delaware 34-1312571 (State or Other Ju ...
Range Resources(RRC) - 2022 Q3 - Earnings Call Transcript
2022-10-25 16:43
Range Resources Corporation (NYSE:RRC) Q3 2022 Results Conference Call October 25, 2022 9:00 AM ET Company Participants Laith Sando - Head of IR Jeff Ventura - Chief Executive Officer Dennis Degner - Chief Operating Officer Mark Scucchi - Chief Financial Officer Alan Farquharson - Senior Vice President of Reservoir Engineering and Economics Conference Call Participants Scott Hanold - RBC Capital Markets Doug Leggate - Bank of America Jake Roberts - Tudor, Pickering, Holt Noel Parks - Tuohy Brothers Investme ...
Range Resources(RRC) - 2022 Q3 - Quarterly Report
2022-10-24 20:37
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-12209 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchan ...
Range Resources(RRC) - 2022 Q2 - Earnings Call Transcript
2022-07-26 18:11
Range Resources Corp (NYSE:RRC) Q2 2022 Earnings Conference Call July 26, 2022 9:00 AM ET Company Participants Laith Sando - VP, IR Jeffrey Ventura - President, CEO & Director Dennis Degner - SVP & COO Alan Engberg - VP, Liquids Marketing Mark Scucchi - SVP & CFO Conference Call Participants Scott Hanold - RBC Capital Markets Michael Scialla - Stifel, Nicolaus & Company Doug Leggate - Bank of America Merrill Lynch Neal Dingmann - Truist Securities Neil Mehta - Goldman Sachs Group Operator Welcome to the Ran ...