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Range Resources(RRC) - 2024 Q4 - Annual Results
RRCRange Resources(RRC)2025-02-26 20:52

Financial Performance - Range's 2024 cash flow from operating activities was 945million,withanetincomeof945 million, with a net income of 95 million, translating to 0.39perdilutedshare[7][13].−Totalrevenuesandotherincomedecreasedby330.39 per diluted share[7][13]. - Total revenues and other income decreased by 33% year-over-year to 626,417,000 for the three months ended December 31, 2024, and by 28% to 2,417,084,000forthetwelvemonthsendedDecember31,2024[50].−NetincomeforthethreemonthsendedDecember31,2024,was2,417,084,000 for the twelve months ended December 31, 2024[50]. - Net income for the three months ended December 31, 2024, was 94,842,000, a decrease of 69% compared to 310,034,000inthesameperiodof2023,andforthetwelvemonths,itwas310,034,000 in the same period of 2023, and for the twelve months, it was 266,340,000, down 69% from 871,142,000[50].−Thecompanyreportedanetcashprovidedfromoperatingactivitiesof871,142,000[50]. - The company reported a net cash provided from operating activities of 217,890,000 for the three months ended December 31, 2024, and 944,514,000forthetwelvemonths,reflectingadecreasefrom944,514,000 for the twelve months, reflecting a decrease from 226,095,000 and 977,892,000,respectively[56].−TotalrevenuesforthetwelvemonthsendedDecember31,2024,were977,892,000, respectively[56]. - Total revenues for the twelve months ended December 31, 2024, were 2,213,850,000, a decrease of 5.2% from 2,334,661,000in2023[67].−AdjustedearningsperdilutedshareforthetwelvemonthsendedDecember31,2024,was2,334,661,000 in 2023[67]. - Adjusted earnings per diluted share for the twelve months ended December 31, 2024, was 2.30, down from 2.40in2023[65].ProductionandReserves−Provedreservesatyear−end2024remainedstableat18.1Tcfe,withpositiveperformancerevisionsforthe17thconsecutiveyear[7][22].−Range′s2025capitalbudgetisprojectedtobebetween2.40 in 2023[65]. Production and Reserves - Proved reserves at year-end 2024 remained stable at 18.1 Tcfe, with positive performance revisions for the 17th consecutive year[7][22]. - Range's 2025 capital budget is projected to be between 650 million and 690million,targetingannualproductionofapproximately2.2Bcfeperday[6][26].−Thecompanyplanstomaintainaproductionlevelof2.6Bcfeperdayby2027,requiringapproximately690 million, targeting annual production of approximately 2.2 Bcfe per day[6][26]. - The company plans to maintain a production level of 2.6 Bcfe per day by 2027, requiring approximately 570 million in annual drilling and completion capital[11]. - Total production of natural gas, NGLs, and oil for 2024 was 796,234,598 mcfe, a 2% increase from 780,574,707 mcfe in 2023[60]. Pricing and Sales - The average realized price for natural gas in Q4 2024 was 2.90permcfe,withadifferentialof(2.90 per mcfe, with a differential of (0.44) to NYMEX[18]. - The company expects FY 2025 natural gas prices to range from 0.40to0.40 to 0.48 below NYMEX, with liquids prices ranging from 0.00to0.00 to 1.25 per barrel, and oil/condensate prices expected to be 10.00to10.00 to 15.00 below WTI[29]. - Natural gas sales increased to 337,176,000inQ42024from337,176,000 in Q4 2024 from 320,393,000 in Q4 2023, representing a 5% growth[60]. - NGLs sales rose to 270,356,000inQ42024,upfrom270,356,000 in Q4 2024, up from 238,423,000 in Q4 2023, marking a 13% increase[60]. - Oil sales decreased to 27,590,000inQ42024from27,590,000 in Q4 2024 from 44,463,000 in Q4 2023, a decline of 38%[60]. Debt and Cash Flow Management - The company reduced net debt by 172million,ending2024withapproximately172 million, ending 2024 with approximately 1.40 billion in net debt[7][20]. - Current assets increased to 636,982,000asofDecember31,2024,comparedto636,982,000 as of December 31, 2024, compared to 528,794,000 in 2023, while current liabilities rose significantly to 1,263,247,000from1,263,247,000 from 580,469,000[53]. - Total debt, net of deferred financing costs, decreased by 4% to 1,697,883,000asofDecember31,2024,from1,697,883,000 as of December 31, 2024, from 1,774,229,000 in 2023[54]. - The company emphasizes the importance of cash flow from operations before changes in working capital as a key financial indicator for funding exploration and development activities[36]. Hedging and Financial Strategy - The company maintains a strong hedging strategy to enhance cash flow predictability and financial flexibility[31]. - As of December 31, 2024, the combined fair value of natural gas basis hedges resulted in a net loss of 29.2million,indicatingthecompany′sstrategytolimitpricevolatility[32].−ThepresentationofPV10valueofprovedreservesishighlightedasarelevantmetricforinvestors,providingabasisforevaluatingestimatednetcashflows[41].DividendsandShareholderReturns−Range′sBoardofDirectorsplanstoapprovea12.529.2 million, indicating the company's strategy to limit price volatility[32]. - The presentation of PV10 value of proved reserves is highlighted as a relevant metric for investors, providing a basis for evaluating estimated net cash flows[41]. Dividends and Shareholder Returns - Range's Board of Directors plans to approve a 12.5% increase in the quarterly cash dividend to 0.09 per share[21]. Other Financial Metrics - Basic net income per common share for the three months ended December 31, 2024, was 0.39,downfrom0.39, down from 1.29 in 2023, and diluted earnings per share was 0.39comparedto0.39 compared to 1.27[50]. - Non-GAAP diluted earnings per share for 2024 was 0.68,up60.68, up 6% from 0.64 in 2023[63]. - Cash margin for Q4 2024 was 314,556,000,representinga5.4314,556,000, representing a 5.4% increase from 298,445,000 in Q4 2023[68]. - Cash margin per mcfe for Q4 2024 was 1.55,up5.41.55, up 5.4% from 1.47 in Q4 2023[67].