Range Resources (RRC) Tops Q1 EPS by 11c; offers production guidance

Range Resources (NYSE: RRC) reported Q1 EPS of $0.69, $0.11 better than the analyst estimate of $0.58. Revenue for the quarter came in at $718.23 million versus the consensus estimate of $676.29 million.

GUIDANCE

Capital & Production Guidance

Range is targeting a maintenance production program in 2024, resulting in approximately flat production at 2.12 – 2.16 Bcfe per day, with more than 30% attributed to liquids production. Range’s 2024 all-in capital budget is $620 million - $670 million.

2024 Price Guidance

Based on recent market indications, Range expects to average the following price differentials for its production.
FY 2024 Natural Gas:(1) NYMEX minus $0.40 to $0.45
FY 2024 Natural Gas Liquids (including ethane): MB minus $0.25 to +$1.25 per barrel
FY 2024 Oil/Condensate: WTI minus $10.00 to $13.00

For earnings history and earnings-related data on Range Resources (RRC) click here.

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