Range Resources (RRC) Tops Q3 EPS by 8c

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October 22, 2024 4:19 PM EDT

Range Resources (NYSE: RRC) reported Q3 EPS of $0.48, $0.08 better than the analyst estimate of $0.40. Revenue for the quarter came in at $680.2 million versus the consensus estimate of $623.51 million.

Guidance – 2024

Updated Capital & Production Guidance

Range’s 2024 all-in capital budget is $645 million - $670 million. Annual production is now expected to be ~2.17 Bcfe per day for 2024, an increase of approximately 2% over the last three years of maintenance as a result of well performance and optimized gathering and compression. Liquids are expected to be over 30% of production.

Updated Full Year 2024 Expense Guidance

Direct operating expense:$0.11 - $0.12 per mcfe
Transportation, gathering, processing and compression expense:$1.48 - $1.50 per mcfe
Taxes other than income:$0.03 - $0.04 per mcfe
Exploration expense:$22 - $28 million
G&A expense:$0.17 - $0.18 per mcfe
Net Interest expense:$0.13 - $0.14 per mcfe
DD&A expense:$0.45 - $0.46 per mcfe
Net brokered gas marketing expense:$8 - $12 million

Updated 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 $0.39 to $0.40
FY 2024 Natural Gas Liquids:(2)MB plus $2.10 to $2.35 per barrel
FY 2024 Oil/Condensate:WTI minus $10.00 to $13.00

(1) Including basis hedging
(2) Mont Belvieu-equivalent pricing based on weighting of 53% ethane, 27% propane, 8% normal butane, 4% iso-butane and 8% natural gasoline.

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


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