UPDATE: Range Resources (RRC) Tops Q1 EPS by 6c
Range Resources (NYSE: RRC) reported Q1 EPS of $0.25, $0.6 better than the analyst estimate of $0.19. Revenue for the quarter came in at $607 million versus the consensus estimate of $565.83 million.
Highlights –
- First quarter GAAP net income reached $170 million, or $0.69 per diluted share, compared to a net loss of $94 million, or $0.56 per share in the prior-year quarter
- First quarter cash margins improved to $1.47 per mcfe, compared to $0.77 per mcfe in the prior-year quarter, an improvement of 91%
- Cash flow from operations before changes in working capital, a non-GAAP measure, reached $258 million, $1.05 per diluted share, compared to $99 million, $0.59 per diluted share, in first quarter 2016
- Record production of 1.93 Bcfe per day, an increase of 40% compared to the prior-year quarter
- Total unit costs continued to decline, with first quarter 2017 costs of $2.57 per mcfe, compared to $2.71 in the previous year quarter, an improvement of 5%
- Super-rich pad in northwestern Washington County, PA averages 31.4 Mmcfe per day per well
- North Louisiana well costs continue to improve, currently at $7.4 million per well, compared to $7.7 million in the previous quarter and approximately $8.7 million when the properties were acquired
For earnings history and earnings-related data on Range Resources (RRC) click here.