Range Resources (NYSE: RRC) reported Q3 EPS of ($0.07), $0.03 better than the analyst estimate of ($0.10). Revenue for the quarter came in at $628 million versus the consensus estimate of $579.32 million.

Highlights

• Sold 2.5% overriding royalty in southwest Appalachia leases for gross proceeds of $750 million
• Total asset sales of approximately $1.1 billion in the last 12 months
• Increased credit facility commitment from $2.0 billion to $2.4 billion in October
• Expected 2019 capital spending reduced to $736 million, $20 million below budget
• Board of Directors approved a $100 million share repurchase program, effective October 2019
• Third quarter production averaged 2,244 Mmcfe per day
• Third quarter cash unit costs of $2.02 per mcfe, an improvement of 7% since year-end 2018
• Third quarter NGL differential of $0.29 below Mont Belvieu equivalent, best in recent Company history

Commenting on the quarter, Jeff Ventura, the Company’s CEO and President said, “In third quarter 2019, Range delivered on several initiatives: improving our cost structure, enhancing balance sheet strength and delivering on our operational plans for less capital than originally budgeted. Our financial position has materially improved over the last year with over $1 billion in asset sales being put toward debt reduction. Maintaining financial strength and flexibility is a core principle of Range’s strategy and the recent increase in bank commitments not only enhances liquidity but demonstrates the durability of Range’s assets and business. While Range has made progress so far this year, we remain committed to positioning the Company for success through the commodity cycles.”

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