Range Resources (NYSE: RRC) reported Q1 EPS of $0.04, $0.05 better than the analyst estimate of ($0.01). Revenue for the quarter came in at $561 million versus the consensus estimate of $563.13 million.

First Quarter Highlights –

• GAAP cash flow provided from operating activities of $125 million, and non-GAAP cash flow of $125 million
• GAAP net income of $145 million ($0.58 per diluted share), and non-GAAP net income of $10 million ($0.04 per diluted share)
• Cash unit costs of $1.93 per mcfe, an improvement of $0.20 per mcfe versus prior-year period
• Natural gas differentials, including basis hedging, averaged $0.12 per mcf below NYMEX
• NGL differential of $1.30 per barrel above Mont Belvieu, best in recent Company history
• In January, issued $550 million senior notes due 2026, with proceeds used to redeem $500 million senior notes due 2021 and 2022
• In March, Range’s $3.0 billion borrowing base and $2.4 billion elected commitment were reaffirmed
• Production averaged 2,294 Mmcfe per day, approximately 70% natural gas
• Southwest Pennsylvania production increased 7% over the prior-year period to 2,042 Mmcfe per day

Commenting on the quarter, Jeff Ventura, the Company’s CEO said, “The Range team has met the unique challenges of working through this pandemic with dedication and compassion, making sure that our business plans remains on track, while prioritizing health and safety. Range continues to make steady progress on key near-term objectives: improving our cost structure, bolstering liquidity, and operating safely while maintaining peer-leading capital efficiency. These efforts have positioned Range to successfully navigate the current commodity environment and benefit from an improved outlook for natural gas and natural gas liquids, particularly given Range’s peer-leading drilling inventory.”

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